Bitcoin Cash (BCH) Hard Fork: The Competition is Heating Up

As the Bitcoin Cash hard fork approaches its scheduled date of November 15, the 2 opposing sides — supporters of Bitcoin Cash ABC and supporters of Bitcoin Cash Satoshi Vision (SV) — are showing signs of just how big a deal the divide is. Both sides have strong arguments and impassioned support, but as yet it remains unclear which side will win and which will be defeated.

Bitcoin Cash undergoes scheduled upgrades via hard forks twice a year. However, the hard fork scheduled for November 15 is turning out to be much more antagonistic than usual.

This is due to disagreements between major players in the BCH community. Therefore, the upcoming hard fork may very well split Bitcoin Cash into 2 separate blockchains and cryptocurrencies, which will then be supported by the different BCH community camps

Bitcoin Cash ABC

The name of this protocol is BCHABC, which will remain as a continuation of the original Bitcoin Cash chain. Therefore, the original Bitcoin Cash vision as portrayed by Roger Ver will remain with BCHABC after the hard fork.

It appears that most of the Bitcoin Cash community, as well as the original developers, are in support of BCHABC. Also, BCHABC will be backed by Bitmain, a giant mining organization with a significant amount of hash power.

Furthermore, the cryptocurrency exchanges Poloniex and HitBtc have already facilitated trading of both BCHABC and BCHSV. Once the fork happens, users will be able to convert their pre-forked tokens to corresponding onchain coins.

At the time of writing, BCHABC appears to be winning the race, as it’s trading around $396 and BCHSV is trading around $114.

Bitcoin Cash Satoshi Vision (SV)

The name of this protocol is BCHSV, and it will be the alternative chain in the hard fork. The direction of this coin is endorsed by Craig Wright, scoffed at by many as “Fake Satoshi.”

The BCHSV chain will use and follow the original specifications outlined by Satoshi Nakamoto in the Bitcoin whitepaper, hence the name SV or “Satoshi Vision.” For as contentious a hard fork as this is proving, the only actual difference between BCHSV and BCHABC is that SV will have a much larger block size of a proposed 128MB block size for the network.

While Bitcoin Cash SV is less popular among BCH community members, it still has substantial support. For instance, the mining giant Coingeek will support BCHSV as soon as the hard fork takes place.

However, Coingeek’s Calvin Ayer has said he will support BCHABC if it ends up winning the hashrate war, so there are dissenting voices even among their ranks.

The BCH Hard Fork Controversy

As with most hard forks involving a prominent cryptocurrency, this one has come with its fair share of controversy. Earlier this week, Ver and Wright, each side’s largest proponents, exchanged strong words.

Wright, who has claimed to be the creator of Bitcoin, Satoshi Nakamoto (hence the nickname) – is believed to have written an email accusing Ver of hating Bitcoin and being an “enemy.”

The email allegedly said:

Side with ABC; you hate bitcoin, you are my enemy. You have f–king no idea what that means. You Will. I AM Satoshi. Have a nice life. You will now discover me when pissed off. And, no. You Could have had proof. Your choice. F–k you.

Ver later claimed that he had been fooled by Wright, who led him to believe that his intentions with BCH were genuine and aligned with Ver’s, when in fact they were not. Ver released an explanatory video of his feud with Wright on YouTube and Bitcoin.com.

The Outcome of Bitcoin Cash’s Hard Fork

Due to the rivalries between the divided BCH community, it seems unlikely that they will resolve their differences and prevent the hard fork on November 15.

The BCH hard fork will most likely happen, and unlike Bitcoin’s hard fork last year, only one coin is expected to survive.

Which coin do you support in the impending BCH hard fork? Do you think both BCHABC and BCHSV will survive for quite some time? Or will one or the other die off shortly after the fork? Let us know in the comment section below.

 

11 Comments

  • nur
    Posted November 15, 2018 11:57 am 0Likes

    Just wanted to point out that the main chain is actually BCHSV and not BCHABC.

    The determination of a main chain is by the amendments made to it. In this case, BCHABC is adding op-codes that were locked out. Thus, BCHABC is the alternative chain. BCHSV proposes to mantain the removal of those op-codes, this would mean that technically BCHSV is the original main chain.

    Just wanted to point it out and hope you clarify the mistake ^.^

    • Antisect
      Posted November 15, 2018 3:33 pm 0Likes

      Craig Wright is a psychopath, a con man, a and a lier. He is using fear to try and control peoples emotions and get what he wants. Anyone that supports BCHSV is supporting an evil human.

      • Daniel Frumkin
        Posted November 15, 2018 8:55 pm 0Likes

        Agreed about CSW, but CSW isn’t the true leader of SV. He’s the puppet, and Calvin Ayre is pulling the strings. In the long-run these events test Bitcoin and, hopefully, make it stronger. CSW may be the first big villain, but he won’t be the last. Let’s enjoy the ride!

  • BlackSatoshi
    Posted November 15, 2018 7:59 pm 0Likes

    I’m just mad I won’t get any airdropped coins I honestly didn’t know they’d be a split in the blockchain oh well let the best coin win I guess

    • Daniel Frumkin
      Posted November 15, 2018 9:00 pm 0Likes

      This isn’t a hard fork like the BTC-BCH hard fork. This is a hash war. The two camps are essentially going to battle to destroy the value of the other’s coin. Trade carefully!

      • SAra
        Posted November 19, 2018 2:54 am 0Likes

        Hello Mr. Daniel,
        Can I still use my BHC as BCH-ABC?

  • joe
    Posted November 15, 2018 8:05 pm 0Likes

    Thank you for your article,just wanted to know will BCH remove and one of those coin made by hard fork replace with it or not?

    • felipe
      Posted November 15, 2018 10:46 pm 0Likes

      same question

    • Daniel Frumkin
      Posted November 16, 2018 8:06 pm 0Likes

      Only 1 chain should emerge from this hash war with any value. The SV camp’s goal is to make the ABC chain unstable through spam and 51% attacks, to the point where exchanges and wallets can’t trust the ABC chain and are forced to use SV as it’s the only stable option. If ABC has enough hash power to continue mining the longest chain and prevent 51% attacks from SV, then SV will likely become worthless in time and ABC will be the only one left. On the other hand, if SV has some really strong attacks up their sleeve such as whatever this ‘Satoshi’s shotgun’ is and can successfully destabilize the ABC chain for an extended time period, eventually it will become too expensive for the ABC camp to continue mining their chain at a loss and they’ll have no choice but to switch to mining the SV chain. Either way, one chain wins and one loses.

  • Sara
    Posted November 19, 2018 3:13 am 0Likes

    So, in case Bitcoin Cash ABC wins, what is going to happen to my BHC?

  • David
    Posted November 19, 2018 1:00 pm 0Likes

    If one coin win will the losing coin be credited towards the winner because I’m not trying to lose my coins in the losers side if the coin fails.

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