Bitcoin Cash wars end with no relief for biggest cryptocurrency

25th November, 2018 11:16:43 printer

NEW DELHI: Over the past week, two factions tried to take over the network and the name of Bitcoin Cash, the world's fourth-biggest cryptocurrency. The struggle created market uncertainty and drove down its price by almost 50 per cent, contributing to the slide in Bitcoin as well.

Now the dust is settling, with Bitcoin SV on the losing end. In a web post Friday, Calvin Ayre, a billionaire representative of the group, said SV followers "no longer want the name Bitcoin Cash" but will continue supporting their own version of the network, report agencies.

The other faction - called ABC and pushed by the likes of investor Roger Ver, known as "Bitcoin Jesus" for his earlier crypto advocacy, and Chinese giant Bitmain - will be in charge of Bitcoin Cash. ABC won a race known as the Nakamoto Consensus, in which computers that support the Bitcoin Cash network voted to go with either ABC or SV, which offered different technical improvements to the network.

"This is very convenient as the definition of winning is fundamentally different to each side so there is a win-win solution here," Mr Ayre said in the post. Bitmain didn't immediately return a request for comment.

All Bitcoin Cash investors who held the coin as of the time of the split on Nov 15 should have both the new Bitcoin Cash and the SV coins. In the past, such splits have often led to appreciation of both. Still, some computing networks, such as Mr Ayre's CoinGeek, will no longer support the main Bitcoin Cash, as they have done in the past, but will support SV instead.