22 August 2020
Vintage cars, art, prized memorabilia. There is always an allure about the originality or rarity of anything. The more an innovation grows, there is likely to be a departure from these ideals. Cryptocurrency’s evolution has followed some of these trends. Though the trait of decentralization remains popular, it has taken different models in later implementation. The next question in the space is scalability – enter Craig Wright and BSV
What is Bitcoin SV?
Bitcoin Satoshi Vision (SV) prides itself in closely resembling the original crypto vision; the standard-bearer of Satoshi Nakamoto’s vision. If you look at cryptocurrency listings today, you will be intrigued to find a number of coins listing themselves under the Bitcoin name.
Bitcoin Cash was the first prominent departure from the Bitcoin blockchain. The incident known as a “hard fork” means the split of a blockchain community into two often disagreeing groups. Later on, Bitcoin Cash developers had a fallout over the coin’s direction. The conflict led to a split and the emergence of another fork. The new cryptocurrency, called Bitcoin Satoshi Vision (Bitcoin SV), came into the market on November 15, 2018.
From the name alone, this coin aims to portray itself as the real and original Bitcoin. This vision meant restoring the original Bitcoin protocol and as closely as possible aligning to the original vision of Bitcoin’s founder. That said, Bitcoin SV is still behind Bitcoin and Bitcoin Cash in popularity and trading volumes.
The Bitcoin Cash Hard Fork and Craig Wright
Still, its believers see the originality aspect as an enduring legacy. There are some similarities between Bitcoin Satoshi Vision and Bitcoin Cash. Both try to have as many transactions as possible per block, though BCH does it at a relatively modest level.
Bitcoin Cash initially split from Bitcoin to increase the block size limit for transactions. This move would make the new altcoin more scalable while Roger Ver and his supporters felt that Bitcoin should be more of a transactional currency and not the digital investment it had become in 2017. This led to a publicized split right just before the monster Bitcoin rally to end 2017. BCH has held its own and is currently the sixth largest coin by market capitalization.
In 2018, another civil war started in the Bitcoin Cash community. Bitcoin SV emerged with Craig Wright acting as the face of the split. BSV has its separate blockchain and tries to go back to the ideals that live up to those of the original Bitcoin protocol. The fundamentals are each block containing a cryptographic hash of the previous block and a timestamp. That said, BSV offers a greater block size, even larger than BCH, for better scalability. BSV proponents claim that it has better stability than BCH, which to them has taken an ‘experimental developer altcoin’ turn.
BSV Market Performance
The vision for a global, trustless, enterprise-level usage of BSV is what inspires this community. At press time, BSV has a market capitalization of about $3.89 Billion, on a circulating supply of 18.49 million BSV. It emulates Bitcoin by having only 21 million BSV in existence.
This coin had its own halving event on April 10, 2020, with block rewards going down from 12.5 to 6.25 BSV. Just like Bitcoin! Exactly. That is pretty much the point in case you haven’t been paying attention. BSV is basically a restored version of Bitcoin and seeks to replace existing fiat payment systems with a truly decentralized yet scalable digital currency.
Cryptocurrencies must always look to the future. BSV may have a relatively high profile compared to other coins but cannot ride the coattails of Satoshi forever.
A good place to begin is to show that it offers definitively better scalability than BCH. The next step is to make BSV a more appealing currency for retail use. At the moment, it still lags behind a few major coins in terms of transaction use. Proving this utility is the big prize for the continual success of this coin.