The Bitcoin Cash fork—resulting in Bitcoin SV (Satoshi’s Vision)—occurred on November 15, 2018, creating two distinct chains: Bitcoin ABC (BTCABC) and Bitcoin SV (BTCSV). Holders of Bitcoin Cash (BCH) received BTCSV at a 1:1 ratio during the snapshot.
Key Takeaways
- Snapshot Date: November 15, 2018, at 4:40 PM UTC.
- Result: Two chains—Bitcoin ABC (BTCABC) and Bitcoin SV (BTCSV).
- Eligibility: Hold BCH in a private wallet or supported exchange before the snapshot.
- Replay Protection: BTCSV initially lacked replay protection, risking coin loss if moved post-fork.
Understanding the Fork
Why Did Bitcoin Cash Fork?
Bitcoin Cash’s protocol mandates biannual upgrades. The November 2018 fork became contentious due to disagreements over:
- Block Size: ABC supported 32MB blocks; SV advocated for 128MB.
Factions:
- Bitcoin ABC: Backed by Roger Ver, prioritizing stability.
- Bitcoin SV: Led by Craig Wright, aiming to restore "Satoshi’s Vision."
Potential Outcomes
- Two Chains: BTCABC (dominant chain) and BTCSV (new fork).
- No Fork: Consensus might have prevented a split (unlikely).
- Third Chain: Bitcoin Unlimited proposed neutrality but did not materialize as a separate chain.
How to Claim Bitcoin SV
Option 1: Private Wallet
- Hold BCH in a non-custodial wallet (e.g., Electron Cash, Ledger) during the snapshot.
- Warning: Delay transactions until replay protection is confirmed.
Option 2: Supported Exchanges
Exchanges crediting users with BTCSV:
- Bittrex
- Poloniex (offered pre-fork trading)
- Binance
- Coinbase
Note: Some exchanges (e.g., Kraken) supported only BTCABC.
Critical Risks and Considerations
No Replay Protection (Initially)
BTCSV’s lack of replay protection meant transactions on one chain could replay on the other, risking fund loss. Users were advised to:
- Avoid moving coins post-fork until safety was confirmed.
- Verify exchange policies before depositing BCH.
Miner Influence
Miners favoring SV threatened to mine empty blocks on the ABC chain, escalating the "hash war."
FAQs
1. What is Bitcoin SV?
Bitcoin SV (Satoshi’s Vision) is a fork of Bitcoin Cash aiming to restore Bitcoin’s original protocol with larger blocks (128MB).
2. How did exchanges handle the fork?
Exchanges either:
- Supported both chains (e.g., Binance).
- Backed BTCABC only (e.g., Kraken).
- Offered pre-fork trading (e.g., Poloniex).
3. Could Bitcoin Cash avoid forking?
Yes, but ideological differences made consensus unlikely.
4. Is BTCSV still viable?
👉 Learn more about Bitcoin SV’s current status.
Conclusion
The Bitcoin Cash fork underscored the challenges of decentralized governance. Users were rewarded with BTCSV but faced risks like replay attacks. For future forks:
- Research faction goals.
- Choose secure wallets or reputable exchanges.
- Monitor post-fork updates.