Bitcoin SV cryptocurrency (BSV) exists on the market for less than a year and has already managed to overhype. Appearing as a result of one of the most scandalous hard forks, it showed wild growth in the first weeks of trading. Now its price, as well as its reputation in the community, is constantly under questioning. Why is this happening, what is Bitcoin SV price prediction and is it worth investing in it now? We are giving answers and in-depth Bitcoin SV price analysis for 2019 in today’s article.
What is Bitcoin SV?
Bitcoin SV is an infamous Bitcoin Cash’s hard fork that appeared on November 15, 2018, after a scandal in the BCH community. In the same month, Bitcoin SV entered the Top 10 cryptocurrency by market capitalization and as of right now holds the eighth position.
The main idea of the coin to keep the original vision of Satoshi Nakamoto. Nakomoto is the creator of Bitcoin. SV stands for Satoshi Vision.
Developers continue to rely on the idea of Bitcoin Cash (BCH), promising to keep low transaction fees, high security and scalability, and advantages for miners and institutional investors. The project was created by the nChain and CoinGeek Mining team, the Bitcoin SV code received an open source MIT License.
Bitcoin SV Price Analytics
BSV as a coin was created in August 2018 by the developer of the blockchain owned by Craig Wright. Craig Wright previously announced himself Satoshi Nakamoto and that the new coin is actively promoting the idea of a radical change in the current structure of Bitcoin Cash. The BSV price forecast has been difficult to make from the very beginning.
In the fall of 2018, the Bitcoin Cash community split into two camps, each of which represented its own vision of the development of cryptocurrency. The developers could not come to a consensus, and as a result, investors had to choose.
Bitcoin Cash ABC under the leadership of Roger Ver chose to implement decentralized applications (dApp) and transactions between blockchains (a function that will allow you to do without exchanges).
Bitcoin SV, led by Craig Wright solves the problem of scaling (which affects the speed of transaction acceptance). In the future, we plan to expand the block to 128 MB. Therefore, Bitcoin SV repeats in many respects the BCH technology, in particular, the developers stopped at the Proof-of-Work consensus algorithm and are not going to change it yet.
Vitalik Buterin: Bitcoin SV Price news
Bitcoin SV is designed to make a profit for a narrow circle of people, this is a fraudulent project, says the creator of Ethereum, Vitalik Buterin. According to him, the creators of the Bitcoin Cash fork were not going to create a convenient financial instrument for their network, they just wanted to earn “some money from investors.”
“The coin has long been unpopular. Many sites have delisted it, which indicates a decline in trust in the asset. Although this cannot be called an asset”, said Buterin in an interview on the YouTube channel Hardcore Crypto. BSV price prediction has reacted negatively to such words.
Craig Wright’s Lawsuit and BSV Price
Craig Wright, an Australian entrepreneur, designed the copyright for the Bitcoin’s whitepaper and source code. Therefore, he’s confirming he is the real Satoshi. The evidence for this was two entries on the website of the US Copyright Office. The publications state that Wright created two electronic files containing Bitcoin’s source code and whitepaper in 2008. He did so allegedly under the pseudonym Satoshi Nakamoto.
Note that the registration of the copyright is not equivalent to obtaining an official patent. Anyone can submit an application to the Copyright Office. The validity of Wright’s claims is not verified. BSV forecast is not really based on Wright’s identity but the exposure has certainly made its impact.
With Craig Wright’s massive media exposure, BSV price has been growing rapidly for the second week in a row. The confident rise in the price of this coin began on Wednesday, May 29. In just a few hours the BSV rose by 50%, breaking the $180 mark.
At the same time, over the next 24 hours, according to CoinMarketCap, the weighted average rate of the coin increased by 94%. At the time of publishing this article, BSV news reports that it is trading at around $190 at the trend is positive.
Bitcoin SV Price Prediction 2018
In November last year, when the cryptocurrency had just appeared on the market, its cost was $88. In just a couple of days, it doubled in price and just a week later it reached $240. Two factors caused this significant jump.
First, in the first days of trading, the coin began actively accepting top stock exchanges. Many did it on the machine — simply because the project associates itself with Bitcoin. Secondly, because of the same connection with BTC, investors rushed to buy a new asset.
By the end of the very same month, however, the price had fallen sharply to $37. The cause for it was not only by a regular correction but also by the first real problems in the community. Many users could not withdraw BSV from the Poloniex exchange. The trading operations went wrong with technical failures. As a result, the site management eliminated the problems, but no one voiced their reasons.
The second phase of growth fell at the beginning of December. The price of the coin soared to $100, and capitalization approached 2 billion. There is no data on market capitalization up to this period.
For almost a month, the course adjusted, but by the end of the year it took off again. The price did not reach the November maximum. For several days it stuck to the level of $110-120.
But the year 2019 began with a recession, and this time it protracted. Since February, the indicators have been steadily falling. Now BSV cost $ 60 with the capitalization of over $700 million. That places it on the 8th place in the CoinMarketCap rating. And although the figures look impressive against the background of most altcoins, there is every reason to believe that the decline will start again in the near future.
BSV Price Prediction 2019
Many traders fundamentally refuse to work with BSV due to developer policies. According to the most optimistic BSV forecast, by the end of 2019, Bitcoin SV will only cost $50. Of course, while users can count on quick earnings in a few months due to the high volatility of the token, but from the point of view of long-term investment, this asset is unlikely to show an impressive result. The only rescue for Bitcoin SV Price Prediction (2020 and later) could be the change in its marketing strategy.