Six days have passed since the Bitcoin Cash split, yet neither side appears ready to back down. With exchanges freezing BCH trading ahead of Thursday’s contentious hard fork, the cryptocurrency may remain permanently divided into two separate chains: Bitcoin ABC (BCHABC) and Bitcoin SV (BCHSV).
Key Developments Post-Fork
Exchange Responses:
- Coinbase announced plans to resume limited trading for Bitcoin ABC while exploring support for Bitcoin SV withdrawals "in a few weeks."
- Other platforms like Poloniex and Bitfinex have already listed both chains under distinct tickers (BAB/BSV).
- Chain Metrics:
Data from Coin Dance shows Bitcoin ABC leading in block count and proof-of-work adoption. However, Bitcoin SV proponents remain steadfast in their long-term strategy to overtake ABC.
The Battle of Narratives
Bitcoin SV’s "Persistence Hunting" Strategy
Craig Wright, chief scientist at nChain, argues that Bitcoin SV will prevail by economically exhausting Bitcoin ABC:
"This isn’t a split—one chain will survive, the other won’t. We’re engaging in a war of attrition."
Wright’s plan hinges on:
- 51% attack potential: Accumulating enough hash power to rewrite ABC’s blockchain.
- Checkpoint countermeasures: Bitcoin ABC’s use of checkpointing (a consensus tool since 2010) to prevent deep reorganizations.
Bitcoin ABC’s Defensive Stance
Roger Ver of Bitcoin.com claims Bitcoin ABC’s mining power could sustain the chain "for decades if needed," dismissing SV’s threats as short-term volatility.
Market Implications
- Price Volatility: Both chains continue to trade at fluctuating values, reflecting uncertainty.
- Developer Sentiment: Chris Pacia (Bitcoin ABC developer) emphasizes checkpointing as a safeguard against attacks, though critics decry it as a deviation from decentralized principles.
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FAQ: Bitcoin Cash Fork Aftermath
Q: Can Bitcoin SV realistically overtake Bitcoin ABC?
A: Possible but unlikely soon—ABC’s lead in adoption and infrastructure poses significant hurdles.
Q: What’s checkpointing?
A: A consensus mechanism that locks past blocks to prevent chain rewrites, even by majority hash power.
Q: How should traders approach BCHABC/BCHSV?
A: Treat them as separate assets; monitor exchange support and chain stability.
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