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Bitcoin Cash ABC

bitcoin-cash
Year 2018
Founders Roger Ver

Bitcoin Cash ABC – what new will the Bitcoin Cash hardfork bring and does this currency have a right to exist? What are forecasts and prospects about BCHABC?

What is Bitcoin Cash ABC?

BCHABC is one of the two cryptocurrencies which have emerged after the separation of the Bitcoin Cash network. Bitcoin ABC and Bitcoin SV are two BCH hardforks. The split took place on November 15, 2018, due to a disagreement between two project development teams. As a result, they’ve decided to split up and to create two different cryptocurrencies instead of one Bitcoin Cash.

The coin was initially offered on November 16, 2018. On the first day, it cost $309,52. And already on the following day, its price was fluctuating around $230,7-258,5 per unit. Currently, the exchange rate reaches up to $227,04.

Not all cryptoinvestors have been able to sort out the essence of the new coin and whether it’s worth investing in. The developers themselves position their cryptocurrency as a true extension of Bitcoin Cash. Moreover, the team has mentioned that the basic structure of the chain didn’t require any radical changes. But some distinctions between Bitcoin Cash ABC and Bitcoin Cash still exist.

It’s interesting that particularly the ABC coin has inherited the BCH name, though on some exchanges it’s still being traded as BCHABC.

The initial disagreements have arisen out of the fact that one side wanted to alter the blockchain technology of the network drastically, while the other was against it. And, though BCHABC is more like classical BCH, it still has undergone some technical modifications including:

Eventually, the world has got a new electronic payment system based on encryption technologies.

The roadmap of the project includes other quite important alterations. For instance, the developers have proposed to increase the block’s size and lower the amount of the transaction fee.

History of creation

Bitcoin Cash ABC has a really short history as a separate coin since it emerged only on November 15, 2018, after the Bitcoin Cash hardfork. The latter also appeared on the cryptocurrency market not long ago – in August 2017, following the Bitcoin community’s breakup.

The idea itself and functionality of the new coin have been proposed by Roger Ver. He’s an owner of one of the largest and most popular websites which are dedicated to cryptocurrency. Jixan Wu, known as one of the owners of the Bitmain mining company, has also participated directly in the fork’s creation.

It’s a peculiar fact that Bitcoin ABC appeared already in July 2017. Back then it was part of the BCH blockchain. Its separation occurred much later.

The name of the new cryptocurrency hasn’t appeared accidentally. It has been borrowed from the team which has been working on the fork’s technology.

During the “breakdown” of BCH into two new cryptocurrencies a serious scandal between the developers, accompanied by accuses, threats and even DDoS attacks, took place. The conflict is raging on even now.

Positive and negative feedback

As Bitcoin ABC and Bitcoin SV has appeared only recently, there is a wide range of views regarding them. It’s only been a month since the moment of the split, but some results can be already summarized. Namely, BCHABC stands to gain now. The coin has been supported by cryptocurrency exchanges and investors. Owners of digital currencies have highlighted its following advantages:

While talking about negative sides, people usually mention Bitcoin SV instead of Bitcoin ABC. It’s too early to speak about disadvantages of the latter as too little time has passed. Moreover, users also have a positive attitude towards the coin.

Development forecast

It wasn’t easy to predict a victory of one of the contestants at the moment of the Bitcoin Cash hardfork. But nowadays mostly Bitcoin ABC is considered to be a winner. And there is a number of undeniable pieces of evidence of it:

It’s difficult to predict a precise exchange rate of the currency so far, but arguments in favour of its successful development can be already provided:

  1. extension of functionality – users will be able to apply the new currency not only as a means of payment as the platform also allows conduction of cashless operations, for example, related to creation of smart contracts;
  2. more similarity to Ethereum than to Bitcoin;
  3. enhanced scalability;
  4. wide support of the coin from the cryptocommunity.

A negative effect on price and development of the coin may occur because of conflicts and scandals between the fork’s teams. This, in its turn, can discourage institutional investors and reduce the volume of capitalization. Another disadvantage is the presence of supporters of Bitcoin SV who will be speaking against the “opposing” coin.

How Bitcoin Cash ABC may be applied?

Owners of Bitcoin Cash coins have received Bitcoin ABC for their accounts in the 1:1 ratio during the hardfork. But what should do the ones who didn’t have BCH at that moment? How they can get the new coin? There are several options:

The applicability of the currency as a means of payment will be most likely implemented. As its position is stabilized, many online stores and sites will propose users to pay with the new coin.

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