The dust has finally settled on the recently fought bitcoin “hash war”. It appears that the aftermath left more than only short-term losses to both blockchains. The hash war has set the stage for a new rivalry, which will most likely drag on for quite a while.
In short, the hash war was a result of the very controversial hard fork back in November. A small group of the Bitcoin Cash community, decided to follow the newly created software protocol Bitcoin Satoshi’s Vision (BSV).
The majority of the community stuck to the original implementation of Bitcoin Cash called Bitcoin Adjustable Blocksize Cap (Bitcoin ABC). After the split occurred, many experts and traders were expecting a sharp decline in the price of one of the blockchains. Ironically enough, both blockchains suffered massive losses and a simple view on the market, wasn’t enough to decide a clear hash war winner.
The aftermath of the hash war
Now that a full month has almost passed, Bitcoin SV has a lot of work to do. Craight Wright, chief scientist at nChain and one of the most controversial people in the crypto community is one of the leading figures in BSV. He is currently focusing on improving the blockchain’s reputation, further developing the project and attracting adoption from more users and potentially business investors.
Adoption is a key word here. After the hash war, the two competing blockchains will mostly battle over who can secure a higher degree of user adoption. Both blockchains see their own cryptocurrencies as a digital form of money. BSV proponents often speak out against Bitcoin ABC and mention that in the long-run, only one of the blockchains will survive.
At the current moment, BSV is unlisted by a few of the most notable crypto exchanges. Despite that, the coin’s value has increased and at the moment is on a par with its rival. At publishing time, ABC is trading at $82.36 and BSV is trading at $75.65 based on data from CoinMarketCap.
Steve Shadders is the director of solutions and engineering at nChain. He has expressed his confidence that BSV will keep moving upwards by stating:
“Businesses and organizations have begun to build on the SV blockchain. I’m extremely confident about BSV’s future because of the businesses that have offered us their support all have a very sustainable business model.”
With the hash war now over, it seems that the winner will not be decided on the basis of hash power. The market will ultimately decide if ABC or SV make the cut.
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