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The Bitcoin Association states that Bitcoin SV competes with VISA in transactions

April 29, 2020

The Bitcoin Associationthat Bitcoin SV promotes, According to the BSV network, the company is now competing with the VISA credit card processor in terms of transactions per second. It is also claimed that BSV transaction processors (miners) get “better returns” than BTC.

In your first annual report The Bitcoin Association (BA) said the Bitcoin SV scaling test network “consistently performed 1,300 transactions per second over an extended period of time”in addition to the maximum load of 6,400 transactions per second. “

“To put transaction capacity in the right light, the VISA network, which has long been the gold standard for payment processors, processes an average of 1,700 transactions per second.”

It is said that The test network processed blocks with a size of almost 2 GBthat contain 7,877 million transactions.

The Bitcoin Association states that Bitcoin SV competes with VISA in transactionsThe Bitcoin Association states that Bitcoin SV competes with VISA in transactions

Bitcoin SV and Bitcoin Cash have emerged from the debate over the escalation of Bitcoin, which focused on claims that the BTC network’s inability to process more than a handful of transactions per second meant that it was unable to adopt the majority trend. Both the BCH and the BSV were looking for larger blocks as a scaling option.

First annual report

The annual report covers the period from February 2019 to February 2020 and contains some bold statements, including this one Bitcoin SV offers miners better transaction fees than competitors::

“Bitcoin SV is becoming the most profitable Bitcoin network for transaction processors (miners) and offers better returns than BTC most days from September 2019 to February 2020.”

However Messari valued Bitcoin SV transaction fees at just $ 255 in the last 24 hours, while Bitcoin charged $ 214,199 in transaction fees. The report does not show how BA came to its conclusion on interest rates.

The report cites data that show that transactions rose to nearly 600,000 a day in February, which was significantly higher than that of BTC. However, critics have argued that much of the transaction volume at BSV is a “busy job” for apps that write cryptocurrency prices or weather data on the blockchain.

The report says that The average block size in February was 2 MBThis is twice the size of 1.05 MB BTC and twenty times the size of 0.10 MB BCH. Each BSV block processed an average of 4,127 transactions.

The association currently has 1,200 members, including more than 300 “applications or services” and more than 100 developers. The five countries with the largest membership are China, the United States, the United Kingdom, Canada and Australia.

Around 400 “well-known companies and projects” are built at BSVand 250 companies and services to support the blockchain.

The report also says:

  • Brendan Lee, CEO of Coinstorage, has been hired to develop an official Bitcoin SV training resume to start this year.

  • Partnership and developer nChain has made a “big investment” in the Bitcoin SV Wiki, which is both a resource for developers and a way to “fight the misinformation around Bitcoin that is available online and in the media”. The introduction begins with a statement: “Bitcoin is a peer-to-peer e-money system developed by Dr. Craig Wright under the pseudonym Satoshi Nakamoto.”

  • The president of the association, Jimmy Nguyen, met with “government and legislative representatives from the United States” in Washington, DC, to discuss how “a more legal and regulatory business ecosystem can be built while innovating and facilitating digital currency.” like blockchain technologies. ” Nguyen and nChains chief scientist Wright have contributed to the drafting of the law on digital currencies.

  • The BSV DevCon events planned for San Francisco and Shanghai this year will be suspended due to the pandemic.

  • The association has hired a full-time PR expert to ensure media coverage.

  • The main goals until 2020 They should position “Bitcoin SV as a” blockchain for companies “and further develop the Bitcoin SV ecosystem.

  • Changpeng Zhao ensures that halving is not the only factor that can affect Bitcoin’s price

Bitcoin SV was created in November 2018 in a controversial hard forkafter the project was separated from Bitcoin Cash. Led by Wright, who controversially claims to have invented Bitcoin, the project has a relatively small but dedicated community.

BA President Jimmy Nguyen, who was recently underpinned in the lawsuit against Craig Wright / Ira Kleiman on Twitter, wrote in his introduction that it was “a great year for the original Bitcoin”.

“As enthusiasm for the ‘Satoshi vision’ has grown rapidly, our association has expanded its mission and the global team that is needed to support it as we accelerate our efforts to increase the adoption of Bitcoin SV.”

The annual report ended with thanks to the BSV billionaire Calvin Ayre for financing the entire project. “We couldn’t do our job without Calvin’s support and belief in Bitcoin’s Satoshi vision,” it said.

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