The hash power war between Bitcoin Cash (BCH) and Bitcoin Cash SV (BCHSV) ended with a one-sided victory for BCH. Prior to the hard fork on November 15, major cryptocurrency exchanges publicly expressed support towards the roadmap set forth by bitcoincash.org or ABC, the original…
The hash power war between Bitcoin Cash (BCH) and Bitcoin Cash SV (BCHSV) ended with a one-sided victory for BCH.
Prior to the hard fork on November 15, major cryptocurrency exchanges publicly expressed support towards the roadmap set forth by bitcoincash.org or ABC, the original Bitcoin Cash blockchain network.
Fast forward eight days, a growing number of leading cryptocurrency trading platforms have begun to officially adopt ABC as the original Bitcoin Cash network with the ticker BCH.
Earlier this week, Coinbase, one of the most widely utilized fiat-to-crypto exchanges in the global market, released an official statement declaring that ABC will retain the ticker BCH.
The company stated that the higher hashrate and longer proof-of-work chain were amongst several other factors that led to the decision of Coinbase to provide the BCH ticker to the original Bitcoin Cash chain.
The Coinbase team said:
“Since the Bitcoin Cash fork on November 15, 2018, Coinbase has been closely monitoring the BCH network. We have observed consensus in the community that the BCH ABC chain will retain the designation of Bitcoin Cash (BCH). Coinbase will also adopt this designation for BCH. Coinbase has made this decision based on a number of factors including the fact that ABC has a higher hashrate and a longer proof-of-work chain.”
In the weeks to come, Coinbase users will be able to withdraw BCHSV that was credited to BCH holders prior to the fork, but the firm did not express any intent to list BCHSV nor allow investors to trade the newly created asset.
“Our current intention is to support withdrawal services for the BCH SV chain so that our customers may withdraw funds at a future date. We anticipate this development work will take at least a few weeks, but may take longer” the team added.
Jesse Powell, the CEO of Kraken, another major cryptocurrency exchange based in the U.S., recently criticized the operation of the Bitcoin Cash SV camp led by Calvin Ayre, Craig Steven Wright, and Coingeek, who have threatened developers and miners throughout the past several weeks.
On November 21, BCHSV experienced a reorganization of two blocks and Coingeek is suspected to be behind the initiative. As Cornell professor Emin Gun Sirer explained, the self-reorganization of blocks demonstrated a lack of hash power, decentralization, and well-designed system on BCHSV.
“Never had anything against Calvin Ayre but this approach is anathema to the community you hope to have adopt your technology. The merits of BSV are overshadowed by the alienating threats of a few grandiose personalities. Longer chain != adoption. Victory may be pyrrhic.”
Even in the aftermath of the hash power war, representatives of the Bitcoin Cash SV camp are continuing to push threats against the Bitcoin Cash community.
On November 23, Calvin Ayre, a billionaire casino mogul behind SV, encouraged investors of Kraken to stay away from the exchange for “manipulating” the crypto market by providing Bitcoin Cash with the BCH ticker.
Continuous threats from the SV camp could lead to more exchanges acknowledging the original Bitcoin Cash chain as BCH, which could have a negative impact on the long-term growth trend of the asset.
Featured image from Shutterstock.
Last modified: January 24, 2020 10:55 PM UTC