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Crypto/ICO

Reaching For The Knives: BCH Fork War Is Heating Up

Joe Saz
07 November, 2018
2 min read
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The Bitcoin Cash (BCH) November fork war is getting heated, as support from wallets and exchanges appears to be squeezing out the SV allegiance. Coinbase and Binance are in favor of the ABC upgrade, with an official notice from Coinbase stating they will “support the published road map from bitcoincash.org.” On top of that, wallets like Trezor and Exodus will only be supporting ABC. Members of the SV chain are going to need to stretch out of their way to keep their coin in a wallet and their concept alive. This will continue to get harder as users and community members like Roger Ver and Cobra back the ABC chain.

Members of this fractured BCH community are getting vocal on social media, stating that this slanted treatment is unfair. The support for the SV project seems to be getting more difficult as exchanges, wallets, podcasts, and community members side against them. The relationship between Craig Wright and the community is already complicated, and it seems like his movement is hindered because of that.

Wright has faced a lot of criticism in the crypto community because he claimed to be the real Satoshi Nakamoto. When given the opportunity to produce a digital signature only the real Satoshi can produce, he was unable to. Additionally, the fact that Wright is trying to patent blockchain tech for profit goes against the fundamental principles of Bitcoin and its open source, decentralized, peer to peer, ecosystem ideology.

So far, the most valuable support for Bitcoin SV is CoinGeek and the hashing power they bring to the network. CoinGeek is currently sided with SV, but the bottom line for miners is profit and they need to mine a coin that can bring money in. If support keeps growing for ABC, then there is nothing stopping them from switching sides and inflicting a potentially fatal wound to the SV chain.

It’s not all bad for BCH yet as the price continues its upward trajectory. The BCH price pump is going to cause BTC and altcoins to increase in price until the fork is over. This happens because a lot of exchanges have the largest selection of pairing with Bitcoin. This means the traders or buyers of a cryptocurrency often need to buy Bitcoin first, then send it to an exchange where they can trade BTC for an altcoin. Since this fork is causing a short-term market reversal and pumping a lot of money back into this space, we are likely to see continued upward price action across the board.

BCH price for the last seven days. BLOCKTV Coin Market.

BCH price for the last seven days. BLOCKTV Coin Market.

Critics of the BCH community in general are pointing out that this slanted support seems like a form of centralization. BCH already faced criticism for its fork from Bitcoin in August 2017, yet it kept some value and a committed following. The same is true for both directions of the fork, but if the industry supports one chain and not the other, then it is a form of censorship that will cause this divided community to further deteriorate. Exchanges and wallets picking sides is a really dangerous precedent and is likely to be a conversation that continues long after the dust of the fork war settles.

Satoshi Nakamoto BCH Bitcoin Cash fork Roger Ver Craig Wright