Bitcoin Cash, Bitcoin Gold, and Bitcoin SV have all one thing in common- they are all folks of Bitcoin. The major cause of the disagreement was Bitcoin’s scalability issues. Bitcoin block sizes are limited to 1MB; hence the coin can only handle seven transactions per second.
While the Bitcoin community agreed that a sort of improvement needed to be conducted to make the network scalable, they could not reach a consensus on what particular improvements needed to be made.
The disagreements prompted a group of developers and miners to break away (implement a hard fork) in August 2017, leading to the creation of Bitcoin Cash (BCH). Bitcoin Cash can handle more transactions as compared to Bitcoin, thanks to the 32MB block size.
In 2018, BCH underwent another hard fork giving birth to Bitcoin Satoshi Vision (BSV). Before then, in October 2017, Bitcoin Gold was formed from the hard fork of the original Bitcoin, implementing a new PoW-based algorithm in the mining process to lower the cost of mining Bitcoin.
Bitcoin has undergone over 100 forks, but nearly 80 Bitcoin variants are the only active coins; the remaining are dead coins. BCH, BTG, and BSV are the leading Bitcoin forks. The coins have different market caps, prices, operate differently, with the projects taking different directions. Here’s an analysis to establish which coin might just come out on top.
Different Aspects of Bitcoin Cash, Bitcoin Gold, and Bitcoin SV
As you might imagine, the projects all share similarities, but they also have marked differences as well.
In terms of market economics, Bitcoin Cash is the leading Bitcoin folk coin. At the time of writing, the coin’s price is $632.21, with a 24-hour trading volume of $1,003,770,247. The coin’s market cap is $11,936,153,067 and ranks position 18 in the CoinMarketCap ranking. BCH hit an all-time high of $3,785.82 on Dec 20, 2017. It has a current supply of 18 880, 013 with a max supply of 21 000 000 BCH coins.
Bitcoin SV is currently trading at $171.27 with a 24-hour trading volume of $200, 054 850 USD. The coin currently ranks at no. 52 in the CoinMarketCap with a market cap of $3,233,000,627. The current circulating supply is 18,876,877 BSV coins and a max. supply of 21,000,000 BSV coins. BSV has an all-time high of $491.64 achieved in April 2021.
Bitcoin Gold is currently trading at $69.24 with a 24-hour trading volume of USD 29,384,863. It has a market cap of $1,213,455,016 and a circulating supply of 17,513,924 BTG coins with a max supply of 21,000,000 BTG coins.
Transactions Fees and Speed
As you could expect, Bitcoin folks have lower transaction fees and are much faster than the original Bitcoin network. BCH charges an average transaction fee of 0.000014 BCH ($0.0086) and can process 116 transactions per second (tps). BSV charges an average transaction of 0.00000001 BSV, which is less than 0.001 USD.
Miners set the transaction fee at 1 satoshi/byte. BSV can handle 10000+ transactions per second following the removal of the block size limit in February 2020 and the launch of its scaling network referred to as BSV Scaling Test Network (STN).
Thanks to its enormous block size, Bitcoin SV can handle up to 16.4 million in one block. Bitcoin Gold has an average transaction fee of 0.000054 BTG ($0.0037) at a rate of 0.0000001 BTG/byte. BTG can handle 27 transactions per second pretty slow compared to BCH and BSV.
Each currency has enjoyed different levels of adoption.
Bitcoin Cash has made substantial strides in regard to adoption, particularly in the payment sector. The coin facilitates fast and easy crypto payment settlement. BCH was listed with three other cryptos (Bitcoin, Ethereum, and Litecoin), by payments giant PayPal to allow users to buy digital assets directly from their accounts.
PayPal subsidiary also chose BCH when it launched crypto services for its users to hold, sell or buy crypto within the Venmo app. BCH and three other cryptos were selected to be part of PayPal’s crypto strategy in October 2020. In essence, BSC has a widespread adoption thanks to its active community, who have relentlessly promoted the coin as an alternative payment platform.
Bitcoin SV has also witnessed some level of adoption. Most recently, the government of Tuvalu adopted the coin in partnership with nChain, Elas Digital, and Faiā. The Tuvaluan government seeks to utilize the BSV blockchain for digital transformation by enabling a fully digital infrastructure.
One of the key goals of BSV adoption by the Tuvaluan government is to digitize government records using BSV’s outstanding scalability, security, efficiency, and low transaction cost. BSV has also been adapted by Gravity-a banking application and Bitcoin SV Academy-an, an education platform.
Bitcoin Gold hasn’t really realized widespread adoption like BCH and BSV. The coin’s use cases include open-source bridges, smart contracts, payments, and computer technology. However, Bitcoin Gold has partnered with different institutions, including UK-based EXMO Exchange, Latium– a digital freelancing platform located in the USA, and Phala Network. These partnerships have been instrumental in the adoption of BTG.
Which One Will Come on Top? The Final Verdict
It’s clear that all the three Bitcoin folks have made considerable strides after breaking from the original Bitcoin. Bitcoin comes out strongly with a strong dominance in the crypto space with a worth of nearly 50x more than the three folks combined. Among the three folks, Bitcoin Cash dominates the scene with a higher price, larger market cap, and higher coins in circulation.
However, it’s still pretty slow in terms of transactions and charges higher transaction fees compared to BSV and BTG. BSV wins in terms of transaction speed, with a capability of processing over 10 000 transactions per second. BCV can only handle 27 transactions per second, significantly limiting its development.
In terms of development and adoption, all coins have been adopted at least, but BCH has witnessed considerable adoptions with increased use cases, especially in the payment sector.
Overall, Bitcoin Cash has a huge capability of coming on top owing to its considerably fast transaction fees and low transaction cost compared to Bitcoin, as well as growing adoption. What’s more, the coin still manages to retain Bitcoin’s original attributes- a remarkable selling point.