15 Nov 2018 Anthony Lehrman
All Crypto Eyes on Bitcoin Cash Hard-Fork Right Before Its Launch
Initially, Bitcoin Cash resulted from a SegWit update, which led to massive debates about whether Bitcoin could be used mainly as an investment platform or continue its way of being a cryptographic way of payment.
The November 15th update to Bitcoin Cash’s network also fueled the clash of ideologies, as supporters of the two new coins are defending their choice of cryptocurrency.
The Bitcoin ABC abbreviation stands for “Adjustable Backwards Cap.” It means node operators can adjust their block size limits by removing bottlenecks.
Bitcoin ABC’s supporters take a conservative stance, believing there is no need for a radical change. According to the development team behind Bitcoin ABC, led by Roger Ver, the infrastructure is reliable, but only minor adjustments are needed to ensure the roadmap following. The ABC team suggests smart contract implementation, improved scalability, and oracle service, thus, reducing transaction costs.
On the other end are the Bitcoin SV (Satoshi Vision) supporters, who promote radical changes in Bitcoin Cash’s architecture. The drastic changes consist of increasing the block sizes of the BCH network from 32 to 128 MB and improving scalability and network capacity.
Bitcoin SV and Bitcoin ABC are in an ideological battle since the proposal of a hard fork. Reportedly, the hard-fork has been dramatic, as an email chain between Carl Wright and Roger Ver has been circulating around the crypto community, where Wright claims to be Satoshi Nakamoto and threatens to crash Bitcoin Cash by preventing its trading for two years, which would bring its value down to zero.
As speculations about Bitcoin Cash continue, one of the largest cryptocurrency exchanges in the world – Coinbase, has stopped trading with Bitcoin Cash (BCH) on all of their platforms until the hard-fork has been completed. According to a press release Coinbase made, all actions with Bitcoin Cash – trading, buying, selling, or converting them to fiat would be prohibited until there is enough evidence of a normal operating state for Bitcoin Cash.
On the markets, Bitcoin Cash did a 10% slump over the past 24 hours, trading as low as $423,30 and normalizing at the $436,52 mark. One week before the hard fork, Bitcoin Cash was trading as high as $600, but feuds and insecurity about the hard fork lead to a massive price slump. Trading volumes, however, are continuing to rise, suggesting that the price of Bitcoin Cash will bounce back up.Bitcoin Bitcoin Cash Hard Fork Blockchain technology