- Bitcoin ABC’s protocol upgrade or Bitcoin SV protocol; Bitcoin Cash community in dilemma.
- Bitcoin price slips in a range below $6,300; sideways trend to continue in the coming weeks.
The Bitcoin Cash community is at longer heads following an upgrade that turned into a hard fork. The event is scheduled to take place on November 15 and will see the original chain split into two. In this article will explore, although in a nutshell what this fork means to the community, Bitcoin and the entire cryptocurrency market.
There is an ongoing civil war in the Bitcoin Cash community. The battle has already split the community in addition to breaking the protocol in several chains. The incoming hard fork is not the first on Bitcoin Cash network, however, it is the first fork that will see separate chains created. The company behind the development of Bitcoin Cash, Bitcoin ABC made a proposal in August this year that was to see the protocol integrate feature such as smart contracts capabilities, increasing scalability as well introducing oracle services.
Consequently, the CEO of nChain, a blockchain research company made another announced a week after the proposal by Bitcoin ABC where the CEO, Jimmy Nguyen suggested the execution of another Bitcoin Cash protocol referred to as Bitcoin SV. This protocol was proposed by an important member in the community, Craig Wright. Bitcoin SV purpose is to phase out Bitcoin ABC’s scripts in a bid to increase BCH block size from the current 32MB to 128MB.
The node operators are currently making their choice of which chain to support. Moreover, miners are doing the same thing as well. Bitcoin ABC currently enjoys the support of massive crypto companies such as Bitmain, Bitcoin.com and Binance. Coinbase has also announced its support for Bitcoin ABC. Bitcoin SV has support from CoinGeek, Craig Wright’s SV Pool as well that of Cobra, owner of bitcoin.org.
Bitcoin price is currently range-bound following a drop that has seen remain motionless below $6,300. The hard fork on Bitcoin Cash has accorded Bitcoin some support. The sideways trading is likely to continue in the weeks to come.
Bitcoin Cash (BCH) is steadily losing ground in the market. Most BCH users have no idea of what is going on and are choosing to stick with Bitcoin (BTC) until the hard fork saga is over. The price has been correcting lower but buyers have defended the support at $500. BCH/USD is at $526 after a 1.15% rise on the day. Expect the trend to continue as the hard fork nears.
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