In 2017, rising fees on the bitcoin network led to a push by some of its community members to create a hard fork in order to increase the block-size. This push went through in July 2017 when community members, including Roger Ver, felt that adopting BIP 91 without increasing the block-size limit would favour people who treated Bitcoin (BTC) as a digital investment instead of a transactional currency. Eventually, a group of bitcoin activists, China based miners, who were unhappy with bitcoin’s proposed SegWit plans to increase capacity, pushed forward for a split which created Bitcoin Cash (BCH). The proposed split included a plan to increase the number of transactions the bitcoin ledger could process by increasing the block-size limit to eight megabytes.
After the BCH fork, two notable figures stepped into the spotlight speaking highly of BCH. Roger Ver (CEO of https://bitcoin.com) and Dr. Craig Wright (claims to be Satoshi Nakamoto, the creator of Bitcoin), are possibly the two most outspoken advocates for BCH. One of the main arguments from the BCH camp is that BCH is a closer representation of what Satoshi originally envisioned, with some advocates even claiming that “BCH is BTC”
Many in the cryptocurrency community disagree with the notion that BCH is BTC, with many prominent figures voicing their reservations toward BCH. Eric Voorhees (CEO of Shapeshift) tweeted, “Bitcoin is the chain originating from the genesis block with the highest accumulated proof of work. The Bitcoin Cash fork failed to gain a majority, thus it is not Bitcoin”. Vitalik Buterin (Ethereum co-founder) called Craig Wright a “fraud” at the Deconomy 2018 conference in April.
Members of the public attempted legal action against Bitcoin.com (run by Roger Ver), stating they were misled into buying BCH instead of BTC as a result of the continuous confusion surrounding these two currencies.
The Hash-War to End all Wars
BCH’s split from BTC on November 15th, 2017, has been contentious within BCH’s own community. This has led to rivalry between two internal factions, BCH ABC and BCH SV. These two factions claimed that each of their forks are superior, leading to an all-out hash-war between the two.
On November 14th, 2018, a hash-war broke out between these two factions in a bid for a BCH hard fork winner, with Roger Ver leading ABC and Craig Wright leading SV. The emergence of the hash-war between these two introduced a massive amount of selling pressure to an already fragile market ecosystem. A significant amount of Bitcoin’s hash power was diverted to power each side of the conflict. Crypto miners considered switching from mining Bitcoin to mining only one of the BCH forks in order to accelerate the end of the war. This hash-war contributed to Bitcoin’s fluctuations this past week as it led to a high number of traders selling off their BCH, BCH ABC or BCH SV.
Presently, it seems the majority of BCH’s hashing power has diverted to BCH ABC. This has prompted many to turn away from BCH, resulting in. a 50% drop in market value. Does this mark the end of BCH? Many believe it has. What do you think?