There are discussions about Bitcoin Cash in many places and times. It is known how it was possible to earn a lot on forks and price manipulations of cryptocurrencies related to additional coin supply. We also notice the very nature of Bitcoin Cash cryptocurrencies in the context of a potential investment. In November 2018 we had another occurrence of such situation.
Another Bitcoin Cash fork
From the investor’s point of view, cryptocurrency forks is nothing more than supplying the market with more different coins. Sometimes this may be due to the real need of the community or technological requirements, but in the end it is a mechanism for increasing liquidity. Most often, after temporary problems related to the change of name and change of technology, the situation returns to the equilibrium level at the higher level of capitalization. Will this be the case in this case? Let’s take a closer look at BCH’s situation.
The personal conflict has been brewing for some time. Bitcoin Cash ABC, mogul Roger Ver together with the Bitmain tycoon Jihan Wu, finally parted with the self-proclaimed Satoshi Nakamoto, or Craig Wright, supporter of the Bitcoin Cash SV. It just happened that the environment of the “original” Bitcoin will this time look with curiosity at the development of the situation in the sister project.
Consequences of the cryptocurrency forks
Hash war, or the battle over which chain will be mined is the first consequence. Thus, the split of the chain is preceded by an intense campaign aimed at convincing miners that “this our chain” will be the chain that will bring higher profits, it will be more popular and will solve user problems even better.
The battle for names is no less important aspect. Both parties want to keep the right to the original name. We know that this time the parties decided to add the tip to the name.
Bitcoin Cash ABC, or Adjustable Blocksize Cap, is almost nothing more than a dynamically determined block size. This is not a revolutionary change, although it may seem at first glance. According to the initiators, this is just setting up of the foundation for fast technological development, in which a large number of users making a large number of transactions will require an ever larger block size.
Bitcoin Cash SV, or Satoshi Vision, is an idea that includes increasing the block size to 128 MB and introducing solutions allowing for quick and easy transformation of the project towards smart contracts.
How did fork Bitcoin Cash ABC vs. Bitcoin Cash SV go?
The events took place quite quickly. After the split on November 15, 2018, most miners chose Bitcoin Cash ABC, but the power level to maintain the Bitcoin Cash SV chain is high and nothing foreshadows the abandonment of any of the projects. What’s more, the price of both tokens fluctuates towards higher levels, despite the difficult situation on the cryptocurrency market.
By the way, the uncertainty associated with the Bitcoin Cash forks could also affect the price of the Bitcoin project. Due to the fact that Bitmain was involved in Bitcoin Cash ABC, there is still a risk of switching the computing power of this Bitcoin mining company. This may cause a drop in confidence in BTC and thus a drop in value, which may have affected price drops below $5000, or even below $3000 per 1 BTC.
Is it worth buying Bitcoin Cash ABC or Bitcoin Cash SV?
If you think that the upcoming price rebound in cryptocurrencies will have the greatest dynamics in uncertain projects, it is worth paying attention to Bitcoin Cash. A part of the cryptocurrencies supporting BCH has already decided that Bitcoin Cash ABC will keep the original BCH ticker. Some, on the other hand, use the abbreviation BCHABC. Bitcoin Cash Satoshi Vision functions as BCHSV, an unusual abbreviation with more than three letters.
Remember that if you owned Bitcoin Cash on the cryptocurrency market, you will receive both tokens after the implementation of the fork. Most of the reliable cryptocurrency exchanges, such as Binance or Bitmarket, will carry out this operation and enable deposits, withdrawals and transactions. We are watching the situation with interest and we will inform you about the current state of the cryptocurrency market.
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