- Bitcoin maxis so desperately want to believe Bitcoin is perfect and Bitcoin SV is a pile of trash
- Bitcoin (BTC) has a major flaw that will potentially destroy the ecosystem in around 12 years, but Bitcoin SV already knows this
- Bitcoin SV has already dealt with the major issue that Bitcoin is facing thanks to its huge block size
Another day, another group of people rage on about how Bitcoin SV (BSV) is a massive shitcoin and is doomed to fail. Sure, on the outside, BSV certainly looks like it’s just a plain old Bitcoin Cash fork, but under the hood there’s a lot of code that makes BSV stand out from the crowd.
BSV has actually managed to solve a lot of problems that Bitcoin (BTC) will face in a few decades that not many people have quite picked up on. You’re probably thinking, but if this is true, why do so many people hate it?
Craig Wright and Calvin Ayre.
Fixing Problems BTC Maxis Haven’t Spotted Yet
The biggest issue with Bitcoin is that block sizes cap the number of transactions that can be in each block. Now, this is all well and good for now, but once we go through a few more halvings and the block reward is say 0.7812 BTC – a reality in just 12 years – miners will be struggling to profit from their activities.
There are two solutions to this and to keep miners afloat. Firstly, miners could simply wait for inflation to take its course and hope Bitcoin rises in price. But this then means you’re looking at Bitcoin being worth just over $100,000 each to remain as profitable as they currently are. Once Bitcoin becomes worth this much, will people speculate on it, driving the price up, or even consider spending it? There’s not going to be much liquidity.
Option two is to hike up the transaction fees. As it stands, transaction fees when using Bitcoin stand around $3, according to data from blockchain.com. Now, for miners to remain profitable in 12 years, these fees will need to drastically increase. If the fees increase, the practicality of using Bitcoin will drop – you know, because who wants to pay $150 to send money to someone else?
If you increase the block sizes, you can fit more transactions into every single block, meaning more fees can be collected by miners without pumping up the cost of fees. This is exactly the issue that BSV has fixed and this is why BSV has a lot of potential – potential that a lot of people don’t actually see.
Wright and Ayre Generate a Lot of Hate
If you want two characters to be the face of your project, you really don’t want them to be Craig Wright and Calvin Ayre. The dynamic duo seems to have this ability to rub people the wrong way and cause controversy. While there’s no such thing as bad press, having one of your faces claim to be Satoshi Nakamoto and fail to prove it publicly time and time again is never positive.
In fact, it’s mostly Wright’s posturing that he is the creator of Bitcoin that has generated a lot of hate for the BSV project, and it’s this hate that’s impeding BSV’s adoption and growth at the same rate and scale of other cryptos.
Alas, it’s too late to hide Wright away in a closet so that he cannot do any more damage to BSV. Anyway, despite Wright’s efforts to derail BSV, the price amazingly seems to remain pretty stable and bounce back well.
Other Cryptos Have Also Fixed Bitcoin’s Ticking Time Bomb
It’s without a doubt that the block reward issue is a huge ticking time bomb for Bitcoin, but BSV isn’t the only blockchain network that’s spotted it and managed to fix it – there are a few others out there. That being said, BSV appears to be the biggest, the most well-known and therefore, the one with the best chance to actually outlive Bitcoin – unless Bitcoin devs can defuse this ticking time bomb.
So, if you truly care about the future of blockchain, decentralization and crypto, you need to put down your allegiances to certain cryptos. Stop thinking that just because Wright is an oaf that spouts pure trash means that BSV is a scam. BSV could very well hold the keys to the longevity of blockchain, crypto and mass adoption – more people just need to put their differences aside and look deep into the project.