Despite the short existence of Bitcoin SV (BSV), it managed to make a name for itself. The reason for the appearance was one of the most scandalous hard forks. The impressive growth with the start of trading became logical. At the moment, the value and reputation of cryptocurrency among the community continue to decline steadily. All these issues, profitability, and the Bitcoin SV rate will be discussed in this material.
Bitcoin SV cryptocurrency and scandalous appearance
More recently, there has been an impressive hard fork on the Bitcoin Cash network, marked by the emergence of two independent cryptocurrencies with different ideologies.
Bitcoin Cash ABC (BCHABC) – owes its origin to its developer Roger Ver. The technology is based on the course associated with the emergence of decentralized applications and gateways for transactions between different blockchains. The cryptocurrency can be safely called the “successor” of the bitcoin cache. BCH tokens are nothing more than BCHABC.
Bitcoin SV (BSV) – a scientist known for his outrageous and bitcoin evangelist from Australia Craig Wright is engaged in leadership and development. He called the problem of scalability a priority activity, which was the reason for increasing the block to 128 MB. According to the developer, the created cryptocurrency can bear the proud title of “the only real bitcoin”, according to the idea of Satoshi Nakamoto.
In literal translation, the abbreviation SV can be deciphered as Satoshi Vision or “Satoshi’s vision.” The user community was repeatedly surprised by Wright’s statement, who for some reason decided to identify himself as the founder of Bitcoin. To understand whether this is so or not, one should consider in detail the features of the cryptocurrency, which he is actively promoting.
SV Bitcoin is similar to BCH, but it has a higher block size. In general, the developers did not present a new idea. The ideology was taken from the famous work of S. Nakamoto entitled “Bitcoin: a peer-to-peer electronic cash system.”
The main message of the idea is the creation of a global network that allows for prompt, cheap, and completely secure payments, or the possibility of its re-creation. At the same time, smart contracts are categorically not recognized, and applications are characterized by decentralization. This directly contradicts the concept of real bitcoin. It should be noted that the emergence of the project was not caused by Craig Wright. The creators and sponsors are companies such as CoinGeek Mining and nChain. To carry out technical work, specialists working in the state are involved.
Although the situation is by no means unambiguous, the cryptocurrency quickly gained public attention. For those who prefer to work with BCH, new tokens will be automatically credited. The rest are left to mine in the standard way and make a purchase.
Why Bitcoin SV Mining Becomes Unprofitable
Cryptocurrencies, as such, generally carry a lot of problems and require the attention of developers so that they can begin to resolve them. The most critical issues are as follows.
- Unprofitable process
According to researchers at the BitMEX exchange, Bitcoin SV mining is at -12%. Mining cryptocurrencies is becoming unprofitable. In this case, you should focus on indicators in the form of the number of coins for mining, quotes at the moment, and the minimum cost of electricity. If we add the cost of high-powered ASICs, which are mandatory for commercial production, the picture will be even sadder.
- Delisting on TOP-exchanges
The # 1 platform that did not want to work with altcoin is the Binance exchange. The leadership in the person of Changpeng Zhao resorted to sharp criticism of Craig Wright for speculating in the name of Satoshi Nakamoto and labeling the cryptocurrency as “toxic”. Numerous users have spoken out in support of the administration. The official significant date is April 22nd. After the last announcement of the news, there was a collapse of quotations by as much as 25%.
Another exchange in the TOP Kraken conducted a user survey on whether or not a BSV asset is needed. Over 70% of the respondents gave a positive answer. Since May 1, the cryptocurrency has disappeared from this site.
Most recently, there was an announcement about the delisting of the Shapeshift exchange platform. Renowned cryptocurrency figures like V. Buterin E. Pompliano, J. Song, etc. are calling for blocking Bitcoin SV. There was a new Twitter tag called #DelistBSV.
- Technical flaws
The fundamental innovation of the project is the block, the size of which is increased to 128 MB, which has received criticism from numerous experts. The Bitcoin Cash blockchain is undergoing scaling up to 32MB with great difficulty. The Bitcoin community was split into 8 MB. At the moment, there are no guarantees regarding the normal functioning of the Bitcoin SV system with a sharp increase in the block.
Explaining the basics from a technical point of view and perspectives of the solution is the responsibility of the White Paper of the project. At the moment, there is no clear data or specific strategy directly from the developers. The roadmap also does not provide specific information.
Deficiencies from a technical point of view are provided for in the system. Users are constantly provided with duplicate descriptions of the means of the transaction, conducted with errors and their cancellations. For developers, there is a regular release of updates, in which the rules for working on the network are slightly adjusted. However, there is no practical help from this.
