Cypherpunk Jameson Lopp: Bitcoin Outperforms “Big Block” Forks with Blockchain Size
- Bitcoin Cash and Bitcoin SV are forks of Bitcoin.
- The maximum block size for Bitcoin is 1MB.
Bitcoin is the whole reason that the cryptocurrency industry was kicked off. It remained the lone ranger of the market for years, though its blockchain has forked on two occasions. However, these two blockchain forks have yet to reach the blockchain size at it has. Cypherpunk Jameson Lopp decided to go on Twitter for a moment to brag on Bitcoin, comparing Bitcoin to the Bitcoin Cash and Bitcoin SV forks.
— Jameson Lopp (@lopp) December 2, 2019
The blocks on the Bitcoin blockchain cannot exceed 1MB of data, which gives the network a bit of trouble when it comes to scalability and even mainstream adoption. The network is capable of handling about seven transactions per second, which isn’t much when compared to the 24,000 tps that VISA can handle.
With this issue, there comes a lasting debate that was the catalyst for the two massive forks that Bitcoin has dealt with, Bitcoin Cash and Bitcoin SV. With the forks, block size was increased to 8MB and 128MB, respectively. Though this change improved the speed and cost of transactions, operating full nodes on the increased block size is expensive. As a result, Bitcoin becomes more centralized and loses the trustless nature that it thrives on.
Ultimately, no one can argue that the two Bitcoin forks haven’t exactly lived up to what they were imagined to be when they were created in the first place. After all, Bitcoin Cash has lost 94% of its all-time high value. However, BCH proponent Roger Ver believes that it is possible that the asset will jump by 1,000 times its current value as new adoption milestones are passed.
Apart from a few massive price spikes, Bitcoin SV has remained at relatively the same price level that it was at when it split from Bitcoin Cash. The spikes were mostly brought on by statements by the asset’s biggest backer, Craig Wright, who has also proclaimed to be the identity of Bitcoin creator Satoshi Wright, as well as by Calvin Ayre.
It is possible that Bitcoin SV could see a massive price increase at any point, considering that 50% of the coins that are already mined haven’t even been used yet. Furthermore, it seems that all of these transactions are somehow connected with an automated weather service, WeatherSV.com. According to The Next Web’s Hard Fork, the service sources data from another weather website and writes it onto the Bitcoin SV blockchain. In June alone, this service accounted for over 98% of the transactions posted.