It has been coming for weeks, but the Bitcoin cash hard fork took place last weekend. With a divided community, there was some trouble to be expected. It seems the Bitcoin ABC team will face a steep uphill battle in the weeks and months to come.
The end of Bitcoin ABC?
Several teams have developed software clients to support the Bitcoin Cash network. Until recently, Bitcoin ABC was one of the leading implementations of the node software. That is, based on current statistics, no longer the case. Its number of nodes is dropping at an alarming rate, primarily due to this contentious hard fork.
What the Bitcoin ABC team proposes is a mining “tax” on all block rewards. Effectively cutting into the revenue generated by BCH miners is never a good idea. The community has opposed this concept since day one, which was to be expected. Funding the future development of Bitcoin Cash will need to be done very differently.
With the hard fork now in the books, the landscape has evolved a bit. Bitcoin ABC still has 464 network nodes, but is losing ground quickly. The dominant solution is now Bitcoin Unlimited, with BCHN making inroads as well. The “flipping” of Bitcoin unlimited and Bitcoin ABC was brewing for some time, yet seems to be fully finalized today.
The big question is what all of this means for BitcoinC ash as a project. Many people in the cryptocurrency space oppose this fork of Bitcoin, for a variety of reasons. Internal bickering among community members and node operators is the last thing this project needs. As such, the following weeks and months will be crucial for Bitcoin Cash, as well as Bitcoin ABC.
The Rise of BCHN
It is evident that a lot of BCH node operators are flocking to a new software client. Known as BCHN – or Bitcoin Cash Node – it is a miner-friendly node solving practical problems for BCH. With a transparent and responsive development process, it seems to offer a breath of fresh air compared to Bitcoin ABC. This implementation also has a relatively big team supporting the client, which can make a difference in the long run.
Judging by the current rate of growth, it is a matter of time until BCHN overtakes Bitcoin ABC. As long as the network has sufficient network nodes, Bitcoin Cash will not grind to a halt. Nor does it seem as if there will be two chains, as Bitcoin ABC’s support continues to dwindle. A rather intriguing turn of events, all things considered.
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