Here’s What’s Going on at the Time of Bitcoin Cash (BCH) Hard Fork

Final thoughts  - The ABC blockchain is five blocks ahead of SV, as the latter's price tanks

The Bitcoin Cash ABC blockchain is currently ahead of the the Bitcoin Cash SV blockchain by five blocks, most of them mined by Bitcoin.com, thanks to its strategy of taking hashrate from the BTC blockchain and deploying it on the BCH blockchain. Since the ABC side currently has more hashrate than SV, a 51% attack isn’t possible.

On the SV side, some reports claim nodes are crashing. On crypto exchanges already trading the BCHABC and BCHSV tokens - Poloniex and Bitfinex - SV’s tokens are plummeting. Currently, BCHABC is trading at $312, while BCHSV is down to $77.

Notably, Bitcoin.com won’t be able to keep on directing its pool’s BTC’s hashrate to the ABC blockchain as it’s being rented by its clients. When its hashrate is directed back to BTC’s blockchain, it’s unclear whether SV will have enough hashrate to attack the ABC blockchain.

We’d like to thank you for following the Bitcoin Cash hard fork with us. CryptoGlobe will soon publish an update on the situation and will keep on monitoring the situation.

18:47 - ABC has mined eight post-fork blocks while SV mined five, thanks to added hashrate

The BCH ABC blockchain has already seen eight blocks be mined after the hard fork, and seven of them were mined by Bitcoin.com. The mining pool, which mines both BTC and BCH, redirected most of its hashpower to the BCH blockchain, presumably to prevent a 51% attack.

The move has now seen the ABC blockchain have more hashpower than SV, which means a 51% attack is currently impossible. Currently, estimates put Bitcoin Cash ABC’s hashpower at 3,850 PH/s, and Bitcoin Cash SV’s at 2,915 PH/s

Bitcoin ABC's hashrate is currently above that of Bitcoin SV

18:17 - Bitfinex reveals it’ll attribute th BCH ticker to the winning blockchain, first SV block mined

The popular Bitfinex exchange has recently revealed, via Twitter,that’s set to attribute the BCH ticker to the “winning” blockchain. The ticker will not be assigned until the hard fork is complete and, presumably, until the dust settles.

The cryptocurrency exchange has also revealed it just credited users who were engaging in pre-fork trading with their respective BCHABC and BCHSV tokens. At about the same time the SV blockchain just mined its first block. This officially confirms the chain has split.

18:11 - The ABC blockchain is block ahead of SVs

The BCH blockchain split merely minutes ago and the BCHABC supporters have already mined two additional blocks, while the blockchain supported by self-proclaimed Satoshi Nakamoto Craig Wright is seemingly pending, with no additional blocks being mined so far.

Blocks on ABC’s blockchain are currently seeing thousands of transactions go through it. According to some monitoring tools these transactions have extremely low fees attached to them.

18:06 - Block 556767 has been mined and BCH blockchain just split into two

The Bitcoin.com mining pool  has recently mined block number 556767 on the Bitcoin Cash blockchain. It’s the first post-fork and was mined by a mining pool supporting the Bitcoin ABC development team.

Those supporting Bitcoin Cash SV just regarded the block as invalid, which means the Bitcoin Cash blockchain just split into two.

17:23 - Bitcoin.com’s mining pool adds 4 exahash of mining power

Bitcoin.com’s mining pool, an organization that supports the Bitcoin ABC development team, has reportedly added 4 exahash of mining power directed at the BCH blockchain, presumably in a response  to prevent BCHSV’s 51% attack threat.

16:35 UTC - BCHABC surges on Poloniex as BCHSV declines

Shortly before the hard fork, the price of BCHABC’s “futures” has started surging and are currently trading at $285, while BCHSV’s futures started plummeting, and have already dropped below $100.

As previously covered, the pre-fork futures had a very narrow gap merely days ago, at about the time cryptocurrency exchange Bitfinex launched trading pairs as well.


Bitcoin Cash Hard Fork - ABC vs. SV

Bitcoin Cash’s (BCH) blockchain is about to undergo a hard fork that’s set to split it in two separate networks. Here you’ll find CryptoGlobe’s live coverage of the situation. As previously covered, there are two opposing sides with “skin in the game.”

One side, Bitcoin Cash ABC, sees the Bitcoin ABC development team attempt to improve the cryptocurrency technology, while the side backed by self-proclaimed Satoshi Nakamoto Craig Wright, Bitcoin Cash SV, is looking to increase its block size from 32 MB to 128 MB.

Currently the market is favouring Bitcoin Cash ABC with a price of over $312 compared to BCHSV which is currently trading at $77. As the chart shows it was only 24 hours earlier BCHSV briefly surpassed BCHABC as CryptoGlobe covered.

