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bitcAfter almost two weeks of constant fighting and slander, the infamous Bitcoin Cash hash war has come to an end. With Bitcoin SV surrendering the name of BCH to the other side.
Bitcoin Cash, as a part of its usual network update, underwent a hardfork at the beginning of November. But unlike the ones that had happened successfully in the past, this one was different. The Bitcoin Cash community could not come to a consensus on what their future should be and ended up splitting into two; Bitcoin Cash ABC and Bitcoin Cash SV.
Bitcoin Cash ABC was the side led by Roger Ver. Who believed that Bitcoin Cash was the true incarnation of Bitcoin and should be left as is. While Bitcoin Cash SV believed that for the cryptocurrency to become more transactional in nature, as is the vision of Satoshi, they would have to increase the fundamental block size. The Bitcoin Cash SV side of BCH was led by Craig Wright.
After the blockchain was split into two, there was a major hash war that commenced between the two and the prize was winning the label of BCH. Many people pledged support and a mixture of exchange, community and industry support was what had the war going on for so long. With many exchanges suspending the cryptocurrency trades until consensus was reached and the hash war declared over.
The reason both sides wanted the BCH label so badly was that the BCH label assures them continued community support and also BCH before the split was among the top 5 cryptocurrencies in the market. The idea was that the side that won the label would perform better than the other and so on. Both sides decided that the deciding factor would be the winner of the hash war.
But finally, after being one of the main reasons for the market slipping and falling into a downward spiral, the community has called for a ‘seize fire’ with Bitcoin Cash SV handing over the BCH label to Bitcoin Cash ABC. With this truce that both sides have reached, Roger Ver’s Bitcoin Cash ABC has come out on top with both the name of BCH and the community support.
Bitcoin Cash SV to Continue
Even though Craig Wright’s Bitcoin Cash SV has come out as the loser in the hash war that ensued between the two sides, it is clear that the Bitcoin Cash SV side has no intentions of backing down from the market entirely.
The team and community behind the cryptocurrency have said that their winning is in the existence of Bitcoin Cash SV in the way that they intended it to be.
The idea behind Bitcoin Cash SV is to make sure that Bitcoin Cash changed shades from an investment to a transactional type of currency. To do the same the team proposed to increase the fundamental unit of the blockchain; the block size. But this obviously was what the community disagreed on and led to the hash war.
But in statements released to the press and the media, the Bitcoin Cash SV side of BCH has accepted defeat gracefully and would rather focus on making the cryptocurrency a market success over the next couple of months.
This hash war that ensued over the last two weeks has left a bitter aftertaste in the cryptocurrency market. With hash being redirected from Bitcoin for this particular end, the cryptocurrency market slumped and Bitcoin has fallen to less than 75% of its all-time high in December 2017.
Even though it is unfair for the entire blame of the market crash to be put squarely on the shoulders of the Bitcoin Cash fork, the market has suffered at the hands of Bitcoin Cash. And it may take quite a while for the cryptocurrency to regain respect amongst the community and market.
The beginning of this hash war sparked a drastic downfall in the cryptocurrency market for Bitcoin and altcoins alike. And this was coming after an extended period of relative stability. Now that the hash war has officially ended, there is a sense of hope amongst the community folk that the Bitcoin will rise again and give the market a little stability.
Bitcoin is currently trading at $4,279 USD.
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