Binance Distributes Both Bitcoin Cash ABC and Bitcoin Cash SV, Opens Trading Today

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by Teuta Franjkovic · 5 min read
Binance Distributes Both Bitcoin Cash ABC and Bitcoin Cash SV, Opens Trading Today
Photo: Binance / Twitter

After BCH hard fork has completed, Binance announced that they added both a BCHSV and BCHABC trading pair to their website, indicating it will likely honor both Bitcoin Cash forks, issuing double tokens to all BCH holders.

In their announcement, just the day after the hard fork happened, Binance confirmed that they have completed the distribution of both Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV) to all eligible users.

“BCHABC and BCHSV balances were each distributed to users in a ratio of 1 BCC = 1 BCHABC and 1 BCC = 1 BCHSV, based on the snapshot of all Bitcoin Cash (BCC) balances taken at 2018/11/15 4:40:00 PM (UTC).

Binance said that they will open trading for new BCHABC/BTC, BCHABC/USDT, BCHSV/BTC and BCHSV/USDT trading pairs at 2018/11/16 8:00 AM (UTC).”

They have removed all prior BCC balances from user accounts and all BCC trading pairs have been delisted from the exchange. As they claim, deposits and withdrawals of BCHABC and BCHSV will open after they deem the blockchains and wallets to be usable and stable.

In their announcement before they explained that the the Bitcoin Cash hard fork may result in two different chains, Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV). They also confirmed that they will halt trading in all existing Bitcoin Cash markets, including BCC/BNB, BCC/BTC, BCC/ETH and BCC/USDT, at 2018/11/15 4:40:00 PM (UTC).

It is already then clear as a day that Binance was preparing for the two potential scenarios:

One scenario included the possibility that the Bitcoin Cash hard fork does not result in a second coin. In that case, Binance would resume trading on all original Bitcoin Cash pairs.

Even though Binance still didn’t make an official announcement, it has quietly created a BCHSV trading pair, which brings us to the second scenario, where Binance is replacing all Bitcoin Cash (BCC) balances with BCHABC and BCHSV, distributing each at a 1:1 ratio based on the aforementioned snapshot taken of Bitcoin Cash (BCC) balances.

We have already wrote about first Bitcoin hard fork that happened in August of 2017. The Bitcoin development team then has disagreed internally over how Bitcoin should scale. Should Bitcoin continue using small blocks, or move to larger block size to accommodate transaction traffic.

The Bitcoin Cash was then imagined as a cryptocurrency that was based upon larger block size for scaling. The two camps parted ways. Most notably, Craig Wright (claims to be Satoshi Nakamoto) and Roger Ver broke off toward Bitcoin Cash evangelism. Since August of 2017, many Bitcoin Cash followers have expressed their views to the public. Views that lobby BCH as the prime candidate for crypto use and adoption.Roger Ver is famous for his efforts to further BCH as the go-to crypto payment option.

It seems that the hash war so far does not have a winner, with both tokens continuing to fight for supremacy in a dramatic software update.

Expecting the Crypto Bull Run

Earlier this week Binance CEO Changpeng Zhao gave the speech where he put his belief to the crypto market saying that it’s still in good position.

Binance registered revenues of over $3 billion in the first half of 2018, while the crypto-market saw its value decrease from $800 billion in January to sub-$200 billion at the time of writing. Pioneer cryptocurrency Bitcoin has fallen by 70 percent, while XRPand Ethereum have seen 80 percent losses. The most affected are altcoins and hyped-ICO tokens, which have dropped over 90-95 percent.

Asked about the reasons of a bull run, Zhao stated:

“Even if I don’t know what will catalyze a bitcoin bull run, I am certain it will happen. Sooner or later, something will trigger it.”

After its ouster from China following the crypto ban in 2017, Binance established its safe haven in the crypto-friendly state of Malta. The crypto exchange is making consistent efforts to foster crypto adoption. The Binance exchange is largely open to list new crypto tokens to its platform. Last month, Binance worked towards adding new stablecoins to source further liquidity in the crypto market.

While Jihan Wu is already congratulating the BCHABC community for the “result”, it may still have a chance to change, although it’s very unlikely.

Despite the lower amount of block, BCHSV still has many pendings, whereas BCHABC has them all cleared and counted. The number of mined blocks has been changing in the past couple of minutes only, which showed that the “pendings” are somehow clearing out.

Bitcoin developer, Jimmy Song, recapped this, what we now know maybe as one of the most anticipated hard fork

He claims both versions of BCH are mining at a loss, which means both miners are bleeding money, unless both “go up a lot versus BTC”.

Still, he notices that both BCHABC and BCHSV are losing about $500K per day collectively in terms of opportunity cost, looking at the exahashes each versions have.

A the end, he concludes that the “winning” BCHABC is actually making the chain more centralized, as they’re trying to avoid “a shadow mining attack”, something that many wouldn’t have thought of.

Despite the unlikelihood of the result would be showing the opposite than the current state, it’s probably best to just wait and see until everything is stabilizing and back to normal.

Altcoin News, Binance News, Cryptocurrency news, News
Teuta Franjkovic

Experienced creative professional focusing on financial and political analysis, editing daily newspapers and news sites, economical and political journalism, consulting, PR and Marketing. Teuta’s passion is to create new opportunities and bring people together.

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