Bitcoin Cash ABC (BCHA) turned to dust but not dead yet!

Bitcoin Cash ABC (BCHA) turned to dust but not dead yet!

By PVMihalache | Mind Puzzle | 26 Nov 2020


On Sunday, 15th of November, Bitcoin Cash (BCH) divided into two separate version. The exchanges suspended the transfers and trades and the ones that supported the fork (Binance, Coinbase, Atomic Wallet, etc.) did the distribution of BCHA automatically. Everyone expected the Bitcoin Cash ABC block-chain to die quickly due to lack of support but this new coin showed some resilience and stabilized at a value of over $24 for few days. As the interest in the new ABC declined, the price went downhill, reaching $18 today.

The fork was the result of a hash war between the two major Bitcoin Cash players, the Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN), started when Bitcoin ABC proposed an Infrastructure Funding Plan (IFP) and a mining tax of 8% which will go to block-chain development and The Bictoin Cash Node opposed the mining tax. The fork was successful and the Bictoin Cash Node kept the BCH ticker and the overall support of crypto exchanges. This vote of confidence made BCH surge, going from $250 to $340 in a week. The bull run was followed by an expected market correction. 

Some exchanges, like Bitcoin ABC announced on Twitter that they will support both BCHA and BCHN implementations, in order to serve businesses who have adopted the coin as a method of payment.

Even if the Bitcoin Cash ABC proposal was very unpopular and many considered that the fork will fail, as 82% of BCH miners are using the the BCHN full node software, the new creation managed to survive. BCHA birth price was at $11.78 and dropped quickly to $10.50, just to slowly reach a high of $33, before stabilizing close to $24. The 70% increase was a boost of confidence and made way for some mined block-chains. Even with the value growth, not many miners joined the project, and the result was a slow decline, which will probably maintain until BCHA will turn totally unattractive. 2732e06834b623b0928e14cf1f711c04e6930578270dcd218cfdca5f4320c5af.jpeg

Only few blocks have been added to the BCHA chain since Nov 15, the date of the fork. The most recent BCHA block contained over 14,000 transactions, a major improvement from the 1,674 of the previous block, but not enough to attract big players. Bitcoin Cash ABC is surviving, but for how long?0013cece72f28065049b0fe271e452bc14f61d93e2245f3d1c0ad46d9a6cebe3.jpeg

This fork was less dramatic than the 2018 hard fork, as Sechet has been amicable and acknowledged the defeat of Bitcoin Cash ABC. It is hard to believe that Bitcoin Cash miners will choose the underdog, and commit to pay 8% of their rewards, instead of opting for the fork winner and keep all profits.9045d3a8e6f9fcbd5220f6f2363aee8628310ddc93725da057f8c16655d9cb7b.jpeg

From BCHA to BNB Dust

After the split I got approximately $3 worth of BCHA but because the fork process was not completed, the dusting was postponed.52949c68e8d248bc7beeb89469375164e4940d4936f9f0676bc763db968bc1a2.jpeg

This delay turned in my advantage and when it was possible to convert to BNB, the amount I receive was $7. Behold the great future of Bicoin Cash ABC ... dust... Binance Coin dust!9f56631d5c5928a2a2aa59fe535fb519fba4e63d3bac07f480d4f81d9c926a34.jpeg

 

Links and referrals:

Cointelegraph - BCHA not dead yet

Bitcoin Cash (BCH) hard fork and the failure of Bitcoin Cash ABC (BCHA)

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PVMihalache
PVMihalache

Self-Published Author, Football Referee, Football Coach, Early Crypto Investor, Personal Trainer, Well-Being Guru, Open-Minded, Traveller, Social Media Enthusiast, and many more...


Mind Puzzle
Mind Puzzle

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