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Bitcoin SV (BSV) surpassed BTC, Ethereum, and XRP in daily transactions. Why and how is it whizzing past these other blockchains?
Last week, Bitcoin SV once again demonstrated its superior technical capabilities by handling more transactions than most other popular blockchains. On Wednesday the 15th of December 2021, BSV surpassed BTC, Ethereum, and XRP in daily transactions. The previous day, one popular BSV app, CryptoFights, created more on-chain transactions than every app on Ethereum combined.
What’s going on with BSV? Why is it whizzing past these other blockchains? Let’s dig in and find out.
BSV transactions surpass other blockchains
Here’s a quick breakdown of the numbers according to BitInfoCharts:
This data is fatal to the narrative that BSV is a forgotten Bitcoin “fork” destined for the dustbin of history. If that’s true, what does this mean for the so-called next world reserve currency (BTC), the future world computer (ETH), and the alleged chosen digital currency of banks and bankers (XRP)?
The truth is that BSV is far from done. Truthfully, it’s only getting warmed up. App development is occurring at a pace that’s difficult to keep up with. Some of the top BSV apps for the day were as follows:
And it goes on from there, with dozens of apps getting hundreds and even thousands of daily transactions. The BSV ecosystem is experiencing a Cambrian explosion of app development. Yet, you’ll never hear about it from the ‘crypto media.’ That’s curious, isn’t it?
CryptoFights is back in the driver’s seat
Wednesday’s data alone makes clear that CryptoFights is the main driver of transactions on BSV right now. On December 14th, CryptoFights once again did more transactions than the entire Ethereum blockchain; 1.386 million versus Ethereum’s 1.214 million.
The reason for this is simple: while Ethereum struggles to deal with 20 transactions per second, BSV handles 50,000 TPS right now, and with Teranode on the horizon, those are rookie numbers. BSV will soon be able to handle millions of transactions per second, while its alleged competitors boast that they can process a few million transactions per day.
What about the fees for these transactions? On the day in question, Ethereum’s average transaction fee was $31.76, BSV’s was $0.00051. That’s not a good look for Team Vitalik!
Why do daily transactions matter?
While most of the digital currency market is focused on the price of each token, few give thought to which blockchains will be the long-term winners and why.
When we’re considering proof-of-work blockchains like BSV and BTC, what will matter most in the long term is daily transactions. Why so? Because Satoshi designed Bitcoin in such a way that the transaction fees inside blocks would eventually replace the block subsidy, that’s why he didn’t originally program a block size limit, and it also explains why he made it so that the block subsidy diminishes over time.
As the block subsidy continues to halve, transaction fees will begin to matter much more. Because the centralized BTC Core protocol developers insist on a 1MB block limit, the only strategy BTC has is to increase transaction fees, which are already unacceptably high, hence the dismal 277,670 daily transactions reported herein. Meanwhile, as BSV block sizes increase and more great apps create demand for on-chain microtransactions, it’s only a matter of time before the transaction fees inside BSV blocks surpass the block rewards in BTC blocks.
Intelligent readers can figure out what happens then. Since miners are for-profit entities rather than anarchist fantasists hoping to bring down the world financial system, they’ll switch over the BSV, and BTC will experience chain death. Unless, of course, Peter Todd and other centralized BTC Core protocol developers convince the “capped at 21 million” brigade to inflate the BTC supply, and that will cause its own problems in BTC world.
The writing is on the wall
This week was just a sneak preview of what’s in store for BSV. As app development proceeds at a breakneck pace, fuelled by incubators like Unbounded Capital, Ayre Ventures, and Satoshi Block Dojo, all of whom are pouring tens of millions into the ecosystem, the number of on-chain transactions will increase, and the value of fees inside blocks will steadily climb higher. We’ve already seen blocks in which the transactions fees were worth more than the block rewards, and that will be a more common occurrence as BSV truly scales.
This is the future of Bitcoin; huge blocks full of micro-fees, fantastic applications that provide real-world utility and services, and a thriving ecosystem that changes the world for good.