Bitcoin SV (BSV) reached another milestone Wednesday, as the daily transaction volumes eclipsed that of Ethereum (ETH). According to data provided by blockchain analyzer BitInfoCharts, the BSV network added over 660,000 transactions to the BSV ledger versus 622,000 for ETH and 326,000 for BTC during the last 24-hour period. This changing of the guards aligns with how the data has been trending for several months now. Bitcoin SV will soon be recognized by the wider crypto-community as the undisputed leader in transaction volume.
First things first.
As of December 4, Bitcoin SV dominates the transaction volume. pic.twitter.com/xN5uLepBKH
— _unwriter (@_unwriter) December 4, 2019
Further analysis shows that transactions on ETH and BTC have plateaued since their ICO-fueled peaks as transactions on the BSV blockchain continue to rise rapidly since the release of the Quasar protocol upgrade over the summer. Since July’s update, daily transactions on BSV have increased by over 220% while both ETH and BTC have seen gradual decreases since their midsummer peaks.
By solving the problem of on-chain scaling through bigger block sizes, Bitcoin SV can process more transactions then it’s competitors while also keeping transaction fees low. The average fee over this period was $0.00037 on the BSV network. Compare that with average prices of $0.109 for ETH and $0.554 on BTC in the same period, and it becomes clear which blockchain is a better fit for enterprise customers that need a solution with low unit cost. While those average amounts for ETH and BTC appear low, both protocols have seen spikes above $40 dollars from time to time. This sort of price uncertainty is one of the reasons why former ETH application developers are starting to migrate to BSV.
Each block on the BTC blockchain is limited to 1 MB of data. The limitation takes a significant toll on the network’s scalability and enterprise adoption while also throttling the transactions per second (TPS) to accommodate just 7 TPS. Ethereum performs slightly better with a maximum of 25 TPS. Still, neither prominent blockchain project can match the throughput currently possible on the BSV network, where potential transactions per second can reach into the thousands.
The rise in transactions on the BSV network further demonstrates the shifting views the developer community has towards blockchain projects. Developers are increasingly abandoning ETH and BTC due to the throughput bottlenecks and excessive fees and instead opting to build on the BSV blockchain. As this trend continues, it will solidify BSV as the enterprise blockchain of choice and only protocol that fulfills Satoshi’s original vision.
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
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