The scheduled update of the Bitcoin Cash network took place
The scheduled update of the Bitcoin Cash network took place on 15 Nov, as expected. Many people are of the belief that this update will lead to Hard Fork. However, as of now, the Bitcoin Adjustable Blocksize Cap (ABC) is ahead of Bitcoin SV (Satoshi’s Version) by ten blocks. The Hard Fork was inevitable because of divided opinions regarding the use of Bitcoin Cash. Some people were in for Bitcoin ABC while many others preferred BItcoin SV.,
After the Fork on 15 Nov, 40 blocks have already been mined (last we checked) of which Bitcoin ABC is leading by ten blocks. Exchanges around the world have to shut down their trading, just before the expected update on 15.
Bitcoin ABC v/s Bitcoin SV
Bitcoin ABC and Bitcoin SV are a result of divide in opinion in the Bitcoin Cash (BCH) community. The people behind Bitcoin ABC do not think that BCH needs any drastic changes. Only the idea of selecting your block size and removal of software bottleneck from the current BCH will do just fine. The idea sounds convenient as significant changes made into the protocol might lose the trust of its peers and users.
On the other hand, some people are demanding a Bitcoin SV, which proposes critical changes into the structure of the coin. The difference in protocol will lead to a complete overwrite of Bitcoin script over the Bitcoin ABC, and the block size will increase from 32MB to 128MB.
The Rivalry Turned Ugly
The scheduled Hartford was unavoidable as the rift between the two sides increased leading upto the November 15 update. Two different sides are supporting various causes. The Bitcoin ABC side is being headed by Roger Ver, while Craig Wright is the reason behind Bitcoin SV. Both teams have accused one another of manipulating the market and even went ahead to blame the other of theft. People are holding onto their cryptocurrencies tight and very keenly monitoring the market. They are hoping for a Hard fork to make a double profit of their Bitcoin Cash.
The uncertainty and feud between the two parties are also being asserted as a catalyst for the Nov 14 Bear attack. In an unprecedented behavior, markets went on a downward spree, causing a drop of 9-18% in prices of some of the significant cryptocurrencies on the trade market. The Bear attack led to capitalization of Crypto market to $188 billion marks.