Freewallet’s customers have already been enjoying Bitcoin Cash (ABC) after the November Bitcoin Cash hardfork. Today, we are glad to announce that we have added the second coin – Bitcoin SV to the Freewallet platform. We topped-up the balances of all lucky owners of Bitcoin Cash with Bitcoin SV. Now you can manage, exchange, and store your BSV in your secure wallet.

Why did the hard fork happen?

The milestone that split BCH into two parties was a long time coming. BSV (which stands for Satoshi’s Vision) proponents wanted to restore Satoshi’s protocol, which required significant changes, while BCH (ABC) decided to stick to the original roadmap of Bitcoin Cash. As a result, Bitcoin Cash divided into two separate chains and coins in November

Bitcoin SV vs Bitcoin Cash (ABC)

One of the major differences between coins is their block size. Unlike their BCH (ABC) counterparts, the BSV faction wants to increase block size from 32MB to a maximum of MB. Also, they aim to rewrite the original scripts of Bitcoin Cash significantly. In their opinion it will improve scalability and expand network capacity.

Meanwhile, the BCH (ABC) side wants to keep the block size the same but also wants to allow node operators to adjust block size limits. They plan to follow the roadmap and reduce transaction costs and improve scalability.

What do I have to do to get BSV?

You don’t have to do anything. Being a hosted wallet, bitcoin abc roadmap 32 mb, we took it upon ourselves to add the coins to your wallet. All Freewallet customers who held Bitcoin Cash before the hardfork have ended up with both BSV and BCH (ABC) coins in their accounts. Go and check it out in your account.

If you have any questions regarding the Bitcoin Cash hardfork or need any assistance please contact our support team.

bsvhardfork

Related

It's not entirely clear what another block size increase will accomplish, but promises are promises.

Bitcoin Cash is set to hard fork into a 32MB block size on 15 May A hard fork is a non-backwards compatible software change. This Bitcoin ABC fork in particular is very similar to the Bitcoin > Bitcoin Cash fork, in that it will simply be raising block size again. While the first Bitcoin Cash fork went up to 8MB, bitcoin abc roadmap 32 mb, this one will be going up to 32MB.

Size matters

Block size makes a difference. Specifically, it affects transaction fees and transaction times. You can fit more transactions into larger blocks, which means they can get processed more quickly which in turn reduces transaction fees.

But bigger isn't always better.

The chart below shows how the total size of the bitcoin blockchain over the years, with a 1MB block size.

At the end of it hit about GB in size, with 1MB block size. Setting aside all the other variables for the sake of simplicity, Bitcoin Cash is set to have a much larger blockchain size still.

The concern is that it's not necessarily sustainable, and the total size of the blockchain, bitcoin abc roadmap 32 mb needs to be downloaded if someone wants to run a full node on the blockchain, will eventually get too heavy to handle. A couple of years from now, assuming Bitcoin and Bitcoin Cash are still alive, it might be into the terabyte range.

Eventually the data storage requirements and sheer size of the entire blockchain history will just be too much. There are various ways to address these issues, such as sharding, which involves splitting the blockchain into separate pieces for manageability. But in the case of Bitcoin and Bitcoin Cash, these issues are solved by vague hand-waving and insisting that Moore's Law and other advances will solve it.

One trick pony

OPINION:

Increasing the block size again was in the Bitcoin Cash roadmap right from the start, and the Bitcoin ABC development seems to be committed to keeping on schedule even though there's no particular reason to up block size again.

Bitcoin transaction fees are currently averaging US$1, while Bitcoin Cash fees are about 5 cents. This is unlikely to change with yet another block size increase, and an 8MB block size has so far proved to be plenty. At this stage, bitcoin abc roadmap 32 mb, Bitcoin Cash is looking like a one trick pony, only able to increase block size endlessly regardless of whether or not it makes any sense.

Block size has proved to be a remarkably contentious issue throughout the history of bitcoin, keeping Bitcoin and Bitcoin Cash enthusiasts at each other's throats. Tribalism aside, both are goofy and outmoded at this point.

Despite the downsides of a larger block size, bitcoin could still have increased it without any real downsides. 8MB might have been a little much, but it was still far preferable to the clogged and useless state of the bitcoin network at the height of December's hype. Bitcoin simply wasn't ready for that level of popularity, which saw it take a step backwards in acceptance. The number of merchants accepting bitcoin actually dropped as it became more popular. Simply raising the block size would have helped enormously, so it's a shame that no consensus could be reached.

