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Bitcoin Cash (BCH) vs. Bitcoin SV (BSV)

The cryptocurrency market has hit a bit of stride these past few days. One the market hasn’t seen in quite some time. Bitcoin (BTC) is trading above $4,000, and Ethereum is sitting just above $115. Today, we’ll take a closer look at Bitcoin Cash (BCH) and Bitcoin SV (BSV) and their latest movements.

Bitcoin Cash (BCH)

Bitcoin Cash or Bitcoin ABC has been dominating its peers on the crypto market. This week, BCH is up nearly 150%. What is the reason for this sudden spike? It remains unknown at this time. However, Bitcoin ABC won the hash war, and most exchanges are deeming Bitcoin ACB as the true Bitcoin Cash.

Pretty much from the start, Bitcoin ABC was backed by many of the major cryptocurrency exchanges, putting it in a great position to reign supreme. Still, Bitcoin SV remains strong.

According to Yahoo Finance, BCH is currently trading at $204.41 a coin, up 18.70%, in 24 hours.

Bitcoin SV (BSV)

On the flip side, Bitcoin SV lost the hash war and therefore can’t be deemed as the official Bitcoin Cash (BCH). But I’m not sure Craig Wright or Bitcoin SV enthusiasts are mad about that. Bitcoin SV, or ‘Satoshi’s Version,’ is said to be the digital currency Satoshi Nakamoto first envisioned in his original whitepaper.

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In the past, Wright has claimed that he is the original Nakamoto, but many in the crypto space have laughed immensely at the claim. Vitalik Buterin, Ethereum’s co-founder, has even gone as far as calling Craig Wright a fraud at a crypto conference in April.

Despite all the negative press and lack of backing by exchanges, Bitcoin SV remains strong. But can it hold up? At press time, the digital currency is the seventh largest digital currency by total market cap. According to CoinMarketCap, BSV is trading at $114.31 a coin, up 12.76% in 24 hours. For the week, Bitcoin SV is up nearly 51%.

While Bitcoin ABC may have won the Bitcoin Cash (BCH) race, the race for the better digital currency and blockchain continues! Which side are you on?

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Ripple (XRP) and Bitcoin Cash (Bitcoin ABC) Surge!

Cryptocurrencies are absolutely booming this morning, just in time for the holidays! All but five digital currencies that are in the top 100 are trading green. This is quite a shift, as 2018 has been a negative year for digital currencies. Today, we’ll take a look at Ripple (XRP) and Bitcoin Cash (Bitcoin ABC).

Ripple (XRP)

The CEO of Ripple, Brad Garlinghouse, sat down yesterday for a ‘Ask Me Anything‘ chat with the company’s VP of Marketing. Monica Long asked Garlinghouse a series of questions surrounding Ripple and XRP. Of course, she asked Mr. Garlinghouse if XRP was a security or not. The Ripple CEO has been asked this countless times, and every time he answers with a resounding, “No.”

Garlinghouse explained:

“I think it is very clear XRP is not a security. There is a whole bunch of base layer reasons for that. One of the most important I think is if Ripple the company shuts down, XRP trades on over a hundred exchanges around the world and XRP will continue to trade. Ripple is one important participant in the XRP ecosystem but there are a whole bunch of participants.”

Thus the difference between XRP and Ripple, which are often confused. However, XRP often rises when Ripple makes major announcements.

According to CoinMarketCap, XRP is trading at $0.372 a share, up +11.99% in 24 hours.

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Bitcoin Cash (Bitcoin ABC)

Bitcoin ABC has won the hash war, and today, it’s dominating the cryptocurrency market. At press time, Bitcoin Cash is seeing the most percentage gains out of all the top 70 cryptocurrencies. The digital token’s rival, Bitcoin SV (BSV), is also seeing gains, but not as high.

It remains unknown at this time how long Bitcoin SV will last, but it seems Bitcoin Cash (Bitcoin ABC) is here to stay.

At the time of writing, Bitcoin ABC or BCH is trading at $142.92 a coin, up 42.99% in 24 hours.

What do you think about Ripple and Bitcoin Cash?

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Bitcoin ABC Listed as Real Bitcoin Cash by OKEx

OKEx has officially taken sides in the Bitcoin Cash hash war. According to an official statement made by the Malta-based cryptocurrency exchange today, it will list Bitcoin Cash ABC under the original Bitcoin Cash (BCH) ticker.

Bitcoin ABC Wins with OKEx

The statement reads:

“We will change the ticker of Bitcoin Cash ABC from BCHABC to BCH, and that of Bitcoin Cash SV from BCHSV to BSV at 5am Dec 13, 2018 (CET, UTC +1). At the same time, spot trading of BCHABC and BCHSV will also be suspended. All remaining balance of the original BCH will be settled, and the asset will be removed from your account.”

The Bitcoin Cash hard fork split took place on November 15th and caused a lot of drama within the cryptocurrency community. In addition to the drama, coins began falling at a rapid rate as investors lost confidence.

From the beginning, Bitcoin ABC has been supported by a number of the major cryptocurrency exchanges. Bitcoin ABC is led by Roger Ver, CEO of Bitcoin.com. The more conservative upgrade to the Bitcoin Cash protocol was supported by Coinbase, Binance, and Bitmain from the beginning. Gemini, the cryptocurrency exchange owned by the Winklevoss twins, also voiced it would only support Bitcoin ABC.

