When developers decided to create multiple forks of Bitcoin, things were unlikely to end well. It is impossible to imitate the real deal and try to be successful. For fans of Bitcoin Cash and Bitcoin SV, the end is nigh once again, as the networks continue to regress.
How Long Can Bitcoin Cash Survive?
It is interesting to see how Bitcoin Cash has remained the “biggest” Bitcoin fork. We use that term loosely as the network has no real representation in the space. Although it receives plenty of development updates – a commendable approach – its overall statistics don’t look too great. Despite getting off to a strong start when it launched, Bitcoin Cash continues to lose traction.
Today, BCH ranks 29th in the market cap rankings. It once had the ambition of dethroning Bitcoin and becoming the go-to cryptocurrency. However, those dreams had to be canned quickly as people acknowledged the project wasn’t what they hoped it to be.
Moreover, its current market cap of $2.6 billion still seems far too high. That said, it ranks lower than Wrapped Bitcoin, an Ethereum-based version of Bitcoin, with a market cap of $4.2 billion.
Market prices rarely tell the whole story and Bitcoin Cash is no exception. Its core statistics are baffling: 0.64% of the hashrate, 0.02% of the nodes, and 0.36% of the block sizes. The network was created to enable larger blocks, yet there isn’t sufficient activity to fill them up. That makes the whole approach to BCH rather pointless, although that isn’t too surprising.
However, things look even worse for the project forked from Bitcoin Cash. Bitcoin SV is the weak runt of the litter.
Big Blocks Don’t Make Bitcoin SV Viable
Sharp analysts may note that Bitcoin SV clearly has the biggest network blocks of all three networks. That is a valid point, although it’s also irrelevant. Having 93.22% of the block sizes doesn’t matter when no one wants to use the network. However, BSV also holds over 78.7% of all transactions. Surely that means people use the network for payments and such?
Wrong. The activity on Bitcoin SV primarily consists of sockpuppets propping up the numbers. They move funds back and forth between various wallet addresses to mimic network activity. Given the low network fees, they don’t lose much money by following that approach. In addition, BSV is virtually worthless, so there isn’t much “value” being transferred either way.
Bitcoin SV has a value of $44 per coin and a market cap of $844 million. However, its low trading volume won’t help it reclaim its value. Almost no major exchange wants to list BSV, and for a good reason. Without the volume from Upbit, BSV would be virtually non-existent already.
Moreover, it has 0.00% of the network nodes – although there are a few online – and 0.21% of the hashrate. It is a failed experiment across the board, and no development updates have occurred in almost three months.
It appears Bitcoin SV is on its final legs, although its backers will likely keep up appearances for a while. The same applies to Bitcoin Cash, although it has a bigger community. However, neither project will dethrone Bitcoin, or is even close to entering the market cap top 10 again.
The post Bitcoin SV And Bitcoin Cash Are Still Largely Irrelevant In 2023 appeared first on CryptoMode.
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