The Bitcoin Cash hash war occurred today, and it has a clear winner: Bitcoin ABC. The battle transcurred normally and no chain attacked the other. Hash favored the ABC side and it went ahead. Unlike the day before, when bitcoin and the other cryptocurrencies suffered a collapse, the market was stable today.
Bitcoin Hash War
The first bitcoin hash war happened today, with two sides in the battle for the supremacy of Bitcoin Cash. this war was proposed in those terms because there was going to be a change of rules that every one of the clients would apply differently. The winner would have to be the client with the longest chain, applying what is called “Nakamoto’s consensus”. This means that the longest blockchain (the one with most transactions) remains.
Both sides had a different set of rules implemented on top of the same protocol: Bitcoin ABC was implementing a new transaction order and a kept block sizes at the same size. Bitcoin SV advocated for a bigger block size and brought back some operators from the original bitcoin release.
The hash war started and the hashrate favored the Bitcoin ABC side, giving them the longest chain to get the victory. However, the Bitcoin SV proponents have not said a word about their future actions.
Exchanges And The Split
Though it was said that a split would not occur, this behavior just shows that it is the most plausible solution for this situation. Most important exchanges have already embraced the split. Binance, the biggest exchange in the world, is already listing two separate coins: BCHABC and BCHSV. Poloniex has also followed that route.
these exchanges will proceed as with every fork. If you had Bitcoin Cash coins before the split, they will give you the same amount of coins in every new chain. but this seems a premature movement. Coinbase and the other exchanges have not stated anything on the issues, and the news is still ongoing.
Unlike yesterday, when this hard fork happened, the market was stable and moved sideways with little movement and volumes. Yesterday, bitcoin and the whole cryptocurrency market dropped more than 10% of their price.
This has a clear explanation. Most people the uncertainty of the outcome of this hard fork was the catalyst that triggered a selloff. But today, people were watching and waiting for the outcome of this hard fork, leading to the stagnation that we saw today.