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The Big “4KS”: Bitcoin SV, Bitcoin Cash (ABC), Bitcoin Gold And Ethereum Classic

Consensus of the community is a big part of decentralization but unfortunately it is not always achieved and differences arise. These difference can lead to divergences within the dev teams of cryptocurrencies and those lead to the so called “fork”. There are two types of forks: soft and hard, the latter results, usually, in two different coins and new free money for anyone holding the original. The coins that resulted from the 4 most well-known forks will be in our focus today as we take a look at how they fared against the initial coin and their performance overall.

Bitcoin (Cash) ABC

Bitcoin Cash, a hard fork of Bitcoin, recently went through a hard fork of its own which resulted in two coins: Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV). After some confusing first days, most brokerages started to call the ABC strand Bitcoin Cash and Bitcoin Cash SV received the name Bitcoin SV. These are the names currently seen on CoinMarketCap and on almost all other crypto venues.

Currently trading around $115, Bitcoin Cash is occupying the number 5 spot by market cap, with a total dollar value of $2,065,812,475 and has been in a constant downtrend almost since the latest fork. As seen from the Daily chart above, the coin has been trading flat against the US Dollar with extremely low volatility and uncertain direction in the near-term. This type of behavior is usually followed by a strong breakout but given the “dead” price action, the direction cannot be anticipated, we’ll just have to wait and see.

The other half of the Bitcoin Cash hard fork is called Bitcoin SV (BSV), which stands for Satoshi’s Vision, and is dubbed the true Bitcoin by its creators and backers. Since its inception in November 2020 the coin has had a pretty rough time, dropping into the $40 area from an initial price of about $250, then recovering above $100 and now trading at $64. It stands just outside the Top 10, at number 11 with a market cap of $1,121,277,415, but that is likely to change very soon. Although it recovered from its all-time low, the coin is still in a downtrend and doesn’t show any sign of recovery so it may go lower in the coming weeks.

This coin was “born” in October 2020 as a fork of the original Bitcoin in an attempt to create a more decentralized version of Bitcoin. Some community members felt that a few whales and ASIC manufacturers were controlling Bitcoin so they created Bitcoin Gold (BTG) to combat it. BTG protocol introduces a different Proof or Work algorithm that allows more people to join the mining process and aid decentralization.

Currently trading at $9.48, Bitcoin Gold is the 28 th cryptocurrency by market cap with a total dollar value of $165,163,912. The coin is in a downtrend, which started soon after its inception but lately it’s been flat and without volatility, similar to the other BTC forks. There are no bullish signs on the chart so we can expect to see a new low fairly soon.

The coin was initially known as Ethereum but after a fork in July 2020, in the aftermath of the DAO attack, it took the name Ethereum Classic (ETC) and the new coin was named Ethereum.

Ethereum Classic is currently the 17 th cryptocurrency by market cap, with a total dollar value of $421,371,233. It is trading at 3.90 against the US Dollar from an all-time high of $45.51. In January 2020 the chain was hit by a 51% attack so things don’t look too bright for ETC, the network is just too risky. The chart shows a clear downtrend and signs of exhaustion (low volatility, flat price action). As long as the ETC/USD pair is trading below the 200 days EMA, there are no bullish signs.

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How to Buy Bitcoin Cash (BCH) Guide

By: Ofir Beigel | Last updated: 11/12/19

Bitcoin Cash (BCH) came about in August 2020 after a hard fork and a split in the Bitcoin blockchain. Bitcoin Cash is a direct result of the constant debates and many opinions about the future of Bitcoin’s scalability and mass adoption.

In this guide, you’ll find out exactly what makes Bitcoin Cash special and where to get your hands on some coins.

How to Buy Bitcoin Cash Summary

  1. Get a Bitcoin Cash Wallet (Ledger, Exodus, Edge)
  2. Get your Bitcoin Cash address (normal or Cash address)
  3. Find a BCH exchange (Coinmama, CEX.io)
  4. Buy BCH and withdraw them to your wallet

That’s it! If you want a deeper explanation of what Bitcoin Cash is, how to buy it and where to store it keep on reading. Here’s what I’ll cover:

1. Bitcoin vs. Bitcoin Cash

Bitcoin’s blockchain has grown exponentially in recent times. This means that many more users are using the cryptocurrency, which is slowing down the network.

The limited Bitcoin block size of 1 MB means that blocks are filling up quickly, resulting in a long queue of unconfirmed transactions. As a result, at peak times, transactions have become slow and expensive.

Bitcoin cash, on the other hand, was initially created with an 8MB block, which was later on increased in size to 32MB. This change allows for more transactions to be processed in each block mined.

Many see this as a step forward in terms of how best to scale the network.

Bitcoin Cash opposers remain adamant that it’s simply a short-term fix that doesn’t solve the problem in the long run. Also, they claim there’s no implementation of ideas such as Segwit to help effectively break transactions down into smaller, more manageable pieces.

Bitcoin Cash (BCH), Sometimes referred to as Bcash, is a fork of Bitcoin (BTC). When a fork occurs on a Blockchain, the currency is basically duplicated.

This means that anyone with Bitcoins in his possession at the time the fork occurred, got credited with the same amount of Bitcoin Cash.

So does that mean free money? Sort of… Here’s our guide on how to claim your Bitcoin Cash if you owned Bitcoin before the split on August 1, 2020.

On November 2020 Bitcoin Cash forked and created Bitcoin SV (Satoshi’s Vision) – a version of Bitcoin Cash with an even larger block size of 128 MB.

2. Buying Bitcoin Cash in 3 Simple Steps

Step 1: Get a Bitcoin Cash Wallet

Before you can buy Bitcoin Cash, you’ll need a Bitcoin Cash wallet to store it in. Hardware wallets that support Bitcoin Cash include industry leaders Ledger and TREZOR.

Both Ledger and TREZOR provide functions for you to use Bitcoin Cash as you would any other cryptocurrency. Both have also introduced the ability to claim your funds if you already owned Bitcoin at the time of the Bitcoin Cash hard fork.

Addtionally, there are a variety of software wallets you can use to store Bitcoin Cash as well.

Exodus provides a great user experience with a seamless coin exchange service known as Shapeshift built it. You can read my complete Exodus review here.

Edge is a mobile wallet for iOS and Android that supports multiple cryptocurrencies including Bitcoin Cash. It also has a variety of features allowing you to buy cryptocurrencies and exchange them from within the app.

Electron Cash is a clone of the awesome Electrum wallet for Bitcoin. If you’re used to Electrum, then you’ll have no problem jumping on board with its sister technology.

Other wallets that support BCH include Keepkey, BTC.com, Bitpay, and Coinomi. You can view all available wallets on the official Bitcoin Cash website.

Once you have your wallet, you will need your Bitcoin Cash address. It’s a long string of letters and numbers that start with either a “1” or a “3” – similar to normal Bitcoin addresses.

Since many people got confused and started sending Bitcoins to Bitcoin Cash wallets and vice versa, a new format was invented for Bitcoin Cash. The format, called “Cash Address” is 42 characters long and starts with a “p” or a “q”. Here’s an example:

qpm2qsznhks23z7629mms6s4cwef74vcwvy22gdx6a

Keep in mind that Cash Addresses are just a representation of original Bitcoin Cash addresses. This means that the same address can be represented in two different ways (normal format or Cash Address format).

Not all wallets support Cash address format.

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