Bitcoin Global News (BGN)
November 15, 2018 -- ADVFN Crypto NewsWire -- Whether you live
in Europe, Asia, the United States, or somewhere else entirely, if
you are into Cryptocurrencies, then you know a bit about Roger Ver
and Craig Wright. If you have taken things a step further and you
have been following the news about the Bitcoin Cash network, then
you may also know that it is about to split in two.
Or so it seems.
As of early today, the Bitcoin Cash
update that is supposed to cause this fork has not been completed
yet. Before going any further on how this saga is playing out, it
is important to mention that the two proposed, new versions of the
Bitcoin Cash blockchain are Bitcoin SV, which is backed by Craig
Wright and Bitcoin ABC, which is backed by Jihan Wu and Roger Ver.
Of course, implicit in Wu’s backing is Bitmain’s as
well.
Essentially, for a while, it seemed
logical that most miners working with industry giants might back
Bitcoin ABC as being the real Bitcoin Cash, due to its support from
Bitmain. Now, things appear less clear.
Last night, on Twitter, in an
attempt to garner more support for Bitcoin SV, Craig Wright
suggested that Bitcoin might have to drop to $1000, due to
sell-offs to finance the mining of the fork. In this tweet, it can
be said that Wright suggested that joining Bitcoin SV will be the
only way to recover from any negative price action to
come.
This idea most directly relates to
where we are now, in the midst of what is called a "hash war, "
which amounts to a race between different groups of Crypto miners
to try to take the leading position on a Blockchain network in
terms of the processing power they give to it.
As these events unfold today and
the chips fall where they may, only time will tell whether
something more drastic will occur to Bitcoin and Bitcoin Cash
alike.
Until then, keep your finger on the
pulse and check out articles like this op-ed, which details the
features of each proposed implementation.
By: BGN Editorial Staff