bitcoin cash Bitcoin Cash is heading to another Chain-Split

[BTC Future 3946]

 

There is a high posibility that Bitcoin Cash (BCH) will soon split once again after a new hard-fork that is expected to happen on November 15th.

 

On one side is the Bitcoin ABC full node owned by Bitcoin Cash developer Amaury Séchet along with a few more developers, web-pages, and staff. On the other side is the BCHN full node, with Roger Ver, miners like Bitmain's Antpool (Jihan Wu) and Binance pool, various developers, wallets, and services running on Bitcoin Cash.

Bitcoin ABC gained a lot after the 2018 hash wars versus Craig Wright's Bitcoin SV as Amaury was together with the side of Ver. Bitcoin Cash won the hash wars and became the longest chain. Bitcoin SV was eventually the split chain having a lesser hash rate.

 

There have been various problems in the Bitcoin Cash community recently.

In July, Amaury Séchet announced a DAA (Difficulty Algorithm Adjustment) called Grasberg which was met with controversy from other Bitcoin Cash developers.

After that ViaBTC (mining pool) announcing a fork of their own for Bitcoin Cash. (source)

And lately a decision by Amaury Séchet to upgrade Bitcoin Cash software with an IFP (infrastructure funding proposal) giving his node (Bitcoin ABC) a mining tax of 8% of the total fees the network generates for infrastructure purposes. This of course outraged the rest interested parties and since Amaury won't back down Bitcoin Cash is headed to a fork that will eventually split the chain and create two different versions of the coin.

 

So on November 15, we will most probably have another Bitcoin Cash fork, this time the chain splits into BCHN and BCHABC. 

 

There is much information on this subject and I tried to bring only the crucial parts. In case someone wants to read more I've picked some very interesting and articles:

 

https://read.cash/@georgedonnelly/amaury-sechet-is-forking-bitcoin-abc-away-from-bitcoin-cash-8734adc1

https://news.bitcoin.com/viabtc-founder-reveals-bch-fork-idea-called-bitcoin-cat/

https://cryptobriefing.com/bitcoin-cash-companies-are-taking-sides-mining-tax-will-die-arrival/

 

Also this article written by Roger Ver contains his position against Amaury's IFP:

https://read.cash/@RogerVer/bitcoin-cash-was-going-great-until-this-ifp-nonsense-4065e280

 

 

 

Edited August 26, 2020 by BTC Future

[rekter 8129]

This is getting hilarious. Although Bitcoin Cat is a cool name for fork. Everyone loves cats and meme marketing would be easy. Now i am wondering if i should buy bch just to get into this fork. I don't really like it nor i hate it so i guess i should speculate and buy some.

[BrolySSJ 7899]

This is very interesting news and thank you for sharing this. The true question lies in how these forks in the bitcoin cash will affect its price. I am sure that with this fork that there could potentially be an increase in the number of investors if they take to the two new cryptos, however there is always the chance that the investors will split as well which will ultimately result in a decrease in price. Personally i have not been in crypto long enough to see a split so this will definitely be a first for me and i will wait till the 15th of november to see how this plays out.

[BTC Future 3946]

51 minutes ago, a_c_t said:

 I think it is time to leave my money only on bitcoin which is the original. Or, what is your advice. 

From the moment I got into this I've been told a wise advice. To increase my Bitcoin position and use alts only for this reason. Currently we have seen an altcoin season and I took profits weeks ago. 

About Bitcoin Cash it will be a gamble. It is not certain if the chain split will happen or perhaps this BCH dev cancels his plans. Also it is not certain that we can profit from it. I've posted this article for informational purposes only. 

Although there might be a profit opportunity as we've seen in the past. Perhaps buying the rumour may worth it, although it may backfire too in case market prices begin going down.

