Bitcoin Cash (BCH) has strengthened its position on the list of top ten cryptos quite some time ago, also taking advantage of any chance available for collecting gains against the fiat and despite the frequent drops in the market for the past two months and up.
However, it seems that the most recent case of a serious despite between the Bitcoin Cash teams is threatening to divide the 4th-largest currency by market capitalization into two teams: Bitcoin ABC and nChain as the upcoming fork scheduled for November is slowly approaching.
The Case of Dispute and the Bitcoin Cash Hard Fork
Bitcoin Cash (BCH) was announced as the newest version of the first crypto, Bitcoin, presenting improvements in the BTC network protocols and delivering faster processing time, cheaper transactions, transparent and continuous development as well as a scalable ecosystem.
Although BCH makes up for a virtually instant payment method with low fees and the ability to process almost 10 times more transactions per second when compared to Bitcoin, it seems that Bitcoin Cash is not immune to the internal disputes between the two BCH team, nChain, and Bitcoin Cash ABC.
The dispute started off even more vigorously once the community member, known as Cobra Bitcoin, also the owner of Bitcoin.org, published an official post on Medium on August 24th, that way announcing Cobra Client.
Cobra Client is supposed to represent “a safe implementation of Bitcoin protocol” while also announcing the upcoming Bitcoin Cash hard fork, which is for now scheduled for November.
Bitcoin Cash made improvements to the original code of Bitcoin by creating the network in a way that allows the dev team to perform frequent updates through forking, during which BCH has never had any problems.
However, as the next fork is arriving in several months, Cobra Bitcoin announced in his official release on Medium that although forks have been working out just fine for Bitcoin Cash, the latest updates from the teams Bitcoin Cash ABC and Bitcoin Cash nChain.
At the beginning of his release, Cobra immediately stated that the hashing power for the latest fork made by the two mentioned teams will be conflicted during the fork that way resulting with the failure of consensus.
As further explained Cobra Bitcoin claims that both teams and miners involved are “refusing to back down”, although the latest fork “will turn out into a disaster for investors and BCH users”.
This allegation is massive due to the fact that Bitcoin Cash makes up for the 4th best coin in the cryptocurrency market, weighing over 9.7 billion dollars. However, the owner of Bitcoin.org wasn’t the first to start the dispute over the upcoming November fork.
Bitcoin Cash Drama: Who Started it and who Will Get to finish it?
It seems that after all the entire drama started off with Craig Wright, when the head of the development firm Bitcoin Cash nChain proposed their fork updates on August 16th, planning on creating Bitcoin SV out of Bitcoin Cash.
While the project is dubbed Bitcoin Satoshi Vision (SV), Wright got a not so flattering nickname in the meanwhile, “Fake Satoshi”, finding disapproval in Jihan Wu, Bitmain’s founder, who is also known as one of the greatest supporters of Bitcoin Cash ABC, as well as in Vitalik Buterin, the founder of Ethereum, who believes that BCH community “should not compromise with Wright” so they would be able to avoid the split.
The team ABC submitted their proposal several days later on August 20th, when the initial debate was triggered, soon turning into a drama.
By the way the things are looking now, the split between BCH holders seems to be an inevitable case, so although the community was outraged by the proposal Cobra Bitcoin submitted, the decision to avoid new changes because of the lack of consensus for the proposal sent by team ABC, doesn’t seem too bad at this point.
As the disputes are still alive, nChain and Wright have the support of the largest BCH mining pool Coingeek, while the new proposal submitted by the original BCH team, Bitcoin Cash ABC, is said to be “an abomination of the original vision of Satoshi Nakamoto” in accordance with BTC whitepaper.
What will happen to Bitcoin Cash (BCH) as the community is waiting for the November fork still remains uncertain and is yet to be decided on. For now, there seem to be no mutual agreements between the three different Bitcoin Cash hard fork proposals.