At the same time, a bigger block size isn't an actual scaling solution. By itself, it cannot scale to the extent needed, and the downsides make it unsustainable in the long run. But for some reason, the one trick ponies on the Bitcoin Cash development team are at it again.

Bitcoin's own scaling solution, the lightning network, is infinitely more creative, effective and widely applicable than mindlessly bitcoin abc roadmap 32 mb up the block size. The only problem is that it's more of a feature for use in specific transaction types than an actual network-wide scaling solution. The only reason it is even being considered as an actual scaling solution is that the inherent deficiencies of bitcoin put more practical solutions out of reach.

In some ways bitcoin and Bitcoin Cash are like old wagons trying to get a speed boost. Bitcoin is upgrading its horses, redoing its wheels and exploring lighter construction, bitcoin abc roadmap 32 mb, while Bitcoin Cash is painting a series of increasingly rad-looking racing stripes on its wagon.

Other systems are more like race cars. Perhaps not yet as reliable as the old wagons, bitcoin abc roadmap 32 mb, but undoubtedly more advanced and able to develop further in the future.

Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, BTC, NANO

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As many are aware, the Bitcoin Cash ‘hash war’ heated up between two competing implementations of the protocol — Bitcoin ABC (backed by Roger Ver, bitcoin abc roadmap 32 mb, Rick Falkvinge and Jihan Wu) and Bitcoin SV (backed by Craig Wright’s nChain and Calvin Ayre).

Last Friday, Bitcoin Cash split into two competing chains. At the time of writing, the Bitcoin ABC chain is the ‘longer’ chain; however, for now it looks like the two chains will continue to live side by side. Things change quickly though; one side could admit defeat and switch to the other and mining attacks are not off the table.

Note that since replay-protection is not implemented, users are advised to not do any transfers of BCH while the fork is in effect unless proper precautions are taken.

Up-to-date details on the state of the fork can be found www.oldyorkcellars.com

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Bitcoin ABCrepresents the “conservative wing” which aims to preserve Bitcoin Cash from radical changes. Adherents to this wing believe that the basic structure of BCH is “sound,” and “does not need any radical change.” Nevertheless, bitcoin abc roadmap 32 mb, Bitcoin ABC’s roadmap leaves some room for further development of the network and minimizing transaction costs, which seems to be its main priority. Hard forks are planned to occur every 6 months, of which this is one.

Bitcoin SVwas founded on August 16 by nChain, a blockchain development firm affiliated with Craig Wright. The “reformers” attempt to restore “the original Satoshi protocol” by changing the current BCH structure. Specifically, that would involve entirely overwriting the network scripts of Bitcoin ABC and increasing the block size of BCH from 32MB to a maximum of MB to increase network capacity and scale.

Bitcoin Unlimitedhas implemented support for both proposals in their client, activatable via miner voting.

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At Kaiko, we want to inform our data subscribers about the taxonomic changes that have resulted from the split. Below, we list all exchanges covered by Kaiko and their responses to the Bitcoin Cash hard fork. We have posted links to the official exchange-specific announcements and recorded how each exchange is handling the fork, including new taxonomic codes.

Note: 20 Exchanges currently providing data through Kaiko have publicly announced how the bitcoin abc roadmap 32 mb fork affected Bitcoin Cash trading.

Binance

Bitfinex

• Support Bitcoin Cash ABC: Yes, BAB
• Support Bitcoin Cash SV: Yes, BSV
• Official announcement:www.oldyorkcellars.com

Bithumb

• Support Bitcoin Cash ABC: No
• Support Bitcoin Cash SV: Yes, BSV
• Official announcement:www.oldyorkcellars.com

BitFlyer

• Support Bitcoin Cash ABC: Yes, BCH
• Support Bitcoin Cash SV: No
• Official announcement:www.oldyorkcellars.com

Bitmex

• Comment: On settlement, theBCHZ18contract will settle at a price on the Bitcoin ABC side of any split and willNOTinclude the value of Bitcoin SV.
• Official announcement:www.oldyorkcellars.com

Bitstamp

• Support Bitcoin Cash ABC: Yes via BCH
• Support Bitcoin Cash SV: No
• Comment:We will only support Bitcoin ABC during the fork and the price of BCH at Bitstamp will reflect bitcoin abc roadmap 32 mb price of Bitcoin ABC. Initially, bitcoin abc roadmap 32 mb, we will not support any alternative chains, but will monitor the situation and decide about further courses of action at a later date.
• Official announcement:www.oldyorkcellars.com

