Crypto Companies BCH Fork Stance And The Difficult Task To Support Bitcoin ABC Or Bitcoin SV

2018-11-15 12:31

In just a few hours, Bitcoin Cash (BCH) will be experiencing a new network upgrade that was able to divide the whole crypto community. In the middle of the debate, cryptocurrency companies try to offer their support to the proposal that fits better to them.

The Bitcoin Cash network will be splitting into Bitcoin SV, Bitcoin ABC and Bitcoin Unlimited. However, Bitcoin SV and Bitcoin ABC are the most important proposals.

Bitcoin ABC aims at adding new features such as smart contracts, Oracle services and better scaling features to the network. Bitcoin SV, instead, aims at replacing Bitcoin ABC’s scripts with its own scripts. At the same time, it wants to expand the Bitcoin Cash block size – which is currently 32 MB – to 128 MB.

Bitcoin Unlimited will be implementing the changes proposed by Bitcoin ABC and Bitcoin SV. Miners would vote for the features desired.

As reported by Coin.Dance, it seems that miners will be supporting Bitcoin SV. Between 74% to 80% of the Bitcoin Cash hash rate might be aligned with Bitcoin SV. Four of the top 10 mining pools, Coingeek, SVPool, BMG Pool and Mempool mentioned that they will be supporting Bitcoin SV.

It seems that Bitcoin SV was able to win the debate among the mining community. Nevertheless, the rest of the community supports Bitcoin ABC. Nevertheless, the important issue is to convince the miners that have the hash power. For example, there is no cryptocurrency exchange openly defending Bitcoin SV in the top 10 exchanges listed by CoinMarketCap.

One of these top 10 crypto exchanges is offering direct support for Bitcoin ABC while five are closer to Bitcoin ABC’s proposal. The neutral exchanges are Bitfinex, HitBTC and Bitbank.

At the same time, there are two different virtual currency exchanges that offer futures trading for Bitcoin Cash pre-forked coins. These are Poloniex and Bitfinex. According to Poloniex, Bitcoin Cash SV has a price of $225 dollars and a volume of $31 million dollars. Bitcoin Cash ABC has a price of $256 dollars and a trading volume of $25 million dollars. Finally, Bitcoin Cash has a price of $478 dollars and a trading volume of $12.9 million dollars.

Something similar is happening in Bitfinex. The prices are $220 for Bitcoin SV, $255 for Bitcoin ABC and $475 for Bitcoin Cash. Nevertheless, the trading volume was completely different. Bitcoin Cash registered $100 million dollars trading volume. Bitcoin Cash ABC $5.47 million and Bitcoin SV $7.1 million.

What will happen is yet to be seen. In just a few hours some exchanges will pause Bitcoin Cash deposits and withdrawals to protect users’ funds. At the same time, they will be closely following how the events will unfold.

The cryptocurrency exchange BitMEX has released a website specifically designed to follow the hard fork. For more information, you can always read our past articles at BitcoinExchangeGuide about Bitcoin Cash and these two other proposals.

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