Is Craig Wright’s Original Bitcoin SV Better Than Satoshi’s Bitcoin?

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
Is Craig Wright’s Original Bitcoin SV Better Than Satoshi’s Bitcoin?

  • BSV and BTC currently deal with roughly the same number of transactions, and that is about six times the transactions on BCH.
  • The recent update to the long-drawn controversy led to a large-scale increase in the price of Bitcoin Satoshi Vision (BSV).
  • The capacity expansion problem is the reason why BSV forked from BCH and BCH is forked from BTC.

Craig Wright, the Australian businessman who claims to be the creator of Bitcoin, Satoshi Nakamoto, was recently in the news for supposedly submitting data that proves his identity. Irrespective of whether or not Wright is Satoshi, his actions have a considerable impact on the market.

The recent update to the long-drawn controversy led to a large-scale increase in the price of Bitcoin Satoshi Vision (BSV). This dramatically increased the computing power of BSV. Yet, when put against Bitcoin Cash, BSV still has 30 % lower computing power.

This leads one to wonder whether the BSV blockchain is worth investing in, especially when options like BTC are available. Here is an evaluation of the two platforms based on their transaction speed, transaction fees and the application ecology. 

The capacity expansion problem is the reason why BSV forked from BCH and BCH is forked from BTC. Capacity expansion is to adjust the block volume for transaction storage and verification. The current upper limit of the block volume of BSV is 2G, but the actual size is around 1.52MB, far from the necessity of capacity expansion.

According to Wright’s theories, the larger the block, the higher the transaction speed. This means that BSV must have a more top speed than BTC. BTC’s transaction speed is about 3.28 transactions per second with about 2,377 transactions to be confirmed and the total size of 752.75K.

On the other hand, BSV’s speed is 4.56 transactions per second with 14,703 pending transactions of size 4.94MB.  However, this does not mean that BSV is faster than BTC.

The average transaction speed is affected by verification of miners and the transmission of the block network. Further transactions on BSV are more burdensome than BTC as the average transaction volume of BSV is much higher.    

BSV often hoards many transactions for a long time due to lack of sufficient active miners to proceed towards confirmation. BSV and BTC currently deal with roughly the same number of transactions, and that is about six times the transactions on BCH.

The transaction fee in for BTC is 1.06%, and BSV is 0.13% for the same transaction amount. The average transfer fee of BSV is about 10% of the fee on BTC. The transfer fee of the BSV network is only 1/400 of the BTC network for the price of a single currency. 

Therefore, the BSV is more cost-effective. But transfer fee is directly proportional to the health of the blockchain network, and thus a low transaction fee also means a weak network.

BSV’s on-chain transaction data has revealed that 99.8% of the on-chain transactions on BSV are false. Most of the BSV transactions are simple swipe transactions.

The use of the so-called thousands of DAPPs on BSC is similar to the old DAPP layout of EOS. Thus, though BSV’s application cannot be called worthless, we can conclude that BTC offers more exciting opportunities for investors. 

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