Bitcoin is stalling with the introduction of the BRC-20 token standard and the number of Ordinals texts increasing by 92% in just eight days. Accompanied by the clogged Bitcoin Blockchain, this altcoin community is loud.
Blocked Bitcoin triggered a rally in this altcoin price
Code-based texts, currently popularized as the BRC-20 token standard, have become the main reason for the massive increase in Ordinals texts on the Bitcoin Blockchain. The total market capitalization of these tokens has exceeded $350 million in just 10 days. The high demand is generating one of the biggest traffics in recent times which caused Binance to suspend BTC withdrawals yesterday.
This development has brought to the fore Bitcoin SV (BSV), the version of Bitcoin fork Bitcoin Cash (BCH). The trend is matching the intraday 30% rally of the Bitcoin SV (BSV) price.
Is Bitcoin SV a better Bitcoin?
Buyers flock to Bitcoin SV after the congested Bitcoin network. SVV has thus recorded a nearly three-fold increase in trading volume since 8 May. It soon rose to a nine-week high of $40.44.
BSV offers block sizes up to 4GB to differentiate itself from its competitors, a thousand times more than Bitcoin’s 4MB block size limit. Also, since its inception, the native token includes scripting commands that enable smart contracts and other Ethereum-like capabilities. Bitcoin did the same in November 2021 with the Taproot upgrade that later spawned the Ordinals Protocol.
3/ The Ordinals Protocol allows you to inscribe any type of file on-chain on Bitcoin. That inscription points to a sat which tracks its ownership so what you end up with is a fully on-chain Bitcoin NFT.
— Leonidas.og (@LeonidasNFT) May 8, 2023
Proponents of altcoin BSV point to Blockchain’s 50,000 transactions per second and low transaction fees as reasons why BSV is a better Bitcoin.
According to Bitinfocharts.com, BSV transaction fees have increased recently. However, it remains relatively low with an average price of $0.0374. Meanwhile, average Bitcoin fees reached $31.91 as users demanded the BRC-20. This marks the heaviest traffic in recent times on the Bitcoin Blockchain at the moment.
Advantages of BSV
With the objective advantages of BSV over BTC, the issue of increasing the block size of BTC is on the agenda once again. Larger block size provides greater scalability as more transactions can fit in a single block. This increases the capacity and lowers the average transaction fee. More details about Bitcoin SV Blockchain at Cryptokoin.com
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