Bitcoin Cash, the “big block” cryptocurrency that forked from Bitcoin in 2017, has split once again. On November 15, 2018, the blockchain underwent a contentious hard fork, giving birth to two competing chains—Bitcoin Cash ABC (BCH ABC) and Bitcoin Cash SV (BCH SV). While BCH ABC currently leads in accumulated proof of work and trading value, the war for supremacy is far from over.
The Checkpoint Controversy: Centralization vs. Security
The Bitcoin ABC development team had an unexpected strategy up its sleeve—a controversial checkpoint added to its latest software release hours after the fork. This checkpoint enforces the first BCH ABC block as a mandatory part of the protocol, effectively preventing adversarial miners from reorganizing the chain.
While this move enhances network security by shielding BCH ABC from a hostile takeover, it has also sparked criticism. Critics argue that introducing a checkpoint gives central authority to the Bitcoin ABC team, overriding the traditional proof-of-work consensus. This centralization concern could even lead to another chain split within the Bitcoin Cash ABC network.
Despite these concerns, the likelihood of a split remains low. A 51% attack on the network—one of the few ways to override the checkpoint—would cost an estimated $1 million at current hash rates, making it an expensive and unlikely endeavor.
Future Attacks: Is the Hash War Really Over?
While Bitcoin Cash ABC proponents celebrate what they see as a victory, Bitcoin Cash SV supporters, led by nChain’s chief scientist Craig Steven Wright and Coingeek owner Calvin Ayre, insist that the battle is far from settled.
Wright has declared the “hash war” a marathon rather than a sprint, hinting at future attacks on BCH ABC. Some BCH SV supporters claim they are preparing strategies, such as spam attacks like the so-called “Satoshi’s Shotgun,” to cripple BCH ABC.
So far, no significant attacks have materialized, although minor spam attacks were observed around the hard fork. However, a major shift in mining power could change the situation. The Bitcoin.com pool temporarily redirected its Bitcoin mining power to support BCH ABC, but once hash power normalizes, BCH ABC could become more vulnerable to 51% attacks.
The Name Game: BCH ABC vs. BCH SV
One of the biggest ongoing disputes is the naming of the two chains.
Bitcoin Cash ABC supporters claim that their chain is the legitimate continuation of Bitcoin Cash and insist on using the ticker “BCH.” Some even argue that their blockchain should be called “Bitcoin” itself. Meanwhile, Bitcoin Cash SV proponents maintain that their chain will ultimately prevail, believing that only one Bitcoin Cash will remain standing.
In the midst of this, exchanges and media outlets have adopted different naming conventions. Bitcoin Magazine, for instance, has referred to the two chains as “Bitcoin Cash ABC” (BCH ABC) and “Bitcoin Cash SV” (BCH SV). Other platforms, however, have started using alternative ticker symbols such as “BAB” for BCH ABC and “BSV” for BCH SV. Some exchanges have yet to list BCH SV at all.
What Comes Next?
The Bitcoin Cash split has once again exposed the deep ideological and technical divisions within the crypto community. Whether BCH ABC solidifies its dominance or BCH SV stages a comeback remains to be seen.
For now, Bitcoin Cash ABC holds the upper hand in hash power and market support. But in the volatile world of cryptocurrency, fortunes can change overnight.