Bitcoin Cash Community Split is Getting Ugly: Craig Wright, CoinEx and BCH Blockchain Conflicts
Bitcoin Cash (BCH) is experiencing a drama with its chain split. Craig Wright has threatened to shut down the CoinEx exchange, a subsidiary of Bitmain that control the Bitcoin ABC team. Due to the fact that both development teams are providing different implementations, the chain could split into two new cryptocurrencies.
Craig Wright has proposed an implementation known as Bitcoin SV, that does not have the replay protection mechanism added to it. Replay protection would prevent attacks (replay attacks) after a hard fork. Without this implementations, after a hard fork it would be possible to spend the funds of one user on the other blockchain.
The CoinEx exchange stated that Bitcoin SV was an ‘altered version of Bitcoin Cash protocols.’ According to the platform, this would cause a fork to the existing protocol. They decided to call it BSV and a normal procedure would be implemented after a chain split. Users would receive BSV in a 1:1 ratio for each BCH they hold.
The exchange informed:
“After the fork, we will release a BSV/BCH trading pair in CoinEx so you can buy or sell BSV. CoinEx will not support BSV deposit and withdrawal until its chain is stabilized and all supporting services e.g. wallet are available.”
Craig ‘Satoshi' Wright had this to say:
The exchange is also urging BSV to implement the replay protection to avoid chaos on the Bitcoin Cash network. Moreover, they explained that they will be safeguarding users’ assets with the help of ViaBTC, a famous mining pool managed by Bitmain.
CoinEx urges users to deposit their BCH funds to the CoinEx exchange before the hard fork to have 100% protection to the assets.
Bitcoin Cash is currently the fourth largest virtual currency in the market with $11.1 billion dollars market capitalization. Each BCH coin can be bought for $645 dollars.
Bitcoin Cash appeared in the market as a famous fork from Bitcoin (BTC) since the community couldn’t reach a consensus on how to scale the network. We will have results about the Bitcoin Cash Stress Test on the BCH Blockchain that saw over 2.1 million transactions, including 21 megabyte block mined as well as no increased fees. So while the community seems to have enjoyed a successful stress test scheduled date, the community is splitting and will be entertaining to see where it all leads to.