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It’s been a few weeks since the Bitcoin Cash hard fork which led to speculation for weeks, suggesting that the hard fork could have been the catalyst for Bitcoin’s crash in November. Whether this is actually the case, nobody knows.
After the months of bickering between both Bitcoin Cash camps (Bitcoin ABC and Bitcoin SV) on the difference in opinions of the upgrade of the Bitcoin Cash protocol, the Bitcoin Cash community initiated a hard fork on 15th November 2018. What followed was a hash war between the two factions, which had resulted in a great level of market negativity.
You can find the heart of the matter by heading back in time to the planned update published by the lead developer at Bitcoin Cash, Amaury Sechet. The report talks about the pre-consensus feature designed to speed settlement rates, while Sechet kept believing that the feature would only serve to improve the Bitcoin Cash codebase. Nevertheless, it angered several members of the Bitcoin Cash community who thought it was unfair to favour big mining groups, which were supported by the mining firm, Bitmain.
As a response to this, Craig Wright started to develop a competitive update in which he called ‘Satoshi Vision’. In a similar sense to Bitmain’s support of the ABC side of things, the SV camp was supported by some major miners led by online gambling billionaire Calvin Ayre at CoinGeek.
The main reasons for CoinGeek backing up SV was due to its opposition to the burn feature which Bitcoin Cash had started in joint with Bitmain and allowed the mining firm to destroy units of Bitcoin as part of a new token creation framework.
“Each camp was steadfast in its position that the other was attempting to take over Bitcoin Cash, motivated by profits as opposed to the course of action that would ultimately be best for the health and value of BCH.”
The opposing factions were fighting to find out who would be the winner. In the event of a hard fork, the community votes with its hash power, the chain with the most support from the mining community ultimately had the biggest chain and would become ‘the’ coin.
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