[Red-Jones 1150]

this is for all people to see that it was very good that the bitcoin community did not accept ideas from this group of people who in 3 years have already managed to fight among themselves and make more Forks. I just hope people sell their BCHs early so that they don't suffer too much losses

[Whited35 15285]

@BTC Future Can you remember ? Once we had conversation about this possible case of BCH in a discussion thread. I have never known what was the actual purpose to create BCH itself.Once it splits into another so called BCHN and BCHABC, I think remaining potential investors will also lost their motivations.Another critical phase is on the way to destroy BCH ? 

[BTC Future 3946]

4 hours ago, Whited35 said:

I have never known what was the actual purpose to create BCH itself.

I remember there was some discussion but I will have to find it again as I don't remember any details. Anyway, the fact is that Bitcoin Cash was the result of what should have been consensus decision in 2015 about the scaling solution of Bitcoin. There are many events which I don't know about because I wasn't active at that point. It is important to know that Roger Ver was a very influential figure in Bitcoin until around November 2017 when he sold most of his Bitcoins and pumped Bitcoin Cash. 

Besides Roger Ver there were many that were supporting the scaling solution of increasing the block size. It was something that had been discussed a lot and proponents was Gavin Andresen (Bitcoin dev that Satoshi trusted after he left), Coinbase exchange and many more. I remember Andreas Antonopoulos explaining in a conference the need for scaling and how block size would keep rising and help Bitcoin become massively adopted.

Yet the proposal that was accepted was Segwit (which results in reduction of fees) and the Lightning Network. Segwit was implemented in August 2017 and the same time Bitcoin Cash (led by Roger Ver) was created as a result of a chain-split.

I've skipped many parts of the important details, but imagine that there isn't a single post or article explaining everything just because there were hundreds of events and implications that happened throught the years and a writter would require around a month just to make a single article.

It isn't worth it either in my opinion. Eventually Bitcoin will only be used as method of purchases if the Lightning Network succeeds (chances look better now than the beginning of the year) and Bitcoin Cash while it is fast and fees are very low, still it is just another centralized cryptocurrency.

[Whited35 15285]

2 hours ago, BTC Future said:

Eventually Bitcoin will only be used as method of purchases if the Lightning Network succeeds (chances look better now than the beginning of the year) and Bitcoin Cash while it is fast and fees are very low, still it is just another centralized cryptocurrency.

@BTC Future Thanks for mentioning everything so nicely 😊. Transactions fee is relatively very low just about $0.20 transaction, they have increased the block size to 8MB but I have never invested and will invest in BCH just due to a reason that BCH mining is highly centralized. If three mining parties jointly decide a 51% attack, surely they are able to control the network computational power to double spend the coin so in this point of view I never seen any purpose of creating BCH. 

Well, core developers of BCH were admitted to claim like they have invented the most robust blockchain technology to solve the stability problem and hence is decentralized but whenever I trace the increasing full nodes for BCH, I never find the significant growth in number. Anyway, this is my personal opinion, anyone investing in BCH to have benefits, no offense.

[BTC Future 3946]

On 8/26/2020 at 10:58 AM, a_c_t said:

I think it is time to leave my money only on bitcoin which is the original. Or, what is your advice. 

I think you are correct. Bitcoin Cash has proven that the people that were involved so far did not have interests to create a proper functioning decentralized blockchain and many of the investors in this coin have already abandoned it. There was the BSV fanction that split two years ago and now the former ally (Bitcoin ABC) splits too. This is all about the money and to grab it as quickly as possible.

Perhaps BCH will rise when a split is initially announced but in this case the BCH ABC part will require backing by wallets and exchanges which currently it doesn't have.

Edited August 27, 2020 by BTC Future

[CryptoDemon 370]

On 8/26/2020 at 7:46 AM, SilverF said:

A new currency could imply or incite the division of its investors and therefore the price of the currency or am I wrong?  Bad news for those who keep their coins waiting for them to appreciate even more, if you had BCH, what would you do?  Would you sell before November 15 or would you rather wait for the storm to pass?

If the Bitcoin gets another splitting moments, it will be having a big value but I think it will also be having a abnormal value movements that might affect the overall performance.

