For a longtime, the future of Bitcoin Cash (BCH) was uncertain, with two factions clashing over the future of BCH as an asset. With the hardfork completed, the two opposing factions of Bitcoin Cash (BCH) now have their respective futures to plan.
Bitcoin Cash ABC Vs Bitcoin SV
After the November 15 hardfork, the two factions of Bitcoin Cash assumed separate monikers and leadership. The first Bitcoin Cash, ABC (Adjustable Blocksize Cap) is now under the leadership of Roger Ver, renowned BCH advocate, and Jihan Wu, co-founder of Bitmain, an extremely powerful mining outfit.
The ABC faction holds that the basic structure of Bitcoin Cash “does not need any radical change.” However, its roadmap shows further development of the network, particularly increasing the blocksize of the network and minimizing transactions costs.
Since the split, both factions have been forming blocks on their respective, separate blockchains. The aim was to assert dominance, get as many blocks as possible, and show that their rule set is more reliable. Data from Coin Dance shows that ABC has been accumulating more proof-of-work (PoW) than SV since the split.
On the other side of the coin is Bitcoin SV (Satoshi’s Vision) which was initially created in August 2018. This faction is led by Craig Wright, who has previously declared himself as Satoshi Nakamoto. Other notable supporters of this faction include niche news outlets like CoinGeek, CalvinAyre, and Bitcoin.org.
The goal for SV is to restore the original protocols created by Satoshi protocol. This would be done by changing the BCH structure, specifically, overwriting the entire network scripts of Bitcoin ABC and increasing the block size of BCH from 32MB to a maximum of 128MB to elevate network capacity and scale.
BCH ABC seems to be out ahead in mining blocks. It also gained backing from platforms like CoinMarketCap which has now merged the BCH and BCHABC listings, and cryptocurrency hardware wallet Ledger, which resumed its BCH services in the form of BCH ABC only.
Market Performance: Bitcoin SV (BSV) Vs Bitcoin Cash ABC (BCHABC)
The aftermath of the Bitcoin Cash has been devastating. While it may be early to compare the factions of BCH now, in their short time in the market, both cryptocurrencies have underperformed. We understand that the bears have largely controlled the market, so the question is which is doing worse.
For Bitcoin Cash (BCHABC) the aftermath of the November 15 hardfork has been devastating. Since completing the hardfork, BCHABC has lost more than 67 percent of its value. On November 14, Bitcoin Cash was valued around $520, however, the coin is currently trading at $171.81.
On the other hand, is Bitcoin SV. The coin has had to endure a very rough ride this month. BSV was listed on CoinMarketCap on November 9, following the listing, the coin peaked at $243.78 on the 14th. About a week of hitting its all-time high, BSV traded as low as $36.87. The coin is currently trading at $96.23.
As already stated, it is rather too early to judge which of the Bitcoin’s is doing better. Calvin Ayre has rightly stated that now both factions are apart, they can now show off their powers. And doing so with the chain model they believe would get the most real-world usage.