Satoshi Nakamoto created Bitcoin to provide humanity with a new form of digital money that can be used by anyone, anywhere in the world. And while the popularity of Bitcoin stands witness to its success, the original Bitcoin cryptocurrency has veered away from the initial idea of its creator.
Today, users consider Bitcoin more as a store of value. Its increasing price has discouraged users to spend it, which defeats the purpose of using BTC as a currency for everyday transactions. Moreover, its proof-of-work consensus mechanism is not scalable for mass usage by design. These two characteristics have pushed the Bitcoin community to create new forms of Bitcoin through forking.
Over the course of its existence, the original Bitcoin has seen countless forks and deviations from its code, which gave birth to entirely new protocols. For example, ZCash imbues the protocol with privacy features and allows users to stay anonymous when exchanging BTC to ZEC.
Others, like Bitcoin SV (which stands for Satoshi Vision), want to go back to the idea that Bitcoin should be used as a currency. In this article, we take a closer look at BSV, its creator’s vision, and the particularities of its protocol. We will also provide a plausible price prediction for Bitcoin SV by exploring opinions from reputable sources on the internet.
What Is Bitcoin SV?
Many consider Bitcoin SV as one of the major forks from the original Bitcoin code. However, the truth is a little bit different, as Bitcoin SV was actually forked from Bitcoin Cash, another Bitcoin fork. So, in essence, BSV is a fork of a fork. A bit complicated, but essential to understand how this coin works. So how did BSV come to be?
The creators of BSV wanted to go back to the sources of the original Bitcoin — to become a true currency for daily usage. To achieve this, the creators of BSV decided to fork from the original code and increase the block size of the transactions of the cryptocurrency.
The turn of events that led to BSV was quite an interesting episode in the history of blockchain technology. These events, commonly referred to as “The Block Wars” happened in the second part of 2018.
At the time, a large part of the Bitcoin developer and miner community split into two different factions. One wanted to conserve the original code, and the second one wished to increase the block size of transactions to improve scalability.
This resulted in a fork of the code that brought Bitcoin Cash (BCH) with larger block sizes. However, within this faction, there was still some disagreement. And another faction led by Craig Wright forked from Bitcoin Cash to create Bitcoin SV.
Today, Bitcoin SV offers a more scalable version of Bitcoin, with a block size of 4Gb and transaction costs as low as $0.0006, and transaction times of under 2 seconds.
BSV Price Forecast for This Year
Unfortunately, Bitcoin SV hasn’t encountered the same popularity as other BTC forks. This has a lot to do with its creator’s controversies. Craig Wright declares himself as the “real Satoshi Nakamoto,” which has brought him a lot of flak from the BTC community.
As a result, BSV offers a negative ROI at the time of writing, as it entered the markets at a price of $87 in 2018, and is now trading around the $50 mark. Periods of high volatility have brought the price as high as $441, still providing some profit opportunities for long-term holders. So what Bitcoin SV price prediction do experts from around the internet offer?
Priceprediction.net, for instance, forecasts some steady growth for BSV in the following years. By 2023, they expect it to reach a maximum price of $110.50 per coin, which is a 50%+ increase from the current trading levels.
Digitalcoinprice.com, on the other hand, aims a bit lower, with a maximum price of $82.08 for 2023. This seems a more plausible outcome, considering the bearish sentiment that is currently trending in the markets.
Bitcoin SV is a top 50 coin that provides a more scalable PoW consensus than the original BTC coin. Some controversies regarding the huge block size and its creator Craig Wright have hindered its growth, but experts agree that it remains a solid investment for the mid and long term.