Bitcoin SV (BSV) Outpaces Bitcoin (BTC) in Daily Transactions
The Quasar protocol upgrade aims at on-chain scaling, generating heightened activity while Bitcoin network slows down.
Bitcoin SV (BSV) now carries more transactions than Bitcoin (BTC), reaching as much as 572,000 transactions per day. It is uncertain how much of that volume is organic. But the heightened activity is a direct effect of the Quasar upgrade, based on the Bitcoin SV aim to achieve on-chain scaling.
Bitcoin SV has competed with both Bitcoin and Bitcoin Cash networks, but has failed to reach anywhere near their hashrate. But when it comes to transactions, the network is capable of generating a significant load.
However, sending out small and cheap transactions has been done in the past, and it speaks nothing about the actual economic value of the network. Bitcoin SV has a widening community and support from miners, but leading exchanges have delisted the coin.
BSV traded at $101.18, managing to recover from last week’s selling. The coin has established itself with prices as high as $150. But the biggest bid for the Bitcoin SV community is a suggestion there may be a market attack against BTC, aiming to bring down prices.
The Bitcoin SV spike in transactions happens at a time when the Bitcoin network is slowing down, with less on-chain transactions in the past days. As the price rallies stopped, moving BTC also diminished.
Scaling Bitcoin SV is not only aimed at moving economic value. Blockchains may also carry information and transactions related to computation and distributed apps. Bitcoin SV aims to scale with large blocks, allowing it to compete with networks like Ethereum (ETH) and EOS, which are now mostly near full capacity.
At the same time, the Bitcoin SV community keeps causing reactions, by claiming the approach of big blocks is the real vision for scaling Bitcoin.
But BSV aims to be more than peer-to-peer digital cash, and move in to offer additional solutions.
The Bitcoin SV network is challenged to propagate big blocks. At this point, it is up to node operators to ensure sufficient resources for those blocks to propagate.