eToro Speaks About BCH Hard Fork
World’s leading social trading network, eToro, has commented on the hard fork of Bitcoin Cash (BCH).
As you might know, BCH has undergone a network upgrade yesterday, May 15, which would implement certain drastic changes to the underlying protocols of the network. The update, called “Bitcoin Adjustable Blocksize Cap” (Bitcoin ABC 0.17.0), would be addressing some of the major issues which plague the Bitcoin Cash blockchain.
The BCH network has itself emerged from a hard fork of the Bitcoin blockchain—hard forked in August 2017—as a result of the disagreements which came from a debate about scalability.
After the network upgrade, the block size limit increased from 8 MB to 32 MB since BCH proponents favor increasing block size limits over reducing transaction size all the time.
Matthew Newton, Analyst at eToro, told CoinFrenzy about how the eToro community feels about the BCH hard fork. He said:
“The network update has the full support of the community, with Bitcoin Cash aiming to compete with the lightning network of Bitcoin. Increasing the block size and allowing smart contracts to be built is seen as an important step in its quest to become the dominant cryptocurrency.”
He further talked about the competition between the communities of Bitcoin Cash (BCH) and Bitcoin (BTC). Talking about the hard fork, he further added:
“What events like these are also making clear, however, is the underlying sense of competition between the Bitcoin Cash and Bitcoin communities. Both are fiercely passionate about these assets and confident that one will emerge as the victor. Ultimately, it remains to be seen how that will play out over the long-term, as both cryptocurrencies continue to develop.”
Recently, BL3P removed support for Bitcoin Cash, and so did OKEx when it announced that it would cease to support BCH because of the “inadequate liquidity” of the cryptocurrency.