Pi Network - auto mobile mining: Join now and be one of the pioneers!!

Blog

In the cryptocurrency space, one significant argument that is always being brought up is whether the original Bitcoin today has strayed from what Satoshi Nakamoto, its creator, first envisioned.

Yesterday, one of the founders of the Bitcoin SV-powered social media platform Twetch, appeared in an episode of the David Knight Show. There, the founder, Josh Petty, posited a theory that communists have hijacked Bitcoin and made the asset stray from what it was supposed to be.

Bitcoin Isn’t What it Used to Be

In the interview, he touched on the fact that certain ‘communists’ were able to take over the entire codebase of Bitcoin, hijack the asset, and fundamentally change it from what it had been advertised as.

As he sees it, Bitcoin SV (BSV) has essentially replaced the original Bitcoin and is now the hallmark for what the asset set out to be from the beginning. The truth is, no one expects anything different from a BSV supporter.

BSV is essentially a fork of a fork. It is an offshoot of the Bitcoin Cash (BCH) blockchain, which itself is an offshoot of Bitcoin itself.

The BSV hard fork was completed in November of 2018, after the asset’s proponents, nChain chief Craig Wright and Bitcoin.com CEO Roger Ver had a falling out with Bitcoin Cash evangelists over issues such as block limits and whether or not to add oracles and smart contracts into the BCH blockchain.

bitcoin sv problems

bitcoin sv problems

The Painful Problems of BSV

Ever since it broke off from Bitcoin Cash, Bitcoin SV has had a rather soft landing in terms of its price. It is currently the ninth most valuable cryptocurrency with a $1.8 billion market cap, and its value continues to surge on occasion. Bitcoin, on the other hand, is the world’s most valuable digital asset with a market cap of $144 billion dollars.

Nonetheless, BSV has continued to run into significant issues at times. On April 19, BitMEX research tweeted that the BSV blockchain had experienced block re-organizations, which essentially put the strength and integrity of the blockchain at risk.

Essentially, a re-organization occurs when blocks are ‘orphaned’ by miners after they’ve been mined. It is usually a sign of a network being too slow to propagate blocks effectively, and with a block size of 128MB, the BSV blockchain is particularly susceptible to re-organizations.

Then, there is the problem of the asset being delisted from exchanges. Craig Wright, arguably the most vocal BSV proponent, has drawn the ire of many in the crypto space for claiming to be Satoshi Nakamoto.

His outlandish behavior has led to several exchanges, including Binance, Shapeshift, and Kraken, to delist the asset. Communist hijack or not, Bitcoin is the undeniable asset in terms of adoption, as it continues to attract admirers for its considerable usage and high network security.

Do you think Communists have anything to do with Bitcoin, or is this another propaganda to soil BTC’s name? Let us know your thoughts in the comments.


Images courtesy of Twitter, Shutterstock.

No Comments

Be the first to start a conversation

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Categories

Pi Network - auto mobile mining

Become one of the pioneers!!

Random Posts

DOWNLOAD MY EBOOK FOR FREE

"Your Headline Here How I Made $4947 In 1 Month"

Lorem pretium lorem orci elit nunc imperdiet nec vel sit pretium hendrerit amet nec orci gravida gravida sapien purus massa

Quick Bio About Me

mypicmeLorem proin accumsan accumsan volutpat ut nullam odio eleifend libero quisque ipsum gravida eleifend dolor nunc sagittis venenatis orci eleifend lorem quisque venenatis non sagittis sagittis ipsum nunc.

lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris ornare congue lacinia auctor lorem quis quis lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris

Resources

  • Resource 1

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

  • Resource 2

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

Random Blog Posts

© 2022 Cryptoracle.info - Crypto News