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Bitcoin Vs Bitcoin Cash vs Bitcoin SV: Which one should you choose?
Bitcoin Vs Bitcoin Cash vs Bitcoin SV, one of the most emblematic questions within the cryptocurrency market.
In the cryptocurrency market, you may have seen tokens named BTC, BCH and BSV, each representing Bitcoin, Bitcoin Cash and Bitcoin SV. What are the relations among these three coins and which one should I choose to invest?
In this article, we will give you a detailed overview of the origin of these three coins, as well as their current development trends, all so that you can make a better decision and we can answer which one is better: Bitcoin Vs Bitcoin Cash vs Bitcoin SV.
Origins of Bitcoin, Bitcoin Cash and Bitcoin SV
Before answering the question of which is better Bitcoin Vs Bitcoin Cash vs Bitcoin SV, we want to tell you a little about the origins of these coins.
As the most widely recognized cryptocurrency, Bitcoin was created in 2009 by Satoshi Nakamoto, with the purpose of creating a Peer-to-Peer Electronic Cash System, eliminating the need for traditional financial intermediaries, resisting inflation and providing users with a decentralized means of storing and exchanging value. At first, Bitcoin was designed with a block size of 1MB and transaction capacity of 7 tx/s, which is much slower compared to centralized trasnfer systems such as VISA, whose capacity is approximately 23,000 tx/s. When there is an overwhelming volume of transfers, the network becomes crowded and miners will prioritize transactions with higher fees.
The increased confirmation time and high transaction fees have led to questions about the original intent of Bitcoin as a peer-to-peer electronic cash system. Although Bitcoin developers were committed to solving the scalability problem, the debate split the community into two factions, with one side attempting to solve the on-chain problem by increasing the block size limit, and the other focusing on off-chain solutions such as Lightning Network + SegWit (Segregated Witness).
In August 2017, Bitcoin underwent a Hard Fork and here emerged a new token: Bitcoin Cash (BCH). Same as Bitcoin (BTC), Bitcoin Cash is a peer-to-peer electronic cash system. However, different from the original BTC community's goal of resisting censorship and minimizing trust, the core of BCH is to increase blockchain scalability and reduce transaction fees by extending the block size to 8MB, which increased to 32MB subsequently in 2018.
Nevertheless, barely a year after the BCH came out, there occurred debates about technical solutions as well as conceptual disputes in the community. One party wished to broaden more functionality such as laying smart contracts on the BCH ecosystem, but the other party believed that this would go against Satoshi Nakamoto's vision of Bitcoin as a peer-to-peer electronic payment system, and wished to revive two old Bitcoin codes, as well as increase the network's block size from 32MB to 128MB.
Just like the Bitcoin scalability dispute, the division in BCH community ultimately led to the birth of Bitcoin SV (Satoshi's Vision) on November 15, 2018.
Bitcoin Vs Bitcoin Cash vs Bitcoin SV? As we can see, all these cryptocurrencies have a central origin, but there are certain differences, especially ideological.
Current Development of Bitcoin, Bitcoin Cash and Bitcoin SV
To answer clearly Bitcoin Vs Bitcoin Cash vs Bitcoin SV, we have to show you a bit more about the current development of the 3 cryptocurrencies.
Bitcoin (BTC) is one of the most popular digital currencies in the current cryptomarket. Despite the emergence of other digital currencies, it will continue to maintain its market leadership. This is primarily due to Bitcoin's strong brand recognition and market share, which are already well-established, while other digital currencies require more time and effort to catch up.
On the other hand, with the continuous development of cryptocurrency technology, there is an increasing number of companies and organizations beginning to accept Bitcoin as a form of payment. It is expected that in the future Bitcoin will head to broader fields such as real estate, finance, healthcare, and more. Additionally, the upcoming 2024 Bitcoin Halving is expected to bring significant changes to the cryptomarket.
Bitcoin Cash (BCH) possesses relatively lower fees and faster transaction processing times, thus has the potential to replace Bitcoin as a medium of exchange, providing practical transaction capabilities for instant payments. Until now, the Bitcoin Cash network has gained support from a significant user base, miners, developers, investors, and merchants. It continues to undergo technological innovations and optimizations to enhance its performance and security. Meanwhile, it has supported popular features like Smart Contract and Token Issuance, and there will be more applications and services.
As for Bitcoin SV (BSV), it is evolving towards the direction of a global ledger. Specifically, Bitcoin SV aims to have a fixed protocol structure to provide stability that potential investors and enterprise-level applications tend to seek. The Bitcoin SV protocol aims for high scalability and regulatory friendliness to gain mainstream confidence and eventually be adopted by global businesses. Despite these commendable goals, the long-term viability of the project remains to be seen.
On the one hand, as infinite block capacity does not require dozens nodes to join and maintain the network, decentralization and security may be reduced. On the other hand, the price fluctuations of BSV may have been highly correlated with the actions of its founder, Craig Wright. For instance, in 2019, Craig Wright's pursuit of Bitcoin's whitepaper copyright leads to major exchanges like Binance and Kraken delisting BSV trading pairs, causing a sharp drop in value.
Moreover, due to the Bitcoin Halving mechanism, the block rewards received by miners might decrease. In a situation where mining BSV becomes unprofitable despite the same computational effort, BSV network might continue to lose its maintainers, leading to security concerns. For example, in 2022, the BSV blockchain experienced a malicious 51% Attack that briefly paralyzed the network.
All these data can give you a better approach to Bitcoin vs Bitcoin Cash vs Bitcoin SV.
Bitcoin Vs Bitcoin Cash vs Bitcoin SV: Which One Should I Choose?
In summary, the primary function of Bitcoin is to serve as 'digital gold', encouraging users to hold onto cryptocurrencies rather than using them for consumption, whereas Bitcoin Cash is primarily positioned as 'digital cash'. Though it has only existed for a few years, and its market capitalization is much lower than that of BTC, it provides investors who want to acquire Bitcoin-related tokens at a lower price with a new option.
Among the three projects, Bitcoin SV has the theoretically unlimited block capacity, making it the fastest in terms of transaction speed and lowest in terms of transaction cost. It also requires less computational power, making it one of the most environmentally friendly blockchain technologies in line with the ESG and sustainable development concepts. However, despite BSV's marketing with the 'Satoshi Vision', the market liquidity and price have already provided choices and answers.
However, we sincerely recommend that you always carry out your own research and take into account the latest trends, news, technical and fundamental analyses as well as expert opinions before take any investment decisions. So this information may help to better answer the question Bitcoin vs Bitcoin Cash vs Bitcoin SV.
And the most important thing is: Never invest more than you can afford to lose.
