Bitcoin Cash, the last-year born division of the Bitcoin, goes through numerous forks for its short life. The last one, as CryptoFrog informed, was set to be yesterday, Thursday 15th of November. The hard fork of BCH was necessary due to disagreements between the supporting teams.
Today, we woke up with two new cryptocurrencies at hand: Bitcoin Cash ABC and Bitcoin Cash SV. The result of the hard fork shows that the original BCH is no longer active on the market, as seen in major crypto watchdogs such as CoinMarketCap. The latter utterly warns that:
Please be aware that BCH withdrawals, deposits, and transactions are being frozen across a multitude of exchanges until a consensus is reached regarding the hard fork.
Currently, users’ funds are directly divided between the BCH ABC and SV networks if no other choice is stated. Major crypto exchanges like Binance and Coinbase announced they would support the split thriving for profits from the new coins.
Hard forks occur because of the demand of consensus. Currently, the two developing teams cannot reach one and until then, the two blockchains will keep existing. However, it is not so often to end up with two different cryptocurrencies though. Usually, the teams handle the upgrade one way or another or just decide to work on separate projects.
A hash war between the teams?
It is not just that no consensus is reached but even worse, the teams are in a vigorous dispute. It goes for quite a while already, since the Satoshi-wanna-be Craig Wright’s team keeps bashing others’ proposals. Now, his group nChain called the new project Satoshi’s Vision referring to what the Bitcoin’s creator truly wanted to happen.
Meanwhile, BCH ABC team views SV’s mining passivity as a potential attack. The question is who has more hash rate. Reportedly, Satoshi’s Vision has around 70% hash rate. Surprisingly, their developers do not mine at the moment, as seen on CoinDance. This leads the Bitcoin Cash ABC’s supporters to ask where their hash power is, if not used for mining. Moreover, rumor has it that Craig Wright’s group plans to mine empty or false blocks (which do not have recorded transactions). This would certainly shake the Bitcoin Cash’s ecosystem.
If both sides are going to shake hands or not, we are about to see. By then, BCH ABC keeps selling around $287 USD, according to CoinMarkerCap, whereas BCH SV stays at $114 with a 30% dropdown for the last several hours.