Bitcoin SV has overtaken Bitcoin’s transactions in the past 24 hours, but only charged fees of $ 125. A Monster 1.25M transaction block was also just tested.
Bitcoin SV supporters celebrated today after the severely malicious fork appeared to overtake Bitcoin Core in transaction volume in the past 24 hours.
According to BitInfoCharts (but not confirmed by other data websites), the Bitcoin SV network processed a total of 291,650 transactions, compared to Bitcoin’s 280,756 over the same period.
“It’s official. BSV has outperformed BTC in transactions / day of our usage / apps !!! We passed BCH and never looked back. Now we’ve passed BTC !!!” BitcoinHoarder tweeted excitedly.
It is official. BSV has surpassed BTC in transactions / day from our usage / apps !!! We passed BCH and never looked back. Now we have passed BTC !!! https: //t.co/yfWA7F0KVt pic.twitter.com/tap695rzta
– BitcoinHoarder (@ BHoarder1) October 6, 2019
Yes, but no, but …
Critics point out that even if you consider the 24-hour transaction volume numbers to be gospel, arguably the vast majority of activity on the Bitcoin SV network is nothing more than spam to fill blocks with busy work, weather, and price record different cryptocurrencies from minute to minute.
For all of its many transactions, Bitcoin SV has charged fees of around $ 125 with an average of $ 0.00045 .
This equates to $ 134,000 Bitcoin over the same period (a likely underestimate given an average fee of $ 0.477).
I like big blocks and I can’t lie
Even so, Bitcoin SV’s block sizes are now so large that they are difficult to fill even with spam transactions.
In August, the maximum block size of Bitcoin SV was increased from 128 MB to a theoretical 2 GB. A monster block with 1.5 million transactions was tested this morning.
So Bitcoin SV seems to have demonstrated technical scalability – the question is, can it overcome the haters and does anyone actually want to use it in the real world?
Two apps on Bitcoin SV account for most transactions
In the middle of the year, it turned out that around 96% of Bitcoin SV’s transactions were created by a single weather app – which in 100 years’ time could finally convince climate skeptics that the temperature record recorded on the blockchain is correct.
Last week, WeatherSV was backed by Preev, an app that does almost the same thing by recording the prices of 15 crypto pairs minute by minute.
At the current fee prices, you can enter BSV USD prices worth a week, which are updated once per minute for USD 3.66.
It was great to meet the @ preev_ team at #CGSeoul. It looks like they are giving us serious competition for daily TX volume. Our two apps together could soon be challenging the daily volume of BTC. ???????? pic.twitter.com/6kfFv6jtia
– WeatherSV (@sv_weather) October 6, 2019
I thought the blockchain was transparent?
A quick look at some of the major blockchain data websites reveals that none of them match any of the numbers – which is a problem given the transparency of the blockchain.
Other sites like CoinMetrics, Coindance, and Messari aren’t yet showing that Bitcoin SV will overtake Bitcoin – although it’s close enough that it will undoubtedly outperform Core’s transactions as Preev records more pairs or more apps go online.
If you look at the data from Messaris Screener (play with ‘columns and filters’ to see transactions and fees), none of the Bitcoin brands are at the top depending on the volume of transactions.
If you only rank by number of transactions (although this is not as useful a measure as thanks to transaction stacking, no fee block chains, etc.) it is in descending order: EOS (5,641,509), TRON (2,218,578), XRP (891,168) and Ethereum (645,073) – and only Ethereum makes a notable amount of money from fees.
So in terms of blockchain fee income, it’s still two horse races between Ethereum and Bitcoin.
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