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No matter Bitcoin is the main reason behind the emergence of cryptocurrency around the world. It is the cryptocurrency that paved the way for other digital currencies known as ‘altcoins’. Bitcoin garnered much admiration among the people who considered it to be a new form of the monetary system. However, despite many of its profiting features, it lacked somewhere. And this prompted the split in the blockchain, which spawned new hard forks like Bitcoin Cash. But it is not the only hard forks of Bitcoin. Today, we are going to introduce you to Bitcoin SV. And besides it, you will know about the main objective of Bitcoin SV hard fork. So please read the article till the end.
Before we head on to know about the main objectives of Bitcoin SV hard fork, let us explain to you about the word SV stands for Satoshi Vision. The cause of Bitcoin SV is known to have happened due to the hash issue between Roger Ver, early Bitcoin investor, and claimed founder Craig Wright in the year 2018. BSV is known to have performed well by surging to 212%. Apart from this, this Bitcoin hard fork has successfully grabbed the third rank, before it again came down to number 5 position, according to market cap.
If you have been abreast with what is a soft fork and hard fork in the blockchain, then you must be knowing about BSV. It is the blockchain that grew very speedily and has experienced the global explosion of application development with the use of its micropayment capacity, data, and scalability. A very vital fact which you must know about BSV is that it follows the real vision protocol of Bitcoin’s founder, Satoshi Nakamoto.
Main Objective Of Bitcoin SV Hard Fork
Now let us come back to our main topic which focuses on the main objective of Bitcoin SV hard fork. So if you understand the difference between a soft fork and a hard fork, then you will certainly know what leads to happening of hard forks. Well, let us tell you briefly, that the occurrence of hard forks is possible when there is a need for the updation of original technology. As for an example Bitcoin SV. So let us know those reasons which spawned the emergence of Bitcoin hard fork.
Working On Scalability Issue Of Original Bitcoin
Bitcoin, however, being a successful cryptocurrency became a matter of conflict because of its block size for high transaction volumes. It allowed up to 7 transactions per second as it was having a block cap of 1MB. Bitcoin Cash having 32 MB ceiling too could not prove to be of much support for the use. Hence, the main objective of Bitcoin SV hard fork was to work on the shortcoming of Bitcoin in terms of scalability by managing the block size and capacity of transactions.
As mentioned above, Bitcoin became a matter of feud due to the reason for block size for the transaction volumes that are higher. But with the main objective of Bitcoin SV hard fork, now Bitcoin won’t have to face any issues with a hard cap. There will be a better capacity for the transaction and also no barrier of limitation. The ever persisting issue of Bitcoin’s block now could be solved by reforming its scalability and inner capacity.
So this is how the main objective of Bitcoin SV hard fork worked for the benefit of original Bitcoin. The very core issue on which it was facing so much criticism was now being resolved by its hard fork. Now, there would be no further problem with the scalability issue and neither any with its limitation. Because of BSV, Bitcoin would be having a better capacity for the transaction. BSV has the potential to process a 1K transaction per second. But with the use of its block size hard cap of 2GB, it might exceed to 9K transactions. With the removal of block cap along with a higher edge of scalability, BSV transaction capacity would possibly grow for sure.