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Crypto Companies BCH Fork Stance and the difficult task of supporting Bitcoin ABC or Bitcoin SV

Crypto Companies BCH Fork Stance and the difficult task of supporting Bitcoin ABC or Bitcoin SV

In a few hours, Bitcoin Cash (BCH) will experience a new update of the network that has been able to divide the entire crypto community. In the middle of the debate, cryptocurrency companies try to offer their support to the proposal that best suits them.

The Bitcoin Cash network is divided into Bitcoin SV, Bitcoin ABC and Bitcoin Unlimited. However, Bitcoin SV and Bitcoin ABC are the most important proposals.

Bitcoin ABC aims to add new features such as smart contracts, Oracle services and improved network scalability features. Bitcoin SV, on the other hand, aims to replace the Bitcoin ABC scripts with its own scripts. At the same time, it wants to expand the block size of Bitcoin Cash, which currently is 32 MB, up to 128 MB.

Bitcoin Unlimited will implement the changes proposed by Bitcoin ABC and Bitcoin SV. Miners would have voted for the desired features.

As reported by Coin.Dance, it appears that the miners will support Bitcoin SV. Between 74% and 80% of the Bitcoin Cash hash rate could be aligned with Bitcoin SV. Four of the top 10 mining pools, Coingeek, SVPool, BMG Pool and Mempool have claimed they will support Bitcoin SV.

It seems that Bitcoin SV was able to win the debate between the mining community. However, the rest of the community supports Bitcoin ABC. However, the important problem is convincing miners who have hash power. For example, there is no exchange of cryptocurrency that openly defends Bitcoin SV in the first 10 exchanges listed by CoinMarketCap.

One of these 10 best crypto exchange offers direct support for Bitcoin ABC, while five are closer to the Bitcoin ABC proposal. Neutral exchanges are Bitfinex, HitBTC and Bitbank.

At the same time, there are two different virtual currency exchanges that offer futures exchanges for Bitcoin Cash pre-forked currencies. These are Poloniex and Bitfinex. According to Poloniex, Bitcoin Cash SV is priced at $ 225 dollars and a volume of $ 31 million dollars. Bitcoin Cash ABC is priced at $ 256 dollars and a trading volume of $ 25 million dollars. Finally, Bitcoin Cash is priced at $ 478 dollars and a trading volume of $ 12.9 million.

Something similar is happening in Bitfinex. Prices are $ 220 for Bitcoin SV, $ 255 for Bitcoin ABC and $ 475 for Bitcoin Cash. However, the volume of exchanges was completely different. Bitcoin Cash has recorded a trading volume of $ 100 million dollars. Bitcoin Cash ABC $ 5.47 million and Bitcoin SV $ 7.1 million.

What will happen is still to be seen. In a few hours, some exchanges will stop the deposits and withdrawals of Bitcoin Cash to protect user funds. At the same time, they will follow closely how events will take place.

The BitMEX cryptocurrency exchange has released a website specially designed to follow the hard fork. For more information, you can always read our previous articles on BitcoinExchangeGuide on Bitcoin Cash and these two other proposals.

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