It has been more than one week since the Bitcoin Cash blockchain was split in two during the fateful hard fork. Two opposing camps clashed over the future of BCH as an asset. Now that the dust has finally started to settle, who is on the losing side?
November 27, 2018 | AtoZ Markets - Over the past week, there has been a rivalry between two factions in the cryptocurrency community who tried to take over the network and the name of the world’s fourth-biggest cryptocurrency, Bitcoin Cash (BCH).
Bitcoin Cash War: The Struggle for Dominance
Roger Ver and Jihan Wu lead a fraction of users that wanted to maintain the block size at 32MB while on the other camp were Calvin Ayre and Craig Wright, the self-acclaimed Satoshi Nakamoto who wanted to increase the block size to 128 MB. Each party respectively called itself “Bitcoin ABC” and “Bitcoin SV.”
The fork created a hashing war. Both factions started competing among themselves so as to attract miners. There were also plans to change the software in the way suitable for them, get better developers and also to affect the price of the coin.
While the BCHSV and BCHABC camps struggle for dominance, the entire crypto market suffered the loss. The struggle created uncertainty in the market and drove prices down by almost 50 percent, as well contributing to the slide in Bitcoin prices on November 15th.
On the following weekend, the price of BTC once again dropped. The Bitcoin Cash war would wreak havoc in the market for a long time.
The Casualties of the Bitcoin Cash Wars
Now the dust is settling and Bitcoin Cash SV is on the losing end. Before the hard fork, it was trading at about $600. At press time, BCH is at $175, and declining while Bitcoin SV is at $96.
The hard fork war has taken away a lot of the token’s value. From the outlook of things, both Bitcoin ABC and Bitcoin SV are the main casualties from the Bitcoin Cash hash wars.
On Friday, Calvin Ayre, a billionaire representative of the group said in a web post, that SV followers “no longer want the name Bitcoin Cash.” The statement further clarified that Bitcoin Cash SV will continue to exist independently from Bitcoin Cash and that the coin is, in fact, the “original” Bitcoin:
“Bitcoin SV is the original Bitcoin not the original Bitcoin Cash.”
Bitcoin Cash War Forces Giga Watt to File for Bankruptcy
The Bitcoin Cash war didn’t damage just the Bitcoin Cash project alone as payment processors, chip-set manufacturers, and coin hodlers are bleeding from the Bitcoin Cash wars. Meanwhile, the situation is so dire that Giga Watt has cash flow problems.
Earlier, AtoZMarkets reported that it has already filed for bankruptcy under Chapter 11 Bankruptcy Protection. This means that the law will take its course, allowing for a proper reorganization of Giga Watt’s affairs, assets—of about $50,000 and debts whose estimates place at around $10 million to $50 million.
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