Bittrex

Bit-z

Coinbase

CoinOne

• Support Bitcoin Cash ABC: Pending
• Support Bitcoin Cash SV: Pending
• Comment:Coinone Indonesia want to announce that we are going to support Bitcoin Cash Hardfork
• Official announcement:www.oldyorkcellars.com@www.oldyorkcellars.com

EXX

• Support Bitcoin Cash ABC: Pending
• Support Bitcoin Cash SV: Pending
• Comment:If the Bitcoin Cash hard fork create a second coin, EXX will replace all Bitcoin Cash (BCH) balances with BCHABC and BCHSV
• Official announcement:www.oldyorkcellars.com

Gatecoin

Huobi

HitBTC

• Support Bitcoin Cash ABC: Yes, BCHABC
• Support Bitcoin Cash SV: Yes, BCHSV
• Official announcement:www.oldyorkcellars.com

Kraken

Korbit

OkCoin

Okex

Poloniex

• Support Bitcoin Cash ABC: Yes, BCHABC
• Support Bitcoin Cash SV: Yes, BCHSV
• Official announcement:www.oldyorkcellars.com

Yobit

• Support Bitcoin Cash ABC: Yes, BCHABC
• Support Bitcoin Cash SV: Yes, BCHSV
• Official announcement:www.oldyorkcellars.com

Note to the reader: If you are not familiar with the role of a hard fork as consensus mechanism within the Bitcoin community, make sure you first read our previous blog, Bitcoin Cash Hardfork - Nakamoto (Bitcoin) Principles You Should Grasp.

One week after celebrating the first anniversary of the Bitcoin Cash on the first day of August, one of the network’s developing teams, Bitcoin ABC announced their intention to undertake a technical upgrade of the BCH software code. Soon after, the team published details of some of the protocol changes they wished to make and scheduled their upgrade for 15 November

As there are dozens of developers from independent groups working on maintaining and innovating the BCH protocol, not all were in agreement with the proposed changes.

Craig Wright, Chief Scientist of nChain for one, came out strongly against Bitcoin ABC’s proposal. He countered by announcing the nChain development team’s competing plan for the November upgrade. Bitcoin SV (Satoshi Vision), as it was named, advocates to restore the BCH network to a full node implementation of the original Bitcoin protocol as described in the Whitepaper. Bitcoin SV represents a significant group of developers and miners (including the Coingeek mining pool) who is concerned about attempts to make ‘unnecessary’ changes to the network. In contrast, Bitcoin SV wishes to align Bitcoin with Satoshi Nakamoto’s original vision without the addition of bells and whistles that detract from this purpose. 

These two competing proposals are now on the table. As we dive into the conflicts between the two arguments, however, it is important to look beyond the short-term effects and consider the long-term impact. While the protocol changes put forward by each side are technical of nature, the implications are of huge philosophical significance as they are bound to steer the network onto two widely different futures.

Bitcoin Cash Fork: Bitcoin ABC’s Roadmap

Here comes the technical bit of Bitcoin ABC’s proposal

Canonical Transaction Ordering, or CTOR

In this transaction ordering rule, transactions are sorted according to given transaction identifiers within a block. According to Bitcoin ABC, changing the current transaction ordering format (topological ordering) to CTOR would eliminate an array of scalability issues for the BCH network and allow it to process very large blocks. 

Those leading Bitcoin ABC, such as Amaury Séchet, has promised that several immediate improvements would flow from the change to CTOR. Benefits would include the enablement of compact proofs of transaction inclusion/exclusion which would make chainless apps more capable, as well as giving BCH users a newer degree of control over localising their transaction within blocks.

Addition of New Opcodes, Including OP_CHECKDATASIG

Bitcoin ABC also proposed the implementation of a new opcode (or command), OP_CHECKDATASIGto "enable uses such as the use of permissionless oracles and cross-chain atomic contracts."

Scaling

The last and most divisive disparity between the competing proposals is the matter of block size; While Bitcoin SV wants to increase the maximum block size to MB in November, bitcoin abc roadmap 32 mb, Bitcoin ABC what is a capital investment bond fast to the current limit of 32 MB.

