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Price of Bitcoin Cash has gone on downward trend even though it is one day away from hard fork (complete update).  This downward trend is cause by internal division towards hard fork and has become a negative factor on entire cryptocurrency market.  As a result, even Bitcoin price once fell to $5,750 (6.5 million KRW).
According to industries, price of Bitcoin Cash (BCH) fell to $429 (485,000 KRW), which is 19.24% lower than the price from a day before, according to Bitfinex.
One BCH was traded for $637 (720,000 KRW) until the 7th of this month due to positive expectations towards hard fork.  Level of expectations was heightened as new cryptocurrencies that are separated from hard fork process usually carry out airdrop (free distribution) events.  At that time, BCH was the only cryptocurrency that was worth more than $88.5 million (100 billion KRW) in market capitalization to show increase price trend.
BCH is a cryptocurrency that was separated from Bitcoin during ‘New York Agreement’ that took place in May of 2017.  BCH has faster transaction speed than Bitcoin and its commission is only $0.0018 (2 KRW).  CEO Woo Ji-han of Bitmain and CEO Roger Ver of Bitcoin.com are participating as major personnel of BCH.
‘Third-generation Bitcoin’ is expected to make its appearance through this hard fork.
However, there have been different opinions internally as BCH is set to go through a hard fork process.  While Roger Ver and Bitmain are wanting to call a new cryptocurrency ‘Bitcoin Cash ABC (BCHABC)’, Craig Wright and Coingeek (BCH mining pool) are wanting to call it ‘Bitcoin Cash Satoshi Vision (BCHSV)’.
BCHABC follows Roger Ver’s design.  Roger Ver is wanting to apply Smart Contract solution, which is a completely different protocol from Bitcoin, and a new blockchain order regulation system called CTOR.  His design will be based on order of identifier (type of address) rather than order of occurrence for fluid transaction sequence.
BCHSV is based on the white paper written by Bitcoin creator Nakamoto Satoshi.  While it maintains previous Bitcoin protocol, its block size will be 4 times greater (32MB to 128MB).
Both camps could not come to an agreement even through a hard fork process is one day away.  Craig Wright even sent a threatening e-mail to Roger Ver saying that he would block BCHABC transactions and wrote on his Twitter account telling people that there is no future with BCHABC.
Decline in level of expectations towards BCH has led to downward trend of prices of other cryptocurrencies.  Prices of Bitcoin ($5,750) and Ethereum ($181) fell by 11.92% and 14.82% respectively compared to the day before.  According to CoinMarketCap, market capitalization of cryptocurrencies went down by $15 billion.
“Because BCH is composed of Bitmain and Coingeek, which have great influence on cryptocurrency mining industry, it has greater influence on rest of cryptocurrency market than other Altcoins.” said a representative for the industry.  “Because BCHABC and BCHSV camps could not come to an agreement, level of expectations from investors has declined as a result.”
Staff Reporter Ham, Jihyun | goham@etnews.com