Phronesis
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In July, perhaps suspecting the result, a group of mostly Asian investors and entrepreneurs led by the exchange house and mining group ViaBTC (Bitmain being the largest investor of that company), decided to carry out an independent hardfork to the community of Bitcoin to create a new cryptocurrency based on the same code, but that would have the substantial differences that the Core team was not allowing. The first implementation of this protocol, called Bitcoin ABC (for Adjustable Blocksize Cap - Adjustable Block Size Limit), was presented by its main developer, Amaury «Deadal Nix» Séchet, during the conference “The Future of Bitcoin” held in Arnhem (Netherlands) in early July.
Shortly after, on August 1, the hardfork was made and the genesis block of Bitcoin Cash was mined at six hours by ViaBTC, with a size of only 1.9 MB, despite an initial limit of up to 8 MB. Each Bitcoin Cash (BCH) began to be traded on the Kraken, ViaBTC and HitBit exchanges at an average price of $214.38.
Bitcoin was not affected further by the event. The only difference that its users could notice was that their balance in BTC doubled in BCH. This was only due to the hardfork, which copied the original chain. After that date, both cryptocurrencies are acquired and traded separately.
Fight for the name of Bitcoin Despite the fact that, from the beginning, Bitcoin Cash was considered as an altcoin and was far from competing for miners and nodes with Bitcoin, its developers tried to legitimize it as the “real Bitcoin”, and even kept the original White Paper of the first cryptocurrency on your page as if it were Bitcoin Cash. As stated on its official site: Bitcoin Cash offers a strong currency to the world, fulfilling the initial promise of Bitcoin as electronic money from user to user (…) Bitcoin Cash is usually represented by the symbol BCH and is considered by its supporters as the legitimate continuation of the Bitcoin project as user-to-user digital money.
The one who has been seen most amid the controversy over the name has been Roger Ver, CEO of the mining group and news page Bitcoin.com and a strong supporter of Bitcoin Cash. To begin with, on this page, it is not allowed that Bitcoin Cash is named in any other way that does not include the word "Bitcoin", because, for them, Bitcoin Cash is the legitimate continuation of the first blockchain, and that is how they seek to promote it. Many users and companies, on the other hand, use the term "Bcash" to refer to the new cryptocurrency, which was quickly clarified, in order to continue to keep the term.
If your wallet or exchange uses the term "bcash," they are likely referring to Bitcoin Cash; But it should be noted that "bcash" is not the proper name, nor a commonly used abbreviation for Bitcoin Cash, and is a hostile attempt to confuse users. It would be best to proceed with caution when dealing with anyone who uses the term "bcash" instead of the currency's actual name, Bitcoin Cash. With the same intention of preserving the name and even the acronym of Bitcoin, on numerous occasions, this site has made clear attempts to assign itself such credit.
Thus, for example, the controversy occurred when the blockchain explorer available on this page began to refer to BCH as "Bitcoin" to dry, while BTC was designated as "Bitcoin Core". Similarly, in a promotion for the purchase of BCH with a credit card, the acronym "BTC" appeared instead of the corresponding one. Since January 2018, the conflict also included the Twitter account @Bitcoin, one of the most popular in the crypto world, with more than 600,000 followers by that date. This account was created in 2011 by an unidentified person, and after a hiatus in 2017, it started posting again in early 2018. The problem that many Bitcoin users noted was that the new posts had a clear bias towards Bitcoin Cash. and articles from the Bitcoin.com site (something that continues to December 2018).
As a consequence, allegations began against Bitcoin.com about taking over that account to confuse unsuspecting users. Something that was denied from the portal, claiming that whoever is behind @Bitcoin, simply changed their perspective on which chain to support. Following this controversy and numerous reports, @Bitcoin was suspended in early April; although it was re-established shortly thereafter and is now open and publishing on Bitcoin Cash.
The problem did not stop, but continued between April and May, with many users and developers accusing Bitcoin.com and Roger Ver of fraud for trying to get hold of the Bitcoin name, to the point of organizing themselves to prepare a lawsuit with more than 1,100 supporters. Only in the face of such a threat, the misleading data was removed from Bitcoin.com. But, since it could not be proven that @Bitcoin is under the control of this portal, the changes in said account were non-existent.
Despite everything that happened, in September 2018 an article titled “Why Bitcoin Cash is Bitcoin” appeared on Bitcoin.com, which summarizes a presentation by Roger Ver and lists certain qualities that, in his opinion, are “things that make Bitcoin, Bitcoin ”. These are to be a user-to-user electronic cash system, low fees, fast payments, reliable payments, scalable chain, non-reversible payments, chain of digital signatures, enabled opcodes, SHA-256 algorithm, and be the longest chain, with the greatest proof of work.
A result, at the very least, highly debatable, and, at best, totally wrong. Forks The first Bitcoin Cash hardfork was an upgrade without any further consequences, mainly to fix the mining difficulty algorithm. That first protocol caused the level of difficulty to create new BCH to suffer very marked ups and downs, as it was designed to increase or decrease according to the number of miners present on the network and they constantly moved their computational power between Bitcoin and Bitcoin Cash, adhering to the chain that offered the most profits at that time.
