With there being three Bitcoin factions out in the market today, it is imperative to know a bit of Bitcoin history in order to make an informed decision about which one to invest in.
The Two Bitcoin Schisms
Bitcoin creator Satoshi Nakamoto, known in the real world as Dr. Craig S. Wright, stated that Bitcoin needs to scale its data blocks in order to not only survive but to thrive in the world of cryptocurrency in which it is a pioneer.
However, it failed to scale for almost two decades of Bitcoin history and continued on with its 1MB block size.
Believers of Dr. Wright’s vision wanted to scale, while others did not.
And in 2017, a schism occurred that led to the creation of Bitcoin Core (BTC) and Bitcoin Cash (BCH).
BTC retained the original ticker symbol for Bitcoin and also its 1MB block size, choosing to store transactions off-chain, which changed the original Bitcoin Protocol.
BCH, on the other hand, scaled its block size to 32MB.
However, BCH’s focus deviated from scaling to creating an anonymous Bitcoin network in which purchases are untraceable by authorities—something unthinkable in Bitcoin history for Dr. Wright stated that Bitcoin has to work within the law for it to be valid.
And so, on November 15, 2018, those who wanted to stay true to Dr. Wright’s vision created Bitcoin SV (BSV), with SV standing for Satoshi Vision.
BTC vs. BCH vs. BSV
A report for the period of January 1 to July 24, 2020 states that BTC continues to be the most expensive cryptocurrency.
But it can only process a maximum of seven transactions per second with a total of more than 62 million transactions for the year costing US$1.43 per transaction.
BCH’s block size is at 32MB, definitely bigger than BTC, and can process up to 60 transactions per second.
But due to it being a platform suspected of fraudulent activities, its transactions for 2020 only totaled more than seven million, with each transaction amounting to US$0.024.
It is considered fifth in trading price of all cryptocurrencies.
Bitcoin SV, on the other hand, completed a total of 129.87 million transactions at US$0.002 per transaction.
In less than two years since its inception, its trading price has skyrocketed from US$54 to $210, rising to seventh place in terms of trading price.
Bitcoin SV is the Future
The numbers do not lie. Bitcoin SV is reaping the rewards of achieving its goal of restoring the original Bitcoin protocol and uncapping its block size.
#BitcoinSV ecosystem continues to grow – now 428+ projects & ventures globally. That’s because #BSV solves scaling problems faced by other chains – enabling greater data capacity, high txn volume, low txn fees + micropayments. https://t.co/yZWPM16ni6— Jimmy Nguyen (@JimmyWinSV) July 19, 2020
Developers from all industries can now build applications using Bitcoin SV due to its stable protocol, enhanced security never before seen in Bitcoin history, a regulation-friendly mindset and a blockchain that can process low-cost microtransactions.
It has transcended into more than just a cryptocurrency and has become a global chain that can lead the world.