BitMEX Research Informs Bitcoin SV Is Not Reliable For Payments Due to Security Issues
Bitcoin SV (BSV) seems to be affected by block reorganization attacks. The digital currency backed by Craig Wright has some issues with is security. According to BitMEX Research, on April 18, their Bitcoin Cash SV node experienced 2 block re-organizations. They were first affected by a 3 block re-organization followed by a 6 block re-organization.
Bitcoin SV Security Compromised
According to BitMEX Research, Bitcoin SV is facing some security issues. They explained that there was a split in the network at block number 578,639 where two competing chains were noticed. As per the research, the Transaction IDs from the fork moved to the main chain, which means that double spendings can be ruled out.
Although Bitcoin SV promotes almost instant payments, BitMEX Research explains that the BSV network cannot be used for payments. Apparently, the main reason is related to the fact that the block size is too large to handle. The network latency was also too high.
On 18th April 2019, our Bitcoin Cash SV node experienced 2 block re-organisations. First a 3 block re-organisation, followed by a 6 block re-organisation.
The below graphic illustrates the events. It includes the block heights, block hashes & block sizes of the relevant blocks. pic.twitter.com/0tKduVaawE
— BitMEX Research (@BitMEXResearch) April 19, 2019
Bitcoin SV separated from the Bitcoin Cash (BCH) network back in November 2018 due to a lack of consensus on how to scale the BCH chain. Craig Wright and Calvin Ayre are the two most popular representatives of Bitcoin SV.
Jimmy Nguyen, which is also one of the leads of the BSV project, suggested that the network could scale to blocks without specified limits.
The digital currency is currently experiencing some controversies due to Craig Wright’s involvement in the crypto community. nChain’s Wright has been suing individuals in the crypto market, including Peter McCormack and also Hodlonaut. Because of this, different exchanges such as Binance, Kraken and Shapeshift decided to delist Bitcoin SV from their platforms.
Some individuals in the market believe that Craig Wright has a very aggressive stance against those who do not believe he is Satoshi Nakamoto. Now, Mr. Wright will have to work in order to make the network more secure if it wants to keep expanding in the space.
At the time of writing this article, Bitcoin SV is the 14th largest digital asset in the market. It has a price of $58.24 and a valuation of $1.03 billion.
Live Bitcoin SV (BSV) Price:
1 BSV/USD =$34.0263 change ~ 2.77%