Bitcoin SV (BSV), the only cryptocurrency that is determined to see the original Bitcoin vision survive, is riding a wave of growth that doesn’t seem to be letting up. Trading at just over $80 at the beginning of December 2019, it is now above $200 with an overall market capitalization over $3.6 billion making it the 6th largest cryptocurrency and 5th overall if you remove “stable” coin Tether, according to CoinMarketCap. There are plenty of reasons why the digital currency is gaining in strength, but not everyone is willing to recognize its true value.
When BSV came about a little more than a year ago, it was immediately met with a certain amount of skepticism and many exchanges subsequently worked to make it fade off into the distance. Their efforts, however, didn’t have their intended effect, and the true value of BSV, compared to other crypto, has allowed it to continue to flourish. As George S. Samuels pointed out on Twitter, “Really look into this. Almost all major exchanges delisted $BSV. Yet, it stayed in the top 10, and continues to rise on its own merits. You know why? People in the space focused on building (utility). This is called resilience.”
The volume of activity taking place on the BSV blockchain is helping to drive its value up. Real-world benefits to its use are supporting the coin’s value, while other blockchains have become stagnant with their growth and expectations. The blockchain has already proven that on-chain scaling is a reality and numerous developments have been seen that allow it to be viewed as a legitimate prospect for enterprise operations.
— Calvin Ayre (@CalvinAyre) January 14, 2020
It would appear that, despite BSV’s continued strength and growing support, some are still determined to ignore the facts. In reviewing the information on CoinMarketCap, for example, the circulating supply is listed as 18,068,415 BSV. However, the actual amount is higher, at 18,206,529. Since market cap of a crypto is based on the multiplication of the coin’s price and its circulating supply, a lower supply will also lower the market cap. This can result, in some situations, in the actual value not being represented properly.
BSV is on the verge of its next major upgrade, Genesis, which is scheduled to take place early next month. With this update to the blockchain, blocks will not have any inherent size limitations, other than those established by the bitcoin mining community, and it will continue to prove the original design outlined in Satoshi’s whitepaper was the only version that would scale. All of the artificial limitations implemented on BTC and BCH were brought in due to a lack of understanding of how Bitcoin was supposed to work, and what it was capable of accomplishing.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.