Why Bitcoin Cash Saw A Flash Increase

Marco Green
November 9, 2018

Customers also have the option of converting Bitcoin Cash into BCHABC and BCHSV, and vice-versa. Nevertheless, Bitcoin Cash supporters can boast that it remains far more valuable than most other alt coins, and its merchant base constantly expands.

Sound messy and confusing?

Will you lose your Bitcoin Cash (BCH) if you don't prepare for the hard fork? No.

These planned hard forks were meant to stave off disagreements about whether and when the cryptocurrency should activate these protocol upgrades, which require all full node operators to upgrade their software to the latest version. Bitcoin Cash's total supply is 17,444,238 coins.

Bitcoin Cash was born from the desire to fix the (then) slowed and expensive transactions of the original Bitcoin. Who's behind it? And what changes will it bring?

Fragmentation tends to be a weakness: A strong determinant of a cryptocurrency project's ultimate success is the number of people using it, and projects such as Bitcoin Cash dream of having the brand recognition of a project like Bitcoin.

That in itself isn't unusual. While the outcome isn't clear, one scenario would see two separate cryptocurrencies arise from the fork.

Some, like Bitcoin.org administrator Cøbra, had recently speculated that Ver was ultimately going to side with the SV faction, but in his new remarks, a reflective and at times subtly distraught Ver pointed to Bitcoin ABC as the best way forward for BCH.

The upgrades function might cause a cod slit of Bitcoin cash due to differences between Craig Wrights nChain and Bitcoin ABC. The CEO of Bitmain, Jihan Wu, supports it. Nevertheless, the November 15 hard fork - just the second since BCH forked away from Bitcoin - has been hotly debated, as various development groups have significant disagreements about which upgrades should, and should not, be activated on the network.

However, Coinbase, OKEx and Binance have already announced the support of traditional Bitcoin ABC OS. "You will now discover me when pissed off".

From a technical viewpoint, Bitcoin Cash ABC aims to maintain the current block size of 32MB. Only when a minority decides to adopt a protocol so different from the majority does the blockchain split to create a new currency.

Following the fork, Poloniex will support both BCHABC and BCHSV, stating in the announcement that "the responsible thing for an exchange to do is remain neutral".

Bitcoin was back at the $6,400 level in early trading, with trading volume moderate.

With this significant increase in the price of Bitcoin Cash, holders and traders appear to welcome the price jump.

Counterparty (XCP) traded up 12.1% against the dollar and now trades at $3.83 or 0.00058643 BTC.

This hard fork isn't a surprise.

With competing proposals locked and loaded for the Bitcoin Cash (BCH) network's planned November 15th upgrades, a contentious fork looks imminent.

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