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November 23, 2020
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Bitcoin Cash price fell sharply after its new hard fork: what to expect next?

Bitcoin Cash, a fork of Bitcoin, broke again in two while its community remained divided over the proposed changes to its protocol

Bitcoin Cash split (called a hard fork) into Bitcoin Cash ABC (BCH ABC) and Bitcoin Cash Node (BCHN) after a group of developers proposed to update the blockchain network. The proposal was intended to require that 8% of the extracted Bitcoin Cash be redistributed to finance the development of the Bitcoin Cash blockchain.

Another group objected to this, calling the proposal a “mining tax”. They also feared that reduced profits could frustrate the community’s original intention to become decentralized, informed the media Decrypt.

The last block that both factions mined was block # 66147, reported the Coindesk news agency. It seems that, for the most part, miners have opted for BCHN, the blockchain that does not support the mining tax. According to the Coin Dance, so far no one has mined blocks on the BCH ABC blockchain.

Since there is little support for Bitcoin Cash ABC (BCH ABC), it appears that Bitcoin Cash Node (BCHN) will inherit the name “Bitcoin Cash (BCH).”

Bitcoin Cash (BCH) experienced an immediate price drop after the split, from $ 255 to $ 242. The expectation, however, is that the price will stabilize as confidence increases on one side of the fork, as is happening with the BCHN.

Historic

Recalling that Bitcoin Cash is a hard fork of the Bitcoin blockchain, and its proponents proposed to increase the block size to allow Bitcoin to have more transactions per block. This, according to them, is closer to Satoshi Nakamoto’s original view of Bitcoin as a peer-to-peer digital currency.

When it split away from Bitcoin, most miners supported the original blockchain, but there were still a sizable number that supported the forked chain. The fork received the name “Bitcoin Cash”, while the other kept the original name, against the will of the proponents of Bitcoin Cash.

In 2018, Bitcoin Cash forked again and the new network was called “Bitcoin SV”.

Source: IBT

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