The Bitcoin Cash fork has taken place, but one of the two chains is at risk of survival.
In fact, at the time of writing this article, after the fork 76 new blocks have already been mined on the BCHN chain (Bitcoin Cash Node and BCH Unlimited), while only 6 on the BCHABC chain (Bitcoin ABC).
At this point, it is quite clear that the main chain is that of BCHN, which will therefore retain the name and symbol of Bitcoin Cash (BCH), while there are doubts about the survival of the Bitcoin ABC chain.
For example, Roger Ver said:
“There was no fork today. There was only a free airdrop of ABC coin to existing BCH holders. It is unclear if the ABC coin will even exist long enough for people to take advantage of the free airdrop”.
The thing is that both the miners and the BCH nodes didn’t like the protocol changes made by Bitcoin ABC so much that they continued to mine and add blocks to the blockchain with the classic Bitcoin Cash protocol.
Very few people have started using the new Bitcoin ABC protocol, which now includes a “Coinbase Rule” that automatically allocates 8% of the mined tokens to the protocol development.
The Bitcoin Cash Node protocol has removed this rule, defined as a downright mining fee, and this move has been much appreciated.
Now it remains to be seen whether Bitcoin ABC has enough strength to survive, or whether its chain will be abandoned.
The prices of the cryptocurrencies created by the Bitcoin Cash fork
In the meantime, BCH, the token of the BCHN chain, has lost more than 2% of its value compared to yesterday, but still remains at the price levels of a month ago, i.e. around $250.
Instead, the price of the new cryptocurrency, called Bitcoin Cash ABC (BCHA), has fallen to $12.
When it was newly listed, its value was very low, around $14, because most miners had already widely announced previously that they did not want to support this protocol and chain.
It is worth noting that adding the current price of BCHN with that of BCHA does not reach the $275 of the maximum peak reached by the price of BCH in the last 30 days, so those who bought it at that price now would be at a loss even if they had received the new BCHA tokens.