In the world of cryptocurrency, many people often ask, “What is Bitcoin SV (BSV)?” or “What is Ethereum Classic (ETC)?” Unfortunately, most people are not yet familiar with the differences between the various cryptocurrencies, or they simply assume that all cryptocurrencies are created equal. While this may be true in a sense, it is also important to understand the nuances between each cryptocurrency to ensure you are investing in the right place.
One of the most prominent and popular cryptocurrencies is Bitcoin (BTC). In fact, as of August 2019, its market capitalization exceeds $83 billion USD and it is the world’s most popular blockchain platform. Created by Satoshi Nakamoto back in 2009, the Bitcoin network has become extremely popular due to its innovative approach to secure, decentralized and trustless digital transactions. This is also one of the primary reasons why most people still consider Bitcoin to be a viable alternative to conventional fiat currencies like the U.S. dollar and the Euro. For more information on Bitcoin, visit https://en.bitcoin.com/ or download the Bitcoin wallet app from Google Play or the Apple App Store.
What Is Different About Bitcoin SV (BSV)?
For those unfamiliar, Bitcoin SV (BSV) is an open source cryptocurrency project and the descendent of the original Bitcoin. Although Bitcoin is the original cryptocurrency that started it all, the community behind Bitcoin SV wanted to take the technology in a different direction. They wanted to focus on high performance, global accessibility and ease of use versus stability and security as the primary objectives of the original Bitcoin network. This is why they created a new blockchain called the BSV chain.
What exactly does this mean? Simply put, the BSV chain is focused on high performance and scaling. This is made evident in the way it operates and the types of applications that you can use it to power. Here are a few of the key differences between the Bitcoin network and the BSV chain:
Most Popular Amongst Miners
One of the first things you will notice about the BSV chain is that it is much more efficient at processing transactions than the Bitcoin network. This is mainly due to the fact that the miners on the BSV chain are rewarded not only for keeping the network up but also for processing transactions. This is why most people consider the BSV chain as a more promising investment opportunity than Bitcoin itself at this point in time. If you’re looking for an investment that will pay you back with a steady stream of revenue, consider investing in the BSV chain.
Most Promising Future For Global Payments
The fact that the BSV chain is more efficient also makes it the backbone for more promising applications in the future. For example, since the miners are incentivized to process transactions, the BSV chain is better positioned to power decentralized applications that need to handle large volumes of micropayments. The efficient nature of the BSV chain makes it highly suitable for use cases involving things like digital commerce, e-commerce, online ticketing, gaming and more.
Most Viable Marketplace For ICOs
Another feature that makes the BSV chain more promising is its ability to serve as a decentralized marketplace for initial coin offerings (ICOs). An ICO is where a budding entrepreneur or blockchain project offers and “sells” their own innovative tokens or coins to finance their project. Since the miners are incentivized to process transactions, the BSV chain is well suited to support the burgeoning ICO market in a decentralized and trustless manner.
To illustrate how this works, consider Tezos (XTZ). Back in July 2018, the Tezos development team raised nearly $250 million USD through an ICO, thus establishing a new standard for blockchain-based fundraising. The sheer volume of investments that have been raised via ICOs on the BSV chain is evidence that it is a favorite for crypto-enthusiasts and blockchain project investors.
More information on Tezos can be found on https://tezos.com/#about or through the app store or Google Play on an Android device.
Most Viable Platform For DApps
The usefulness of the BSV chain as a platform for decentralized applications (dApps) becomes evident when you consider that almost all of the existing blockchain platforms, including Bitcoin, Ethereum and others, are based on the same concept of decentralized control. However, as previously mentioned, the primary focus of the BSV chain is on performance and scaling, meaning that it can handle more transactions than your average blockchain platform. This makes the platform more suitable for powering decentralized applications that need to process large amounts of transactions. The fact that almost all of the existing blockchain platforms are based on the same concept but operate in a centralized manner is one of the main reasons why the BSV chain is considered a more promising investment opportunity than your average blockchain platform.
To give you some idea of how this platform functions and how it is different from other blockchain platforms, consider Lisk (LSK). Launched in 2016, the Lisk project focuses on providing a stable and secure platform for developers to build their decentralized applications. The blockchain platform is based on a modular architecture that allows for easy scalability and flexibility. If any of this sounds familiar, it’s because Lisk is the blockchain project that Roger Ver, the “Bitcoin Jesus,” promotes in his now infamous YouTube videos. The fact that the video producer behind the “Bitcoin Jesus” moniker happens to be affiliated with Lisk makes the comparison a natural one.
Most Suitable For Use Cases Involving Big Payments
If you’re looking for a cryptocurrency that can be used for large transactions, the original Bitcoin and Bitcoin SV are probably not the best choices. Why? Simply put, the original Bitcoin network is not optimized for doing large transactions and it has a lot of limitations when it comes to handling extremely large amounts of data. This is mainly due to the way the Bitcoin network was designed back in 2009 and the way it functions on a day-to-day basis. The good news is there are other cryptocurrencies out there that have been optimized for doing large transactions, such as the ones mentioned above, as well as the increasingly popular XRP.
For those interested in making big payments with their digital currency, consider XRP (the “Crypto coin of the future” as the internet meme goes) or any of the other cryptocurrencies that are optimized for doing large transactions. Remember: Don’t ever put more than you’re willing to lose in cryptocurrencies, especially if you’re new to the space. With that being said, it’s always a good idea to diversify your digital asset investments, meaning holding some coins and tokens in your portfolio that aren’t associated with any particular project or industry. This way, if you ever do happen to lose some of your investment, you’ll be able to recover some of it.
A More Promising Investment For Those Involved In Gaming
One of the industries that the Bitcoin network was designed for is digital or online gambling. Since the inception of Bitcoin, there have been numerous attempts to create a widely used system for online gambling over the blockchain network. The team behind the Dice game built on the Bitcoin network realized that there was a need for a decentralized approach to online gambling and launched a decentralized gambling platform called DAPPsino in 2018. The platform is currently only available in a testnet version and it is set to be released in Q4 of this year. If you’re looking for a cryptocurrency to invest in that is focused on gaming, consider the fact that most of the existing blockchain and cryptocurrency platforms are decentralized and operate without any centralization, meaning that they can be used with minimal to no restrictions by anyone.