The civil war between Bitcoin (BTC) and Bitcoin Cash (BCH) shows no sign of stopping. However, a new wrinkle has appeared in Bitcoin Cash’s attempts to overtake the legacy blockchain. As a hard fork of the Bitcoin Core blockchain, BCH now faces an existential threat in the form of another hard fork. Proponents of both sides are arguing about the future of the project – and what the results of a hard fork would look like.
Despite this uncertainty, Bitcoin Cash outperformed almost all other top coins during the recent price rally. At nearly 15%, they’ve eliminated a good portion of the losses brought on by the prolonged bear market that dominated 2018. While Bitcoin Cash stood on rocky ground in the immediate aftermath of the split from BTC, they are beginning to establish their currency as a viable alternative to the monolithic Bitcoin Core chain.
Hard Fork Threats
At the core of the recent controversy is the schism that developed between two Bitcoin Cash software clients. Bitcoin ABC is the largest by market share and recently proposed some changes that did not sit well with Craig Wright – who not only helped found Bitcoin Cash, but also claims to be Satoshi Nakamoto – creator of the original Bitcoin Core chain.
Wright purports that his own variant on the BCH codebase adheres more closely to the original vision for Bitcoin. Confusingly, he has titled his variant Bitcoin SV or Satoshi Vision – which would presumably be his own vision. Bitcoin ABC supports an atomic swap framework, allowing cross-chain transfers between disparate cryptocurrencies. Currently, ABC seems to be in the lead – gaining the support of major cryptocurrency spokespeople such as Vitalik Buterin of Ethereum fame.
Bitcoin Cash’s Recent Stress Test
In brighter news, Bitcoin Cash performed a network wide stress test on the 1st of September. Throughout the course of the test, BCH transactions made up nearly 2/3 of all cryptocurrency transactions being tracked. The test involved much of the BCH community – and by all metrics, was a resounding success. Despite a massive spike in transaction volume, no appreciable increase in fees was observed.
Interestingly, the price of Bitcoin Cash also raised in the aftermath of the stress test – likely a combination of confidence from the test’s success and observation of the sudden spike in trading volume. While BTC and BCH continue to fight over the claim to the title of the ‘True Bitcoin,’ Bitcoin Cash seems to be carving out their own way in the world.
Article By: Adam Stone