Bitcoin Cash: fork occurred, but ABC may not survive
The Bitcoin Cash fork has happened, but one of the two chains is at risk of survival.
In fact at the time of writing this article 76 new blocks have already been mined since the fork on the BCHN chain (Bitcoin Cash Node and BCH Unlimited), while only 6 on the BCHABC chain (Bitcoin ABC).
At this moment it is already clear that the main chain is BCHN, which will keep the name and symbol of Bitcoin Cash (BCH), while there are doubts about the survival of the Bitcoin ABC chain.
For example Roger Ver said:
„Today there was no fork. There was only a free airdrop of ABC coins for BCH owners. It is not clear if the ABC coin will exist long enough for people to take advantage of the free airdrop“.
The fact is that both miners and BCH nodes have not much appreciated the changes to the protocol made by Bitcoin ABC, so much so that they continued en masse to mine and add blocks to the blockchain with the classic Bitcoin Cash protocol.
Very few have started to use the new Bitcoin ABC protocol, which now includes a „Coinbase Rule“ that automatically allocates 8% of mined tokens to the development of the protocol.
The Bitcoin Cash Node protocol has removed this rule, called a real mining tax, and this move has been very much appreciated.
Now it remains to be seen if Bitcoin ABC has enough strength to survive, or if its chain will be abandoned.
The cryptocurrency prices generated by the Bitcoin Cash fork
In the meantime BCH, the token of the BCHN chain, has lost more than 2% in value compared to yesterday, but still remains at the price levels of a month ago, around $250.
Instead, the price of the new cryptocurrency, called Bitcoin Cash ABC (BCHA) for now, has dropped to $12.
To tell the truth even just quoted its value was very low, about 14$, because most of the miners had already widely announced previously that they did not want to support the protocol and the chain.
It must be said that if you add the current BCHN price to BCHA’s price, you don’t reach the $275 of the highest BCH price peak in the last 30 days, so those who bought it at that price now would be at a loss even if they had received the new BCHA tokens.