~ Digital currency
Bitcoin SV belongs to the group of controversial coins in the crypto world. However, the coin has witnessed extensive trading volumes in various exchanges despite the controversies surrounding its creation. When you check the crypto listings of most exchanges, you will also see a few variants of Bitcoin like Bitcoin Gold, Bitcoin Cash, Bitcoin Diamond, and several others. Within a short time, Bitcoin SV has secured a place in the top 20 cryptocurrencies based on market cap.
What does Bitcoin SV Mean?
Bitcoin SV is a fork of another cryptocurrency that was created as a fork as well. Bitcoin Cash was created as a fork of Bitcoin and on November 15, 2018, Bitcoin SV emerged as a fork because of differences in the views of the development community concerning the way Bitcoin Cash should evolve.
Bitcoin SV has actually moved closer to the original vision of Satoshi Nakamoto which was outlined in the original Bitcoin white paper with the successful activation of Genesis by the team of developers behind the project. This is one of the main reasons why Bitcoin SV is regarded by many crypto enthusiasts as the original Bitcoin that’s using the original Bitcoin protocol.
The core developers behind Bitcoin SV have disclosed that by adhering to the original Bitcoin protocol, Bitcoin SV will be more stable and secure and this will also allow it to scale massively. Well, not everyone agrees that Bitcoin SV is the real and original Bitcoin, especially when we consider the fact that this isn’t the first time a project is claiming to be the original Bitcoin.
However, we must add here that there appears to be some merit to this claim. For instance, it’s difficult to dispute their claim of the project going back to the core of what Bitcoin was created to be with the restoration of the original Bitcoin protocol. But will Bitcoin SV ever compete with the original Bitcoin in terms of market traction, branding, and pricing?
Well, so far, Bitcoin SV has managed to do well when we consider its price which has remained above $100. But it is still far from competing with Bitcoin as of December 2020. The ticker symbol of Bitcoin SV is BSV and you can find it on most exchanges such as Bitfinex and OKEx but it was delisted on Binance in 2019.
Bitcoin SV Use Cases
Bitcoin Satoshi’s Vision explains the goal the proponents have in mind — facilitating a world money based on the original white paper. To achieve this, the community which is headed by Wright proceeded to increase the block size to 2 GB and BSV went through a hard fork known as “Genesis” and one of the things they did was to remove the block size limits while restoring several functionalities of Bitcoin scripting language.
Although Bitcoin SV is focused on being a peer-to-peer electronic cash, it’s already being used for other purposes apart from money and one application that’s powered by BSV is WeatherSV which makes use of the blockchain to record a significant amount of weather and climate data.
Bitcoin SV is currently being used for fair gaming. It serves as a verifier in fair gaming and this is totally separate from its exchange value. When comparing Bitcoin SV with other cryptos including Bitcoin, which of them do you think has the highest value floor? For every crypto in existence, they all have an inherent value as well as a speculative value incorporated into their current price.
This makes it almost impossible for us to determine precisely what the floor of a particular coin might be. But it appears that Bitcoin SV may have a higher floor than Bitcoin. Already, there are two identified use cases of Bitcoin SV. Since Bitcoin makes use of block sizes of just 1 MB, it might have an extremely low floor. It appears that the only purpose of Bitcoin is as a store of value with almost no use-value.
What about Ethereum? You will agree with me that it has a higher use-value which means it has a higher floor too because we can use Ethereum to store various kinds of assets. For anything to be regarded as money, having a use-value isn’t enough. For example, a computer software has an excellent use-value, however, we can’t consider it as a form of money and this is simply because it is not fungible.
You can’t divide it into homogenous units and it also doesn’t have any fixed supply. Digital currencies are also a kind of software but unlike a computer software, they have a fixed supply and are fungible which means we can split them into homogenous units. This is also the reason why Bitcoin SV is regarded as a form of money.
Perhaps Bitcoin’s greatest challenge is its inability to scale and unfortunately, the community has not been able to resolve this issue even as they insist that the block size of the coin would be 1 MB. This limits the number of transactions on the Bitcoin network to 4–7 per second. This is also a factor that has significantly undermined efforts to support enterprise usage of Bitcoin.
On the other hand, Bitcoin SV has already mined a record-setting 128 MB block which is quite impressive. However, there are no limits on the size of blocks with the implementation of the Genesis fork. This effectively resolves the scalability issue and also implies that Bitcoin SV transaction capacity is infinite.
The mining community can now manage block size as well as transaction capacity on the network just as it was envisioned by Satoshi Nakamoto in the original Bitcoin White paper. It would be possible to build enterprise-level applications on the Bitcoin SV blockchain because of the removal of a cap on the block size. Bitcoin has been in existence for over a decade now and the developers have continued to make changes to its protocol.
This has caused the coin to stray far from the original Bitcoin protocol. What Bitcoin SV has succeeded in doing through the Genesis hard fork on its blockchain is to restore the original Bitcoin protocol just the way it was outlined in the original white paper. To learn more about other digital assets and their use cases, get the book “The digital World of Crypto Riches.” The book contains a summary of more than a hundred cryptocurrency projects and this is excellent source of information for those interested in digital currencies.
With the restoration of the original Bitcoin protocol and re-enabling of the Satoshi op_codes, BSV is now set to add advanced technical functions and this includes smart contracts and tokenization.
Find out more about Bitcoin SV as well as other digital currencies by reading “The Digital World of Crypto Riches.” You will discover some of the top-performing cryptocurrency projects that have the potential for profits, available on Amazon:
https://read.amazon.com/kp/embed?asin=B08MZ37PF4&preview=newtab&linkCode=kpe&ref_=cm_sw_r_kb_dp_V7K447G4H8VQRJBW445W
~ The official website of Bitcoin SV is https://bitcoinsv.io/
Thank you very much for sharing a great post, have a nice day
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