The BSV story (so far): The year in review

By Pedro van Gaalen

It has been an interesting year so far in the dynamic cryptocurrency market, particularly for Bitcoin Satoshi Vision’s (BSV) trajectory and evolution.

Industry commentator and GAP600 founder and CEO, Daniel Lipshitz offers his insights to help make sense of the good, the bad and the complicated, from market disruption to industry politics, and the bull and bear cycles.

Rocky start

Since the BCH hard fork in November 2018, BSV has faced numerous challenges. While BSV experienced a rocky introduction into the market after it was delisted from various exchanges due to industry politics, Lipshitz believes the cryptocurrency’s underlying value proposition has entrenched its market relevance and will continue to fuel its adoption and growth over the long term.

“Despite the harsh setbacks, which include starting from almost zero in terms of industry support, with a completely new name and brand, the negativity experienced on social media, and the delistings, BSV adoption and transaction volumes have steadily increased, and the price has followed.”

While the cryptocurrency bull run that saw Bitcoin surge past $12,000 in the first half of 2019 is still going on, BSV emerged as a standout performer, doubling in value. It’s an important metric that points to growing market traction and trust in a cryptocurrency that faced seemingly impossible challenges, never before faced by other cryptocurrencies, however price movement on its own is not a reflection of adoption – and is a poor barometer when assessing mass adoption.

“At BSVs inception many, especially those on the opposing BCH fork, thought it had zero chance and would end up with zero value. What we’ve seen affirms that this assumption was a huge misjudgement. There was complete disregard by BCH leadership for the value that powerful miner groups and the exciting ecosystem projects bring to the table, and this attitude continues to reflect in BCH and the challenges it faces.”

While the BSV ecosystem basically started from zero before the split, with no listings or explorers, Lipshitz believes BSV’s ultimate strength resides in the simplicity of the protocol and, more tellingly, the actual protocol design.

“It is defined and complete, and has been for years because it’s based on the original Satoshi Vision Bitcoin protocol. No further development is required on the protocol design, just focus on scaling. While we can argue about the merits of different protocols from a technological point of view, I think it’s hard to find fault with the design that birthed the industry.”

The Quasar upgrade also continues to build out the infrastructure that enables massive scaling and serves as further proof of its relevance and applicability in the market.