The controversial Bitcoin Cash hard fork took place on November 15, 2018 and resulted in two separate chains being Bitcoin Cash ABC (BCH) and Bitcoin Satoshi’s Vision (BSV).
The original BCH chain has won the harsh war and popularity contest birthed in a result of the hard fork. During the hard fork, eToro ceased all trading of Bitcoin Cash for 8 days while the two chains battled it out.
When the dust finally settled, the popular trading platform had Bitcoin Cash ABC trading, which they and many crypto exchanges now refer to as Bitcoin Cash (BCH).
Rewarded with Fiat Currency in Replace of Bitcoin SV
Some time has passed since the drama surrounding the Bitcoin Cash hard fork took place, and eToro has only now announced that they will reward users who held Bitcoin Cash (BCH) in their accounts with fiat currency in replace of Bitcoin SV.
In an official statement, the eToro team said:
Although we are not obliged to support forks, we are happy to announce that we decided to Credit eToro clients who held long (BUY) non-leveraged Bitcoin Cash positions…. With the dollar value of Bitcoin SV coins at a price of $92 multiplied by the number of Bitcoin Cash units held at the time of the hard fork.
Users who qualify for the fiat cash payout can navigate to their “cash flows” page from within their dashboard to see the funds added to their accounts. Users can then use these funds to continue trading or withdraw them from their accounts.
Bitcoin SV Vulnerable to Double Spending
eToro isn’t the only exchange to discredit Bitcoin SV and refuse to list the digital asset for trading. As well, even exchanges that list both crypto assets view Bitcoin Cash ABC as the main chain and list it as Bitcoin Cash (BCH) and the other one as Bitcoin SV (BSV).
It appears eToro and most exchanges are right to discredit BCV as news outlets have reported the cryptocurrency to be vulnerable to double spending. A researcher named “reizu” repeatedly engaged in double spending transactions while recording the proof on Vimeo:
As seen in the above video, Bitcoin SV is vulnerable to attacks and Craig Steven Wright (CSW), the self-proclaimed creator of Bitcoin, had previously stated that the BSV network would be resistant to these types of attacks.
Wright was obviously wrong and continues to make false claims and promises. In a recent interview with CryptoGlobe, CSW made a bold statement saying:
In under 2 years, [the Bitcoin SV developers] will handle 1000x more [transactions] than all Blockchains, Paypal, and others combined. The aim for two years is [for the network to process] 1 to 2 million transactions per second (TPS).
Wright has been called out time and time again for his false and misleading claims about being Satoshi Nakamoto himself and the capabilities of Bitcoin SV. However, he is persistent and it will be interesting to see how his BSV crypto project develops and performs in the future.
What do you think of Craig Wright and his Bitcoin SV project? Is BSV destined to fail? Or will it surprise everyone and perform well? Let us know what you think in the comment section below.
