With the burgeoning cryptocurrency market, there is a lot investors have to study before they choose which one to put their hard-earned money into. Bitcoin being a pioneer in cryptocurrency is a popular choice. However, there are three Bitcoin factions in the market today. Businesses and individual investors need to know about these three and how they fared during the pandemic in order to make a smart decision.
How Bitcoin Split into Three
In 2017, the Bitcoin community split over scaling and protocol issues, and Bitcoin Core (BTC) and Bitcoin Cash (BCH) were formed, with BCH on the side of pushing through with Dr. Wright’s vision. But the BCH alliance did not last long, and it soon split again because Bitcoin ABC proponents wanted to stop scaling and change the original Bitcoin protocol to create an anonymous network wherein transactions cannot be traced by authorities. On November 15, 2018, Bitcoin SV (BSV) was born.
BTC vs. BCH vs. BSV
BTC, with its maximum of 2MB block size, is still the top cryptocurrency with the highest trading price. BTC can be viewed as a digital asset similar to gold—you buy it, keep it and sell it again when the value has gone up. However, the question is, until when will it maintain its high price when its technology, due to its tiny block size, has no other use? BCH is worse. With its block size of 32MB, it only completed less than an eighth of the transactions BTC processed, according to a 2020 report for the period of January 1 – July 24, 2020. This is mainly due to the fact that it has gained a reputation for suspicious activities, and rightfully so.
|Market Cap*||176 Billion (1st)||4.4 Billion (5th)||3.4 Billion (7th)|
|Total Supply||21 million cap||21 million cap||21 million cap|
|Max block size limit||1 megabyte||32 megabytes||Unlimited|
|Max Tx/per block||2000 tx||166,000 tx||Unlimited tx|
|OP_RETURN data capacity|| 0.08 KB
| 0.22 KB
| Instant transactions
| No, due to RBF
(Replace By Fee)
|Total transactions in 2020*|| 62 Million
| 7 Million
| 129 Million
|Average daily transactions in 2020*||306,154||36,406||636,632|
|Average daily transaction fee*|| 1.43 USD
| 0.024 USD
| 0.002 USD
|Largest block generated in 2020*||2 megabytes||3 megabytes||369 megabytes|
Bitcoin SV processed 129 million transactions—more than double BTC’s number, and only at 0.002 USD per transaction compared to BTC’s 1.43 USD. This is because Bitcoin SV, with SV standing for Satoshi Vision, seeks to restore the original Bitcoin protocol and massively scale its blockchain.
Bitcoin SV released the Genesis Upgrade in February 2020, which successfully restored the original Bitcoin protocol and unlocked limitless scalability. This means that the Bitcoin SV blockchain can now handle an unlimited amount of data and its protocol is stable and fixed, much like the Internet protocol. More than 400 businesses have decided to work with Bitcoin SV, and the number is constantly growing.
By establishing Bitcoin SV as more than just a cryptocurrency and continuously improving its technology, BSV has provided industries with relevant uses during the pandemic. It is clear from the numbers presented that Bitcoin SV is the future—the one chain that can lead the world. Even a pandemic cannot slow down Bitcoin SV.
Image by Gerd Altmann from Pixabay