To solve that problem, the old algorithm was replaced on November 13, 2017 by one that would avoid extreme fluctuations in difficulty, but would continue to adjust to current computational power. A few months later, on May 15, 2018, another hard fork was made to increase the block size to 32 MB. This measure was given despite the fact that, to date, the maximum registered in the filling of a block was barely 4.7 MB; presumably with a view to becoming widespread in the future.
Shortly after, on August 1, the hardfork was made and the genesis block of Bitcoin Cash was mined at six hours by ViaBTC, with a size of only 1.9 MB, despite an initial limit of up to 8 MB. Each Bitcoin Cash (BCH) began to be traded on the Kraken, ViaBTC and HitBit exchanges at an average price of $214.38.
Bitcoin was not affected further by the event. The only difference that its users could notice was that their balance in BTC doubled in BCH. This was only due to the hardfork, which copied the original chain. After that date, both cryptocurrencies are acquired and traded separately.
Fight for the name of Bitcoin Despite the fact that, from the beginning, Bitcoin Cash was considered as an altcoin and was far from competing for miners and nodes with Bitcoin, its developers tried to legitimize it as the “real Bitcoin”, and even kept the original White Paper of the first cryptocurrency on your page as if it were Bitcoin Cash. As stated on its official site: Bitcoin Cash offers a strong currency to the world, fulfilling the initial promise of Bitcoin as electronic money from user to user (…) Bitcoin Cash is usually represented by the symbol BCH and is considered by its supporters as the legitimate continuation of the Bitcoin project as user-to-user digital money.
The one who has been seen most amid the controversy over the name has been Roger Ver, CEO of the mining group and news page Bitcoin.com and a strong supporter of Bitcoin Cash. To begin with, on this page, it is not allowed that Bitcoin Cash is named in any other way that does not include the word "Bitcoin", because, for them, Bitcoin Cash is the legitimate continuation of the first blockchain, and that is how they seek to promote it. Many users and companies, on the other hand, use the term "Bcash" to refer to the new cryptocurrency, which was quickly clarified, in order to continue to keep the term.
If your wallet or exchange uses the term "bcash," they are likely referring to Bitcoin Cash; But it should be noted that "bcash" is not the proper name, nor a commonly used abbreviation for Bitcoin Cash, and is a hostile attempt to confuse users. It would be best to proceed with caution when dealing with anyone who uses the term "bcash" instead of the currency's actual name, Bitcoin Cash. With the same intention of preserving the name and even the acronym of Bitcoin, on numerous occasions, this site has made clear attempts to assign itself such credit.
Thus, for example, the controversy occurred when the blockchain explorer available on this page began to refer to BCH as "Bitcoin" to dry, while BTC was designated as "Bitcoin Core". Similarly, in a promotion for the purchase of BCH with a credit card, the acronym "BTC" appeared instead of the corresponding one. Since January 2018, the conflict also included the Twitter account @Bitcoin, one of the most popular in the crypto world, with more than 600,000 followers by that date. This account was created in 2011 by an unidentified person, and after a hiatus in 2017, it started posting again in early 2018. The problem that many Bitcoin users noted was that the new posts had a clear bias towards Bitcoin Cash. and articles from the Bitcoin.com site (something that continues to December 2018).
As a consequence, allegations began against Bitcoin.com about taking over that account to confuse unsuspecting users. Something that was denied from the portal, claiming that whoever is behind @Bitcoin, simply changed their perspective on which chain to support. Following this controversy and numerous reports, @Bitcoin was suspended in early April; although it was re-established shortly thereafter and is now open and publishing on Bitcoin Cash.
The problem did not stop, but continued between April and May, with many users and developers accusing Bitcoin.com and Roger Ver of fraud for trying to get hold of the Bitcoin name, to the point of organizing themselves to prepare a lawsuit with more than 1,100 supporters. Only in the face of such a threat, the misleading data was removed from Bitcoin.com. But, since it could not be proven that @Bitcoin is under the control of this portal, the changes in said account were non-existent.
Despite everything that happened, in September 2018 an article titled “Why Bitcoin Cash is Bitcoin” appeared on Bitcoin.com, which summarizes a presentation by Roger Ver and lists certain qualities that, in his opinion, are “things that make Bitcoin, Bitcoin ”. These are to be a user-to-user electronic cash system, low fees, fast payments, reliable payments, scalable chain, non-reversible payments, chain of digital signatures, enabled opcodes, SHA-256 algorithm, and be the longest chain, with the greatest proof of work.
A result, at the very least, highly debatable, and, at best, totally wrong. Forks The first Bitcoin Cash hardfork was an upgrade without any further consequences, mainly to fix the mining difficulty algorithm. That first protocol caused the level of difficulty to create new BCH to suffer very marked ups and downs, as it was designed to increase or decrease according to the number of miners present on the network and they constantly moved their computational power between Bitcoin and Bitcoin Cash, adhering to the chain that offered the most profits at that time.
To solve that problem, the old algorithm was replaced on November 13, 2017 by one that would avoid extreme fluctuations in difficulty, but would continue to adjust to current computational power. A few months later, on May 15, 2018, another hard fork was made to increase the block size to 32 MB. This measure was given despite the fact that, to date, the maximum registered in the filling of a block was barely 4.7 MB; presumably with a view to becoming widespread in the future.
