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Bitcoin Cash [BCH] crumbles in double digits as Bitcoin SV [BSV] becomes the biggest winner

Akash Anand



Bitcoin Cash [BCH] crumbles in double digits as Bitcoin SV [BSV] becomes the biggest winner
Source: Unsplash

The ongoing bear market has not taken mercy on the cryptocurrency market with several coins such as Bitcoin [BTC], Ethereum [ETH] and Bitcoin Cash [BCH] witnessing massive downward spirals. The time period during which the fall is taking place is commonly called the “crypto winter” and analysts and the experts in the crypto verse are predicting its long run.

At the time of writing, Bitcoin Cash [BCH] which has been separated from Bitcoin SV after the hard fork, has been sliding by 12.04%. The cryptocurrency was trading for $124.26 with a total market cap of $2.173 billion. BCH’s $108.878 million market volume was predominantly held by Upbit, with a total grasp of 12.58% of the entire BCH trade. Upbit was closely followed by Binance, on which $11.820 million worth of Bitcoin Cash transactions took place.

One of Bitcoin Cash’s major proponent, Roger Ver, was also in the spotlight recently when he spoke about the mainstream adoption of cryptocurrencies in today’s financial scenario. He had said:

“That’s the goal with the Bitcoin cash both the ABC camp and SV camp and I wish every cryptocurrency good luck if they’re trying to bring more economic freedoms the world by making them useful as currencies for the world. So I wish everybody good luck.”

The other product of the Bitcoin Cash hard fork was Bitcoin SV, a token that had garnered a lot of publicity because of nChain’s Craig Wright and Calvin Ayre. During press time, Bitcoin SV was the only cryptocurrency in the top-10 club that was riding a bullish surf.

On a 24-hour scale, BSV was growing by a substantial 6.27% and was trading for $91.87. BSV also had a market cap of $1.605 billion and 24-hour market volume of $80.682 million. A majority of the trade was occupied Binance with a hold on 12.83% of the total BSV transaction.

Craig Wright has made sure to push Bitcoin SV into the mainstream fore, with new tweets informing users that he has a ‘manifesto’ ready for 2019. He had said:

“ In 2019 we will start to teach people how to build real SPV systems. No fraud proofs, secure, instant. It was hinted at in the whitepaper, but nobody has managed to get it. So, I will do it for you. I had hoped others would hae understood and run with this but…”

He followed it up by saying:

“There is no more time. Clearly, it seems that the simplest things are hardest. SPV is P2P and has no server”.

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Bitcoin Cash

Bitcoin Cash [BCH] network is ‘inflated centralized garbage’, tweets Bitrefill’s John Carvalho




Bitcoin Cash [BCH] network is "inflated centralized garbage", tweets Bitrefill's John Carvalho
Source: Pixabay

John Carvalho, the CCO of Bitrefill and a Bitcoin enthusiast has never shied away from expressing his disapproval of Bitcoin hard fork coins. In his most recent Twitter attack, Carvalho said that BCH was a “counterfeit” of BTC, calling the former’s network “inflated centralized garbage”. He tweeted,

“Bcashers argue against BTC scaling with a punchline of “buy more BCH!” Kinda embarrassing, but they chose a future of begging for liquidity.”

The response followed a recent thread by Peter R Rizun, the Chief Scientist at Bitcoin Unlimited, who stated that the second-layer solution, Lightning Network [LN], could not solve the issue of scalability and high fees plaguing the Bitcoin network.

He opined that once bigger blocks came into the picture, BCH would benefit more as the fork coin’s roadmap was far superior than that of Bitcoin [BTC]. He tweeted,

“This will kick off two competing dynamics within BTC: voice and exit. Some will voice the need for a block size limit increase, while others will exit to BCH as the path of least resistance. Whether BCH flippens BTC at this point will depend on which dynamic is stronger.”

The Chief Scientist added that BCH had more positive aspects and that the “uncertainty” factor would help the fork coin post gains higher than BTC.

Following BitcoinErrorLog’s response to the original tweet, many BTC maximalists expressed a similar sentiment. One of them, Gru, joined in and stated that BCH was cheaper because it was “inherently less valuable”.

Carvalho has been quite vocal about Bitcoin’s scalability solutions, even terming the LN as a trailblazer. This is also not the first time the CCO has called out BTC’s fork coins. Previously, he had criticized all fork coins, calling them a scam and a huge waste of both time and money.

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