Learn more about Bitcoin Cash SV.
Bitcoin Cash SV Review
When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of Bitcoin Cash SV.
Origin & Background
On 15 November, Bitcoin Cash forked and divided into two parts: Bitcoin Cash SV (SV standing for Satoshi Version) and Bitcoin Cash ABC. A more detailed review of Bitcoin Cash ABC can be found here.
A very simplified explanation of the different camps (ABC and SV), is that supporters of Bitcoin Cash ABC wants to add features and developments that they believe is needed to make Bitcoin Cash ABC as usable as possible. The developments focus on increasing scalability, and supporters of the Bitcoin Cash ABC claim that Bitcoin ABC 0.18.0 can be a solution problem to the well-known scaling problem of Bitcoin. The primary spokesperson for Bitcoin Cash ABC is Roger Ver.
When supporters of Bitcoin Cash SV explain why that should be the preferred version of Bitcoin Cash, they often argue that it brings Bitcoin Cash back to its roots, back to the “original Bitcoin”. They argue that the new developments that ABC-supporters think will solve scalability issues are “all dead ends”.
The primary spokesperson for Bitcoin Cash SV is Craig S Wright.
Interview of Craig S. Wright
The following statements he recently made in an interview with Changelly are particularly interesting:
“Craig, what are the main points of Bitcoin ABC 0.18.0 you strongly disagree with?
Everything. They are not Bitcoin, they are a PoS system to help WormHole offer illegal securities and to sell illegal items. The post in regards to “bucket shops” means this is going to be targeted. The SEC are already targeting ICOs, in 2019, there will be 100s of fraud cases.
Why it is so crucial for you to keep the purity of the Bitcoin code?
It is the ONLY way that it works. The ideas of mal fixes and more, are all flawed. They are dead ends. Sorry to say, but, there is nothing that works other than the original and nothing else will survive. It is a real shame so many fell for the lies that Vitalek and others promote about Bitcoin being social consensus etc. It isn’t and this is a dead end. Bitcoin works in the law. It does not replace it.”
Bitcoin Cash Features
The below are some of the main features of Bitcoin Cash SV, as opposed to Bitcoin Cash ABC:
Bitcoin Cash SV Scalability
It might seem odd that supporters of Bitcoin Cash SV claim that scalability is one of the main features of Bitcoin Cash SV, especially considering that the main problem Bitcoin Cash ABC wants to address is – that’s right – scalability. In any event, Bitcoin Cash SV-people argue that their solution supports substantially higher transaction volumes and it gives more mining rewards to miners. Block rewards are not irrelevant, as the reward per block will go from 12 to 6.25 BCH per block as early as the year 2020.
Bitcoin Cash SV Stability
Supporters also say that this implementation is more stable than others (such as Bitcoin Cash ABC). We have not received any information on exactly how they will make it more stable. General expressions such as “we’re going back to Bitcoin’s roots”, or as the name SV (Satoshi’s Vision) suggests, “back to Satoshi Nakamoto’s original vision”, does not really provide any further light on this matter.
Bitcoin Cash SV Security
The team behind Bitcoin Cash SV has focused hard on security, and they claim that their security protocol can not be compared with anything out there today, save for possibly aerospace industry solutions and solutions from national security industries. Moreover, the team will offer an extremely lucrative bug bounty program. The bug bounty program will be light years better than anything previously seen in cryptocurrency. As a reference to how lucrative the bug bounty program will be, the Bitcoin Cash SV team mentioned Microsoft’s and Google’s bug bounty programs.
Bitcoin Cash SV Fast Transactions
The SV-team has really focused on fast transactions in their road map. They argue that this is one of the keys to unlocking adoption of blockchain technology in the world. This argument does make a lot of sense though. Imagine a store on some busy street trying to sell clothes. They accept cryptocurrencies as payment for their goods. You walk up to the cashier and you pay with Bitcoin. Before the cashier can place your items in your bag and you can walk out of the store, it might take 10 minutes or more. This is simply not viable. However, if it’s a matter of 10-15 seconds, it is viable. So, to conclude this point, fast transactions is a priority for the Bitcoin Cash SV-team.
Whether Bitcoin Cash ABC or Bitcoin Cash SV will prevail in the cryptocommunity and in the world is difficult to say. On the date of this review (27 November 2018), the market capitalisation of Bitcoin Cash SV is USD 1.836 billion whereas the market capitalisation of Bitcoin Cash ABC is USD 3.103 billion. A clear advantage in favour of Bitcoin Cash ABC there. However, if you look at the 24 hour trading volume, Bitcoin Cash SV is at USD 554 million and Bitcoin Cash ABC only USD 313 million, so advantage Bitcoin Cash SV on that point.
We simply have to wait and see which chain will be the dominant one.
It will sure be interesting to follow…