BitcoinCash launched yesterday with several issues and a lot of headache for bitcoin exchanges as excepted. It took around 6 hours for it to find the first block and finally fork. But this isnt the end of issues for BitcoinCash. There are still several issues with the chain.
Issues with BitcoinCash
World Crypto Network live streamed the launch with a couple of popular bitcoiners and traders such as Jimmy Song, Tony Vays, Charlie Shrem and many others enjoying the fork and discussing a number of issues with the BitcoinCash fork that could happen.
The first big issue that they discussed was that there could be a stealth miner that could be mining the blocks stealthy without propogating the blocks who can later join the network and cause reorganization of the chain on the network. Other big issue was the difficulty drop which was cancelled due to ViaBTC and an unknown miner finding more than 6 blocks in the 12 hours. Since, they found more than 6 blocks in the first 12 hours, the difficulty readjustment will not take place and they still have to wait for the next difficulty readjustment period. It was also reported by several users on twitter that the bitcoinABC nodes are banning each other. Also, Electrum issued a warning that a BCC Electrum server that returns a peer list with BTC servers can cause the ElectrumCash wallet to switch to the bitcoin chain.
Also, ViaBTC posted a tweet saying that due to the danger of 51% attack, they have to increase the number of confirmations required for deposits. Kraken also posted that the deposits are going to take about 8-80 hours. During the writing of this article, the BitcoinCash network has stalled again and has not found a block for 4 hours. Bittrex also posted that “We wont enable BitcoinCash deposits till the network is stable” which doesnt seems is going to happen soon.
Since the Bitcoincash doesnt have any transactions, it is unlikely that they are ever going to fill the whole 8 MB blocks. Also, there are also risks associated with the spam transactions similar to the bitcoin network which still exist in the BitcoinCash network.
Issues with Exchanges after the Fork
Several big exchanges were overwhelmed by the amount of users after the fork to sell their BitcoinCash. Bittrex’s login stopped working and they announced that they are having a DDOS attack. Kraken went down several times after the fork. Poloniex also had issues after fork. Trezor, the popular hardware wallet also reported issues due to the last minute changes to the BitcoinCash code.
Many bitcoiners are relieved that the people demanding big blocks now have their own chain and now bitcoin can go on with its development without anyone blocking its path. It is going to be exciting to see how BitcoinCash overcomes these issues.
Let us know in the comment what you think.