Bitcoin ABC has been surging while Bitocin SV is plummeting after the forkBCHABC (red) pulls away from BCHSV (Blue) in price

Bitcoin Cash SV’s miners currently hold roughly 71% of the network’s hashrate, and have threatened a 51% attack against the chain supporting Bitcoin Cash ABC. The threat would see them mine empty blocks on the chain, in an attempt to stop transactions from going through.

According to Coin.Dance data, only about 8% of the network’s nodes support BCHSV. Recently, an SV-supporting website, CoinGeek, was hit with a distributed denial of service (DDoS) attack. While attacking the website itself doesn’t harm BCHSV, attacking CoinGeek’s dominant mining pool or BCHSV’s nodes could affect its resources.

Most cryptocurrency exchanges have already suspended BCH deposits and withdrawals. Moving coins right after the hard fork isn’t advisable, as replay protection hasn’t been implemented. This could see users accidentally spend funds on both chains.

Resources to Track the Fork

  • Fork Monitor - https://forkmonitor.info/
  • Fork tool - https://fork.btc.com/  
  • Coin.Dance - https://cash.coin.dance/
  • BCHSV price - https://www.cryptocompare.com/coins/bchsv/overview
  • BCHABC price - https://www.cryptocompare.com/coins/bchabc/overview

Coinbase Commerce Now Lets Merchants Accept USD Coin (USDC)

On Monday (May 20), Coinbase announced that "Coinbase Commerce", which provides non-custodial cryptocurrency payment solutions, now allows businesses to accept fully dollar-collateralized stablecoin USDC.

History of USDC

As CryptoGlobe reported on 26 September 2018, "USDC Coin" (USDC for short) was launched on that day by Goldman-funded FinTech startup Circle Internet Financial (better known as "Circle"). This is a regulated fully-collateralized dollar-backed stablecoin that was originally announced on 16 May 2018. USDC is based on an open source fiat stablecoin framework developed and governed by the CENTRE project.

Circle said at the time that the problems with existing fiat-backed solutions (such as Tether's USDT) were that they "have lacked financial and operational transparency, have operated in unregulated jurisdictions with unknown banking and audit partners, and have been built as closed-loop ecosystems and closed proprietary technologies."

In contrast, Circle's USDC stablecoin deals with these issues by "providing detailed financial and operational transparency" and "operating within the regulated framework of US money transmission laws, reinforced by established banking partners and auditors." USDC tokens are ERC-20 compatible (meaning that they run on the Ethereum blockchain); they are minted, issued, and burnt/redeemed based on network rules defined by CENTRE. 

Coinbase's Previous Involvement With USDC

On 23 October 2018, Circle announced that Coinbase (another member of the CENTRE consortium) was making USDC available to its customers on Coinbase Consumer and Coinbase Pro, and that customers could "tokenize dollars into USDC and redeem USDC into dollars through both Circle and Coinbase."

Then, on May 14, Coinbase said via a blog post titled "Expanding USDC crypto trading globally" that:

  • It was making USDC trading available on Coinbase Consumer and Coinbase Pro in 85 countries.

  • It was doing this to help "accelerate the global adoption of crypto trading" and to provide wider access to "a stable store of value."

  • There are more than 300 million USDC tokens currently in circulation today, and that USDC is supported by 100+ ecosystem partners.

  • Stablecoins "have the potential to materially improve the lives of people in countries where inflation is eroding wealth." 

  • Coinbase serves customers in 103 jurisdictions.

Coinbase Commerce and USDC

Coinbase Commerce was launched on 14 February 2018. Coinbase described Coinbase Commerce as a new service that "enables merchants to accept multiple cryptocurrencies directly into a user-controlled wallet," and that in contrast to its previous merchant products, it was "not a hosted service, so merchants have full control of their own digital currency." Four cryptocurrencies were supported back then: Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC).

Coinbase Commerce can be "directly integrated into a merchant’s checkout flow or added as a payment option on an e-commerce platform." Initially, the only e-commerce platform supported was Shopify, but on 6 August 2018, support for WooCommerce was added.

Yesterday's blog post said that now Coinbase Commerce has added support for stablecoin USDC, thereby allowing "businesses to accept payments online in the same way they’re able to accept cash in-store." 

Here are a few things to note about Coinbase Commerce:

  • "Coinbase Commerce doesn’t charge any fees to process payments."
  • "Coinbase Commerce accounts are completely separate from Coinbase accounts."
  • "You can use the withdraw functionality to send cryptocurrency to an address associated with your Coinbase account."

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