On September 3, controversial owner of Bitcoin.org, Cobra, tweeted that Bitcoin Cash (BCH) will drop out of the top ten cryptocurrencies list by end of year. Reactions of crypto users on Cobra’s tweet were mixed. While one remarked that it would be interesting to see what direction Bitcoin.Com takes as and when that happens, another agreed that it certainly will, but was sure that it would slowly climb its way back up once people realize the value in it.
The alleged cause for the recent split of the Bitcoin Cash community is an updated proposal for Bitcoin Cash tentatively scheduled on November 15. In recent times, there has been an escalating disagreement within the Bitcoin Cash (BCH) community which has posed the threat of another hard fork. As leading BCH proponent Roger Ver wrote via Twitter on September 2, the chief developer of Bitcoin ABC, Amaury Séchet (@deadalnix), will conduct a Bitcoin Cash hard fork on November 15, 2020. He also extended his good wishes for the project and thanked them for the free airdrop to all BCH holders.
Currently, there’s a lot of speculation on how the recent hard fork war will end. As a report highlights, data indicates that approximately 42% of the nodes use the client of Bitcoin ABC, and 45% use the client of Bitcoin Unlimited and only 10% use the client of BCHN.
The report also states that the camp supporting one of Bitcoin Cash’s most famous faces-Bitcoin.com founder Roger Ver and the client implementation Bitcoin Cash Node (BCHN) is against the new Coinbase Rule’s implementation. Under the new Coinbase Rule, 8% of the mined BCH will be redirected to Bitcoin ABC for financing protocol development. As Ver explained, diverting part of the Bitcoin Cash block reward to pay a single development team is “is a Soviet style central planner’s dream come true“.
At present, Roger Ver still seems to have substantial community support behind it. Owing to this factor, developers behind the Bitcoin Unlimited implementation have spoken out against the new Coinbase Rule. The report further goes on to point that if they actually join Roger Ver’s camp, this would lead to a narrow majority of 55% rejecting the November upgrade and thus retaining the Bitcoin Cash brand.
Of late, some groups of Bitcoin Cash Miners, such as Binance, Huobi, BTC.Top, Hashpipe, P2Pool, F2Pool, Easy2Mine and Bitcoin.com have signalled “powered by BCHN” in the Coinbase parameters of the block. Considering all these factors, it still remains to be seen how the hard fork will turn out.
