Both Networks are Growing at a Similar Rate

what is hash war between bitcoin cash

Angel Investor, Writer, Boa. Tweet This. November marked another pivotal moment for the crypto industry with the creation of Bitcoin Satoshi Vision BSV which quickly rose to the top 10 cryptocurrencies by market cap.

The new crypto-asset was the result of a bitter technical and ideological battle between two factions of the Bitcoin Cash BCH community which ended up in one of the most aggressive hard forks in the history of crypto markets. During that time, both groups drew passionate and very vocal followers which certainly helped BSV gain certain prominence.

However, ten months after the hard-fork, blockchain datasets reveal some very interesting insights about the health of both BCH and BSV. BCH came into existence in August as a result of a debate over the block size of the Bitcoin network.

Just over a year into its existence, BCH experienced the same challenges that triggered its creation when the community split in two over some proposed changes to the network. A part of the announcement read:. A faction within the Bitcoin Cash community, led by Craig Wright and Calvin Ayre, disagreed vociferously with these proposed technical updates.

The result was a hard fork and the creation of BSV on November 15, What followed after the fork was one of the craziest episodes in the history of crypto-markets with both parties racing to create blocks in their respective blockchains.

Both groups shifted some of their mining power in the Bitcoin network to their blockchains creating artificial pressure on the price of BTC. How do they compare now? In the case of BSV, the balance is almost 50— New investors are a good indicator of future price rallies as they tend to be more active.

As a result, a lot of the news and social media activity around BCH and BSV expressed really biased opinions that can cloud the judgement of investors. Looking at the data reveals a different picture from what you typically would infer from mainstream media. I hope this analysis helps you better understand BCH and BSV and get a different perspective about what data points are relevant in order to make an investment decision in these assets.

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what is hash war between bitcoin cash

Faketoshi’s Vision

With the remaining community following a competing implementation of bitcoin cash called Bitcoin Adjustable Blocksize Cap, or ABC, the expectation shortly after the split was that one blockchain would quickly overtake the. As such, the two coins — while no longer engaged in a battle over sustained computation energy or hash power — are nonetheless in fierce competition with one another to achieve the highest degree of user adoption. After all, the original vision of bitcoin cash, still championed by Bitcoin ABC and SV supporters alike, is the creation of a global peer-to-peer payments network. Both see the ultimate use case for their respective cryptocurrencies as a digital form of cash, certain proponents what is hash war between bitcoin cash the Bitcoin SV side even go so far as to say that in the long-run there will exist only one cryptocurrency. Straying from the original design of bitcoin in an important way, bitcoin ABC developers implemented a contentious upgrade five days following the bitcoin cash split. How can you actually buy a good with it? As such, he predicted strengthened support from exchanges and businesses exchanging funds on the network as a result of this upgrade.

BSV is Processing More Transactions

After many days and millions of dollars spent and wasted, the bitcoin cash hash war or ego war is finally coming to an end. The bloody battle between the two competing visions for bitcoin cash over the block size increase from 32 MB to MB was not only a large cost to the miners but also brought the whole cryptocurrency economy down to its knees. Key market players such as Coinbase and ledger wallet have put their weight behind bitcoin cash and not bitcoin satoshi vision. But many exchanges are listing bitcoin cash sv and as time goes on services will increase for bitcoin satoshi vision assuming the stormy characters that are backing Bitcoin Cash SV can actually keep the ship in one peice and moving in one direction. The end result has been nothing but billions of dollars of value wiped off the face of the markets, a swell in extreme pessimism in cryptocurrency and a crisis of confidence in the cryptocurrency industry overall and in proof of work networks. Neither side of the hash wars but actually the whole cryptocurrency community lost the battle as a serious amount of damage has been done to the crypto community by this incredibly divisive fork. What are your thoughts on the hash wars ending and the new bitcoin satoshi vision? Tell us in the comments section below. The result and price analysis appeared first on […]. The […].

what is hash war between bitcoin cash

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The war between the two opposing groups of Bitcoin Cash, ahead of the upcoming fork, had been suspected to have a direct relationship with the severe crypto prices losses. Think about it. We will sell A Lot! Here is the translated version:. But since CSW is relentless, I am all in to fight till death.

Pre-consensus would allow network participants to agree with each other on what the next block will look like. According to Sechet and his fellow Bitcoin ABC developers, the upgrade would allow the network to scale better and would significantly improve the guarantee of zero-confirmation transactions. As both parties have threatened each other and the whole crypto community by either re-routing hash power from BTC to BCH or selling their Bitcoin reserves, it creates a question: can either of this affect the crypto markets?

As we witness the falling prices, the short answer is yes. Turning a large amount of hash power to one coin to another would unbalance the network. I am assuming that Bitmain could be turning the 90k miners offline or getting ready to switch them to BCH if Bitmain interferes. Almost all cryptocurrencies are affected.

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A Fight for Supremacy over BCH

Seek a duly licensed professional for investment advice. Though several businesses, such as CoinText and BitPay, have already announced their support of the new wuat ABC network, a full list to indicate the relative number of competing services on ABC has yet to be created. Cable News Network. Retrieved 7 April Roger Ver has been heavily criticized for using his Bitcoin. Jesus Rodriguez November here. Fast forward to with the BTC price and popularity growing; the network began to experience transaction backlogs. Both Bitcoin Cash and Bitcoin SV claim to adhere to the original vision of Bitcoin as an electronic payment system that can scale a high throughput of transactions at low fees.

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