Bitcoin Cash Hard Fork Controversy Heats Up, BCH Goes Up 15%

Bitcoin Cash (BCH) is out front among the leading cryptocurrencies today, boasting 15% gains in the last 24 hours on trading volume of $466 million, which reflects the most robust amount of trading in the last 30 days. The Bitcoin Cash community has designated today “Stress Test” day and as a result, are pushing the envelope for the capacity of the Bitcoin Cash network.

But there is also a great deal of uncertainty swirling around the Bitcoin Cash community surrounding a potential hard fork of the network. Despite the community all wanting to accelerate the adoption of Bitcoin Cash as digital currency, they don’t all agree on the best way to gain scalability.

There are many moving parts to the controversy, including BitcoinABC, which is a “full node implementation of the Bitcoin Cash protocol,” Craig Wright (who once claimed to be Satoshi Nakamoto) and his company nChain, which is behind Bitcoin SV (Satoshi’s Vision), which is designed for “miners who support Bitcoin’s original vision.” Bitcoin SV is also the potential hard fork of Bitcoin Cash in November.

But Dr. Wright is attempting to set the record straight. He said on Twitter that Bitcoin “SV will not be a separate fork” and that “there is no BCH split.” Instead, BSV is designed to operate as a competing miner [to ABC] “as per the whitepaper on hash power.” He was responding to a statement issued by cryptocurrency exchange CoinEx, which released a statement on the BCH fork claiming that Bitcoin-SV lacks a certain “protection mechanism” that could trigger “asset loss” and urging traders to deposit their BCH on the exchange.

Wright doesn’t appear to be making any friends with the upcoming BSV, and the rivalry appears to have spilled over between Dr. Wright and Roger Ver, the latter of whom is a staunch supporter of Bitcoin Cash. According to Ver on a Reddit thread, a private meeting was held in Bangkok in which both Ver and Wright attended but in which Ver claimed that “Craig didn’t even attend 95% of the meeting. He left almost immediately after his own presentation.” Meanwhile, Reddit members pointed out that Ver unfollowed Wright on Twitter, in response to which Ver stated: “I didn’t unfollow him. He blocked me.”

Stress Test Day

Meanwhile, as the Bitcoin Cash developer community hashes it out about BSV, Bitcoin Cash miners are pushing the envelope to test the limits of the network’s capacity. Ver used it as an opportunity to take a shot at another rival, Bitcoin Core.

According to anecdotal results on Twitter, more than 1.1 million BCH transactions were processed in the early hours of the stress test. Mining pool tweeted that it “mined a 13MB Bitcoin Cash block.” That surpasses the 10MB block reportedly mined by BMG Pool, which is of Wright’s nChain.

Featured image courtesy of Shutterstock.

Gerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.