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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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Bitcoin Cash Hard Fork Approaches

A Bitcoin Cash hard fork will happen on Thursday, November 15th.

Bitcoin Cash is already a hard fork of Bitcoin and has since grown to become the fourth-largest cryptocurrency. Now the digital currency will split in two, creating a second cryptocurrency.

The two digital currencies go by the names Bitcoin ABC, which is the continuation of the current or core Bitcoin Cash, and Bitcoin SV, which will follow new rules and stands for Satoshi’s Vision.

Bitcoin Cash Hard Fork

A hard fork occurs when network participants no longer agree on a proposed change to the running of the blockchain. This change is implemented via a software update.

Participants will decide what they agree with and when the fork happens, those that wish to adapt to the new rules will upgrade to the new software and those that don’t won’t upgrade their network.

The result is a split network. This means two separate blockchains, each running on different rules and with their own currency. Therefore, there will now be two separate digital currencies.

What Happened?

This Bitcoin Cash hard fork has come about after developer Amaury Sechet proposed an upgrade that made a small change to transaction ordering.

An escalating disagreement ensued and two well-known crypto personalities—Roger Ver and Craig Wright—ended up pitted against each other.

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Ver is in support of the new software upgrade (Bitcoin ABC), but Wright favors a move more reflective of the original Bitcoin whitepaper (Bitcoin SV), which seeks to raise the maximum block size to 128MB from 32MB.

Hash Power and the Bitcoin Cash Hard Fork

The computing power needed to mine cryptocurrency is called ‘Hash Power.’ Hash power is important because the success of each coin will depend on where the miners commit their hash power to—Bitcoin ACB or Bitcoin SV. Currently, tallies are swaying in favor of Bitcoin ABC, but only time will tell.

Importantly, most major exchanges have stated support for the hard fork. This means owners of Bitcoin Cash will receive 1:1 per new cryptocurrency once the network upgrade happens.

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BCH Price Rally | Is the Bitmain IPO Causing the Bitcoin Cash Rise?

Hold onto your hats folks! There is a BCH price rally happening right now! But why!?

The coin has rallied almost 30% at the time of writing; according to coinmarketcap.com, BCH is currently up 28.94%. Are we seeing a repeat of what Ripple (XRP) accomplished last week?

BCH Price Rally: Is Bitmain the Cause?

So without a doubt, BCH is the best performing coin on the market right now. Analysts are attributing the BCH price rally to the successful IPO filing of Bitmain with the Stock Exchange of Hong Kong Limited.

Mati Greenspan, the senior market analyst for social trading platform eToro, said the following: “This spike was definitely caused by Bitmain’s IPO filing.”

Bitmain IPO

So how come Bitmain news is causing a BCH price rally?

Back in August, a Bitmain investor deck was leaked to the public. Thanks to this, the public got an eyeful of Bitmain’s holdings in various cryptocurrencies including Ethereum, Bitcoin and… Bitcoin Cash.

The investor deck showcased that Bitmain has held over 1 million Bitcoin Cash since late 2017. This amount accounts for nearly 6% of the entire circulating supply of BCH and was considered “a very powerful statement that they have skin in the game and put their money where their mouth is.”

Baring in mind that Bitmain is one of the largest digital currency miners in the world, this makes a BCH price rally plausible.

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Concern Grew

However, holding such a large amount worried investors, and rumors circulated citing liquidation concerns. Speculation grew about the IPO of Bitmain and “whether the conglomerate will be able to successfully conduct the public offering of its equity.”

But the successful filing of the IPO yesterday has allayed those concerns. The miner filed a prospectus for the offering, showing its intention to offer securities to the public, according to CoinDesk.

The BCH price rally has been an immediate indication of investors’ excitement for this news. BCH is currently trading at $580.63. At the close yesterday, that figure was $447.77.

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Bittrex Taking Bitcoin Cash Offline – Why? – Crypto Currency News

It’s Monday, and the crypto market is sporting both a red and green look. Meanwhile, the crypto community is preparing itself for a busy week ahead. There’s a lot scheduled, but the event taking precedence is Bittrex taking Bitcoin Cash offline. While some are planning for the temporary removal, others are expressing concerns over it. At the end of the day, however, there’s not a great deal to worry about.

