GMO Coin, the cryptocurrency exchange belonging to one of the biggest companies in Japan, has decided to support the ABC version of Bitcoin Cash when it resumes trading the coin, the company has informed Finance Magnates.
Returning after these messages
The company announced that it would be resuming BCH/JPY trading beginning tomorrow (4.12.18), after having temporarily suspended Bitcoin Cash trading on the 15th of November to avoid the disruption caused by that cryptocurrency splitting into two.
Finance Magnates reached out to the company to enquire which of the two versions of Bitcoin Cash it will be listing. A spokesperson said (translated): “In our company, the one shown as BCH indicates a Bitcoin Cash called BCHABC.”
About the Bitcoin Cash civil war
Bitcoin Cash is one of the more valuable cryptocurrencies. It was created when Bitcoin split in two, and its proponents claim it to be closer to the original vision of what Bitcoin is supposed to be (they insist on calling Bitcoin, ‘Bitcoin Core’).
However, the developers behind Bitcoin Cash began to bicker, and in the end, the coin split in two too.
The development teams behind the two new versions of the cryptocurrency (Bitcoin Cash ABC and Bitcoin Satoshi Vision) both claim that their version is the legitimate one, and are actively hostile to each other. When the split occurred, a hash war promptly commenced. This means that all the people who were devoting processing power to Bitcoin Cash transactions had to decide which of the two coins to work on; the understanding was that the coin which attracted the most miners would be victorious.
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The major backer of Bitcoin Satoshi Vision, which was created by Craig “I AM Satoshi” Wright, is CoinGeek, a mining pool (currently) owned by Canadian billionaire Calvin Ayre. Supporters of Bitcoin Coin ABC include Bitmain and Bitcoin.com.
William and Thomas Riker
Apart from mining, there is the issue of the name. When the two cryptocurrencies are listed on an exchange, which one gets to be called ‘Bitcoin Cash’? In answering this question, exchanges are revealing where their loyalty lies. The two most popular cryptocurrency exchanges in the world (Binance and OKEx, both from China) have taken opposing paths.
Ayre recently suggested that neither of the two coins be called Bitcoin Cash, but be referred to as Bitcoin ABC and Bitcoin SV. Some exchanges have complied, others not. Kraken, for example, awarded the name ‘Bitcoin Cash’ to the ABC version, referring to the Riker problem (a Star Trek character who was accidentally duplicated; the version who had had the most screen time kept the original name in the end) to justify the decision.
GMO Coin did not share why it has gone in this direction, but its decision to consider ABC to be Bitcoin Cash will be positive news to that side of the community, because, presumably, GMO Internet’s cryptocurrency mining operation will follow suit.
GMO Internet, the conglomerate behind GMO Coin, began mining cryptocurrency in September 2017. It focuses on Bitcoin and Bitcoin Cash, because the two currencies can be mined with the same ASIC mining devices. Its results have shown that Bitcoin Cash was very profitable in September; many people chose to mine Bitcoin Cash because when a coin splits, holders suddenly have double the amount of money.
However, the values of both Bitcoin Cash ABC and SV have tanked since the split.