In the altcoin news today, we can see many gains and many greens from the top performing altcoins. As Bitcoin rises, Bitcoin SV soars too with a 7% increase which recently brought it to the long-awaited $200 mark.
For those of you who don’t know, Bitcoin SV (BSV) was created in one of the most contentious hard forks in crypto to date. Launched on November 15 2018, the SV in Bitcoin SV stands for “Satoshi Vision” which represents the core question at the heart of the most recent Bitcoin Cash fork but also the 2017 Bitcoin fork which created the altcoin in the first place.
As Bitcoin SV soars, it continues to add up to the 20% rise from last month, the coming altcoin news show. The value of this cryptocurrency has been flooded by gains – and its revolutionary use of blockchain is more and more popular in the latest cryptocurrency news.
Whether by casualty or coincidence, the value of Bitcoin SV soars this morning too. From the weekly low of around $183, the cryptocurrency is now at $200. Even though it managed to jump to $221 at the end of June, it corrected which is why $200 was a major psychological level for it over the past few days.
Many say that the mention by Joe Rogan on his podcast site was the main reason for the built-up momentum. However, the truth is that Bitcoin SV soars as one of the most promising altcoins and days after it dipped in the altcoin bloodshed that followed Bitcoin’s fall to the $9,000 levels.
Now, readers should definitely familiarize themselves with more of the messy history of Bitcoin SV as well as its founder and main cheerleader, Craig Wright.
As a reminder, it is worth to mention that Bitcoin SV soars but it also soared in May, becoming the top performer and outshining the largest cryptocurrency by market cap, Bitcoin (BTC). In May this year, the altcoin rose to $125 which was its highest value in nearly 10 months. Now, it is almost at double of that value and it keeps rising.
We can see that while the best cryptocurrency news sites feature Bitcoin SV (BSV) in their daily altcoin recap, it is still the main cryptocurrency Bitcoin (BTC) which is driving the recent growth.
Bitcoin SV Mentions On Twitter Got Down By 87% Since May
“Dr. Wright’s demeanor did not impress me as someone who was telling the truth. I completely reject Dr. Wright’s testimony about the alleged Tulip Trust, the alleged encrypted file, and his alleged inability to identify his bitcoin holdings […] Dr. Wright’s story not only was not supported by other evidence in the record, it defies common sense and real-life experience.”Bitcoin SV’s followers supported the project because they believed Wright was the real Satoshi Nakamoto as explained in the latest cryptocurrency news before.
Bitcoin SV Improves Results Despite Craig Wright’s Court Defeat
“During his testimony, Dr. Wright’s demeanor did not impress me as someone who was telling the truth. When it was favorable to him, Dr. Wright appeared to have an excellent memory and scrupulous attention to detail. Otherwise, Dr. Wright was belligerent and evasive.’’As noted in the latest cryptocurrency news previously, Wright appeared in an interview later in which he stated that he tried to play mind games with bitcoin investors. The critics refuted his statement saying that he doesn’t even have the money to give to the Kleiman’s real estate.
Bitcoin SV Hardfork Event Will Increase The Blocksize to 2GB
“Hard cap: Is the maximum sized block that a miner will accept as valid. This is the setting we intend to remove entirely in the Genesis upgrade next February.”The removal of the hardcap of the Bitcoin SV project will not really lead to a ‘’blockchain bloat’’ mainly if the demand for block space is even lower. When the lower price of BSV is combined with the seemingly limitless space will open the chain up to ‘’spam attacks’’ and the network will still have to determine whether or not an abundance of micro-transactions will actually have a very negative effect on the performance.Shadders noted that the majority of the miners are now saying that they will only accept the 512 MB blocks starting today despite the Bitcoin SV hardfork. The increasing blocksize is the most important component of both Bitcoin SV and Bitcoin Cash and with their initial break with their parent companies, both of the parties established their own scaling roadmaps.As noted in the altcoin news previously, one of the fears that surround large block sizes is the aspect of centralization which is a state in which a network is controlled by one or two entities only. Mining becomes very expensive and the amount of storage that is required it a very important consideration. The centralization is a major risk that all of the blockchains face because it creates a single point of failure which will defeat the purposes of the blockchain and censorship resistance.
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