Bitcoin SV made the news recently when it passed the tenth place in terms of cryptocurrency market capitalization
- BSV / USD is under pressure, but the outlook is bullish
- The Bitcoin SV (BSV) portfolio could double as an authentication device
Bitcoin SV made the news recently when it passed the tenth place in terms of cryptocurrency market capitalization. The token network is now worth around $ 1.35 billion and will probably increase in the coming months. Bitcoin SV, Bitcoin Satoshi Version, is a hard-fork of Bitcoin Cash blockchain that is giving his parents a run for his money. The BSV intends to embody the vision of the founder of Bitcoin Satoshi Nakamoto and bring back the power of money "to people".
The real purpose of BSV is to address four fundamental problems within the Bitcoin universe and that's where its value lies. These include stability, scalability, safety and security; the warning is that we have already heard all this, and these problems have not led to the previous bifurcations of Bitcoin?
BSV / USD is under pressure, but the outlook is bullish
Like most cryptocurrencies, Bitcoin SV has been under pressure in recent months. The lack of consistent regulation and uncertainty about the future of the blockchain are largely to blame. The good news is that the token has stabilized near the $ 75 range where it seems to be well supported.
In the short term, the pair is facing good support for the uptrend line, visible in the table below. This support is consistent with the horizontal level at 75 but can be broken in the next days or weeks. The reason is that BSV did not show any kind of bullish pressure, so it is very likely to see a break of this support, en route to 70 and possibly the minimum to 65.
Such a move would be a purchase opportunity. The token is a match for Bitcoin and Bitcoin Cash, both traded well above the $ 75 or so for BSV. It is likely that a rise will see the BSV touch and exceed the $ 175 level (where Bitcoin Cash is trading) on its way to test the all-time highs near $ 225.
The Bitcoin SV (BSV) portfolio could double as an authentication device
In a recent post in Medium, Craig Wright, Bitcoin SV's lead character and chief scientist at nChain, outlined a new way to use the BSV portfolio: as a smart card authentication method. The application focuses on "the use of electronic cards (" smart cards ") to facilitate secure, feasible, but user-friendly system authentication through a Bitcoin (SV) portfolio."
According to Wright, the application will comply with the AML / KYC rules and could be used to verify identity documents (passports, etc.) and to increase the security of payments and / or file encryption. When or if the application becomes usable, it remains to be seen but if they can deliver a working version sooner rather than later, the price of Bitcoin SV will most likely be affected.
There is some risk for this token because it is still new but we are talking about cryptocurrency here, the risk is the name of the game until the regulation will be consistent across the world. When it arrives, you can expect to see this and most of the other sharply higher major cryptocurrencies.