Bitcoin Cash and Bitcoin SV are two of the most well-known offspring chains that forked from the original Bitcoin network. These chains offer different features and benefits than the original Bitcoin network, but they still share many similarities. To know more about this, visit https://bitcoin-wise.org/.
Let’s take a closer look at these three types of cryptocurrencies to see what sets them apart and how they compare to one another.
When Bitcoin experienced fundamental disagreements between two competing camps over technical aspects like scaling or governance; ultimately resulting in what’s called “hard” forking – where users who don’t choose one side simply continue using both- many people were left feeling lost because there was no easy way ́to tell what happened.
This is because, when a cryptocurrency forks, it creates an entirely new coin with its own blockchain and digital assets. In this case, Bitcoin became Bitcoin Cash (BCH) and Bitcoin SV (BSV).
The key difference between Bitcoin and Bitcoin Cash is that BCH allows for bigger blocks, which in turn allows for more transactions to be processed at once. This makes BCH better suited for everyday transactions, like buying coffee or groceries.
The bitcoin cash (BCH) was born in August 2017.
Bitcoin SV is a fork of Bitcoin Cash that intends to restore the original Bitcoin protocol. This means that BSV will have larger blocks than BCH, but also comes with some risks. For example, if there is a bug in the code, it could lead to massive problems on the blockchain.
Bitcoin SV (Satoshi Vision) came into being in Nov 2018.
The way Bitcoin and Bitcoin cash deal with transactions is one of the most significant distinctions between the two.
Bitcoin transaction costs are high due to network congestion and lengthy wait times for confirmations when sending funds across borders.
Bitcoin Cash offers low costs associated with faster confirmation speeds making it more appealing than other cryptocurrencies such as Litecoin or Ethereum which charge higher rates per KB stored by users.
However, the market capitalization of Bitcoin Cash is considerably lower than that of Bitcoin, suggesting that the cryptocurrency has not yet achieved widespread acceptance in the crypto sector.
The developer feuds have not ended with BCH splitting off from BTC. The aim of providing smart contract capabilities and ensuring transactions were processed in the proper order did not appeal to all, resulting in yet another fork on top of the Bitcoin Cash blockchain!
The Bitcoin SV is a hard fork of Bitcoin Cash and aims to restore the original vision of Satoshi Nakamoto, by being able to process larger blocks with faster block times.
The key difference between BCHSV and other cryptocurrencies such as Litecoin or Ethereum lies in transaction fees per KB stored on the blockchain.
Transaction costs for Bitcoin SV are considerably lower than the other cryptocurrencies in this category, making it a more attractive option.
This means that BSV is better suited for larger financial transfers like buying or selling stocks.
Bitcoin is the most popular cryptocurrency, and BCH and BSV are unlikely to pose much of a threat to its dominance.
In the years to come, it will be an exciting quest to explore if BCH and BSV can coexist capably in the crypto ecosystem. Both of which are making great efforts not to let each other down while also competing against fiat currency systems by functioning just like cash on hand without cost. When used correctly, they may perform similarly because Bitcoin Cash has a block size of 32 MB and Bitcoin SV will have a block size of 128 MB.
Only time can tell if this coexistence is possible, but for now, it seems that all three coins are here to stay.
The truth is, there isn’t necessarily one “right” cryptocurrency for everyone. It all depends on your needs and what you’re looking for. Bitcoin Cash is great for everyday transactions, while Bitcoin SV offers more stability and a higher transaction capacity. Ultimately, it’s up to you to decide which one is right for you.