Bitcoin SV in review
Sometimes competition between cryptocurrencies can be very tough. And it shows the currency that we will analyze today: Bitcoin SV.
Sometimes, even a project created to challenge another may end up being challenged. Thus, we find multiple small conflicts between cryptocurrencies throughout the crypto world. As would be the case with the currency that we will analyze in today’s review: Bitcoin SV.
Name: Bitcoin SV
Release Year: 2018
Circulating volume: 17.854.986 BSV
Today’s price: $ 88.45
Market capitalization: 1,579,312,803 dollars (9th place)
Origin: A fight inside a fight
In our series of reviews of the main cryptocurrencies, we already discussed the process of creating Bitcoin Cash. However, to understand the origin of Bitcoin SV, it is worth summarizing it once again.
And, in 2017, in the middle of the Bitcoin bullish rally, there was an important debate inside the cryptocurrency. It was about the problems of scalability that the BTC was already beginning to present. Those that already generated problems and delays when the network faced too many transactions.
Therefore, and once the immobility gained within the crypto community of Bitcoin, a division occurred in it. With a sector of the hitherto Bitcoin network users creating a different Blockchain from that of BTC. Bitcoin Cash was born to respond to the problem of BTC scalability.
However, this was not the end of the dispute within BCH. On the contrary, shortly after the controversy would ignite within its own crypto community for the issue of scalability. Facing the Bitcoin ABC update banks, and those who defended Bitcoin Cash as it was.
Bitcoin ABC supporters advocated a BCH update. It, among other things, would increase the size of the chain blocks from 36 to 128 MB. This generated a strong confrontation that ended with a hard fork on November 15, 2018.
From that moment, Bitcoin SV was born as an independent currency of BCH. However, BSV supporters would still spend another week contesting the name of Bitcoin Cash. Until finally on November 23 they accepted their existence separate from the project they came from.
Being a division of Bitcoin Cash, the BSV maintains the mission of this currency. That is, the unlocking of Bitcoin as the main alternative crypto to fiat money worldwide.
To achieve this, try to provide better capabilities not only than the BTC. But, it aims to dethrone Bitcoin Cash, offering greater scalability options, with larger blocks, which in theory would offer greater speed.
What have you achieved so far?
If the goal of Bitcoin SV is to become a means to purchase goods and services, it does not seem to be close to its objectives. On the contrary, his achievements, like those of BCH, are in another aspect.
So far, most of the operations carried out using the Bitcoin SV network are not related to economic transactions. On the contrary, they are intended to record data within the BSV blockchain. Being 94% OP_RETURN transactions, that is, non-expendable.
Even so, the inability of BSV to become a reference currency in the purchase of goods and services is not its biggest problem. On the contrary, the use that is given to him to use his Blockchain for the storage of information has agreed to him. Currently ranking 8th in the cryptocurrency ranking by market capitalization.
The biggest problem ahead of BSV is the ostracism it is falling into. And, on April 15, 2019, one of the main cryptocurrency exchanges in the world, Binance, announced that it would remove Bitcoin SV from its platform.
This after the founder of the exchange, Changpeng Zhao, maintained an altercation with the leaders of the BSV community, Calvin Ayre and Craig Wright. However, this would not end only with his exclusion from Binance.
On the contrary, soon several of the main exchanges and wallets in the world began to join the trend initiated by Binance. With Blockchain.com removing BSV from its system that same day. This while initiating a global movement under the hashtag #DelistBSV.
For its part, Kraken.com, another important exchange, took out a Twitter survey about Bitcoin SV. In it he asked his users if he should exclude the cryptocurrency from his platform, winning with 71% of votes in favor of the option “Yes, it is toxic”
Meanwhile, OKEx.com and TradeSatoshi.com decided to remain neutral in the dispute. Announcing that Bitcoin SV did not have the minimum requirements to be removed from its exchange platform. Which, however, does not reduce the impact that other BSV health exclusions have.
Despite the isolation of the one who is being a victim within the crypto community, there are still several wallets that accept Bitcoin SV. Among them, probably the main one is Exodus, the famous desktop wallet, as well as Atomic Wallet.
The history of Bitcoin SV provides us with a unique opportunity to reflect on the future of cryptocurrencies. Because its origin and development has been constantly marked by conflict.
This represents an important difference with respect to Ethereum and EOS, two competing cryptocurrencies that we have discussed in previous reviews. And whose competition has not been as destructive as that of BSV with BCH. On the contrary, it has been a stimulus for the growth of both cryptoactives.
Therefore, we cannot help wondering if it is necessary that the confrontation between cryptocurrencies be a matter of life or death. Moreover, when at the end of the day, everyone who participates in Blockchain technology has the same objective: The democratization of finance and the economy.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.