Bitcoin SV (BSV) announced a hard fork on January 20; It was performed in block 620.530, in its quest to maintain the vision of the original protocol, while eliminating limits on the block size.
Satoshi Nakamoto when creating Bitcoin, limited the size of the BTC block to 1 MB. This is a characteristic of the birth of the original cryptocurrency of the ecosystem.
When the price of Bitcoin reached its all-time high of almost USD 20,000 in 2017, a maximum value of USD 50 per transaction was reached, generating a debate about the need to increase the block size limit.
Those who defend the thesis of increasing this limit argue that a larger size will help Bitcoin achieve mass adoption. This translates into better support to achieve greater flow of transactions per second.
However, for those who oppose an increase in size, they do so on the grounds that, by increasing the size of the block, Bitcoin decentralization is compromised, in addition to increasing costs when a full node is executed. They consider that the size should be 1 MB as Nakamoto established.
The defenders of the big blocks forced in 2017 the contentious fork known as Bitcoin Cash (BCH). He is well known for trying to separate users, miners and developers into groups that did not share that vision. The BCH reached a size of 4 MB; but in November 2018, the size of BCH already reached 32 MB.
This bifurcation also managed to divide the community between those who accepted the incorporation of new technology updates, and those who defended the need to quadruple the size of the block, thus creating a new chain, that of Bitcoin SV.
Hard fork Genesis of Bitcoin SV
A few hours ago, BSV has also been divided; the reason, the elimination of the size limitation per block, a modification that can only be implemented through a fork like the one that happened.
Bitcoin SV advocates argue that it is now possible to perform more transactions per second than through traditional payment platforms, because the new network allows mass scalability.
So far the rate is 1 satoshi per byte, but with the update the price would barely reach 0.25 satoshis per byte.
We are already closer to halving and eliminating the block size limit will offer greater performance for miners when the reduction comes; because despite decreasing network commissions, a larger block size allows more transactions to be made.
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