Recently, the Bitcoin Cash (BCH) network went through an upgrade. Unfortunately, the upgrade didn’t go well. The upgrade resulted in a complex battle, which led to a split in the BCH blockchain.
The blockchain of BCH has divided into fractions, with BCH SV in one side and BCH ABC at the other end. This has also had a negative impact on the crypto market, according to some analysts. The value of BCH is down and it has also affected other coins in the market.
About Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is a hard fork from the original blockchain of Bitcoin (BTC). The digital currency came into existence on the 1st of August last year. Bitcoin Cash (BCH) emerged in an attempt to solve the scalability issue of Bitcoin (BTC). Some members of the Bitcoin (BTC) community wanted an increase in the block size of Bitcoin (BTC).
The wanted more from the digital currency. They wanted to see it function as a conventional currency, not only as an investment option. After much rally and persistency, BCH was created as the hard fork of Bitcoin (BTC).
Bitcoin Cash (BCH) Splits into Three Fractions
As part of scheduled protocol upgrades, hard forks are performed on the network of BCH two times in a year. However, the last upgrade that was supposed to take place on the 15th of November was disrupted. As a result of the disruption, there was a split in the BCH community. The results of the split are Bitcoin ABC, Bitcoin SV, and Bitcoin Unlimited.
Bitcoin Cash (BCH) Price Today – BCH / USD
About Bitcoin ABC
Bitcoin ABC is short for Bitcoin Adjustable Blocksize Cap. Bitcoin ABC is aimed at preventing radical changes from occurring on the BCH blockchain. This fraction is led by Roger Ver. It also has the support of top firms and trading platforms in the crypto space such as Bitmain, Coinbase, Binance, and many more. This group believes that Bitcoin Cash (BCH) has a sound fundamental structure. Hence, they believe it doesn’t need radical changes.
However, the roadmap of Bitcoin ABC is open to further development of the BCH network. It also has some room for reducing the costs of transactions, this appears to be its major priority.
About Bitcoin SV
Bitcoin SV is short for Bitcoin Satoshi’s Vision. Bitcoin SV was created by a blockchain development company affiliated with Craig Wright on the 16th of August. The support groups of this fraction are Bitcoin.org, CalvinAyre, and CoinGeek.
This fraction wants to change the present structure of BCH to restore the original protocol of Satoshi. This would involve overwriting Bitcoin ABC’ network scripts. It would also increase the block size of Bitcoin Cash to 128MB from 32MB, hence increasing the scale and capacity of the network.
Who’s Winning So Far?
Initially, a lot of trading platforms halted the withdrawals and trading of Bitcoin Cash (BCH) for an indefinite period. Some of the trading platforms involved in this are Coinbase, poloniex, Bitstamp, and others. They were waiting for the issue to be resolved before they resume trading and withdrawals.
Nevertheless, Wright said the competition will not seize until one fraction dies off. But as it stands right now, BCH ABC seems to be taking the lead. At the moment, BCH ABC is two blocks ahead of BCH SV, according to Coin Dance.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.