The Bitcoin Cash fork has been the talk of November!
Forking the Fork!
Bitcoin cash (BCH) is right now the fourth largest crypto by market capitalization. It’s the most talked about Bitcoin fork of 2018! On November 15, BCH had undergone its own split. Through hard forking, the original crypto will remain in its place and will be following it previous protocols. However, at the same time another currency was generated with updated set of protocols. Both of these token systems will continue to develop parallel to each other.
The original Bitcoin Cash is now BitcoinABC) and the new coin Bitcoin SV. Why SV? SV stands for “Satoshi’s Vision.” It’s a reference to original Bitcoin developer Satoshi Nakamoto.
Was the Fork Necessary?
Usually when a hard fork takes place its when a group of developers and miners don’t agree on similar updates governing a specific digital token. Therefore, one group operates under the same rules. The other group separates itself (or you can say branches out) as a new blockchain with an update software which is why a second digital currency is created.
The Bitcoin Cash hard fork is because of the buildup of tensions and disagreements among the developer. Amaury Sechet, a Bitcoin Cash developer proposed an upgrade to modify the ordering of transactions on the blockchain. All hell break lose! There was an awkward tension between the miners and developers within the Bitcoin Cash community. Surprisingly, there was move toward supporting Roger Ver and Craig Wright. They both are exceptional and major personalities in the crypto-world. But, they couldn’t reach an agreement in this case.
The After Affect
Now everything rests in the hands of the miners! The miners will choose between the two currencies and which is currency is going to receive their hash power (the computing energy required to mine tokens.) Most of the times the miners dedicate their hash power to the coin which promises the highest profit after the mining process is completed.
Predictions have already begun! Many say Bitcoin ABC will receive the highest hash power. Bitcoin Cash is not the only digital currency that has undergone a split. There have been quite a few hard forks in crypto-history.
Crypto-Exchanges Are Sweethearts!
The world’s top crypto-exchanges have become involved in the process to show their support of the fork. Users of exchanges such as Binance and Coinbase will receive one new token for every old token they had at the time of the fork.
On the other hand BitMex has a mind of its own and had picked side before the fork even happened. It announced through a blog post that all of its contracts will have to settle at a price on the Bitcoin ABC side of any split and won’t be including the value of Bitcoin.
Every crypto-exchange has a stance of their own and they are entitled to do what they want. However, other crypto-exchanges are trying to show their support towards the fork and gave options like pre-trading both potential new coins. We’ll says that’s a better move than BitMex!
What do you think? Which crypto will have a higher value Bitcoin ABC or Bitcoin SV?