Fierce Clashes within BCH Community Causes Significant Price Fall but Reflects Charm of the Crypto World
The Bitcoin Cash (BCH) hard fork slated for November 15 causes fierce clashes within the BCH community. The cryptocurrency price was experiencing a significant drop at a rate of 17.51% before the hard fork which causes investors to suffer a lot.
The developers and supporters of BCH are lining up respectively for Bitcoin ABC and Bitcoin SV (Satoshi Vision). The original debate starts from which protocol is better for the BCH.
Bitcoin SV, the implementation being pushed by Calvin Ayre and nChain’s Craig Steven Wright (CSW), is aiming to return to Satoshi Nakamoto’s original design by expanding and locking the underlying layer protocol to make BCH becomes the basis of the global payment system. This protocol has the backing of the largest Bitcoin mining pool, Coingeek.
While Bitcoin ABC is constantly exploring and learn to add new updates to adapt through a non-scheduled change to BCH to make it more scalable and usable, as well as promoting non-cash transactions on the Bitcoin Cash blockchain. It enjoys the support of three major exchanges: Bitpay, Binance, Coinbase as well as the major cryptocurrency miner, Bitmain.
Bitcoin ABC wants to keep the block size at 32 MB. However, its opponent nChain wants to avoid canonical transactions and raise the block size to 128MB.
The two camps are trying to gain support from the rest of the major Bitcoin Cash miners and pools. As the looming hard fork exposes the conflict within the BCH community, people may think that will bring potential risk and places BCH in a dangerous situation, especially in the bear market.
Nevertheless, Yuan Yuming, president of the Huobi Research indicated that the internal struggle of the BCH community reflects the charm of the crypto community, he said that:
“Although the BCH community is now experiencing fierce struggles and that even causes some security risks, it is also reflects the charm of crypto community. In such community, there is no absolute authority to control the direction of the route map. All the community members are free to choose their own development route and have a try. As thus, it is definitely a meaningful exploration(in the crypto history).”