What ended the war Bitcoin SV and Bitcoin ABC? Results hardforka Bitcoin Cash

More than a week has passed since the Bitcoin Cash (BCH) blockchain split into two chains during a fateful hardfork. The conflict was the result of different views of the two sides on the future of BCH as an asset. Now that the dust begins to settle, it is time to assess the losses and losses of both sides.

"Conservatives" in this conflict celebrate victory, but the price was high. Bitcoin ABC (BCH ABC – Adjustable Blocksize Cap) is supported by Roger Ver, a famous BCH supporter, and Bitmain co-founder Jihan Wu. Bitcoin ABC emerged in July 2017 as part of the BCH blockchain, but turned into a separate structure during the escalation of the conflict, when the split became inevitable.

Proponents of BCH ABC believe that the basic structure of BCH "does not need radical changes." Nevertheless, the Bitcoin ABC roadmap implies further development of the network: an increase in the size of the Bitcoin Cash block and a decrease in the cost of transactions.

On the other side of the ring is Bitcoin SV (Satoshi Vision) led by Craig Wright, who claims to be Satoshi Nakamoto. It is supported by information resources CoinGeek, CalvinAyre and Bitcoin.org. BCH SV was created in August 2018, shortly before hard forks.

“Reformers” are trying to “revive Satoshi’s original protocol” by changing the structure of BCH. In particular, they intend to completely rewrite the Bitcoin ABC network scripts and increase the size of the BCH block from 32MB to 128MB (maximum) in order to improve network performance and increase its scale.

On November 15, the BCH blockchain split, and both sides began to form blocks on separate blockchains . Each side sought to take a dominant position, create the maximum possible number of blocks, and demonstrate that its set of rules is more reliable.

Both sides mobilized their mining powers, redirecting them from Bitcoin to BCH during the peak of the conflict. This circumstance could affect the price of Bitcoin and the entire cryptographic market, which began to “sink”, having come to its present miserable condition.

According to Coin Dance aggregator statistics, since BCH split, ABC has acquired more proof of doing work ( PoW ) than BCH SV, and ultimately won the sympathy of most cryptocurrency exchanges , including Bittrex, Kraken, Bitstamp and Coinbase, which initially preferred prevent BCH trading during the most active phase of the war hashes. After several days of silence, these exchanges named the winner, assigning the original BCH ticker to the BCH ABC rule set.

There are other facts that indicate that BCH ABC is breaking out ahead: the CoinMarketCap platform has combined listings of BCH and BCHABC, and the Ledger cryptocurrency hardware wallet has resumed BCH service in the form of BCH ABC only.

Moreover, the news of the defeat of BCH SV helped BCH ABC to strengthen the position of the winner. On November 19, Peter Rizun, the principal investigator of Bitcoin Unlimited, said that BCHSV had undergone blockchain reorganization (a situation in which a blockchain node or client must reject blocks that they had previously considered acceptable). Then Emin Gün Sirer, the creator of the first cryptocurrency in the world, who applied the concept of PoW and a fierce critic of BCH, asked about the level of decentralization of BCHSV:

“This is unthinkable in a decentralized system. You can make your own unit disabled and create a new “tail” only if you have the majority of miners. BCHSV – centralized coin ".

However, so far Bitcoin SV is not at all dying. First, on November 16, one of the largest cryptobirds, Binance , decided to remain neutral: its head Changpen Zhao announced that both tickers — BCHABC and BCHSV — would “remain” on the platform. Thus, he recognized BCHSV as an independent structure. Now BCH ABC is traded on the stock exchange for $ 183, BCH SV is priced at $ 114. According to CoinMarketCap, the price of BCH on other exchanges correlates with the price of BCH ABC on Binance

Then, on November 19, Kraken, the platform that initially announced that it would support only one of the chains, Bitcoin Cash ABC, launched Bitcoin SV trading under the ticker BSV.

However, the stock exchange warned customers that “Bitcoin SV does NOT meet Kraken’s standard listing requirements, adding that there are numerous“ warning signs ”that traders should pay attention to, including pressure on miners :

“The attacks carried out by nChain and related structures can affect all BSV owners. Given the volatility of the network and the threats, the stock exchange is not able to guarantee the safety of BSV. ”

On November 23, Kelvin Eyer, a billionaire and supporter of BCH SV, stated that the coin "no longer wants to use the name Bitcoin Cash [BCH]." He explained that Bitcoin Cash SV will continue to exist independently of Bitcoin Cash (BCH), and that the coin is the “original” Bitcoin (BTC): “Bitcoin SV is the original Bitcoin, not the original Bitcoin Cash”. Bitcoin (BTC) Eyre called "Segwit BTC".

Ayr also accused supporters of BTC and BCH of having “brought Bitcoin to death” because their cryptocurrency “betrayed the key principles of Bitcoin, rejecting Nakamoto’s consensus and destroying confidence in the proof of the work of the miners”.

Eyre said he instructed his team to “start working with everyone” to release Bitcoin SV as a coin, independent of Bitcoin Cash. The release of the coin is scheduled for the next week, when the CoinGeek conference will take place.

As for BCH, since hard forks, it steadily loses in value. At the time of this writing, the price of the coin was approximately $ 175.