Bittrex Taking Bitcoin Cash Offline

With its dominance and size, it’s not hard to understand why Bittrex is considered to be one of the largest crypto exchanges. Not to mention that Bittrex supports nearly 300 virtual currencies and trading pairs. However, while Bittrex is immensely popular, its latest announcement took a few people back. But, as I’ve said, there isn’t much to fret about.

This Wednesday (June 20th), Bittrex will undergo an upgrade. In the upgrade, Bitcoin Cash (BCH) will be temporarily removed. Bitswift and Legends will also be removed for a short period of time.

So, why is Bittrex taking Bitcoin Cash offline? Well, it has nothing to do with the performance of BCH, which some may have thought. It boils down to the fact that Bittrex wants to rebrand and make ticker symbol changes to Bitcoin Cash, as well as Bitswift and Legends. In order to do this, Bittrex has to take the cryptocurrencies offline.

Should the Crypto Community Be Worried?

While there isn’t too much to worry about with Bittrex taking Bitcoin Cash offline, we can’t confidently say that there isn’t going to be some sort of impact on investors. Bittrex has said that it plans on taking these virtual currencies offline for roughly 3 hours, which isn’t too long of a time. If you want to carry out transactions on Wednesday, Bittrex recommends doing it before or after the upgrade.

Now, as mentioned, there is the possibility of investors and traders being marginally impacted by the removal. This is because Bitcoin Cash is the 7th most traded cryptocurrency on Bittrex, so when a currency has that sort of popularity, the removal of it is bound to hurt someone in the world. We don’t think it will be too serious, though. Even Bittrex said that it plans on removing the currencies in the most efficient way possible.

Bitcoin Cash Price

At press time, Bitcoin Cash (BCH) is selling for $867.95. This puts the coin up 1.73% in the past twenty-four hours. Currently, Bitcoin Cash has a market cap of $14.92B, and a 24-hour trading volume of $323.15M.

Bittrex taking Bitcoin Cash offline
Source: CoinMarketCap

The Takeaway

What do you think about the Bittrex and Bitcoin Cash news? Are you worried about Bittrex taking Bitcoin Cash offline? Or do three hours not matter? Let us know in the comments below.

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Bitcoin Cash Price Watch – BCH/USD Sinks Further, Hits Three-Month Low – Crypto Currency News

Key Highlights:

  • Bitcoin Cash declined further on Wednesday, falling to a three-month low of $800.

  • BCH/USD has since bounced back to the $820-$830 price range.

  • The cryptocurrency is on a major bearish run, establishing a major support at $820.

Bitcoin Cash Sinks Further, Reaches Three-Month Low

On Wednesday, Bitcoin Cash continued its decline from earlier this week, even hitting a three-month low of $800 for a brief moment. BCH/USD has since bounced back, now trading in the $820-$830 price range. The cryptocurrency market is strongly bearish right now, and selling pressure has wiped off most of the gains from the end of 2017.

Bitcoin Cash is currently on a major bearish run. It has established a major support at $820 and a major resistance at $855. Despite the quick pullback off its three-month low, BCH/USD could see further downside action later in the day on the bearish momentum. There is a lack of catalysts to send Bitcoin Cash back to its resistance and reverse the current trend.

On the upside, Bitcoin Cash must overcome its resistance to go further up to the next critical level at $875. An approach toward $1,000 once again is unlikely in the short term. On the downside, a break below the $820 support would spark another bearish trend that may push BCH/USD down to $800.

Source: Tradingview

As for the technicals, the MACD indicator is sending a short-term bullish signal for Bitcoin Cash price. The RSI indicator shows Bitcoin Cash is in overbought territory. Trading volume has gradually increased, but the buying pressure is not high enough to cause a major correction.

Looking at the Technical Indicators:

  • Hourly MACD — Bullish signal

  • Hourly RSI — Bitcoin Cash is in overbought territory

  • Major Resistance Level — $855

  • Major Support Level — $820

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