Bitcoin SV has been listed on coinmarketcap.com and has taken seventh place, currently valued at USD 111. Bitcoin SV is a fork of the BCH blockchain, which is itself a fork of the bitcoin blockchain. Bitcoin SV is backed by Craig Wright of nChain as well as Calvin Ayre of Coingeek.
The mysterious rise of bitcoin SV
In less than two hours of the listing, bitcoin SV rose through the ranks to take 8th spot and has since risen to 7th, ahead of Tether. Bitcoin SV was formerly known as bitcoin cash SV, though with the loss to BCH ABC changed its name to bitcoin SV – “SV” standing for Satoshi’s vision. It claims to be the real bitcoin, and that bitcoin cash and bitcoin are not holding true to the original white paper. Further, Craig Wright claims to be Satoshi Nakamoto.
Wright has become broadly unpopular due to his aggressive tactics and behavior, though he has pulled off an impressive feat with the rise of bitcoin SV. Both bitcoin SV and bitcoin cash are backed largely by centralized mining interests, and this is what is generating their value, at least according to whistleblower Edward Snowden. Bitcoin SV has taken 7th position despite not being a fully functional coin in many respects. One popular wallet known as Exodus has outlined its reasoning for not supporting the bitcoin SV token –
“Currently, there are no stand-alone BCH SV wallets or block explorers to view transactions. Our exchange partners have yet to open BCH trading because of the extremely long confirmation times on the Exchanges who are supporting the forked asset. This leaves a lot of unanswered questions about the safeguarding the security and transaction experience of Exodus users who would like to claim their forked BCH SV tokens.”
The battle of the forks
The story of the bitcoin forks can get very confusing with the different claims and name changes. Craig Wright wanted his implementation of bitcoin to proceed, but the majority of the bitcoin cash community disagreed with his views and actions. A bitcoin cash hashing war took place with two competing bitcoin forks – BCH ABC against BCH SV. BCH ABC was backed by Roger Ver and by Bitmain founder Jihan Wu. Ver and Wright traded many public blows and insults on various platforms, and both actors are known for their aggressive behavior.
BCH SV admitted defeat within 10 days of the November 15th split, as total work done and total blocks completed fell behind the BCH ABC chain. Additionally, exchanges such as Kraken and Huobi let BCH ABC keep the bitcoin cash (“BCH”) ticker. Wallet providers also sided with BCH ABC in keeping the ticker. Because of this, bitcoin cash SV changed its name to bitcoin SV and bitcoin cash ABC is now simply bitcoin cash (BCH).
What’s wrong with the rankings?
The high positioning of bitcoin SV can only serve to demonstrate that all is not well with cryptocurrency valuations. Bitcoin SV is a coin that is nearly impossible to claim, difficult to sell, that is largely unpopular, and that recently conceded defeat in a hashing war with BCH ABC, abandoning the bitcoin cash name.
Yet is sits above high-quality coins such as Litecoin, Cardano, Monero, IOTA, and DASH, despite the token not being readily available to the public with a notable lack of working wallets, exchange support, or the ability to buy or sell the coin save among a select few. The demand is being driven by very few actors. The bitcoin SV chain has also been running into numerous problems, such as hours taken to confirm blocks.
While every other coin is suffering from a devastating bear market, bitcoin SV is up 15% in the last 24 hours. Bitcoin cash is currently in 4th position with a valuation of USD 185. The bear market has also seen Ethereum (ETH) lose its long-held position of second to Ripple (XRP). It is still difficult to find true value in the cryptocurrency rankings, as bitcoin SV is supposedly worth USD 111 yet it cannot be used by anyone for anything. This is pretty much the opposite of intrinsic value, and the fact that a functionless coin is worth USD 111 on paper means that there is certainly something toxic in crypto evaluations, reminiscent of the fiat paper markets.
However, Bitcoin Cash started out in much the same circumstances as bitcoin SV (BCH SV). It had little support, and many people believed it would disappear within a few months, though this has not been the case. In a market where usage and adoption have nothing to do with price valuations, bitcoin SV is likely here to stay.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.