“We have observed consensus in the community that the BCH ABC chain will retain the designation of Bitcoin Cash (BCH),” Coinbase, one of crypto’s most popular exchanges, announced minutes ago. And so, they “will also adopt this designation for BCH. Coinbase has made this decision based on a number of factors including the fact that ABC has a higher hashrate and a longer proof-of-work chain.” The award comes just after payment platform BitPay resumed their BCH wallet for users. These battles in ongoing Hash War have been settled, and some analysts believe the combination to be decisive.
Coinbase Awards BCH Ticker to ABC Chain
Updating their initial post, “What to Expect During the Bitcoin Cash Hard Fork,” from about a week ago, the popular San Francisco-based exchange noted they are “now prepared to resume limited trading in BCH. For Coinbase Pro and Prime, we will turn on trading of BCH in the next 2 hours. Sends and receives will remain offline until we can confirm that they are safe to re-enable, including a prolonged absence of chain reorganizations. We expect that to occur within the next week.”
The news comes at a time when the broader market, and especially chains associated with BCH, have been hit very hard price wise — and many enthusiasts blame the Hash War. Part of a normally scheduled upgrade to the BCH software, it soon turned into a contentious hard fork with one side wishing to “lock down” the protocol and increase block size while the other wanted to make “necessary” changes while putting off block increases until the next go around. As of 15 November 2018, the BCH chain split, forming two distinct chains: Bitcoin SV (larger blocks) and Bitcoin ABC (status quo with some tweaks).
Compromise Harder Now
“For Coinbase.com and the iOS and Android apps, we will continue to evaluate the safety of the network before re-enabling buys, sells, sends, and receives,” the exchange explained. “We expect that to occur within the next week. We will resume all BCH services when it is safe for our customers.”
The rhetoric has been less heated of late, but the SV team has made an offer to cease in the Hash War (which they declared) if and only if both can agree to not take the BCH ticker. Both sides realize the network effect of having the BCH symbol and brand, as it has been doggedly marketed by each camp (once united) for more than a year. So far, the ABC side has not responded, presumably accepting the moral victory of both BitPay and now Coinbase.
“We will continue to evaluate the safety of the BCH SV chain,” the company concluded. “Our current intention is to support withdrawal services for the BCH SV chain so that our customers may withdraw funds at a future date. We anticipate this development work will take at least a few weeks, but may take longer. We will communicate directly with customers that hold BCH and notify them when we complete this work and they can withdraw funds from the BCH SV chain.”
CONTINUE THE SPICE and check out our piping hot YouTube channel. Our podcast, Milk, might help sooth that crypto burn. Follow CoinSpice on Twitter. Join our Telegram feed to make sure you never miss a post. Drop some BCH at the merch shop — we’ve got some spicy shirts for men and women. Don’t forget to help spread the word about CoinSpice on social media.