Bitcoin SV grabs the headlines every once in a while.
In what may well have been the most watched cryptocurrency event of 2018, Bitcoin Cash two weeks ago “hard forked” (split) into two different coins. The “big block” project that itself forked away from the Bitcoin blockchain in August 2017 fragmented into “Bitcoin Cash ABC” (BCHABC) and “Bitcoin Cash SV” (BCHSV).
In this third and final overview: the main takeaways and latest developments of the second week since the Bitcoin Cash split.
Bitcoin Cash, the “big block” project that forked away from the Bitcoin blockchain in August 2017, “hard forked” (split) into two different coins last week: “Bitcoin Cash ABC” (BCHABC) and “Bitcoin Cash SV” (BCHSV).
One week later, the Bitcoin Cash ABC chain has accumulated more proof of work and has been “ahead” of the Bitcoin Cash SV chain practically since the split.
Bitcoin Cash, the “big block” project that forked away from the Bitcoin blockchain in August 2017, “hard forked” (split) into two different coins: “Bitcoin Cash ABC” (BCH ABC) and “Bitcoin Cash SV” (BCH SV).
At the time of writing, the Bitcoin Cash ABC chain has more accumulated proof of work, and its native currency, BCH ABC, is trading higher on (futures) exchanges.
Bitcoin Cash went through its hard fork on Thursday, November 15 at 17:52 UTC after the mining of block number 556,767. Almost two days later, the two factions that remain are Bitcoin ABC and Bitcoin SV. While SV had the lead in mining power before the split at over 70 percent, the tables turned immediately the fork activated and ABC took the lead straight away. ABC has held on to that lead, at one point being 50 blocks ahead. However, SV has been quickly catching up in the past 24 hours, at one point being only 6 blocks behind.
Bitcoin cash – often referred to as bitcoin’s “bastard son” or the baby brother of bitcoin – is set to undergo a hard fork on Thursday, November 15, 2018, which some allege is bearing down on the cryptocurrency space.
Bitcoin cash was itself the result of a bitcoin hard fork in August of 2017. At just over a year old, the currency is the youngest of the world’s top five cryptocurrencies but has already developed a solid legion of fans including Roger Ver, who went from being a bitcoin evangelist to one of bitcoin cash’s biggest supporters.
There is a lot of focus on the Bitcoin Cash fork which occurs on November 15th. At this stage, it seems things are heading in an interesting direction, albeit most people would not necessarily expect this peculiar trend. Bitcoin Cash itself is losing value, yet Bitcoin SV’s value is on the rise in spectacular fashion. At this rate, it is quickly becoming a very hot commodity among speculators.
Bitcoin SV Price Rises Triggers Holders
Because of the controversial nature of Bitcoin Cash’s upcoming hard fork, the network will be divided into two camps.
By now, everyone in the cryptocurrency industry is aware of the upcoming Bitcoin Cash hard fork. The currency – which is itself a hard fork of Bitcoin – has been on the spotlight in the recent past as two factions have emerged with different ideas on its future. While much of the disagreement has been civil, it has emerged that the leader of one faction, Craig Wright, has escalated the issue.
Australian businessman Craig Wright, infamous for two separate stints as the self-proclaimed creator of the flagship cryptocurrency Bitcoin, recently tweeted out that 2018 will be the year in which Bitcoin Cash (BCH) is brought to its full potential, as limits to what it can achieve won’t be there, and security will be improved.
Bitcoin cash proponent Craig Wright says that the idea that bitcoin and bitcoin cash are fighting a civil war is “ludicrous” because the main blockchain has abandoned the original vision for the cryptocurrency to serve as electronic cash.
Craig Wright: Bitcoin Not ‘Digital Gold’
Last weekend’s surprising bitcoin cash price rally demonstrated for the first time that the cryptocurrency, which was created in August by forking the bitcoin blockchain, may present a credible threat to bitcoin’s dominant market share.