Recently, Weiss Ratings, an independent provider of ratings related to a large number of financial instruments and cryptocurrencies, mocked the daily volume of Bitcoin SV. Apparently, this brand new cryptocurrency, created as a fork of Bitcoin Cash recently, is managing just about 4000 transactions per day. In a tweet dripping with sarcasm, Weiss called this volume “astonishing”.
This volume, of just about 4000 transactions over a 24 hour period is extremely less by top cryptocurrency standards. Bitcoin Cash manages double this number and the market’s top and pioneering cryptocurrency Bitcoin manages far more. Bitcoin Cash is currently the tenth crypto coin in the market as per market cap. Weiss Ratings wrote:
“We finally have transaction data for the infamous Bitcoin SV project. It’s doing an “astonishing” 4k transactions per day, about half what BCH does. The future of Bitcoin right there folks…”
Bitcoin SV was named the Bitcoin Satoshi Vision in the hope of reinvigorating the original vision and objective of Satoshi Nakamoto, the mysterious entity behind Bitcoin. By sarcastically calling it the “future of Bitcoin”, Weiss Ratings has shown that in the two and a half months of its existence, Bitcoin SV has not been able to do much to live up to its promise of bringing back Satoshi’s vision.
You May Also Read: Everything To Know About Bitcoin SV
Bitcoin SV is often called the fork of a fork. This is because it was born out of the fork of Bitcoin Cash, which itself was created as a fork of Bitcoin. In the fork that was scheduled for 15th November, 2018, the BSV group broke away from BCH and plunged the crypto market in the midst of a series of hash wars.
If you follow the crypto news you would remember quite clearly, how a bloodbath had followed in terms of prices after the hash wars began. However, not everyone has given up on Bitcoin SV like Weiss clearly has. Coinfy, a payment gateway provider from Copenhagen integrated BSV onto its platform and the company’s COO Hans Henrik Hoffmeyer stated:
“BSV checked out, both in terms of volume and in terms of market depth. BSV has a transparent protocol or blockchain and that’s very important for us, given that we operate in a very compliant way.”