Bitcoin Cash (BCH) Hard Fork
BCH Hard Fork

Bitcoin Cash (BCH) is making news again! This time because of an internal split in ideologies of the lead developing team. The Bitcoin Cash core team is split into camps; one under the famous Bitcoin investor and entrepreneur Roger Ver and the other under Craig Wright, interestingly, Wright has claimed multiple times that he is actually ‘Satoshi Nakamoto’. The claim is perceived unusual, and it has shown in the pre-release market prices.
Currently, BCHABC ‘futures’ is trading at $415, while the highly fluctuating future’s version of BCHSV is trading at $110 on poloniex.com.Bitcoin Cash core team is split into camps! Click To Tweet

Fork Details

Roger Ver, the founder of Bitcoin.com, recently spoke on the CNBC Africa Crypto Trader segment, where he mocked Wright to be ‘Fakesatoshi’ and again reiterated on the fact that the difference in opinion between the two camps is due to the timing of the update from 32 MB to 128 MB. Craig Wright’s camp wants to do it right away, where Ver’s ideologist believe that Bitcoin Cash (BCH) which is forked twice every year to incorporate updates can take its time before scaling, as it comfortably supports the volume of transactions now.

The Hard Fork is scheduled on Nov 15, and it might split the existing Bitcoin Cash Blockchain into three independent Blockchains if the miners support all the three in enough majority. Nevertheless, the two intended chains are Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi’s Vision).

Various exchanges have extended support to the hard fork. Hence, if BCH is held in these exchanges at the time of the fork, resultant BCHABC and BCHSV can be withdrawn post fork. Binance, Coinbase, Ledger, BitMEX, Poloniex and HitBTC have all set announces guidelines for the upcoming Hard Fork.

Poloniex and HitBTC are much ahead in the game as they are already supporting pre-release trading on their platforms. Currently, there are three variants of BCH trading on the Poloniex and HitBTC platform; BCH, BCHABC and BCHSV. BCH is the only presently working Blockchain which can be transferred to be used as a payment system, and the rest two are IOU based speculative contracts.

Deja Vu!

The price war has left the miner uncertain as they switch back and forth between the two chains to maximise profits. The same happened during the BTC-BCH Hard Fork, but eventually, the miners moved with BTC.

BCH, on the other hand, is supported by the largest Bitcoin mining equipment manufacturer Bitmain. Bitmain is a Hong Kong based, Chinese manufacturing company which owes its wealth and fame to the popular Antmier series of ASIC Bitcoin and Litecoin miners. However, post BCH backing the company has reached on the brink of filling a bankruptcy due to the fall in prices from the late 2017 levels.

Nevertheless, Roger Ver is his recent interview also stated that despite the split both the camps believe that Bitcoin Cash should ideally be ‘Digital Cash’. This statement is implied to affirm the superiority of BCH over BTC and reaffirming the requirement of the August 2017 Hard Fork.

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