Bitcoin Cash Fork: Bitcoin SV’s Roadmap

Criticism of Bitcoin ABC proposal

Untested and Unproven

Bitcoin ABC’s explicit argument for the protocol changes and their opposition to Bitcoin SV’s proposal to scale blocks to MB hinges on network efficiency and functionality. At the same time, none of the changes has been tested and proven effective and problem-free.

Secret Benefactors, Undisclosed Interests?

What has remained unaccounted for, bitcoin abc roadmap 32 mb the value that Bitcoin ABC’s proposed update carries for the Wormhole project - a platform that is being co-developed by Bitmain, a Hong Kong-based semiconductor and cryptocurrency bitcoin abc roadmap 32 mb company. Some have proposed that Bitmain’s CEO, Jihan Wu could even be the secret benefactor behind Bitcoin ABC’s main developer, Amaury Séchet. 

For it to work successfully, Wormhole depends on the activation of Bitcoin ABC’s proposed technical upgrade:

• Wormhole requires 1-minute block propagation,
• Wormhole requires Canonical Transaction Ordering, in order for it to have numerous competing microtask earn money and contracts,
• To put itself in the best position to compete with (and potentially out-compete) the Bitcoin Cash network, Wormhole requires a block size that is just high enough to allow the bitcoin abc roadmap 32 mb of its own OMNI base, but not large enough to enable BCH to scale and become a global currency itself. 

The team behind Wormhole promises that it will propel Bitcoin Cash forward, though it will also steer the network in the direction of becoming a developer’s platform (similar to Ethereum), instead of a borderless cash solution. By implementing the proposed changes, bitcoin abc roadmap 32 mb, Wormhole would also stand a chance of replacing the Bitcoin Cash network with its own token system.

The ulterior motives that could be behind Bitcoin ABC’s proposal and potential conflict of interest raise a major red flag. Since Bitmain has been one of the most vocal supporters for the Bitcoin ABC upgrade proposal, the theory of an undisclosed relationship between the two deserves to be investigated as it begs the question: are we dealing with an undeclared conflict of interest?

Incompatibilities

Other red flags pointed out by Craig Wright, chief proponent of the Bitcoin SV proposal, are the fact that implementation of CTOR would prevent 0-confirmation transactions from working, that it would allow non-BCH tokens priority within the Bitcoin Cash network, as well as the numerous flaws with implementing OP_DATASIGVERIFY.

False Promises

Concerning the proposed implementation of OP_DATASIGVERIFY, Bitcoin ABC’s motivation for its implementation moneymaker bluffs farah on the idea of implementing a permissionless oracle. Wright maintains that no such thing as a permissionless oracle could exist, as an oracle is a server outside of the blockchain which allows for arbitrary conditions to be checked for, bitcoin abc roadmap 32 mb. Someone must be paid running an oracle and therefore retains control of (permission over) that oracle.

Misaligned Visions

Wright believes that the changes proposed by Bitcoin ABC do not align with the original vision of Satoshi and would litter the network with non-cash transactions. According to Bitcoin SV’s vision, the BCH network’s primary aim is to be the most and sound form of money that is globally used and that turning it into a hub for developers would be counterproductive to this mission.

Bitcoin Cash Fork: Potential Outcomes

Many people are uncertain and nervous about how the hard fork will play out. One thing is certain; Satoshi Nakamoto explained the consensus mechanism in the final section of the Bitcoin whitepaper: 

“Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If a majority of CPU power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains.”

It is, therefore, the miners who will choose which version of software to upgrade to. If Bitcoin SV supporting miners seize a block that uses a protocol that they are not in agreement with they will orphan the block, and if Bitcoin ABC supporting miners bitcoin abc roadmap 32 mb a block over 32 MB then they will orphan that block. The chain with the most support (biggest hash power) will win. If the minority accepts being outvoted, their chain dies of and they rejoin the longest chain.

“What many do not realise is that every time miners choose to run an upgraded piece of software (with different consensus rules), they are actively making a vote change. Usually this happens very seamlessly since most of the small fish, follow the big leads.” Eli Afram, Founder of Bitcoin Cash Australia

The exception is in the case where a minority feels strongly enough in their position (and are convinced that they have adequate user/economic support) to create their own network. While a minority group could split off in such a way, and even create their own ticker, bitcoin abc roadmap 32 mb, it would be a breach of the Bitcoin consensus code — and the majority could retaliate. 

Only time will tell the outcome of the Bitcoin Cash fork but, be assured; we will be keeping you updated on developments through our social channels and this blog.