It started off as updates, snowballed into disagreements about implementations and came to a head with two rival factions that split the Bitcoin cash[BCH] community. On Friday, there were the first signs of an impending truce. Calvin Ayre, the billionaire entrepreneur who had backed Bitcoin Cash SV (BCH SV) has been quoted as saying that the Bitcoin SV “no longer want the name Bitcoin Cash [BCH]”.
This announcement comes from the crypto media outlet CoinGeek, which is owned by Calvin, where he boldly asserts that “Bitcoin SV is the original Bitcoin, not the original Bitcoin Cash.”He then went on to talk about how Bitcoin Cash SV intends to function independently of Bitcoin Cash (BCH), as it was the “original Bitcoin.” Further adding on to suggest a peace deal that would be to everyone benefit, calling for Bitcoin Cash ABC to “permanently split” the two chains.
This mellowed down tone was only after some fiery words, as the Coingeek boss went on to deride both Bitcoin and Bitcoin cash supporters. Referring to them as “Segwit BTC” in his write up, he accused the two coins to have spoiled the pure concept and “tinkered it to death.” He noted that each change and iteration has further “abandoned Bitcoin’s core principles by abandoning Nakamoto consensus and trust in miners’ Proof of Work.” This was, in fact, one of the core reasons for the purported dissident within the community.
As of the 24th of November, most major hardware wallets and ledgers have announced that they were resuming BCH trading “in the form of BCH ABC”. This is clearly not lost on Calvin, as he concludes his article on a note of optimism, stating that his hopes are that the next step would be to look forward to a separate coin so that this “can be the end of this episode.” He has already begun the groundwork and has had discussions with the Bitcoin SV team to start working towards a clean cut from Bitcoin Cash and release Bitcoin SV as its own independent token.
What Is The Backl Story
Many will recall the events leading to the fallout on the 14th of November when Bitcoin had a hard fork. The update of the Bitcoin Cash network led to a lot of debate and left the larger community divided. Some lending support to the updates, Bitcoin Cash ABC while others who wanted things to flow in a different direction, were behind Bitcoin Cash SV. While the two main camps argued over updating the network in different ways there was a “neutral” group, Bitcoin Unlimited, as well.
Subsequently, Bitcoin Cash ABC made a concentrated push to marshal its resources and, consequently, has outdone its rivel. On the 25th it was reported that in terms of the hashrate, Bitcoin SV has been comfortably outplayed, thus Bitcoin ABC has the right to keep the Bitcoin Cash brand name. As noted earlier, a majority of wallets and exchanges have noted this and resumed trade. BCH trading and withdrawals had been suspended due to all this uncertainty.
Due to the general market trends, Bitcoin Cash is currently also down by about 1.8 percent over the past 24 hours, as of 25th November, closing at $181. However, this hard fork war coupled with the general market trends means that more than half of its market capitalization has now been wiped off. Standing at over ten and a half billion dollars at the start of this month, today the market cap has shrunk to just over $3 billion. As this chapter gets relegated to the pages of history, one hopes the news can help the industry get back on track.