Bitcoin SV STN single block contains over 1.5 million transactions

The Bitcoin SV (BSV) blockchain saw an unofficial stress test at the end of September that proved once again the network’s strength. In an event designed to gauge how much data could be managed in a given 24-hour period, BSV supporters completed their endeavor with outstanding results, seeing blocks that routinely surpassed 100 megabytes (MB). This is consistent with the blockchain’s goal of offering a network that can handle block sizes needed to compete with conventional payment solutions such as Visa or MasterCard. Soon after, the BSV blockchain made history, becoming the first to ever record a block that contained over 1.5 million transactions.

The founding president of the Bitcoin Association, Jimmy Nguyen, revealed the results in an email to 8BTC, stating:

The test produced a number of blocks over 100MB in size (139 MB, 128MB, 119MB, 102MB), and many other significant size blocks. Prior stress tests have shown bigger blocks (for example, an August 3 stress test from China produced a 210MB block with over 800,000 transactions and a 150MB block with over 700,000 transactions). But the September 30 stress test showed again that it is no longer unusual to see big blocks of over 100MB in size mined on BSV. This is much, much more than the 1 MB blocks on BTC, and the 32MB block cap on BCH. [In fact, it has become recently apparent that some BCH mining pools still set their block caps much lower than 32MB, such as at 2MB, and there are conflicts now between the BCH community about the block cap].

This advanced capability is reportedly beginning to attract more attention from miners. CoinGeek and SV Pool are already established BSV miners, but other entities, such as OKEx, ViaBTC, ProHashing, Mining-Dutch and Poolin, have also joined.

The reason for this is simple – miners are going to be able to make more money going forward with their BSV mining operations. Nguyen explains, “When the block reward fixed subsidy amount halves again in May 2020 (from 12.5 coins to 6.25 coins), miners need to earn more in transaction fees to remain profitable. This will become even more important in 2024, when the block reward halves another time to 3.125 coins, and so forth. Satoshi’s economic design for Bitcoin requires blocks to scale much bigger to fit large volumes of transactions, so miners in the future earn more in transaction fees to compensate for the lower block reward fixed subsidy amounts. We are explaining this important message to miners.”

The 1.5 million transaction block was pointed out by Future Bitcoin on Twitter, providing a link to the record-setting activity on the Satoshi.io block explorer. It took place on October 6 and covered a total of 1,526,001 transactions. The fee for handling over 1.5 million transactions? Just $495.5, or an average of just $0.000324 per transaction.

Bitcoin SV passes BTC in daily transaction volume

One of the biggest indicators of the success and utility of a technology has been the amount of use it gets. In the Bitcoin and Blockchain world that can be measured in several ways, but an important one is the number of transactions on any given chain. By that measure, the Bitcoin SV (BSV) blockchain has recently achieved a significant marker, passing BTC in total transactions per day.

Captured by Twitter user BitcoinHoarder, BSV passed the BTC blockchain in daily transactions on October 6, recording over 290,000 transactions in a 24 hour period, edging out BTC’s 288,000.

Using the tools available on bitinofocharts.com, BSV ranks as having the third most transactions of any cryptocurrency they track, ranking behind only XRP (915,220) and Ethereum (571,945).

A deep dive into the numbers reveals how Bitcoin SV (BSV) is able to achieve such volumes, and the answer lies in utility and usage. The average BSV transaction comes in at 0.6263 BSV ($51.42 USD) and the median comes in at 0.0038 BSV ($0.31 USD). The latter figure is nearly impossible on the BTC chain, as it typically fail to cover the transaction fee to even make a transaction.

But a transaction for less than a dollar is the norm for BSV because it has become a popular data carrier, allowing services like WeatherSV and UptimeSV to use the Metanet protocol to transmit data over the blockchain, and in turn, pay for their services with micropayments. Over time, this new data carrier service and micropayment economy will prove to be a better model for many enterprises.

As one Twitter user noted, this trend is set to continue, as more developers build on BSV, this trend is bound to continue, as new applications will increase the number of transactions, proving the massive scaling model of BSV and increasing its utility.

