Over the past couple of weeks, Bitcoin Cash [BCH] has been in the spotlight with stories like Roger Ver’s lawsuit which eventually was withdrawn for lack of funds by the group, London Block Exchange accepting BCH & ETC and Bitcoin.com getting delisted from coinmarketcap.com.
Bitcoin Cash [BCH] at 01:00 UTC was trading at $1823 to a token with an 18% spike in the past 24 hours. BCH has shown a massive 180% growth compared to its price from last month when it was trading at $642. Although trading volumes have increased for all the coins in the top 10, BCH has witnessed a 740% growth in the trading volumes.
According to many from the community, the recent spike in prices is in tandem with the trend of prices hiking just before a fork. The upcoming Hard Fork on May 15th is called Bitcoin ABC and would result in a block size at 32 MB. Bitcoin [BTC] currently has a 1 MB block size which processes ~7 transactions per second and BCH currently has an 8 MB block size.
A recent tweet by the Twitter handle – Bitcoin stirred up a controversy when they said that Bitcoin Cash was “the oldest” cryptocurrency.
Replying to Bitcoin’s Tweet, Don an early crypto investor said,
$BTC way before $BCH came on the scene. What utter rubbish. @Bitcoin your desperation is so evident and all-encompasing that no-one can view Bitcoin Cash with an ounce of credibility irrespective of how good the technology might have been”
Keifus V, another Twitter user said,
“I’m also a relatively new user (Sept ’17) and this sort of childish and blatantly deceptive propoganda is precisely what deterred me from BCH.”
Michael Novogratz, CEO of Galaxy Digital also took a swipe at the tweet saying,
“Enough already. Bitcoin core is BTC. It is a store of value. It is digital gold. It’s market cap dwarfs bitcoin cash. If you want to be a payments currency by definition you need to have stable value. So why own it. ??”
Rahul Sood, founder of Unikrn said,
“Wow. You guys are horrible. Your marketing is divisive and dishonest.”
Many from the BCH community argue that Bitcoin Cash [BCH] is better because of its 8 MB block which means it an on-chain scaling solution, unlike Bitcoin’s Lightning Network which would run outside BTC’s blockchain.
Many against “BCH” also say that even if BCH in itself is good, they believe Roger Ver’s attempt at “slandering BTC” and Bitcoin.com’s attempt at misleading people is what push people away from Bitcoin Cash [BCH].
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Bitcoin Cash’s hashrate comes dangerously close to being controlled by one mining pool
Bitcoin Cash may have fended off the hacker who abused the network upgrade, it may have also upgraded its privacy by implementing Schnorr Signatures, but there is something dangerous happening behind the scenes, which could have a detrimental effect.
Bitcoin Cash’s hashrate, at press time, came very close to being controlled by one single entity, BTC.top. Nine hours ago, the same entity controlled more than 51% of the hashrate, according to a Reddit post.
The attached image showed that BTC.top controlled 54% of the hashrate which would give that pool, the power to double spend any and all Bitcoin Cash, halt transactions and successfully launch a 51% attack on the fourth largest cryptocurrency in the world.
At press time, however, the control of BTC.top waned to 44.44%, which is still a huge amount of control for any entity to have, considering the decentralized nature of Bitcoin Cash and cryptocurrencies in general.
This is not the first time, BTC.top has come close or crossed over the 50% line with Bitcoin Cash. On January 3, 2019, BTC.top controlled about 50.2% of the total hashrate for Bitcoin Cash. BTC.top is a China-based private entity.
Moreover, the pool mined about 7 consecutive blocks 10 hours ago; this is a dire circumstance for Bitcoin Cash if the pool decides to use that hashrate.
A Reddit user commented:
“Someone is clearly attacking BCH, which I would speculate to be Calvin and his dipshit lapdog. Some mystery miner pumped up the “unknown” side up by 10-15% which backed off right after the fork. Then the zero-day bug exploit on fork day that coincided with a massive short position… “
Although BTC.top controls a majority of the hashrate for Bitcoin Cash, the recent update i..e, Bitcoin Cash ABC 0.18.5 has implemented a checkpoint after every 10 blocks. According to @Bitcoin_ABC’s tweet after the 0.18.5 update:
“This release adds deep reorg protection to ensure that transactions are immutable after 10 confirmations. This safeguard helps users, businesses, and exchanges stay secure and free from disruption.”
In comparison to Bitcoin, the original blockchain from which Bitcoin cash forked off has its hashrate spread out between different entities as seen in the chart below.
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