In the world of cryptocurrencies, network upgrades, known as hard forks, are significant events that can shape the future of a digital asset. The Bitcoin Cash (BCH) hard fork occurred as scheduled at UNIX time 1542300000, which translates to 0:40:00 on November 16, 2018 (UTC+8). Leading up to this moment, industry experts predicted that the event would result in the division of BCH into two distinct cryptocurrencies: Bitcoin Cash ABC (where ABC stands for Adjustable Blocksize Cap) and Bitcoin Cash SV (with SV representing Satoshi’s Vision).
This article explores the key developments during and after the hard fork, providing insights into the technical and community-driven aspects of this major event.
Initial Results and Network Support
By noon on November 16, data from Coin.Dance indicated that Bitcoin ABC had taken a clear lead in both hash rate and node count compared to Bitcoin SV. The block height for BCHABC had reached 556863, while BCHSV trailed at 556823—a difference of 40 blocks. In terms of computational power, Bitcoin ABC commanded a dominant 69% of the total hash rate, signaling stronger miner support at that critical juncture.
This early advantage suggested that a majority of the network participants favored the ABC implementation, which could influence the long-term viability of each chain.
Network Activity and Potential Attacks
Shortly after the hard fork, unusual activity was observed on the BCHABC network. Video evidence shared by members of the crypto community revealed that several blocks were rapidly filled with a large number of small-value transactions. Reports indicated that three blocks alone processed over 50,000 transactions, with a total value of less than 0.5 BCH.
Some analysts speculated that these micro-transactions might have been a deliberate attempt to stress-test or attack the ABC network. However, due to the generous block size limit of BCH, it was estimated that such an attack would require a significantly larger volume of spam transactions sustained over two to three weeks to cause any meaningful network disruption.
Key Supporters and Their Visions
The hard fork was primarily driven by a fundamental disagreement within the Bitcoin Cash community regarding the future direction of the protocol.
Bitcoin ABC (BCHABC)
This faction, supported by prominent figure Roger Ver and his Bitcoin.com mining pool, advocated for keeping the block size at 32MB. Their goal was to position BCH as a foundational infrastructure blockchain, enabling a wider range of applications and use cases beyond peer-to-peer electronic cash.
Bitcoin SV (BCHSV)
On the other side was Craig Wright, an Australian scientist often referred to as “Faketoshi” or “澳本聰” in Chinese-speaking communities. His vision, supported mainly by the Coingeek mining pool, focused on refining BCH for transactional purposes. Wright’s nGroup released a new node client named Bitcoin Satoshi’s Vision (BCHSV), arguing that the ABC proposal deviated from Bitcoin’s original protocol. The SV camp aimed to increase the block size from 32MB to a maximum of 128MB.
Frequently Asked Questions
What is a hard fork in cryptocurrency?
A hard fork is a radical change to a blockchain’s protocol that makes previously invalid blocks and transactions valid, or vice-versa. It requires all nodes or users to upgrade to the latest version of the protocol software. Forks often occur due to disagreements within the community, leading to a split into two separate chains.
Why did the Bitcoin Cash hard fork happen?
The fork was the result of a conflict between two development groups with opposing visions for Bitcoin Cash’s future. Bitcoin ABC supporters wanted to enable more complex smart contracts and applications, while Bitcoin SV proponents aimed to preserve and scale the original vision of Bitcoin as described in the Satoshi Nakamoto whitepaper.
How did the market react to the BCH hard fork?
Initially, the market saw significant volatility and uncertainty. The price of BCH fluctuated widely in the days leading up to and following the fork. Investors and traders monitored the hash rate and miner support to gauge which chain might gain long-term dominance.
What is the significance of hash rate in a fork?
Hash rate represents the computational power dedicated to mining and securing a blockchain. A higher hash rate generally indicates greater network security and miner confidence. In the context of a fork, the chain with more hash rate is often considered more likely to survive and attract ongoing development.
Can both chains coexist after a hard fork?
Yes, it is possible for both chains to continue operating independently after a fork. This results in two separate cryptocurrencies, each with its own community, developers, and market value. Holders of the original asset typically receive an equal amount of the new forked coin.
Where can I learn more about blockchain upgrades?
For those interested in understanding the technical and strategic aspects of blockchain development and forks, explore more educational resources here.
Conclusion
The Bitcoin Cash hard fork of November 2018 was a defining moment for the cryptocurrency, highlighting the challenges of decentralized governance and protocol evolution. With Bitcoin ABC initially leading in hash rate and community support, the event underscored the importance of consensus in blockchain networks. While both chains continued to develop independently, the fork served as a reminder of the delicate balance between innovation and preservation in the crypto space.