Bitcoin SV (BSV) – Is the market finally taking note of BSV and Craig Wright’s vision of bitcoin?
Craig Wright is one man who everyone loves to hate, due to his controversial nature. His controversies became even more pronounced during the recent bitcoin cash (BCH) hard fork, where he engaged in an aggressive hash war with ABC. This caused the market to tumble and to this point, it hasn’t recovered, though other factors could be at play in this crash.
His crypto Bitcoin SV took a massive beating too. However, it seems to be making a comeback. In the last 12-hours, Bitcoin SV has made a strong showing in crypto space. It has shot up by over 25%, overshadowing bitcoin (BTC) and all the other major cryptos. It is currently trading at position 7 on coin market cap, and if it holds this momentum, it could rise higher on market cap. So what’s the sudden interest in Bitcoin SV?
A number of factors could be playing a role in driving up the renewed interest in Bitcoin. The first one is that investors could be starting to take Craig Wright seriously. Though he is arrogant, he tends to follow through with what he says. He threatened to crash bitcoin (BTC) and from that point on, Bitcoin (BTC) has crashed, and taken down the entire market with it. In the same breath, Craig Wright has outlined his vision for Bitcoin SV, and if he follows through with it, then this could be one of the most practical cryptos in the market, one that is designed to scale, in order to meet the needs of the business world.
Craig Wright and his team at nchain intend to achieve this with bigger block sizes. While communicating his vision for Bitcoin SV through Medium, Craig stated that with a block size of 64MB, Bitcoin SV has achieved 1500 TPS. That’s quite a remarkable feat considering that the goal is to dwarf these figures in the near future.
According to him, the goal in the next 18 months is to achieve transaction rates that outpace those of centralized systems like credit card companies, companies like Paypal and those of any cryptocurrency in existence today. If Bitcoin SV achieves this, combined with smart contract capabilities, its value could surge exponentially. The market could be taking note of this potential, hence the massive rise in price in the past few hours.
If these goals are met, there is a good chance that Bitcoin SV will play an influential role in the future of blockchain. This makes it a crypto worth considering going into the future. Craig Wright may be arrogant and self-absorbed, but he is without a doubt no pushover when it comes to blockchain technology. Whether he is Satoshi or not, this is a person who understands this tech inside out. Besides, if he can solve the problem of scalability and beat all existing systems, then adoption would naturally follow. There would be no begging of institutions to adopt then tech as is happening now. They would adopt it for their own survival since it would be the most efficient tech in the market.