Bitcoin SV Grabs 8th Position, Calvin Ayre says BSV will Take over non-scaling Platforms
With a market cap of $1.77 billion, Bitcoin SV is currently at 8th spot while its network hash rate increases to 38 percent. Meanwhile, Calvin Ayre shares Bitcoin SV is most likely to take over and replace all other non-scaling platforms as it is the “only cryptocurrency with a blockchain that massively scales, the only that has utility value, and the only one that can do it all.”
Bitcoin SV Network hash rate rises to 38%
After the hard fork on November 15, Bitcoin Cash (BCH) split into two coins viz. Bitcoin Cash ABC and Bitcoin Satoshi Vision (BSV). It’s been less than 15 days and an all-out war break out between both the parties. However, Bitcoin SV gave up Bitcoin Cash (BCH) ticker as CoinGeek announced that it is, in fact, the actual bitcoin.
At the time of writing Bitcoin SV has been trading at $101.48 while registering 24-hours losses of 10.48 percent. In the BTC market, BSV is also in the red by 3.98 percent. With a market cap of $1.77 billion, Bitcoin SV is sitting at 8th position. Currently, it is managing the trading volume of over $500 million.
BSV price chart, Source: Coinmarketcap
Recently, Craig Wright released the roadmap for Bitcoin SV that would scale it to handle 1TB of transactions in 3 years. This took the share of BSV network hash rate to 38 percent while Bitcoin ABC amounts for 62 percent.
Craig Wright took to Twitter to share that Bitcoin SV will be following and achieving the real goal of Bitcoin that is on-chain scaling,
Unlike dead-end concepts such as lightning, we will be scaling Bitcoin on-chain and will follow the original idea where nodes can come and go and not need to be connected all the time pic.twitter.com/kgFUSgmgyl
— Dr Craig S Wright (@ProfFaustus) November 27, 2018
CoinGeek’s Calvin Ayre just recently shared in his blog, “The return of original Bitcoin: Bitcoin SV will bring massive scaling and enterprise usage,” that BSV in the next few years will replace other blockchain techs as he says,
“BSV is the single best value haven in the crypto space during this volatile market. It is a superior technology, head and shoulders above any other chain, and this has been proven when we mined a 64 MB block on the BSV chain last week. No other crypto platform is even close to scaling this much, and this is only the beginning of BSV’s scaling roadmap. Now that original Bitcoin is back, it will be ALL about scaling to attract enterprise level application development.”
In today’s, “Why the future of mining is tied to massive scaling and that means Bitcoin SV,” Ayre shared how BSV is most likely to take over and replace non-scaling platform and growing the real utility value of BSV. As for its importance to miners,
“The reason is the Bitcoin block reward will halve again in just over a year (from 12.5 to 6.25 coins for each block), and then halve again every several years after that. As this happens, if transaction fees do not replace the reduced block reward, Bitcoin mining will not remain profitable. We also want to ensure individual transaction fees remain low so the Bitcoin network can work for an electronic cash system and to support advanced technical features.
The only way to increase overall revenue from transaction fees is for the blockchain to massively scale, and to enable huge volumes of low-cost microtransactions. This is the only way to drive both Miner revenues and market demand for mining hardware. Therefore, if miners do not support Bitcoin SV and its scaling roadmap, they would be following a path that ends in their own destruction.”
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Author: Anjali Tyagi