A brief analysis of Bitcoin, Bitcoin cash and Bitcoin SV

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Avatar for Kincaid
3 years ago

As at May 2017, Bitcoin transactions could last for about four days before being completed. The only way to speed up a transaction was to pay a transaction fee which was around $28 at the end of 2017. The delay in the transaction and need to pay fees was what led to the forking of the Bitcoin blockchain and introduction of the two competing cryptocurrencies, Bitcoin(BTC) which is the original Bitcoin and Bitcoin Cash (BCH) which is the split from the original Bitcoin. Bitcoin cash wasn't the first split from Bitcoin but it is now one of the most eminent as it quickly rose to become one of the top crypto assets by market capitalization.

As the technical upgrades that were proposed to the BCH blockchain wasn't supported universely, there was a consequential hard fork from the BCH blockchain which ushered in Bitcoin SV( the SV standing for Satoshi's vision). Although Bitcoin SV was forked from BCH, it had been delisted by Binance which is a cryptocurrency exchanging platform; the company said it didn't have the high standard it needed. However, there is still that huge gap between the price of Bitcoin SV and the original Bitcoin; Bitcoin SV is worth $158.69 while Bitcoin is worth $10,034.60 as at this time of writing.

Moving away from Bitcoin and Bitcoin SV, Bitcoin cash has accelerated quickly as Coin market has affirmed it as the world's fifth largest cryptocurrency on the basis of market capitalization following Bitcoin, Ethereum, Tether and XRP. Cardon as sixth and Bitcoin SV as seventh.

However, i feel it will be interesting to witness the future of BCH and Bitcoin SV; if they will be able to co-exist successfully in the crypto ecosystem. I think these hard forks could possibly make the cryptocurrencies a bit confusing for the consumers as they have similar names. Also, the probability that there will be more hard forks from Bitcoin, Bitcoin SV or BCH in the future can't be excluded.

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