Analytics: Bitcoin Cash

Analytics: Bitcoin Cash

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On November 15, a hard fork will take place in the network of BCH, the fourth cryptocurrency in terms of capitalization. Earlier, the news about this raised the cost of the coin by almost 40%, yet there is a factor that might negatively affect its future.

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The Bitcoin Cash community has split into two warring camps. On the one side, there is Roger Ver, who is enjoying the support of most investors, traders, the mining equipment manufacturing company Bitmain, as well as the Bitpay, Binance, Coinbase and Poloniex exchanges. On the other side are the BCH miners, headed by Craig Wright, who controls the largest nChain pool and has claimed to be Satoshi Nakamoto, as well as by Calvin Ayre, the founder of CoinGeek.

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The conflict was caused by different visions of this fork. Ver proposed to upgrade the network to add the possibility of using smart contracts, while Craig insists on raising the maximum block size to 128MB from 32MB, which will bring miners an even greater income. As a result, a completely new digital Bitcoin SV (Satoshi’s Vision) digital coin can be born.

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The crypto community spoke out against this asset, which made Craig more angry. He reminded that he controls 73% of the BCH network and publicly threatened to use a 51% attack, as a result of which transactions will no longer be confirmed.

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These events inspired the opponents of the crypto industry to start criticizing the idea of decentralization, and its supporters sent a wave of negativity toward Craig Wright. At the moment, the market is braced for November 15, as a precedent can be created when the top cryptocurrency fails to develop due to disagreements within its community. A similar situation is happening now with Ethereum.

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If the conflict between investors and miners is not resolved, then the price of Bitcoin Cash will begin to drop and all the efforts of Roger Ver will be in vain. However, according to Vitalik Buterin, this can push BCH on to the next level if the community banishes Wright and he just creates his own, unnecessary coin, while there are already more than two thousands of them.

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Make sure to leave a + if you support Bitcoin Cash and Roger Ver.