Bitcoin Cash ABC increased 70% with the release of a new client from Sechet

November 17, 2020 Coin Payment

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Amaury Sechet’s Bitcoin ABC coin is up 70% today as the developer announced a new update for the client software that includes stability fixes for both forks of the Bitcoin Cash client.

The new version infuses much needed life into Bitcoin Cash’s Bitcoin ABC (BCHA) faction that was crushed by rival Bitcoin Cash Node (BCHN) in a brief hash war experienced after the November 15 fork. voices about its imminent end.

According to CoinMarketCap, BCHA opened trading at $ 11.78. The coin is now trading with substantial volume on trade and was as low as $ 10.50 and as high as $ 21 before settling again in the $ 19- $ 20 range.

This represents a 70% increase in the past 24 hours and a boost to confidence that the coin will not be abandoned. However, the BCHN version currently trades at $ 254.61 and is now listed as Bitcoin Cash or BCH on most exchanges.

Sechet also reported positivity for the future of his creation on Twitter overnight, infer which would remain dedicated to the ABC community.

Losing the right to the Bitcoin Cash name and the BCH ticker, BCHA faces heavy crosswinds as a new currency in terms of trader gain and exchange support. In addition to these problems, only a handful of blocks have been added to the BCHA chain by miners since November 15, the date of the fork. The slowdown is the result of a persistent imbalance between an excessively high mining difficulty and a lack of hash power needed to find blocks at that difficulty.

The most recent BCHA block, which took seven hours to find, contained over 14,000 transactions, a substantial increase from the previous block count of 1,674. It also contained just over 0.9 BCHA in transaction fees, which is $ 19.40 at today’s prices. According to the new coinbase rules implemented by Bitcoin ABC, 8% of the newly mined coins along with 8% of the transaction fees went to the protocol development fund, which is a total of 0.57 BCHA, or $ 12, 41. Although BCHA blocks are still not found at a normal rate, this problem should subside with the next BCHA difficulty adjustment.

Unlike the political and personal drama that unfolded during Bitcoin Cash’s last hard fork in 2018, BCHA Sechet’s “benevolent dictator” was friendly in terms of acknowledging the community’s will and the likelihood of ABC’s defeat. On November 12, three days before the planned fork, Bitcoin ABC initiated the transfer of the bitcoincash.org domain to parties loyal to the implementation of the majority client Bitcoin Cash Node (BCHN), in anticipation of not emerging victorious from the impending war of hash.

Bitcoin ABC also said it will continue to support the BCHA and BCHN implementations of the Bitcoin Cash client after the fork in order to serve businesses that have adopted the coin as a payment method.

Bitcoin Cash faced a tough battle by raising funds for development. In August 2020, Bitcoin ABC launched its client 0.22.0, introducing changes to the coinbase as an attempt to help ensure the continued availability of funds for the protocol’s developers. The proposal was bogged down dispute since its introduction, with the development fund regularly compared to a tax and moving the proposed size from 15% to 5% to the current 8% over the year.