Bitcoin SV Continues to Surge Ahead of Halving But Nodes Declining & Connecting to BCH Nodes

Last week, we reported how the hard fork of Bitcoin Cash (BCH), Bitcoin SV (BSV) blockchain got split into two after the Genesis upgrade. Apart from this, now some of the BSV nodes are connecting to BCH nodes when in safe mode.

Train wreck: BSV nodes connect to BCH nodes. pic.twitter.com/N1bTVtpr3t

— Ben Verret⚡ (@verretor) February 8, 2020

With at least two chains being mined in BSV, users are finding it to be a “total mess.” Because the Bitcoin cash blockchain is longer, sometimes BSV nodes follow when in safe mode, which happens automatically when the node finds a longer chain which is invalid. Apparently, BCH and BSV are so similar even the nodes can’t tell them apart.

Despite being created in Nov. 2018, the issue only became known recently and as a temporary solution, they are force disabling the safe mode.

Six days after the BSV Genesis downgrade, it appears more and more to me that some 80-85 nodes have forked off and are creating a new chain after block 620538. Another ~30 nodes are left behind in the process.

Only ~250 nodes are now left.

A year ago, BSV had 636 nodes. pic.twitter.com/4cpKD7vDlb

— Arthur van Pelt – Dragon Industries (@MyLegacyKit) February 10, 2020

Surging Ahead of Halving

However, just like the chain split didn’t have any effect on BSV price, similarly this issue didn’t detract the BSV believers as it trades at nearly $342.

In mid-January, the fifth-largest cryptocurrency by market cap of $6.2 billion made its all-time high at $441 and is currently down 23% from that high. In the past month, its price has jumped over 20% in the past week and 148% in the past month against USD. In the BTC market as well, it is up by 100%.

However, while the world’s leading cryptocurrency Bitcoin’s real volume in the past 24 hours is over a billion USD, BSV’s mere $13.8 million.

#BSV increased 30% in the last week despite the Genesis hardfork splitting the chain, both of which are being mined, and the clients are so confused they're syncing up to #BCH

This tells me the market is still disconnected from reality. We haven't seen the real correction https://t.co/VSsgEULjW1

— Imran Lorgat⚡ (@ImranLorgat) February 9, 2020

The momentum seems to be picking up just months before its upcoming halving in April. Bitcoin SV halving coincides with that of Bitcoin Cash and comes one month before Bitcoin’s which is in May 2020.

But zero chance of being used by Wikipedia

Last week, Wikipedia co-founder Jimmy Wales said,

Great – just edit to make clear that I am a critic, not a supporter, and that Wikipedia will not be adopting BSV.

— Jimmy Wales (@jimmy_wales) February 7, 2020

The comment came after the announcement of Wales being a keynote speaker at CoinGeek’s conference on February 20-21, 2020 at Old Billingsgate venue in London.

The announcement says BSV is reclaiming Bitcoin's original design to power micropayments to “handle the staggering amount of data Wikipedia carries.” But Wales said,

Your marketing materials need to be updated immediately – as people seem to be reading this as some kind of endorsement from me. I'm coming to speak my mind, which includes that BSV offers nothing for Wikipedia and that there is zero chance we would ever use it. https://t.co/Smm5RfXBJc

— Jimmy Wales (@jimmy_wales) February 7, 2020