Bitcoin Cash Confusion
After the long-awaited hard fork of Bitcoin Cash that happened on 15th of November, the confusion still does not cease. These two new cryptocurrencies – the branches of the old BCH – vie for traders’ attention. One is visibly winning.
The hard fork
Bitcoin Cash upgrades its core code every six months but usually, no important changes are implemented. This time around, it was bound to be different. A few weeks ago we wrote about an expected hard fork of BCH. The schism was announced way before it actually happened, so everyone was paying a lot of attention to the Bitcoin’s descendant – Bitcoin Cash (which, by the way, has also been created as a result of a cryptocurrency hard fork).
The reason being, there were two opposing parties with different views on the future of Bitcoin Cash. One thought that the existing cryptocurrency is good as it is now. But the opposite camp wanted to make critical changes in the code of BCH (among others, increasing the block size from 32 MB to 128 MB). The agreement couldn’t have possibly been reached.
New Bitcoin Cash(es)
After the hard fork, two new cryptocurrencies were created. So now we have BCH ABC and BCH SV. The naming is very confusing. Even more so, because BCH ABC is commonly referred to as BCH, which was the old ticker symbol for Bitcoin Cash before the hard fork. The term suits well, as BCH ABC is basically the unchanged version of the old BCH. But it still causes disorientation because after a hard fork people usually expect a name change. Here we present charts of the two new cryptocurrencies:
First, BCH ABC. As you can see, the name is simply Bitcoin Cash here. That’s how BCH ABC is called by the general public. Its price has dropped massively in the days right after the hard fork, but after that, it remains on a more or less stable level.
Now, BCH SV. The other new crypto has noted a slight rise in the price in the last week. But it still is worth much much less than its sibling, BCH ABC. Also, there is still no market capitalization amount on the BCH SV chart. That’s because nobody really knows much about this cryptocurrency at this point. It’s still too early after the hard fork, as BCH SV is basically a newly created crypto (the code has been changed).
The price difference
As you can probably say, there is a huge gap between both of the Bitcoin Cash’s descendants. BCH ABC currently is 207,39 USD, whereas BCH SV is worth only 116,17 USD. The predictions were totally different. Before the hard fork, BCH SV’s hash power was around 70%. Now, the reality doesn’t look so good for this crypto. BCH ABC is dominating without a doubt. But we shall see what the future holds, shall we?
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