BitcoinSV is one of the most talked-about cryptocurrencies lately, courtesy to the gloomy controversies around it. Some call it a scam and others a publicity stunt, but it has always stayed on charts and stirred up debates in the community.
In this article, ChangeHero attempts to reveal the facts that impacted BSV and how well it would perform in the last quarter of 2019.
What is BSV? Does it bring something new to the table?
BSV is relatively a young cryptocurrency that came into existence as a result of the Bitcoin Cash hard fork that took place on November 15, 2018. BSV stands for Bitcoin Satoshi Vision, as the name implies, it was developed with aims to bring back the values and principles of the original Bitcoin. The split was led by the most popular Craig Wright and was carried out to improve the capabilities such as block size and transaction speeds.
Bitcoin SV has a few benefits over its cousins. It is focused on bringing more stability to the protocol and enable large scale businesses and developers to create solutions on the blockchain in the form of smart contracts, atomic swaps and others. Scalability is one of the major concerns for many cryptocurrencies, BSV aims to enable massive scaling and transform itself into a daily driver for transactions around the world. In order to ensure that it is on the right path, SV Gigablock Testnet (SV-GBTN) continuously measures the performance of the protocol and gives useful insights to the miners and participants about the scaling decisions.
In addition, the project also lays a major emphasis on the security and provide safe transactions. Furthermore, BSV aspires to provide instant transactions taking advantage of the zero-confirmations feature. Though these peculiarities seem to be promising, BSV has its ups and downs in it’s since its genesis.
Since it’s inception, BSV has always managed to remain under the top-20 cryptocurrencies. In the early November of 2018, BSV price was under a hundred dollars and caught the attention of the traders quickly due to its promotional approach as the original bitcoin. At one point, the coin was traded at around $221, but the prices quickly fell below $40 by the end of the same month due to technical issues. Right after the fall, prices shot up and continued to trade just under $100 in December.
BSV started the year 2019 at around $90, but its value dropped gradually in January. Till the end of the first quarter, the coin did not see any major fluctuations and it was the calm before the storm. On 15th of April, Binance has announced its decision for delisting BSV from its exchange citing Craig Wright’s claims as Satoshi Nakamoto were untrue. Eventually, Shapeshift also announced that it would not be trading BSV anymore. These series of incidents had a significant impact on BSV and its price fell by more than 13% and was traded at just over $50.
Craig Wright’s lawsuit has stirred up a big controversy in the crypto community and resulted in the growing interest on BSV among the people. This has affected BSV to a large extent and the price grew dramatically in the mid-2019 and reached its all-time high of $255.88 on June 22, 2019 with a total market cap of over $4 billion.
In the third quarter of the same year, BSV has fluctuated severely mostly due to the argy-bargy of Satoshi Nakamoto’s identity. As of the Halloween of 2019, BSV was being traded at around $130 and is the 9th most valuable cryptocurrency with a market cap of over $700 million according to CoinMarketCap.
Bitcoin SV is one of the very few cryptocurrencies which received a lot of criticism from the crypto community. Prominent people in the crypto world have voiced their opinion on this currency with Craig Wright at the epicentre in the whole discussion.
Binance’s CEO, ChangPeng Zhao (CZ) has condemned Craig Wright’s claims as Satoshi in a tweet. To make things worse, Ethereum’s Co-Founder, Vitalik Buterin in an interview with Youtuber Hardware Crypto has slammed the coin calling it a complete scam but expressed scepticism about Binance’s decision to delist BSV.
Conversely, many marketing analysts predict that Bitcoin SV will see a growth in the near future. Wallet investor forecasts that BSV would be traded over $213.157 by the end of 2019. Digital Coin also suggests a similar figure of $211.2 for BSV’s closing price the same year. Trading Beasts also show a bull market for the same period but a slower one with BSV expected to be traded at around $150.
In a nutshell,
Bitcoin forks have always been debated and Bitcoin SV is the hot-topic. Despite the harsh criticism from the techies, BSV stood among the top performers in the crypto sphere since its birth with its price and the tech, as well. All in all, Bitcoin SV is quite an intricate story to unravel and might stage many gripping events in future.
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