BCH Forking: The Birth of BSV and BCHABC163

Bitcoin Cash (BCH), a prominent cryptocurrency, has experienced several hard forks over the years, each resulting in the creation of new coins. Two of the most notable hard forks were those that led to the emergence of Bitcoin SV (BSV) and Bitcoin Cash ABC (BCHABC).

The BCH Fork and the Creation of BSV

In November 2018, BCH underwent a controversial hard fork that caused a split in the network. A group of developers led by Craig Wright, a self-proclaimed creator of Bitcoin, pushed for changes to the BCH protocol, aiming to restore it to its "original vision." These changes were opposed by another group of developers, including those behind Bitcoin ABC, the primary BCH implementation. As a result, the BCH network split into two distinct chains: the BCHABC chain and the BSV chain.

The BSV chain, primarily supported by Craig Wright and his followers, aimed to revive the "original Bitcoin" and focus on larger block sizes and increased transaction throughput. It inherited the original BCH ticker symbol and blockchain history, while BCHABC adopted a new ticker symbol, BCHABC, to distinguish itself.

The Creation of BCHABC and Its Evolution

BCHABC, on the other hand, continued the development path of Bitcoin Cash as envisioned by its original developers. It focused on maintaining compatibility with existing BCH applications and services, while also implementing improvements to scalability and usability. Over time, BCHABC gained wider adoption and support from exchanges, wallets, and other members of the BCH ecosystem.

In May 2020, BCHABC underwent a further rebranding and adopted the name Bitcoin Cash (BCH), dropping the "ABC" suffix. This change aimed to simplify the name and align it with the original vision of Bitcoin Cash as a peer-to-peer electronic cash system.

Differences Between BCH and BSV

Following the hard fork, BCH and BSV emerged as distinct cryptocurrencies with different technical characteristics and communities.
Block Size: BSV supports significantly larger block sizes compared to BCH, allowing for higher transaction volumes. However, BCH has implemented scalability solutions such as Schnorr signatures and CashFusion to improve its transaction capacity.
Consensus Algorithm: BCH utilizes a modified version of the Bitcoin Core consensus algorithm, while BSV relies on a proprietary algorithm known as "Bitcoin SV Consensus." This difference affects the rules governing block creation and validation.
Development: BCH is primarily developed by a community of independent developers, whereas BSV's development is largely controlled by Craig Wright and his associates.
Community and Adoption: BCH has a more diverse and active community and has gained wider adoption among exchanges, merchants, and users. BSV has a smaller community but has been promoted by Wright as the "true Bitcoin."

Conclusion

The hard forks that led to the creation of BSV and BCHABC resulted in two distinct cryptocurrencies with varying technical and ideological differences. BCH, with its focus on scalability and community development, has emerged as the dominant continuation of the Bitcoin Cash legacy. BSV, supported by Craig Wright, has taken a more controversial path, emphasizing larger block sizes and a return to the "original Bitcoin" vision. Both coins continue to coexist in the cryptocurrency ecosystem, each with its own supporters and use cases.

2024-12-19

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