- The Bitcoin Cash community is divided over the decision to change the asset’s difficulty adjustment algorithm.
- ETH co-founder Vitalik Buterin remarks that the algorithm “is fine as is.”
- BCH proponent Hayden Otto says that despite the disagreement, another chain split seems unlikely.
The Bitcoin Cash (BCH) community appears to be at crossroads about the decision to change the asset’s difficulty adjustment algorithm. Chris Pacia, a volunteer BCH developer, took to Twitter to say that many people walked out of a recent developer meeting as they did not reach a consensus over whether or not to make adjustments to Bitcoin Cash’s difficulty algorithm.
Vitalik Buterin, the co-founder of Ethereum, tweeted in response, saying that he doesn’t understand why BCH people “care so much” given “your algo is fine as is.” A few reports suggest that the increasing tension over the difficulty algorithm may result in yet another BCH chain split. Australian BCH proponent Hayden Otto tweeted:
I will be sticking with the Bitcoin Cash (BCH) chain this coming chain split.
— Hayden Otto (@Hayden_Otto) August 4, 2020
According to a Cointelegraph report, Otto said that his tweet was meant as a joke to “troll” those opposing BCH’s core “Bitcoin ABC” developers. He called the community disagreement a “trivial matter.” Otto believes that a select few people have made it a priority to change the difficulty adjustment algorithm (DAA). These are the people who “want to stop miners gaming the current DAA by switching large amounts [of] hashrate to and from BCH — which results in inconsistent block mining times.”
Despite the disagreement in the community, Otto said that a BCHN chain split is unlikely, stating that miners do not widely adopt the BCHN software and hence, its supporters “will not have a majority vote to get their desired changes through on the upgrade date.”
They are now relying on ‘proof of social media’ tactics in an attempt to persuade miners and businesses who run ABC to capitulate and swap over to the BCHN software.
Right now it's all just posturing online, but when it comes to the upgrade date, the BCHN supporters are not expected to follow through on anything. They will be a minority chain and another split would be catastrophic for anyone following the minority chain.
BCH/USD daily chart
BCH/USD took control of the market, tracking down the price form $293.91 to $291.70. It looks like the price is currently consolidating below the $300-level. The MACD shows that the market momentum is going to reverse from bullish to bearish.
There are two strong resistance levels at $301.20 and $319.72. On the downside, healthy support exists at $282.25, $273.75 (SMA 200), $257.55 (SMA 20), $248.30 and $241.73 (SMA 50).
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.