In this informational piece, we will delve deeply into understanding what Bitcoin Cash is and how it is different from Bitcoin SV. Bitcoin is coined as the pioneer of cryptocurrencies and is broadly attributed to the surging popularity of digital assets worldwide.
What is Bitcoin Cash?
Bitcoin Cash (BCH) came into existence in August 2017 as a result of a hard fork from the Bitcoin (BTC) blockchain. The origin of BCH was fueled by the surged disagreements in the Bitcoin community, which made the network more scalable with surging demand.
Bitcoin Cash can go up to 32 MB per block, allowing it to process more transactions than Bitcoin in the same period. BCH seeks to return to the level of convenience that Bitcoin used to have.
Bitcoin Cash implemented a hard fork in May 2018 to increase the block size and introduce smart contracts. In December 2017, BCH recorded its highest trading price of $4,355, which is 93.04% less than the price while writing.
Although it lowest traded at $75.08 on December 15, 2018.
Key Features of Bitcoin Cash
Lower Transaction Cost- BCH has one of the lowest transaction fees, nearly one U.S. penny.
Faster Transactions- It could process over 100 transactions per second, comparatively higher than Bitcoin.
Greater Trading Volume: Among 1000+ listed cryptocurrency projects, Bitcoin is the 31st most traded intraday.
Large Market Capitalization- In terms of market capitalization, Bitcoin Cash is the 16th most prominent cryptocurrency in the market.
Disadvantages of Bitcoin Cash
Weak Security- The blocks of Bitcoin Cash require less mining power, making it less secure than Bitcoin.
Brading Clashes- Bitcoin Cash still lacks its own identity, and in the broader market some moguls’ and investors’ terms, it is similar to Bitcoin.
Trading Price- In terms of trading price, Bitcoin Cash lags far behind Bitcoin, and it is also claimed that it will never reach as high as BTC.
What is Bitcoin SV?
Bitcoin SV came into existence following the hard fork of Bitcoin Cash, creating yet another derivation of Bitcoin. It was designed with Satoshi Nakamoto’s vision, as described in the Bitcoin white paper; however, some major changes were made to facilitate scalability and faster transaction speeds.
As per broader claims, Craig Wright pushed the development of BSV, a self-claimed Satoshi Nakamoto. BSV recorded its highest trading price of $491.64 on April 16, 2021, which is 90.92 percent less than the press time trading price.
Although it lowest traded at $23.30 on June 10, 2023.
Key Features of Bitcoin SV
Larger Block Size– The block size of Bitcoin SV is comparatively more significant, which allows it to store more data.
Transaction Speed- Bitcoin SV could process over 50,000 transactions per second.
Advanced Supports- It supports advanced features like NFTs and smart contracts.
Low Transaction Fees- Bitcoin SV charges a nominal transaction fee with an upgraded block size.
Security- The usage of proof of work makes Bitcoin SV more secure in terms of breaches and hacks.
Disadvantages of Bitcoin SV
Availability Issue– Bitcoin SV is available on top-tier cryptocurrency exchanges. Several crypto wallets do not accept BSV transactions.
Lowered Volumes- BSV trades and transactions are characteristically low in volume, which gives birth to speculation of sudden collapse or loss for investors.
Smaller Development Team- As per claims, the development team of Bitcoin SV is comparatively smaller, which could cause insufficiency in timely upgradation and major developments.
Conclusion
In conclusion, Bitcoin Cash (BCH) and Bitcoin SV (BSV) are two distinct cryptocurrencies that emerged from the Bitcoin (BTC) blockchain, each with its own unique features, advantages, and disadvantages.
BCH aims to increase scalability and reduce transaction costs, with a focus on restoring the convenience and usability of Bitcoin. On the other hand, BSV seeks to align with Satoshi Nakamoto’s original vision, prioritizing scalability, security, and advanced features like smart contracts and NFTs.
Bitcoin Cash struggles with weak security and a lack of distinct identity, whereas Bitcoin SV faces availability issues, low trading volumes, and a smaller development team.
The choice between BCH and BSV depends on individual preferences and priorities; investors and users seeking faster transaction speeds, lower fees, and greater scalability may prefer Bitcoin Cash.
Those who value advanced features, security, and alignment with Satoshi Nakamoto’s vision may prefer Bitcoin SV.
