Whether you live in Europe, Asia, the United States, or somewhere else entirely, if you are into Cryptocurrencies, then you know a bit about Roger Ver and Craig Wright. If you have taken things a step further and you have been following the news about the Bitcoin Cash network, then you may also know that it is about to split in two.
Or so it seems.
As of early today, the Bitcoin Cash update that is supposed to cause this fork has not been completed yet. Before going any further on how this saga is playing out, it is important to mention that the two proposed, new versions of the Bitcoin Cash blockchain are Bitcoin SV, which is backed by Craig Wright and Bitcoin ABC, which is backed by Jihan Wu and Roger Ver. Of course, implicit in Wu’s backing is Bitmain’s as well.
Essentially, for a while, it seemed logical that most miners working with industry giants might back Bitcoin ABC as being the real Bitcoin Cash, due to its support from Bitmain. Now, things appear less clear.
Last night, on Twitter, in an attempt to garner more support for Bitcoin SV, Craig Wright suggested that Bitcoin might have to drop to $1000, due to sell-offs to finance the mining of the fork. In this tweet, it can be said that Wright suggested that joining Bitcoin SV will be the only way to recover from any negative price action to come.
This idea most directly relates to where we are now, in the midst of what is called a "hash war, " which amounts to a race between different groups of Crypto miners to try to take the leading position on a Blockchain network in terms of the processing power they give to it.
As these events unfold today and the chips fall where they may, only time will tell whether something more drastic will occur to Bitcoin and Bitcoin Cash alike.
Until then, keep your finger on the pulse and check out articles like this op-ed, which details the features of each proposed implementation.
By: BGN Editorial Staff