Bitcoin SV (BSV) bounced back sharply after experiencing big sideway moves at the beginning of the week. BSV coin enters the list of top ten coins on Wednesday, supported by a double-digit growth in its price and strong volume from South Korean exchanges.
Bitcoin SV or Bitcoin Satoshi Vision price rose above $100 level during Wednesday trading. With the market cap $1.7 billion, BSV stands at the 9th spot in cryptocurrency ranking according to Coinmarketcap data.
Bitcoin SV is formed after the hard fork of Bitcoin Cash on November 15. Both cryptocurrencies are now competing to get a higher ranking in crypto markets.
Meanwhile, Bitcoin Cash ABC, now termed BCH, is the fourth largest cryptocurrency with a market capitalization of more than $3 billion. Bitcoin Cash price is trading around $180, down sharply from $630 that it achieved at the beginning of the week.
What is Bitcoin Satoshi Vision?
Bitcoin SV is created following the upgrade of Bitcoin Cash blockchain network. Due to the blockchain upgrade, a segment of the chain took a new direction – which is now known as Bitcoin SV. The BSV is launched with a vision to follow Satoshi’s original vision and to become a fully decentralized virtual currency that has wider acceptance all over the world.
“Bitcoin SV is a full-node implementation for Bitcoin Cash (BCH) and will maintain the vision of Bitcoin set out by Satoshi Nakamoto’s white paper in 2008: Bitcoin: A Peer-to-Peer Electronic Cash System Reflecting its mission to fulfill the vision of Bitcoin, the project name represents the ‘Satoshi Vision’ or SV. Created at the request of leading BCH mining enterprise CoinGeek and other miners, Bitcoin SV is intended to provide a clear BCH implementation choice for miners and allow businesses to build applications and websites on it reliably,” according to the Bitcoin SV website.
What Bitcoin SV is Planning to Achieve?
The management of Bitcoin SV is seeking to work on the following four areas to rediscover the original idea of Bitcoin Satoshi Vision:
In order to act as global money, the management of Bitcoin SV plans to improve the stability of their network with limited changes to restore the Bitcoin protocol to its original form. The management also seeks to expand the scalability of BSV to handle higher transaction volume along with offering security and safety to its users.
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Can it Replace Bitcoin Cash?
Although some analysts are criticizing the split of bitcoin cash into two separate coins, the groups of other analysts are praising the effort. Calvin Ayre, the founder of Ayre group and crypto investors, shows strong confidence in BSV. He said, “It is a superior technology, head and shoulders above any other chain, and this has been proven when we mined a 64 MB block on the BSV chain last week. No other crypto platform is even close to scaling this much, and this is only the beginning of BSV’s scaling roadmap.”