Bitcoin Cash fork Looms as Rival Factions Disagree on the Future Direction

More than a year after its fork from original bitcoin blockchain, the community of fourth largest cryptocurrency of the world, Bitcoin Cash (BCH) seems to be polarising. Bitcoin Cash mining rivals CoinGeek and Bitmain disagree on the future direction of Bitcoin Cash.

In the mid of 2017, a group of developers wanted to increase the block size limit of bitcoin so they prepared a code change. The change took effect on 1st August 2017 and called hard fork. As a result, the cryptocurrency split in two Bitcoin and Bitcoin Cash and the bitcoin ledger become blockchain. At the time of hardfork, the users who owned Bitcoin got the same number of Bitcoin Cash units.

CoinGeek is the largest Bitcoin Cash miner in the world in terms of blocks mine. It has even surpassed Bitmain is also a cryptocurrency mining giant which is holding over 1 million Bitcoin Cash. Bitmain is known for its dominance over cryptocurrency mining.

On 15th November, Bitcoin Cash Network is scheduled for a protocol upgrade. The centre of the dispute is Bitmain Technologies led by Jihan Wu and CoinGeek led by Calvin Ayre. As the upgradation date is approaching, tensions are high between both the crypto mining giants as they are rallying behind a different software upgrade.

Bitmain is in the favour that the new network should let the developers issue tokens on the network as Ethereum does. Bitmain is also favouring the idea of token burn and the early Bitcoin investor, Roger Ver is backing Bitmain’s idea. On the other hand, CoinGeek is suggesting a different software upgrade which is known as Bitcoin SV, for Satoshi Vision.

It is still unclear what the 15th November upgrade will be accepted by the Bitcoin Cash community or it will lead to another hard fork.

The director of technology research at Digital Asset Research, Lucas Nuzzi expressed fear about the situation and the ability of cryptocurrency to survive without support from its miners and promoters.

Lucas Nuzzi said that “it is ironic how the very same philosophy that led to the creation of Bitcoin Cash is now the cause of its demise. The only reason why Bitcoin Cash lasted this long was that of the mining support of Jihan Wu and Calvin Ayre, coupled with the marking efforts of Roger Ver and CSW.”