One of the reasons for Bitcoin’s recent problem has been triggered by the Bitcoin Cash hard fork. Because of this, it dropped Bitcoin initially below $6,000 until it dropped all the way down to below $3,500 before being able to recover at above $4K.
For Dr. Craig S. Wright who is the mind behind the Bitcoin SV, he plans to allow his version to process terabyte-sized blocks. He mentioned in his tweet that it’s a “2 year target”.
Craig Wright is the self-proclaimed Satoshi Nakamoto. He also recently criticized the other half of the Bitcoin Cash hard fork saying that “I am going to use Bitcoin ABC to fertilize my garden”. He believes that Bitcoin SV is the closest thing to the what Satoshi Nakamoto had in mind in terms of Bitcoin. He even said recently that “The entire concept is about having a Peer to Peer transaction system which becomes difficult when there is only a large number of transactions. Adding multiple miners into the ecosystem makes it much more competitive thereby hampering the functionalities”.
However, there’s no additional information on how he plans to do this. There are no details as to how it is going to be done. However, it is true that the demand for transaction space in Bitcoin blocks is currently high. And also, Bitcoin has struggled to keep pace. For those who were behind Bitcoin Cash, they don’t necessarily believe in scaling solutions that will take place off-chain. Instead, they prefer to increase the size of blocks and storage space that are required for Bitcoin nodes.
For the Bitcoin SV hard fork, the first change is to quadruple the size of the block to 128MB. Compared to the Bitcoin blocks, BSV blocks are much smaller mainly because of the lack of transaction activity at this point. BSV currently has the smallest blocks compared to other Bitcoin versions present today. What Wright plans to do is to invest in corporate partnerships and bringing more enterprises.
What Makes BSV Attractive?
Basically, what makes BSV attracting to developers is because of the low transaction fees and the block space that it offers. However, it can be challenging considering the competition within the niche.
For instance, Ripple has been doing a good job even saying to the world that XRP is Bitcoin 2.0. But unlike BSV, Ripple has partnered with different institutions and may have helped them during the recent drop this month. Right now, Ripple is the second largest cryptocurrency around.
The projection of Wright isn’t really a long time. In fact, it only took ten years before Bitcoin became a household name. Bitcoin SV will have to compete with the likes of Ethereum and NEO. Today, Ethereum is the most popular platform when it comes to building smart decentralized applications.
How Much Does 1TB Cost?
Since the prediction is until two years, it is still quite hard to predict how much this would cost by then. However, given the present rate, commercial users will need to pay an additional $300 per hour in terms of storage cost. However, you also have to consider the possibility that this cost could still be lowered by as much as 40% through buying at scale.