Bitcoin SV data analysis shows that the digital asset is basically a ‘’total ghost town’’ according to analyst Kevin Rooke who tweeted earlier today and we are reading more about it in the latest cryptocurrency news below.
The purpose of the Bitcoin SV fork was to increase the capacity for millions of transactions and make the entire base layer of the cryptocurrency competitive with major credit card companies such as Visa or Mastercard. This is the reason why Bitcoin SV developers want bigger block sizes mainly in gigabytes in order to be able to handle the traffic. The big data centers can handle the transaction volume but people are becoming more concerned about the centralization that comes with the barriers. Inevitably, a lot more money is needed to run a mining outfit that has to process thousands of gigabytes per week and in that case, in order to serve them all, more bandwidth is required.
With all of this Bitcoin SV data provided, there seems to be a demand for all the block space. However, according to Rooke, there is no demand and the failure of any cryptocurrency is the inability to gain any real traction. Bitcoin SV proponents are often at odds but they have similar goals with Bitcoin Cash. The only difference is that the BCH altcoin is more popular. Bitcoin Cash is not the only big competitor to Bitcoin SV. There are many of the cryptocurrencies with major popularity which boost their adoption including Bitcoin, Ethereum, TRON, and EOS.
As noted in the coming altcoin news, the point of building better-scaling blockchains like those that Craig Wright wants to achieve is that scalability is always necessary after all and this comes at the heart of the criticism. Bitcoin and Etehreum are the only blockchains effectively which face scaling limitations currently. The Bitcoin blocks are crowded so the fees are getting higher. The Lightning Network adoption is still far from over. Many in the crypto community believe that Facebook’s crypto project Libra will bring alone a huge influx of new users but in this case, the currency with the easiest usage will see the most demand.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]