Looking At The BCH Glass Half Full, Here’s How The Bitcoin Cash Fork Civil Wars May Be A Positive For Bitcoin
Here Are Some Reasons Why The Ongoing Bitcoin Cash (BCH) Civil War Might Be Good For Bitcoin.
As many of our readers already know, the recent Bitcoin Cash drama has seen the advent of two primary supporter camps, both of whom come backed by different ideologies in terms of how the BCH ecosystem should be governed. However, another real concern that has arisen as part of this ongoing conflict is how this ordeal will affect the price of Bitcoin moving forward (especially since the planned upgrades have now gone live).
The Battle Ensues
BCH SV is led by Craig Wright, a controversial Australian national, who came out last year and declared himself to be the man behind Bitcoin, Satoshi Nakamoto. Similarly, BCH ABC is headed by Bitmain’s Jihan Wu and Bitcoin.com’s Roger Ver.
To elaborate further on this point, we can see that BCH SV is a conservative faction that “wants to keep the BCH network in its original form” — i.e. use it only for facilitating payments and other monetary transactions. However, the BCH ABC camp is more progressive in the sense that it wants to upgrade the BCH ecosystem and make the platform more like the one that Ethereum currently has (wherein developers can create novel dApps using its digital infrastructure).
Bitcoin Cash ABC Is The Clear Forerunner
At press time, it is all too clear that BCH ABC has more community support than its closest rival— with the project being backed by the likes of John McAfee . If that wasn't enough, even established cryptocurrency exchanges such as Bitstamp have backed this project in recent times.
Apart from gaining a lot of mainstream traction recently, BCH ABC is also ahead of BCH SV in terms of its overall mined blocks (with BCH ABC leading the roost with over 50 blocks more than SV).
How Does All Of This Affect Bitcoin?
A pertinent question that is bound to arise in anyone’s mind after witnessing the aforementioned episode is “How does all of this affect Bitcoin?”.
However, before we get into this line of questioning, it is important to remember that BCH was created just last year as a hard-fork of the original Bitcoin (BTC) chain. In this regard, it is worth noting that before last year’s fork took place on the Bitcoin network in 2017, the ecosystem was down on hash power. But after a few days post the hard-fork, BTC’s hash rate was found to have skyrocketed (even sending the currency’s price to a staggering USD $20K within the span of a few months).
Also worth mentioning is the fact that in its lead-up to the BCH fork, Bitcoin had started losing some of its intrinsic hash power, primarily because a lot of supporters on both sides of the divide had started redirecting their resources (thus effectively clogging up the BTC network).
Rounding off this article, it is safe to say that the current hash-rate war going on between BCH ABC and BCH SV could very well pan out in favor of Bitcoin, since it is being estimated that whichever faction ends up winning the ongoing conflict will help in stabilizing the Bitcoin network (eventually).