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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?

Featured Image: Depositphotos/© EdZbarzhyvetsky

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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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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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