Those new applications may be just around the corner, as many of the presentations at the recent CoinGeek Seoul noted. Several products are due to come out soon for BSV, and with them, increase the volume on the blockchain.

Bitcoin SV passes BTC in daily transaction volume

One of the biggest indicators of the success and utility of a technology has been the amount of use it gets. In the Bitcoin and Blockchain world that can be measured in several ways, but an important one is the number of transactions on any given chain. By that measure, the Bitcoin SV (BSV) blockchain has recently achieved a significant marker, passing BTC in total transactions per day.

Captured by Twitter user BitcoinHoarder, BSV passed the BTC blockchain in daily transactions on October 6, recording over 290,000 transactions in a 24 hour period, edging out BTC’s 288,000.

Using the tools available on bitinofocharts.com, BSV ranks as having the third most transactions of any cryptocurrency they track, ranking behind only XRP (915,220) and Ethereum (571,945).

A deep dive into the numbers reveals how Bitcoin SV (BSV) is able to achieve such volumes, and the answer lies in utility and usage. The average BSV transaction comes in at 0.6263 BSV ($51.42 USD) and the median comes in at 0.0038 BSV ($0.31 USD). The latter figure is nearly impossible on the BTC chain, as it typically fail to cover the transaction fee to even make a transaction.

But a transaction for less than a dollar is the norm for BSV because it has become a popular data carrier, allowing services like WeatherSV and UptimeSV to use the Metanet protocol to transmit data over the blockchain, and in turn, pay for their services with micropayments. Over time, this new data carrier service and micropayment economy will prove to be a better model for many enterprises.

As one Twitter user noted, this trend is set to continue, as more developers build on BSV, this trend is bound to continue, as new applications will increase the number of transactions, proving the massive scaling model of BSV and increasing its utility.

Those new applications may be just around the corner, as many of the presentations at the recent CoinGeek Seoul noted. Several products are due to come out soon for BSV, and with them, increase the volume on the blockchain.

Large block sizes continue to prove Bitcoin SV’s strength

Large block sizes continue to prove Bitcoin SV’s strength

Since the idea of Bitcoin was first conceptualized, it was known that one thing stood in the way of major adoption for cryptocurrency to be seen as viable alternative to fiat. While major credit card networks and other services, such as PayPal, have networks that can handle tens of thousands of transactions simultaneously, Satoshi Nakamoto recognized that Bitcoin needed to be able to scale greatly to reach those levels. He also understood that on-chain scaling was possible and discussed it in the original Bitcoin white paper. Those that understand the importance of the original Bitcoin vision have ensured that it remains intact, which is why Bitcoin SV (BSV) exists today. In proving that Satoshi was correct, the BSV blockchain has routinely proven that large blocks were possible and that the blockchain is more efficient than is the Bitcoin Core (BTC) blockchain, which now has virtually no similarities with the original Bitcoin.

Bitcoin SV En Español tweeted yesterday, “83000 tx block on BSV, would have taken 28 blocks on BTC chain.” Included in the tweet was a link to the block on Blockchair, showing when the transaction occurred and by whom, svpool.com.

While on-chain scaling and big blocks are possible, certain blockchains, such as BTC, have decided that they knew more than Satoshi and have come up with solutions such as the Lightning Network (LN) to handle transactions. LN settles transactions off the chain, which results in a break in the information consistency of a transaction. It also adds a separate step in the verification process that is neither warranted nor necessary.

BTC has, in fact, discussed reducing the block size, a further example of certain developers believing they are more adept than Satoshi and what was clearly outlined in Bitcoin’s whitepaper. It’s an example of how certain individuals have too much control of a blockchain, which undermines the decentralization that was to be an inherent part of a cryptocurrency network.

BSV continues to innovate, both through its blockchain and its cryptocurrency. It is proving how everything Bitcoin was meant to be is possible and the BSV supporters have shown their determination in helping Bitcoin to succeed. It’s unfortunate that other blockchain projects haven’t been able to maintain a higher ethical compass.