In case you didn’t know, BitcoinBitcoin is the first decentralized digital currency. It was created in 2009, by an anonymous founder or group of founders... More Cash (BCH) was the result of a Bitcoin (BTCAn abbreviation for Bitcoin.) network’s split in 2017. And Bitcoin SV (BSV) was the result of another network split in 2018, this time within Bitcoin Cash. Now, we have two brand new “BCHs”: Bitcoin Cash NodeA blockchain node is a server that downloads the history of transactions and shares it with other nodes in the... (BCHN) and Bitcoin Cash ABC (BCH ABC).
This is the result of the last network split (hard-fork) underwent this November 15th, since two separate groups of developers failed to agree on an important new feature for such blockchainBlockchain is a type of database storing an immutable set of data, verifiable to anyone with access to it —through.... Something that seems simple, but it may have great implications for decentralizationThe transfer of control from one central entity to numerous smaller entities. Generally, cryptocurrencies are decentralized. Every crypto transaction is... and miners.
The group of Bitcoin Cash developers led by Amaury Sechet (BCH main developer since the beginnings) and dubbed “BCH ABC” wanted to implement an update on the Bitcoin Cash code. This new “Coinbase Rule” would require the miners to give up 8% of their rewards to redistribute them to developers, in order to financially support the protocol development.
Such a function was seen as an unfair “minerMiners secure some blockchain networks by ordering crypto transactions into blocks and verifying the blocks of other miners. For this... tax” by another developer group, dubbed “Bitcoin Cash Node”. So, they removed the rule from the source code on their own; thus proposing an alternate version of the same blockchain.
Before yesterday’s hard-fork, Bitcoin Cash Node reached 80% of miners’ support; which means they would keep mining this alternate version after the Coinbase Rule update by ABC, instead of the original.
Now we can see that in crushing numbers. According to the current CoinDance data, the hashA hash is a mathematical function that turns a set of data into a short string of random numbers and... rate (miner community) for the BCH ABC version plummeted since its very beginning, while the BCHN version just decreased a bit before increasing again, maintaining almost the same rhythm as the original BCH.
If the ABC version fails to reach enough hash rate, it might just disappear. For now, BCHN is leading the race with 856 mined blocks and wide community support, against barely something by ABC.
What happened with my Bitcoin Cash then?
Don’t worry, your funds in Bitcoin Cash are safe. In preparation for this event, the exchanges that work with it (including Alfacash) ceased all the operations with this cryptocurrencyA digital currency running on a blockchain and built with cryptography. Contrary to central-bank issued currency, cryptocurrency issuance rules are... beforehand, waiting for the hard-fork results.
Now that this is done and seems clear that BCHN will be the ultimate survivor, they’re resuming the transactions as normal, using the chain of Bitcoin Cash Node and attributing to it the Bitcoin Cash original name and ticker (BCH). Just as we did.
The BCH price is recovering as well after a brief fall, with over 249 USD per unit. It’s totally safe to trading with it from now on, and, just so you know, on our automatic and non-custodial exchange we’re offering some interesting discounts.
Featured image by bitcointere / PxHere
Wanna trade BTC, ETH, and other tokens? You can do it safely on Alfacash! And don’t forget we’re talking about this and a lot of other things on our social media.
Twitter * Telegram * Instagram * Youtube *Facebook * Vkontakte
