Bitcoin Cash (BCH) was scheduled for an important update last week. However, there has been a war on the network since then. There was a split in the network, and two factions were created as a result. The two factions created are Bitcoin SV and Bitcoin ABC. Since then, both factions have tried to take over the network of Bitcoin Cash (BCH) as well as its name.
Bitcoin Cash is one of the most popular digital currencies in the world. It is the 4th largest digital currency in the world. It was hard forked from Bitcoin (BTC) in August last year. Since then, the digital currency has been doing just fine. However, the recent split has caused a major issue for the digital currency.
Not only did the issue cause the digital currency to drop in value by almost 50%, but it also affected the entire crypto market. Causing most of the top digital currencies to test new yearly lows.
The Bitcoin Cash Dust Is Settling
After a week of war, the dust in the BCH network is finally settling. However, the war is coming to an end with BSV (Bitcoin Satoshi’s Vision) on the losing end. According to a blog post, a billionaire representative of BSV – Calvin Ayre – said the followers of SV are no longer interested in the “Bitcoin Cash” name. He said, however, they will continue to support their own version of the network.
It appears the other faction – Bitcoin ABC – has won the war. Bitcoin ABC is led by a very popular digital currency advocate – Roger Ver. The second faction will now be in charge of the name “Bitcoin Cash.” The fraction – ABC – emerged victoriously in a battle known as Nakamoto Consensus. In this race, all the computer supporting the BCH network cast their votes on either SV or ABC. Fortunately for ABC, it emerged as the winner.
All investors that have BCH during the split on the 15th of November should have both SV coins and the new Bitcoin Cash. Normally, a split like this usually leads to a spike in the value of both. But this case is different. Meanwhile, some computing networks, such as the CoinGeek of Ayre, will seize to support the main BCH. Rather, it will only support SV coins.
Also, Ayre’s CoinGeek does not see the victory of ABC as a loss for SV. He still strongly believes in SV, and he believes they did not lose in any way. Ayre said they have a well-defined path which they are now ready to implement.
According to Ayre, the SV’s group definition of winning is still being in existence, adding that that’s not what ABC wanted. He said ABC wanted them out of the game, but their existence is a win for them, and they are making moves to expand the ecosystem of the network.
Bitcoin Cash (BCH) Price Today – BCH / USD
Bitcoin Cash (BCH) is now trading at $213 after an increase of about 5 percent over the past twenty-four hours. The market cap of the digital currency has risen to $3.73 billion with a trading volume of $116.91 billion over the past twenty-four hours.