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Bitcoin Cash [BCH]’s v0.18.0 vs Nchain’s Bitcoin SV, debate continues

Anvita M V

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Bitcoin Cash [BCH]'s v0.18.0 vs Nchain's Bitcoin SV, debate continues
Source: Unsplash

On 16th August, Nchain announced that they are releasing a new BCH full node client called Bitcoin SV, that will be based on the Bitcoin ABC v0.17.2 with additional upgrades made to it. The firm will be backed by the Bitcoin Cash [BCH] mining pool Coingeek.

Following Nchain’s announcement, on 20th August, Bitcoin ABC announced the released of their latest Bitcoin ABC v0.18.0.  The update is set to go live on 15th November this year.

The developers from ABC believe that the latest version is a significant development in the BCH ecosystem. They said:

“It is an important step in the process of careful and incremental technical progress to improve the utility of Bitcoin Cash and enable massive on-chain scaling.”

The double announcement has created a lot of stir among the members of the Bitcoin Cash [BCH] community who are now discussing the difference between the two. The announcement by Nchain has raised some concerns among the BCH supporters who believe that it could lead to incompatibility with the latest version of Bitcoin ABC.

Amidst all the discussion, Ryan X Charles [creator of the social network Yours.org]  said:

“ABC moving forward with hard fork changes (CO, DSV) incompatible with Nchain and Coingeek’s hard fork plan (128 MB limit). We may end up having to run multiple nodes and pausing payments if the nodes disagree. What are BU, XT, and others going to do? “

Furthermore, the founder of Coingeek’s mining pool, Calvin Ayre showed his support to Nchain. He said:

“My Hash will only Support Satoshi Vision.”

Both the organizations have two different changes that they would like to add to the upcoming November fork which could lead to a blockchain split if they did not come to an understanding.

Following the announcement, Andrew Stone, Bitcoin Unlimited’s Lead Developer, has come up with a strategy called “BUIP098: Bitcoin Unlimited’s strategy for the November 2018 hard fork”.

According to Stone, the changesets are compatible with each other. He further proposes a strategy which could solve this issue. He explains that Bitcoin Unlimited will be incorporating both the changesets which can be introduced in two ways. It can be introduced via BIP135 explicit configuration or emergent consensus he stated. Moreover, Stone called his strategy a  “Run Bitcoin Unlimited to vote for the compromise.”



Furthermore Stone stated:

“By allowing BIP135, we move to a miner voting process that allows individual features to gain agreement before activation. By allowing explicit configuration — that is, allowing a user to force the feature “on” or “off” — people running the BUcash full node can quickly react to any hash-power surprises.”

Despite Stone’s effort to make it work, Calvin Ayre still maintains his defiance. By supporting Nchain he believes he will be restoring the Bitcoin protocol to its original design. He also said:

“We need to stop relying upon developer-determined default block caps. The block size is miner-configurable, allowing individual miners to set what maximum block size they wish to accept from another miner. This approach is similar to Bitcoin Unlimited’s ’emergent consensus’ mechanism for block size, and therefore has precedent.”





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Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.

Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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