Although more than a week has passed since the "hard fork" split of Bitcoin Cash BCH , neither side of the division has fallen behind, and it may end up with two different versions of Bitcoin Cash. For traders, this may mean the need to memorize new currency names and symbols and to know the differences between the two currencies, as well as to know which trading platforms list which version of that currency.
What are the different versions of Bitcoin Cash ?:
The two different versions of Bitcoin Cash are "Bitcoin SV" for "Satoshi's Vision," and "Bitcoin ABC" for "Adjustable Blockize Cap." The third version is a neutral version. She remained out of sight.
Bitcoin ABC represents the conservative trend that aims to keep Bitcoin Cash BCH from drastic changes. Its most prominent leader is Roger Ver, among others, and has strong supporters, including Bitmain, a company that produces mining equipment and devices. This aspect believes that there is no need to drastically change the structure of Bitcoin Cash, although the roadmap leaves room for further development.
On the other hand, Bitcoin SV was founded by a blockchain development company called nChain, affiliated with Craig Wright, who previously claimed to be Bitcoin's Satoshi Nakamoto, often dubbed "fake Satoshi." This trend is trying to “bring back the original Satoshi protocol” by changing the existing Bitcoin Cash architecture. Specifically, this includes complete rewriting of Bitcoin ABC network scripts and increasing the Bitcoin Cash block size from 32MB to a maximum of 128MB to increase network capacity and size.
The neutral party is Bitcoin Unlimited whose leaders have proposed a compromise solution called the “Unlimited Bitcoin Total Fork in November 2018 Strategy”. Essentially, this solution suggested the ability to change both Bitcoin ABC and Bitcoin SV, by bolstering them with miner votes during the split.
What are the trading platforms that support both networks?
Digital currencies that have adopted "Bitcoin ABC Bitcoin ABC" trading platforms were "Hubei Huobi" and "Kraken Kraken", and " Petrks Bittrex", and gave it a symbol of BCH, and resumed trading as usual at the beginning of this week. Houbi disclosed that it will facilitate the deposit, withdrawal and trading of “SV tokens” but hinted that the lack of SV tokens was a security concern for the platform and its users alike.
At the same time, Kraken indicated that there are no primary supporters for exploring SV blocks, that miners are “seemingly” operating at a loss, and that supply is “temporarily tied”, in addition to a few other related issues that It could affect the feasibility and legitimacy of a Craig Wright return for users.
On Tuesday, Coinbase, one of the largest cryptocurrency exchanges in the United States, confirmed that it is “now ready to resume limited trading of [Bitcoin Cash],” and added Bitcoin ABC under the symbol BCH just like So did the Huobi and Kraken exchanges. Coinbase also revealed that its intention was to eventually "support withdrawal services for Bitcoin SV" but that this will likely take "at least a few weeks" to develop.
Trading platforms such as Poloniex and Binance supported the trading of both versions of the coin. They simply removed the old code, BCH, and identified the new versions as BCHABC or BAB, and BCHSV or BSV.
Other trading platforms, such as eToro, are still waiting for this war to end. The platform stated in a post:
“After the Bitcoin Cash blockchain split into two, it is still uncertain which of the two is dominant. We are monitoring the situation and await further developments. "We hope to resume trading Bitcoin Cash on the eToro platform soon, and we will provide our customers with the latest information as soon as possible."
Also, there are no trading platforms that give exclusive trading to Bitcoin SV, which may indicate its support for Bitcoin ABC.
What is happening with Bitcoin SV?
The reason for the Bitcoin SV evading trading platforms could be that the coin undertook a block reorganization on Monday in which transactions were processed on two different blocks. Although it is possible that these two blocks were maliciously overwritten by external attackers, the most likely explanation for the temporary reorganization of the blocks was due to the overload in transaction activity resulting from a planned stress test.
Chris Basia, lead developer of the e-commerce platform OpenBazar, wrote on Twitter: “Frankly, I am embarrassed on behalf of BSV. A handful of those who know nothing insist that the tech community is at fault, and that BSV can handle massive lumps. So they proceeded to "prove" that, and in the process they reorganized the chain and conducted a poisonous mass attack, "adding later," The BSV supporters are in fact more like the Flat Earth theorists. "
“[Reorganization] should not be possible in a decentralized system,” said Amin Gun Serer, professor at Cornell University. You can only revoke your own block and create a new series in case you are the majority Prospector. BSV is a central currency. Why do they bother mining? Obviously, it is not not suitable for this.
Who is the winner?
This is a difficult question. According to data from the site Coin.dance Coin.dance, Bitcoin ABC is the same Bitcoin Cash as it is listed by Coin.dance Coin.dance has the advantage, but in real terms, miners (prospectors) on both sides are equal. In loss.
Research from the BitMex trading platform research blog indicates that the cost of the Bitcoin Cash split war cost $ 6.1 million in lost revenue. "It is only a matter of time until this futile battle is over," added BitMex, explaining that there is no way to keep this argument going indefinitely. They also tweeted, "Even assuming energy costs are cheap, SV miners have a negative gross margin of 353 percent, and $ 1.4 million in total losses." So, while both lose, SV appears to have lost more. With less Hashpower computing, fewer nodes on the network, and favoring ABC's trading platforms, SV appears doomed.
However, Wright asserts that all they need is perseverance: “In the competition with computing power, we've seen the ABC team reach their strongest potential. We are still in the trials phase and have not yet reached the finals of the marathon, and we also made a noticeable rush by doing 9.9 seconds out of 100 minutes (unfortunately in the wrong direction).
