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.
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.
Featured Image: Depositphotos/© ChiccoDodiFC
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