While most cryptocurrencies experienced massive losses throughout 2018, no one will soon forget the mid-November hard fork of BCH, which has given birth to BSV and has also pushed the entire crypto market into a completely new nosedive and created a BCH vs BSV rivalry. Now, over a month after the event, the market is still suffering consequences. However, many are interested in what did the hard fork manage to achieve, as well as what might await these coins in the future.
BCH vs BSV: A quick recap
As many already know, Bitcoin Cash (BCH), which itself came to be as a fork of Bitcoin, was scheduled to have a hard fork on November 15th. This was one of two hard forks that BCH is expected to have annually so that it can implement necessary upgrades and improve the blockchain. However, due to the difference in opinion within the BCH community, two sides eventually formed.
One was led by Bitcoin ABC, which wanted to bring its version of upgrades to BCH. The other was led by nChain’s Craig Wright, who believed that implementing said upgrades would change BCH and that it would no longer be what Bitcoin’s creator, Satoshi Nakamoto, envisioned when he created BTC a decade ago.
After months of debating, the two sides were unable to come to a consensus, and the hard fork resulted in the creation of two coins. Another problem was that both of them wanted to be considered the real BCH, which is why they entered a hash war. After more than a week of excessive block mining, Bitcoin ABC got its version of BCH to be considered the real BCH. As for Wright’s coin, it came to be known as Bitcoin SV (BSV).
BCH and BSV in a post-war market
As mentioned, the hash wars of these two coins started a downward spiral that has affected Bitcoin’s entire ecosystem, and the entire crypto market followed. Within only days, Bitcoin lost nearly half of its value, and the same is true for the crypto market as a whole. After the hash wars died down, the BSV representative, Calvin Ayre, stated that the community is ready to move on from the conflict. Their coin was doing well even without the BCH as their name, and they have decided that they do not want it anymore.
The entire situation has proven that the community believes that BSV should exist, and this fact alone is enough for the coin’s developers. Despite the fact that they have lost the name Bitcoin Cash, they consider BSV’s very existence to be their victory. At first, it appeared like BSV might disappear, and join Litecoin Cash, Bitcoin Diamond, and Bitcoin Gold. However, the coin soon started gaining value, especially in early December, when it started seeing massive gains in the middle of a crashing market.
BSV started advancing rapidly, in terms of price and market cap, and it quickly moved past several of the top 10 coins. The progression soon stopped, and dropped to 9th position, with a current price of $105.77. As for Bitcoin Cash, it also appeared like it might lose its position permanently, but it soon returned to the 4th spot, where it currently resides.
Right now, it appears like the market is trying to find a way to reach stability. After almost a week of growth, a lot of coins are currently seeing a slight correction. Investors have already given up on their dreams of a bull run, but many still hope that the market will successfully find balance in the last days of 2018.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.