The birth of Bitcoin SV is the result of the most contentious hard forks in crypto space. November 15th, 2018 was the date when Bitcoin Cash (BCH) was forked and Bitcoin SV came into existence.
The ‘SV’ in Bitcoin SV stands for ‘Satoshi Vision’, which represents the main aim of not only the last year’s BCH fork but also the Bitcoin fork of 2017, which resulted in the creation of Bitcoin Cash. Let’s try to understand the differences between Bitcoin SV, Bitcoin Cash (BCH) and original Bitcoin (BTC).
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Bitcoin SV
Bitcoin SV or BSV is a cryptocurrency that aims to bring back the values and technology of the original Bitcoin. It was introduced to make Bitcoin dominate in terms of decentralisation by actively using crypto as payment and trade method.
The chain leader of BSV is Craig Wright, who also claimed to be Satoshi Nakamoto. He is one of the major personalities involved in the creation of Bitcoin SV along with Roger Ver.
Talking about the internals of Bitcoin SV, the block size of BSV is 128MB i.e four times the block size of BCH. If you are unaware, the bigger the block size, the more it can help to scale the network and allow more transactions to be performed. The Bitcoin SV developers are also aiming to provide affordable and fast transactions at a large scale.
If we go back to the time when it’s protocol was being upgraded, both BCHABC and BSV mining powers were fully mobilised and shifted from BTC to BCH. This resulted in the Bitcoin price fall followed by market struggle.
Though it would still take a lot of work to implement Satoshi’s view of the existing blockchain, there’s a relief that the forked BSV currency is now supported by major cryptocurrency exchanges.
Bitcoin Cash (BCH)
What is Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is another cryptocurrency that is forked from the original Bitcoin (BTC) blockchain. It basically aims to be a global peer to the peer payments system and designed in a way to increase the transaction capacity of a network.
BCH was launched in 2017 when Bitcoin investing has gone up and its price was touching the sky. As the network has grown, the transaction processing time and fees also went up and ultimately resulted in the decline of Bitcoin payment usage.
This debate about the future of Bitcoin has divided the whole community and resulted in a contentious hard fork. The different parties have combined into two major camps: Bitcoin Cash as a currency and payment processing platform and Bitcoin as a store of value.
Talking about behind the scene improvements, the BCH is fast, reliable and secure. Just like Bitcoin (BTC), it also works on the SHA 256 hashing algorithm and Proof of Work as a Proof Type. Here, the main difference between both of these cryptocurrencies is — the maximum block size of BCH is 32MB whereas the BTC is still serving their users with a maximum block size of 2MB.
Anyway, BCH is miraculously growing with high price values and indicating that the momentum of the price is good and will remain the same for some time. If you are an investor, consider digging in and book profits. I have high hope for this currency.
Bitcoin (BTC)
Bitcoin (BTC) is the first decentralized cryptocurrency developed by a pseudonymous software developer Satoshi Nakamoto in 2008. The system is used to send and receive payments between users without requiring a central authority, such as a bank or payment gateway.
It’s a virtual currency that isn’t printed like dollars or rupees. They are produced by computers using free software, all around the world. Bitcoin is a mathematical proof-based electronic payment system. It was launched with an aim to have a means of exchange that can work independently and payments could be transferred electronically in a secure, verifiable and immutable way.
Bitcoin has a maximum block size of 2MB and this led to slow processing of transactions and performance issues. Each transaction needs a significant amount of time to be confirmed after being mined and subsequently added to the blockchain. This may let you wait for some time but if the transaction value is high, it also ensures a higher degree of security and makes it impossible to alter the transaction records fraudulently.
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Overall, I can say that there are multiple cryptocurrencies available in the market and striving to be the future of decentralized and independent transactions. However, I think Bitcoin will always be the most stable and stable cryptocurrency. Also, I don’t think Bitcoin can be used as a normal physical currency. Instead, you should consider it as a store of value.
