GMO Coin, one of the biggest and most widely known cryptocurrency exchanges in Japan and the world, is once again offering Bitcoin Cash (BCH) trading support after a forced hiatus thanks to the hard fork of the asset that took place on November 15th.
And, since Bitcoin Cash split into two different blockchains and cryptocurrencies, it is convenient to note that GMO is supporting the Bitcoin ABC network (BCHABC,) according to a report from Finance Magnates (FM) this Monday, December 3rd.
The announcement, according to the report, is official and would start on December 4th, in the BCH/JPY trading pair. The exchange temporarily put a halt on BCH trading because it wanted to “avoid the disruption caused” by the November 15 hard fork, which coincided (or caused, according to numerous experts) an ugly industry-wide collapse that has Bitcoin (BTC) prices flirting with the $4,000 threshold.
According to specialized crypto news site Cointelegraph, Finance Magnates approached the GMO Coin exchange to know which BCH platform they would list. A GMO spokesperson replied, saying that “in our company, the one shown as BCH indicates a Bitcoin Cash called BCHABC.”
SV or ABC?
More than a week has passed since the Bitcoin Cash blockchain was divided into two very different networks: one is known as the most conservative part, which is Bitcoin ABC: they do not want to implement any major changes to the software, whilst e Bitcoin SV (BCHSV) has a very different way of viewing things.
Bitcoin SV supporter, Calvin Ayre decided to call for a permanent blockchain split after it was clear that talks were going nowhere. He stated that BCH SV did not want to be called Bitcoin Cash anymore. Ayre is joined by Craig Wright in the upper echelon of Bitcoin SV.
Cointelegraph noted in a recent publication that “Bitcoin SV is the original Bitcoin (BTC) not the original Bitcoin Cash,” accusing other blockchains of “tinkering Bitcoin to death.”
A Hash War
Bitcoin Cash [BCH] is one of the most influential cryptocurrencies in the industry, and it is viewed by the community as one of the closest things to the Bitcoin original version. Neither side was willing to drop its argument in the struggle, and a hash war full of hostility shortly began.
In the same vein, the term hash war refers to miners deciding which cryptocurrency to mine, and the asset with more miners was the moral winner. An exchange list Bitcoin Cash, but whether it is the ABC or the SV version has been a subject for debate. GMO Coin decided to support the Bitcoin ABC blockchain, but others have gone to the SV side.
According to the site BCFocus, Wright explained his vision in a recent Medium post. He said that Bitcoin SV (Satoshi Version) will make miners earn over $8,000 per block, which equates to $640 a bitcoin on exchanges without considering “the gambling price of bitcoin, just what miners will earn as a service.”
Wright strongly defends Bitcoin SV and says it will reach 6.5 million transactions per second in a span of two or three years.
By Andres Chavez