- what is the difference between bitcoin and bitcoin cash?
- what is the difference between bitcoin and bitcoin sv?
- bitcoin cash vs bitcoin sv
- btc vs bch vs bsv: the verdict
As if understanding bitcoin wasn’t hard enough, this cryptocurrency has two distant cousins: bitcoin cash and bitcoin sv. each has its own unique characteristics and market capitalization, and each is worth a different amount.
here, we’re looking at bitcoin vs bitcoin cash vs bitcoin sv – exploring the pros and cons of each.
Reading: Will bitcoin cash overtake bitcoin
what is the difference between bitcoin and bitcoin cash?
Let’s start by looking at the difference between bitcoin and bitcoin cash, or btc and bch.
As you may know, bitcoin (btc) was first launched in January 2009, and while it was heralded as an exciting new peer-to-peer electronic cash system that could challenge banks and the financial ecosystem as we know it, its potential dangers quickly began to surface.
One of the biggest drawbacks was the scalability of bitcoin. the bitcoin blockchain can only handle up to seven transactions per second because its block sizes are limited to 1mb. For crypto advocates, this was a huge concern: how the hell was this cryptocurrency supposed to compete with visa, which can process up to 65,000 transaction messages per second?
It was recognized that some form of adjustment was needed for bitcoin to scale and keep up with the increasing demand anticipated in the years to come. But there was a lot of disagreement about what these improvements would look like, leading a group of miners and developers to start a hard fork in August 2017. That’s when bitcoin cash (bch) was born.
bch has a block size of 32mb, which means it can handle considerably more transactions per day (up to two million by some estimates). Payments can also be processed more quickly, thereby eliminating annoying wait times and delays on the bitcoin network, and are often much cheaper to complete as well. bitcoin cash is becoming an increasingly popular payment method among retailers that accept cryptocurrencies.
However, remember that all is not sunshine and rainbows in the bitcoin cash vs bitcoin debate. there are some concerns about the security implications of having larger block sizes. Critics also point out that BCH’s market cap is much lower than BTC’s, indicating that the coin has yet to gain a large following in the crypto community.
what is the difference between bitcoin and bitcoin sv?
Departing from the bitcoin cash vs. bitcoin debate, we now have another altcoin to worry about: bitcoin sv (sv stands for “satoshi vision,” in case you were wondering).
If you thought developer disagreements would end after bch forked from btc, you were sadly wrong. Some of the technical upgrades that were proposed for the bitcoin cash blockchain, i.e. plans to ensure that transactions were in a specific order within a block and the goal of offering smart contract functionality, did not attract the universal support.
This resulted in another hard fork, this time of the bch blockchain.
bitcoin cash vs bitcoin sv
so what is bitcoin sv? their commitment is to strictly follow satoshi nakamoto’s whitepaper for bitcoin, which was published in october 2008.
When it comes to bitcoin vs bitcoin sv, or bch vs bsv, one crucial difference is block size, which at launch was intended to be 128 times larger than btc’s paltry 1mb. bitcoin sv claims that it can “replace all payment systems in the world with a better user experience, cheaper trading cost, and a more secure level of security.”
Data suggests that transacting on the bitcoin blockchain is nearly 11,000 times more expensive than operating via bitcoin sv, and this could be a crucial deciding factor for those looking to lower their costs. but the battle of the hard forks (bitcoin cash vs bitcoin sv) has been ugly at times.
Bitcoin SV’s founder is Craig Wright, an entrepreneur who has sparked controversy after repeatedly claiming that he is Satoshi Nakamoto, the pseudonymous inventor of Bitcoin.
has been accused of being a fraud, and while bch is available on major cryptocurrency exchanges, several platforms, including binance, have taken the extraordinary step of removing bsv altogether. in 2019, the company said bitcoin sv did not meet the high standard it expected, adding that trading pairs would be discontinued to protect users.
so what is the price of bitcoin sv relative to bitcoin? well, there’s a pretty big gap. At the time of writing on August 10, 2022, one bsv is priced at approximately $62.04 and one btc is worth $24,043.46, which means it would cost more than 387 bsv coins to get a single bitcoin. /p>
btc vs bch vs bsv: the verdict
Overall, you have to wonder if the developers who have been orchestrating all these hard forks ever considered the possibility that this would make the crypto world even more confusing and difficult for everyday consumers to understand. they all have similar names, which means it can sometimes feel like you need a Ph.D. in cryptography just to understand the technical nuances.
bitcoin is the largest of the cryptocurrencies, and it seems unlikely that bch or bsv will pose much of a threat to their position. In the coming years, however, it will be interesting to see if bitcoin cash and bitcoin sv can successfully co-exist in the crypto ecosystem, or if one or the other of them will start to lose traction.
With over 20,500 cryptocurrencies in existence, according to coinmarketcap, and several other digital assets trying to offer low-cost, scalable, retail-friendly payment methods, there’s a lot of competition.
Based on what’s happened in the last three years, we also can’t rule out the possibility of even more hard forks of bitcoin, bitcoin cash, or bitcoin sv. Although one of the benefits of decentralization is that one party does not gain full control of a cryptocurrency or its blockchain, the obvious drawback is that it is usually difficult to get everyone to agree on the best course. of action to make improvements.