10 things about Bitcoin Cash that you need to know on its Hard Fork Day
Two incompatible coins, gangster wars and an absolutely unpredictable future of the fourth currency of our days.
Today Bitcoin Cash will reach its hard fork. The main characters did everything in their power to make this event as hot as possible. Not as hyped as Khabib against Connor, but something similar. Besides, the world will get two more cryptocurrencies today.
In case you were out volunteering in places where there’s no internet, this text will help you sort out what’s happening.
- Bitcoin Cash is the most successful bitcoin fork as of today. In August 2017 developers increased a block’s maximum size from 1 to 8 megabytes, which increased the transaction speed from 7 to 61 (actually, it doesn’t really work like that. Oh well, let’s not go into details now).
- The coin’s capitalization is somewhere around 10 billion dollars. It’sinn the fourth place, preceded by BTC, ETH and XRP. During its peak, the price reached 4 thousand dollars. As of today, it’s 450 bucks.
- In December 2017 a test indicated that the price for a transaction in Bitcoin Cash is 99,56% lower than of the original Bitcoin (although it’s a particular case connected to the Bitcoin network attacks). The fork itself breaks the ‘code is law’ principle of the unchangeability of blockchain. And its trade volume is 2 two times lower than Dogecoin. And it’s not a meme.
- Many consider BCash a ‘centralized altcoin’. Nick Szabo thinks of it as a ‘centralized sock puppet theater’, since 56% of all coins is stored in 67 wallets, which are not registered on exchanges. And 98% of nodes is controlled by one server.
- Roger Ver is the main evangelist for Bitcoin Cash. At the turn of the century, this businessman was side dealing some explosives, then got into dark net and crypto currencies, he was connected with the Mt Gox bankruptcy and Columbian drug cartels. Together with JIhan Wu (ex-CEO of Bitmain, one of the biggest companies that make mining equipment) they are promoting Bitcoin ABC fork.
Craig Wright is an Australian businessman, who was caught lying publicly two times. The first time was when he claimed to have a Ph.D on Linkedin, but his university stated that he’s got only a Master’s degree. The second time was when he proclaimed himself Satoshi Nakamoto. Relatives of the late Dave Kleiman (btw, also a probable Satoshi candidate) are accusing Wright of stealing his success and crypto. Craig is promoting Bitcoin SV fork.
The difference between Bitcoin ABC and Bitcoin SV lies here. ABC are a conservative changes to the currency, which are most importantly connected with lowering transaction cost. SV (Satoshi’s Vision) on the other hand are radical changes to BCash structure. Developers expand the block to 128 megabytes and restore the original bitcoin protocol.
The incompatibility of Bitcoin ABC and Bitcoin SV threatens to separate BCash into two separate branches. The currency’s enthusiasts like Andrew Stone offer switching to a conciliatory fork Bitcoin Unlimited, then to activate Bitcoin ABC and Bitcoin SV functions by voting (BIP 139).
The distribution of powers is as follows. Wright owns BMG Pool, and his friend Calvin Ayre (one more gangster, who was under investigation for gambling and money laundering) owns Coingeek. These are 2 of the biggest mining pools of BCash. The name of SVPool speaks for itself. Ver and his supporters have BTC.com, Bitcoin.com and other resources. But put all of them together and they won’t even make 30% of the network’s hash rate. However, this side has the all mighty Bitmain.
And here you see most BCash node owners voting for Bitcoin ABC.
- The rivals have already had countless opportunities to say a few thing about each other on Twitter. Jihan Wu called out Wright to be a Blockstream agent. Whereas Wright laughed and promised to make Wu and Bitmain go bankrupt. Unbiased specialists think that this feud will definitely hold back BCash’s plans to become on of the world’s top 3 crypto currencies. A few weeks before the fork, the price jumped up abruptly, but then crawled down with all the others, eventually dropping the hardest. It’s difficult to predict the future of the coin(s) (some are saying there’s gonna be a massive Bitcoin SV pump, supposedly whales have dumped the Bitcoins in a damp environment). You can be sure of one thing: it’s gonna be a hell of ride with Ver, Wright and the rest of the gang.
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