[magd 5231]

Perhaps this split will help Bitcoin Cash to return strongly to the trading market because its stability for long periods at a specific range of price will reduce the number of traders for this currency, I am watching what will happen and trying to analyze it and we will see how this split will positively affect

[Maaz sultan 265]

Its a new opportunity to invest on a stable crypto currency you knows that BCH is a stable that never get lose in long term if any one is long term investor then he check this coin and this coin may affect the value of bitcoin cash we will see when introduce in market .

[Captain Karim 0]

Well, we are tired of new forks and new currencies without value every period in the market, we want something useful for society and not just a spread of currencies without a specific goal, a lot in the recent period have come to consider BCH as a mere scam, especially since its price does not increase with Bitcoin like it was during The old days.

[TimopheyKa 3900]

I think, after all, we can expect something like this, and this split will give us some understanding in the price adjustment. I think there may be many factors at play, because at one point, this token can become very useful, and at another, useless. And so, the situation leaves much to be desired!

[Shaza Ahmad 1682]

I am not a supporter of the thorn that occurs in blockchain networks to produce a new currency because that often leads to a division of society and weakening of the power of the fragmentation, frankly, it becomes disturbing, every period of a new fork and a new currency and we do not know when we will stop it, so there is no point in separating and weakening Network security.

[Sykkuno 2887]

I got an email from FTX for the Bitcoin Cash fork. I didn't even know there was one and it seems this Amauri guy has 30% of the hashrate with him. The fork is in 15 days from today but I don't know if any exchange will support it. Maybe with 30% hashrate it will mean that they will start thinking about it and Binance was usually supporting forks.

[bogdanoff 3173]

Nobody actually cares anymore, Bitcoin Cash is probably the worst performing coin since 2018, it had an all time high of what $5000 and even went at $100 at some point. It never recovered either as other coins did. It will be even worse investment after this fork.

[percare 3192]

The fork is getting closer and Bitcoin Cash did a small pump but I think that it will be dangerous to hold any of these coins right now. Most investors have left already and it may be just Roger Ver left right now. Deserved to meet this fate as it was just created with a false impression that it could scale while it was centralized behind bigger blocks.

[Zeshan Khalid 2577]

Halving and splitting become necessary when price hits a certain point. Because it becomes difficult for different exchanges to transfer and convert those high price coins.

[cryptovlek 2597]

I prefer to call it BCash which is probably the real name of this fake bitcoin fork that will once again fork and prove for 100th time that it was only a cashgrab scam and nothing else. All these Bitcoin clones don't need to be around for too long and they only damage Bitcoin by stealing some of the glory.

[Fixfin 2569]

Another useless fork from Bitcoin Cash. I haven't seen any investor interested in risking to get the forked coin and I will not be in it. The risk with this is very high and prices after the fork can dump even by 50%.

[Syedbesharat 5423]

The BTC CASH split will gives good chance for them to grow in market where the argument will be non between developers. Their Name of 2nd coin is good but it would be better if they don't split and work at one coin. Their forces now distribute and have to work more after split their cap will be down after split. 

[Mella 3680]

There is interest from many about this chain split and a new coin will be created, we are maybe have too many and I am not known a lot yet but it will be that we have Bitcoin Cash and another that the name will be Bitcoin ABC and this will happen this month too.

[annayks 2314]

This is interesting, I just read about this Bitcoin Cash fork in the crypto news and it looks that it will be a battle. Probably Ver side will win again but what happens if he loses? Bitcoin ABC takes over Bitcoin Cash like being the dominant chain and the other one will be the lesser chain that will split? Then Bicoin Cash will not be what Ver will have. It would be funny if something like that happened.

[yonkii 3205]

I hope that everything will be fine and that whoever wins this battle it will be better for Bitcoin Cash. I am interested to learn more about this and I understand that the longer chain will be the one that wins but I don't have a preference on any of these sides.