One of the biggest bitcoin exchange, with the highest trading volume in China at some $30 million daily according to data from coinmarketcap, will list BitcoinABC and any chainfork coin that arises on August the 1st.
“If Bitcoin is split into several blockchains, OKEx will for every blockchain give users their rightful ownership of their Bitcoin. In addition, OKEx will take steps to support trading for every type of Bitcoin,” the exchange said.
It follows an announcement by ViaBTC that they will list BitcoinABC, named Bitcoin Cash, under the ticker of BCC, while also forming a new pool to mine Bitcoin Cash.
That suggest most, if not all, other bitcoin exchanges will probably follow and list the two coins, so opening up the scalability decision to all bitcoiners who will soon be able to pass their ultimate judgment.
On the one hand there’s Bitcoin Core, which will probably be listed as just bitcoin with a BTC ticker, and their vision of a settlement bitcoin with full blocks and limited on-chain capacity so that everyone transacts on new protocols, like the Lightning Network.
On the other hand there’s Bitcoin Unlimited, an approach BitcoinABC largely follows, which will probably be listed under Bitcoin Cash and the BCC ticker, with a vision of keeping blocks capacity above demand up to actual network technical limits in line with Nakamoto’s suggestion, they say.
The two sides have been engaging in a more than two years long debate that now seemingly ends in a split into two coins, BTC and BCC.
Whichever gains the highest price will likely be known as bitcoin, with the other one named as Bitcoin Core or Bitcoin Cash depending on which settles as a minority coin.
Hashrate follows price, so whichever has the highest price will also probably have the highest hashrate too as miners are free to move between the chains.
As such, the decision is truly to be made by all bitcoin holders who will be able to vote for which trajectory they prefer and for what direction bitcoin should follow.
The vote will likely go down as the most decentralized decision in this space as the two visions both find support by very senior and experienced bitcoin developers, with the most senior of them, indicated by having commit access, split in half last year.
Out of five bitcoin developers that then had commit access, Gavin Andresen and Jeff Garzik supported bigger blocks, while Gregory Maxwell and Pieter Wuille supported smaller blocks, with the maintainer taking no side at the time.
That makes the decision very different to ethereum’s split last yeas where developers showed a united front behind ETH with nearly 90% of the token holders voting in favor of eth.
In bitcoin, there has been no such semi-official token holders vote, while unscientific polls usually show some 80% support for bigger blocks across the past two years, but whether that translates into a likewise price difference remains to be seen as such polls are unreliable and only indicative at best.
Which means we’ll have to wait for the monumental and historic events of August 1st to find out where exactly the market stands.