Bitcoin SV has surged 33% over the last 24 hours — while Bitcoin falters as rising transaction fees and chain bloat from Ordinals transactions take hold. Is Bitcoin SV a better Bitcoin? Buyers have flocked to Bitcoin SV, triggering a nearly threefold increase in trading volume si...
Bitcoin SV has surged 33% over the last 24 hours — while Bitcoin falters as rising transaction fees and chain bloat from Ordinals transactions take hold.
Is Bitcoin SV a better Bitcoin?
Despite leading the top 100 off the back of this performance, BSV posted its all-time low on May 8, bottoming at $29.17. Moreover, the token is down 92% from its $490 all-time high — achieved in April 2021.
BSV was established in November 2018 by hard forking from Bitcoin Cash, which in turn had hard forked from the original chain in August 2017.
Founders Craig Wright and Calvin Ayre claim BSV fulfills Satoshi Nakamoto’s vision of a peer-to-peer (P2P) electronic money system — as set out in the original whitepaper.
Furthermore, since its inception, BSV has incorporated script commands enabling native tokens, smart contracts, and other Ethereum-like capabilities. Bitcoin followed suit in November 2021 with the Taproot upgrade — which later spawned the Ordinals Protocol.
Ordinals woes
Given the objective advantages of BSV over BTC, the issue of enlarging BTC’s block size is once again doing the rounds.
A larger block size enables greater scalability as more transactions (or other data use cases) can fit into a single block — increasing capacity and lowering the average transaction fee. However, the tradeoff comes at the expense of decentralization — as fewer people are prepared to run a node that operates using high bandwidth.
The chart below shows BSV hitting a high of 0.034 against BTC in early 2020. Since that peak, BSV has experienced a steep downtrend followed by a gradual drop-off from May 2021 onwards.