Bitcoin Cash Hard Fork: BACK Down 6%, BCHABC Splits Off

The Bitcoin Cash blockchain has split into two networks today. The old chain on the BCHN client works without changes, only two blocks are created in BCHABC. The exchange price of BCH fell by 6%.

Today, there was a hard fork of the Bitcoin Cash blockchain, which led to the emergence of two different networks. The branching of the network followed serious disagreements between the developers of two clients – Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN). The third client, Bitcoin Unlimited, actually runs on the BCHN side. The second side has an overwhelming advantage in terms of the number of nodes and the power of miners.

BCHA developers put forward an Infrastructure Finance Plan (IFP) earlier this year. The scheme involves charging 8% of the “profit tax” from miners for the development of the network. The proposal proved unpopular among BCH users, who fear diminishing profits and undermining the decentralized direction of the community. However, the developers of Bitcoin Cash ABC decided to hold a hard fork despite the opinion of the community. Nominally, this led to a hard fork and the emergence of two independent networks, but the Bitcoin Cash ABC network is “more dead than alive.”

The hard fork was scheduled for 12: 00 UTC (15: 00 Moscow Time), but the last block of the” old ” chain number 661 647 appeared at 14: 13 UTC. After that, most of the miners remained on the BCHN client, which does not involve making changes to the protocol. Over the past 6 hours after the hard fork, only three blocks appeared in the Bitcoin Cash ABC chain, the current number is 661650. In the BCHN network, blocks are mined almost normally, the current block height is 661,668.

Thus, the BCHABC version of the blockchain has serious problems with functioning. If no more miners come to it, it may cease to exist within a few days. In fact, it is supported only by the perseverance of the developers. The BCH stock ticker remains behind the previous version of the blockchain with BCHN and BCU clients.

The price of BCH according to Coinmarketcap over the past day decreased by 6%, to $241. Traders panicked a bit because of the uncertainty of the future of the network, but if there is no technical conflict between the chains, the price may soon recover. Most cryptocurrency platforms do not expect problems in operation and are ready to trade both coins. Some platforms, for example, Coinbase, announced a temporary suspension of the input and output of BCH until the situation is clarified.

At the moment, the Bitfinex and Coinex exchanges have started trading BCHABC as a separate token. But we are still talking about a virtual token on the balance sheet of the exchange. If the BCHABC network does not survive, their value is likely to quickly “reset”. Users who hold Bitcoin Cah coins on their wallets should not risk “mastering” new coins yet, since the” winning ” version of the chain has not been determined definitively and technical errors or malicious attacks with an attempt to conduct a “double spend”are possible.

Recall that the plans for the hard fork became known in early September. Then the lead developer of Bitcoin Cash ABC Amaury Sechet (Amaury Sechet) said that he was going to launch his own fork of the coin on November 15. A month and a half before the hard fork, the Bitcoin Cash Node (BCHN) client held a
leading position in the hashrate of the miners working on it. A few days before the planned hard fork, BCH holders began to transfer
add your coins to the exchanges to get coins from both chains.The Bitcoin Cash cryptocurrency appeared on August 1, 2017 as a result of a hard fork of the Bitcoin blockchain. It was caused by disagreements in the community over the maximum block size and scaling methods.