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Its competitor, Bitcoin SV, was founded by Craig Wright. Bitcoin SV was the more radical protocol upgrade and increased the block size of BCH from 32MB to 128 MB. Craig Wright named the upgrade Bitcoin SV or ‘Satoshi’s Vision’ because he believes it is what the original Bitcoin (BTC) was meant to be. Wright has claimed in the past that he is the originator of the Bitcoin whitepaper released in 2008 and has been called ‘Faketoshi’ by the crypto community.

Bitcoin Cash ABC has claimed victory. CoinMarketCap, the world’s most used cryptocurrency index, has even kept Bitcoin ABC’s movement under the original Bitcoin Cash (BCH) ticker. Sorry, Faketoshi.

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Bitcoin Cash Hash War | Who Came Out Victorious?

Nearly ten days ago, Bitcoin Cash underwent its second scheduled protocol upgrade of the year. Most in the crypto community know that a ‘hard fork’ in the chain is the only way to upgrade proof-of-work consensus protocols. Just before this upgrade occurred, competing proposals emerged and split the BCH community in three. From the scheduled hard fork, three fractions of the Bitcoin Cash blockchain emerged, and the Bitcoin Cash hash war began.

Bitcoin Cash Hash War

On November 15th, BCH was split into Bitcoin SV, Bitcoin ABC, and Bitcoin Unlimited.

Bitcoin ABC was led by Roger Ver, CEO of Bitcoin.com, and was the more conservative approach to the Bitcoin Cash upgrade. Bitcoin ABC was backed by Coinbase, Binance, and Bitmain.

Bitcoin SV, or ‘Satoshi’s Version,’ was founded by Craig Wright, who’s also known as ‘Faketoshi.’ Wright has claimed in the past he was the original Satoshi Nakamoto who created Bitcoin (BTC). Because of this, Wright has been slammed by other blockchain leaders such as Vitalik Buterin, co-founder and the face of Ethereum (ETH). Bitcoin SV seeks to increase the block size of BCH from 32MB to 128MB, a move which would focus on the network’s scale and capacity.

Bitcoin Unlimited seeks to form a compromise between ABC and SV, asking for a vote between all BCH miners.

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Winner?

The Bitcoin Cash hash war got pretty ugly between the two leaders of Bitcoin ABC and Bitcoin SV. Bitcoin ABC is strongly supported by major cryptocurrency exchanges and has been from the beginning, giving it a large advantage. Currently, Bitcoin ABC possesses 62% of the BCH network hash rate. Despite the obvious control of the hash rate, Bitcoin SV has sprung up in price and is currently the eighth largest cryptocurrency by total market cap, according to CoinMarketCap. Bitcoin SV is currently trading at $103.25 a coin, up over 150% in just three days.

It seems CoinMarketCap has yet to register Bitcoin ABC. Currently, Bitcoin Cash remains on the index trading at $174.32, down -5.34%. It seems the index is following Bitcoin ABC’s movement under the old Bitcoin Cash (BCH) currency.

Is there a ‘clear’ winner? The hash war isn’t over yet, and Bitcoin SV is gaining some speed with its price, but when it comes to hash power, Roger Ver is winning this duel by a long shot. Sorry, Faketoshi.

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Bitcoin Cash Hard Fork Controversy

Hard forks and lack of governance were a huge issue during the rise of cryptocurrency back in late 2017. It seems this hasn’t changed in 2018, as we have just encountered a new Bitcoin Cash hard fork controversy.

Hard forks are required for large blockchain network updates and require all nodes running the network to switch over to the new chain at a designated block number. Unfortunately, not every node running the network agrees with the direction of the project and decides to start its own fork with other nodes—creating a new ‘forked’ chain and new digital currency.

Hard fork splits in 2017 brought about the digital currencies Bitcoin Cash (BCH), Bitcoin Gold (BTG), Ethereum Classic (ETC), Bitcoin Diamond (BCD), Monero Classic (XMC), and Monero Original (XMO).

Bitcoin Cash Hard Fork Controversy

On November 15th, Bitcoin Cash underwent its second scheduled protocol upgrade. However, a competing proposal emerged that was not compatible with the original roadmap and caused the BCH community to be split into three fractions: Bitcoin ABC, Bitcoin Unlimited, and Bitcoin SV.

Bitcoin ABC represents the conservative approach to the update, which aims to preserve Bitcoin Cash from radical changes. ABC is led by Roger Ver, CEO of Bitcoin.com. Bitcoin ABC is also backed and represented by Binance, Coinbase, and Bitmain.

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Bitcoin SV, or Satoshi’s Vision, was founded last Friday by a blockchain firm that is associated with Craig Wright—who has in the past deemed himself as Satoshi Nakamoto and has often been mocked by the crypto community. Bitcoin SV seeks to increase the block size of BCH from 32MB to a max of 128MB in hopes of increasing the network’s capacity and scale.

Bitcoin Unlimited is a neutral fork and the leaders are looking for a compromise between Bitcoin SV and Bitcoin ABC, asking for a vote between all the miners.

Hash War: Who’s Winning?

Currently, Bitcoin ABC has the most support but Craig Wright isn’t backing down.

This just shows the need for proper governance and voting within these blockchain projects, because this Bitcoin Cash hard fork controversy has become a circus.

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