With the protocol upgrade of the Bitcoin BCH blockchain scheduled for today, most Bitcoin BCH enthusiasts had expected Bitcoin ABC to be the strong favorite above rival Bitcoin SV. However, the community is speaking, and speaking loudly. Not only is Bitcoin SV proving to control the hash war, BCHSV is proving to be stronger than BCHABC in the markets.
BCHABC has dropped substantially in price, falling more than 38% since its inception, according to the Poloniex exchange. Conversely, BCHSV is surging and has increased by more than 100%. At the time of this writing, in the past 24 hours, BCHSV has climbed 8.57% and BCHABC has fallen another 15.22%.
Two days ago, BCHABC saw one of its biggest movements. BitMEX futures showed the price drop a little more than 62%.
The debate over which direction Bitcoin BCH should head has been greatly heated and has resulted in two distinct trains of thought. On the one hand, Bitcoin ABC has been more concerned with creating a virtual “playground” out of Bitcoin BCH, where developers can introduce new features and changes basically on a whim without taking into consideration the impact those changes have on the long-term acceptance of the blockchain.
On the other hand, Bitcoin SV proponents want to improve the network. They want to make it highly scalable for future acceptance by both businesses and merchants and continue to allow the cryptocurrency to grow as a viable currency. This is the only reason that cryptocurrency even makes sense.
Bitcoin ABC also supports the highly contentious OP_CHECKDATASIG, or DSV, OP_CODE, which has already shown to not provide any utility to the network. Despite repeated demonstrations that it can be detrimental to Bitcoin BCH’s growth, Bitcoin ABC pundits have continued to push forward, against the will of a growing number of enthusiasts.
While everyone is entitled to their own opinions, when those opinions stifle progress and go against the wishes of a community, they become irrelevant. Cryptocurrency exists for one reason and one reason only—to be spent. Some developers have felt it necessary to try and force their will on the community, but it is now apparent that the community has spoken and its wishes need to be respected, as well as accepted.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
