Bitcoin SV Celebrates A Year In Business

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Written By Farid Shojaei

Bitcoin SV is a year old after successfully surviving a controversial cryptocurrency fork and going back to old values.

The last and most expansive Bitcoin fork was on November 15, 2018.

Bitcoin is the oldest cryptocurrency at nearly 11 years of age. A previous fork created Bitcoin Cash and then came Bitcoin SV.

A fork is when a new set of rules is applied to the Bitcoin network. The existing coin continues as usual, but the new rules apply to the newly created cryptocurrency.

Last year’s fork derived from a battle of wills between the minds behind the scenes that control Bitcoin.

Return to old values

One faction wanted a new , improved cryptocurrency that moved on from Bitcoin, while the other wanted to return to the old values of legendary Bitcoin creator Satoshi Nakamoto.

The Bitcoin SV supporters wanted to introduce more scalability into Bitcoin so the coin could compete with new cryptocurrencies as a platform for hosting apps and data. Alongside scalability, the developers also want security and stability for the platform.

Since the fork, Bitcoin SV has been rigorously updated to manage 20 million transactions a day with the objective of matching the scalability of the VISA debit and credit card network.

Meeting this technical goal would allow Bitcoin SV to support enterprise applications, smart contracts and big data capabilities.

But investors have stuck with the original Bitcoin and Bitcoin Cash.

How Bitcoin ‘s trading

Bitcoin by far has the biggest market capitalisation of all cryptocurrencies at $153.33 billion and a face value of $8,494.70 at current trading.

Bitcoin Cash is the fourth largest cryptocurrency by market cap at $4.8 billion and a coin value of $264.96, behind XRP and Ethereum.

Bitcoin SV lags with a ranking of the 211th largest market capped cryptocurrency at $2.22 billion and a coin value of $122.78. The tag ‘SV’ refers to ‘Satoshi’s Vision’ which refers to the original white paper that hypothesised cryptocurrency in 2008.

The other Bitcoin derivative – Bitcoin Gold has a market cap of $135 million and trades at $7.86 with a ranking of 45.

Find out more about Bitcoin SV