Another Bitcoin fork besides Bitcoin Cash, Bitcoin SV, will also complete its Halving event
Bitcoin Cash will complete its block reward halving over the next 24 hours, with Bitcoin SV halving following shortly after.
Bitcoin SV (BSV), Bitcoin Cash (BCH) ‘s a close rival, is leading the recovery in the cryptocurrency market following a 14% growth in value in the last 24 hours. On the other hand, Bitcoin Cash has corrected higher 7.91% higher in the same period. BSV/USD is trading at $ 215 at the time of writing. A bullish engulfing candle on the daily chart suggests that more upside action is likely. Moreover, technical indicators such as the RSI and the MACD are in support of the ongoing bullish momentum.
BSV/USD daily chart | Source: TradingView
Bitcoin Cash and Bitcoin SV halving
Bitcoin Cash mining reward halving is expected to take place on Wednesday. This will be its first halving since the hard fork from Bitcoin in 2017. The exercise will see the mining reward per block reduced from 12.5 BCH to 6.25 BCH. Bitcoin Cash halving will be taking place roughly a month before the much-anticipated Bitcoin halving in May. BSV, the close rival of Bitcoin Cash, is also set to undergo a similar Bitcoin SV halving event approximately a day after BCH’s halving.
Over one year later, BCH forked amid further disputes, resulting in BCH and BSV, with Roger Ver and Craig Wright parting ways. BCH rose from $ 213 on April 1, to a press time price of $ 257, while BSV went from $ 160 to $ 188 in the same time frame. Meanwhile, BTC surged from $ 6,180 to $ 7,290.
A separate report from earlier today showed approximately 6 million BCH has not moved since the asset’s original 2017 fork from BTC.
Some experts such as Brad Jasper, a developer with BSV, say that the two halvings this week could lead to unintended consequences. For instance, there could be a miner exodus where some will jump to other networks for greener pastures.
“When BSV/BCH halves, they will both lose hash power, likely to BTC.”
However, he is confident that BSV will pull through easily because the network emphasizes transaction growth.
BSV powered social media platform Twetch launched a feature to P2P payments.
Twetch is a social network like Twitter, where users must make small payments to post and interact with content on the platform. Content creators are paid directly for their activity through a revenue-sharing system based on likes and shares. The platform is currently in private testing phase.
Introducing Twetch /Pay ?
Send and receive money instantly on Twetch
— Twetch ✪ (@twetchapp) March 26, 2020
Twetch has implemented the ability for users to send BSV to each other by entering the command-line/pay, a user’s tag, and the dollar value of the transfer into the app. Twetch payments in series, allowing transfers to be verified publicly. Tagging users also pay them $ 0.001 worth of BSV.
Besides the new billing feature, Twetch has implemented an API, a software development kit (SDK) on the Github platform. The function allows developers to create custom Twetch clients that can filter content by a specific topic. The platform also introduced an advanced search, but users had to pay $ 1 to unlock this feature.
Twetch claims to give users full control over their data and content on the platform by writing it on the Bitcoin SV platform. Twetch CEO and founder Josh Petty have described the platform as an interface for publishing and viewing information about Bitcoin SV.
Petty claims that the platform helps combat fake news by increasing the cost of bots on social networking platforms. No longer free and arbitrary like on Twitter or Facebook. The post on the Bitcoin SV blockchain is also priced at $ 0.02.
The platform seems to be a step on the road to Crag Wright’s vision, for Metanet, this is the internet version supported by blockchain, where every activity is recorded on the chain.
- Bitcoin Cash Network Will Face Halving In Four Days, While BCH Dropped By Roughly 30% Since The End Of February
- Bitcoin Cash Halving Will Occur On Wednesday At Block 630,000, Will BCH Offer Us A Peek Into What The Future Holds?