Summary
Bitcoin Cash upgrade on November 15th 2019. During the upgrade the network was split into two competing chains. One side running the software of BitcoinABC, Bitcoin Unlimited, BitcoinXT, bcash, Bitprim and BCHD, and the other side running BitcoinSV and Bitcoin Unlimited. You can read more about the fork in our guide we released previously HERE.
Both sides of the fork continue to exist which means it seems almost certain now that the split will be permanent. This then begs the question; ‘which side is Bitcoin Cash?’. There is no central authority in a decentralised economy, so everyone must make this decision for themself.
Bitcoin Cash Association Position
After thorough discussion in the board we acknowledge that the market has concluded which it considers to be Bitcoin Cash (BCH) and thus, have decided to support the the side that follows the BitcoinABC protocol as Bitcoin Cash.
We made this decision based on a number of important factors including:
- Sustained hash rate
- Price
- Support by economic actors
- Support within the community
- Infrastructure availability
We felt that we needed to make this decision now so that we as an industry can move on, let wounds heal, and then re-double our efforts on adoption around the globe. Every day that the fork is not settled is further damage done to Bitcoin Cash that slows adoption.
What Needs to Happen Next
Exchanges should open deposits, withdrawals and trading for Bitcoin Cash.
The community should be accepting of people’s decisions to side with either BCH, BSV, both or neither, without holding grudges. The voluntary nature of Bitcoin is one of it’s best features, and we should take advantage of this to support our preferences without aggression. It's time for the ecosystem to heal and focus on adoption again.
How Can We Improve Forks in the Future
We also implore the community to be more civil in times of uncertainty. This has been a very trying time for the whole ecosystem, but remaining calm, rational and reasonable can only result in a better outcome for everyone.
We will continue to monitor the situation and will try to provide as much education and support to the community as possible.
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