If you have been following the news and trends in the cryptocurrency industry, then you have undoubtedly heard and read a lot about Bitcoin. But have you ever come across Bitcoin SV?
In this post, we’ll take a deep dive into what Bitcoin SV (BSV) is all about and what users and investors can expect next for this cryptocurrency this coming 2021. Let’s get started!
What is Bitcoin SV (BSV) and How Does It Work?
Bitcoin SV (SV stands for Satoshi Vision) is a digital coin born out of BitcoinCash’s hard fork in November 2018. The goal of Bitcoin SV is to bring Bitcoin back to its original concept and technology, which incorporates decentralization, as well as utilizing digital coins as payments and trade alternatives.
Since Bitcoin SV preserves the original form of Bitcoin, it has similar working principles. BSV is also a peer-to-peer payment system that enables transparent and irreversible transactions between participants. Each block in the Bitcoin SV chain carries a cryptographic code of the previous block, timestamp of the transaction, and transaction data.
The major difference between Bitcoin and Bitcoin SV is its block size. Bitcoin SV is at 128 MB compared to BTC’s smaller 32 MB. This is done to allow the system to perform with high bandwidth and increase transaction speed, which is a problem when the block size is restricted and small in scale (when the number of transactions rises, the waiting time increases).
The Main Advantages of Bitcoin SV (BSV)
There are many digital coins out there, each with its own purposes and benefits. For Bitcoin SV, below are the major advantages of owning and using the coins.
- Scalability – As mentioned, Bitcoin SV’s block size is 128 MB. A larger block size means more transactions can be performed, which aids in scaling the BSV network.
- Cheaper transaction costs – One of the goals of BSV developers is to reduce the transaction costs of BSV. Despite the minimal transaction rate, BSV allows fast transactions on a large scale. This serves as one of its selling points for businesses that are considering the adoption of cryptocurrency.
- Network development – Bitcoin SV was created and implemented on the existing blockchain. It went through lots of changes and development to ensure safety, privacy, and security for its users compared to its competitors.
- Security – Many people worry about security and double-spending when it comes to both fiat and digital currencies. Bitcoin SV network has protocols in place to prevent double-spending or interference with transactions, making such attacks difficult, if not impossible.
Bitcoin SV (BSV) Price Analysis
While Bitcoin SV is still in its early stages, it managed to climb up the ranks of cryptocurrencies. Based on CoinMarketCap, BSV is ranked 12th by market capitalization at $3,138,266,259 USD. The cryptocurrency’s current price stands at $168.84 (as of December 3, 2020).
Its all-time high price reached $441.20 (back in January 14, 2020), while the all-time low was at $36.87 (November 23, 2018, or around the time of its introduction). Bitcoin SV has a circulating supply of about 18,587,014 BSV coins and a maximum supply of 21,000,000 BSV coins.
Ever since its launch, Bitcoin SV managed to rise and remain in the top 15 cryptocurrencies by market capitalization. Like any other coins, though, BSV exhibits dramatic price movements and volatility. The coin and its condition make it attractive to professional traders.
When BSV got listed in November 2018, it experienced price rise and dips—$36.87 on November 23, $123 on November 26, and $133 on November 29, closing closed the year at $90.
In the first quarter of 2019, Bitcoin SV dropped to the $60 to $75 price range until April. Come April 4, the price jumped to $99 but dropped once again to $50 on April 25. The cost of BSV declined and rebounded throughout the year before finally closing in the $90 to $100 price range.
Bitcoin SV was off to a great start come the first quarter of 2020. On January 4, the coin overcame the resistance at $100 and jumped to $441 on January 14—a whopping 400% price increase within ten days. However, it dipped hard again at $80 on March 13 but rebounded on April 9 at $225. As of December 3, 2020, BSV is priced at $168.84.
Seeing that Bitcoin SV price jumps up and down erratically ever since its introduction in 2018, it poses as an ideal cryptocurrency asset for long-term investment. WalletInvestor predicts that BSV will rise steadily and hold out at around $300 by the end of 2021, and it will continue to grow in the following years.
Moreover, Bitcoin SV has a lot of potential to continue growing in the future, especially when you consider that its block bandwidth is bigger than Bitcoin. In the cryptocurrency world, block size matters big time.
However, it’s too early to tell whether BSV will outdo the original, and the most popular cryptocurrency that is Bitcoin. Bitcoin has been in the industry for several years. You can see a good history of social evidence and progress that proves the digital coin can withstand and overcome market volatility and erratic price swings.
Nonetheless, Bitcoin SV carries a lot of potential. Being in the top 15 rankings of cryptocurrencies by market cap, it established itself as one of the distinct and notable coins out there. Only time will tell what its future will be.
Wrapping It Up
Like in any other industry, price predictions may vary, and many factors can directly affect prices that no one can foresee (such as a global health pandemic). For now, one thing is for sure: Bitcoin SV has managed to build a good foundation in the market and ranked high very easily and in a short time in the market cap chart.
As the coin continues to show gains, chances are it will continue to do so, and when it does, it will rise as one of the most popular choices in the marketplace for miners and investors alike.