Bitcoin Satoshi Vision (BSV) is apparently losing ground to become the ‘one true Bitcoin’ as its network capacity, and its support is decreasing in number.
Hash rate and Cost of Carrying Out 51% Attack
The total hash rate of the network also speaks volume about the cryptocurrency. The cryptocurrencies with a higher number of miners and daily transactions are more likely to be secure and priced higher as well.
It is evident from the two graphs that the total Hashrate for BSV has decreased since its inception. Moreover, it dropped below 20% since the #WeAreAllHodlonaut Movement gained traction. Furthermore, the hash rate of its immediate competitor has increased more than two-fold in the same period.
At press time, the cost of carrying out a 51% attack on Bitcoin SV is just around $6500. The same for Bitcoin Cash (BCH) is currently about four times that of BSV around $25000.
ETC which was under 51% attack many times in recent times has a similar cost of carrying out a 51% attack as Bitcoin SV (BSV) at $6300.
The price of Bitcoin SV at 6: 30 Hours UTC on 15th April is trading at $72.52. It is trading 4.16% higher on a daily scale. However, while coins like LTC and BCH have increased by over 50% after Bitcoin’s break-out on 2nd April, BSV has increased by only about 12% higher since its value in March 2019. Most it can be attributed to its limited utility and its’ lousy branding in the crypto community due to ‘faketoshi’ claims.
Do you think Bitcoin SV will eventually lose its popularity or BSV proponents will be able to redeem its value? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com