To the investment community, Bitcoin Cash (BCH) still remains the best coin in the market despite the impending hard fork. For several months now, there has been a lot of discontent among the community with possible fall out that might lead to forking of the best performing coin in the market.
For the investors whose investment decisions are based on price movement, BCH is now hot cake. However, for those who are looking at the infrastructure and performance aspects, the platform is not performing optimally hence the need to tweak the systems to increase speeds and capacity in order to position for the long term growth.
Bitcoin Cash (BCH) Hype Price Pump
With the November hard fork just around the corner, the BCH price has been doing just fine with critics feeling that the hype is to pump the price before forking to benefit a few in the community. However, the price spike appears to be generic and reflects the unison of price gains across the market and has nothing to do with Bitcoin Cash wrangles.
The last 24 hours have seen the piece surge by 17.85% to trade at a week’s high of $649.45 USD and a $626.5million volume. This is not a hype induced surge but a solid growth that can be traced beyond the month of August. The coin stability has, at least for now, not been disrupted by the hard fork talk.
Bitcoin Cash “Stress Test” Implications
The increased volumes come at a time when the outfit is performing a “stress test” and the results and determining the way forward for the coin could make or break it. The community means good for the ecosystems’ future but the issue is the means to get there. Improved capacity of the network is the center of the controversy and if the hurdle can be cleared, the issues of scalability would be a thing of the past for the network and Roger Ver is already sending warning to other networks:
Last year BTC could only process a single transaction for $50.
Today BCH is processing 35,000 transactions for $50. #StressTestBCH
— Roger Ver (@rogerkver) September 1, 2018
The test has yielded positive results with over 1.1million transactions recorded in the early stress test with BTC mining pool BTC.com claiming to have “mined 13MB Bitcoin Cash block” more than nChain’s 10MB results.
Taking an historical look at past hard forks in the blockchain industry, the current uncertainty is paving way for Bitcoin Cash split. The current price appreciation is the community’s effort to increase adoption as a digit coin but the potential is getting pulled down with the disagreement on the best path towards scalability.
Bitcoin Cash Split Fears
Overcoming the controversial hard fork might be the best for the successful BCH outfit but there are two players in the mix that need to come into an agreement. BitcoinABC, which is a “full node implementation of the BCH protocol” and Bitcoin SV, supported by nChain owned by Craig Wright whose vision is to retain the original Bitcoin vision though Bitcoin SV that is set to split from Bitcoin Cash in November.
To Wright, there is no hard fork since SV is not a separate entity that will increase mining competition to ABC in line with the hash power guidelines contained in the whitepaper. However, CoinEx has voiced its fears on the controversy by asserting that Bitcoin SV does not have a mechanism to protect users assets and a fork might trigger massive loses and advices BCH holders to stash their assets on the exchange.
“Please note, if you do as COINEX recommends – they will own all you hold and you could end with nothing.
There is NO #BCH split. SV will not be a separate fork. It will compete as per the whitepaper on hash power.
Ignore these frauds.”
— Dr Craig S Wright (@ProfFaustus) September 1, 2018