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Bitcoin Association: BSV speed is as good as that of VISA

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on Apr 29, 2020
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  • Bitcoin SV's first annual report published by The Bitcoin Association made several major claims.
  • The most important one claimed that the BSV network now has the ability to handle as many TPS as VISA.
  • Another major statement is that BSV fees can bring more profit for miners than those of BTC.

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The Bitcoin Association recently published its annual report, revealing Bitcoin SV (BSV) performance and milestones. The report had quite a bit to say, noting that BSV does not only rival VISA when it comes to speed, but it offers better returns than BTC.

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Bitcoin SV TSP can rival VISA itself

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According to the new report, the BSV network has seen quite a bit of a performance boost. The Bitcoin Association claims that it can rival VISA when it comes to transactions per second, which is a pretty bold claim.

However, the Association claims to have done the Bitcoin SV scaling test to prove it. During the test, the network managed to sustain 1,300 TPS for a long period. Also, it managed to handle as many as 6.400 Transactions Per Second. In other words, the test revealed that the BSV network became quite scalable, significantly more than Bitcoin ever was.

To put the transaction capacity in perspective, the VISA network, which has long been viewed as the gold-standard for payment processors, handles an average of 1,700 transactions per second.” So, BSV is just as good, or even better than VISA itself when it comes to speed.

Not only that, but the test network processed blocks that contained 7.877 million transactions. This made the blocks around 2GB-large, and BSV still managed to handle them with no issues. The push towards a huge number of transactions is not new, of course. BCH and BSV have been trying to prove that they are better than BTC due to its inability to scale for a long time. Even so, these figures are quite impressive.

BSV offers better returns than BTC

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Another bold claim from BSV’s first annual report is that it offers better transaction fee returns for miners. The report notes that “Bitcoin SV is emerging as the most profitable Bitcoin network for transaction processors (miners) to be working on, offering better returns than BTC on the majority of days from September 2019 to February 2020.

However, the legitimacy of this statement is questionable, at best. In the last 24 hours, BSV transaction fees were at around $255, according to Messari. BTC transaction fees, however, were at $214,200.

The report noted that the record number of transactions on the BSV network hit 600,000 per day in February. However, critics pointed out that most of it was ‘busy work’ coming from apps. Other major points from the report include the hiring of Coinstorage CEO Brendan Lee, as well as a nChain’s investment in BSV Wiki. Meanwhile, BSV DevCon planned for Shanghai and San Francisco is on hold, due to the coronavirus pandemic.

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