From delisting from Coinbase to preparing to launch teranodes: what is happening with Bitcoin SV?
Delisting and shutting down Twetch
In early January 2024, one of the leading cryptocurrency exchanges, Coinbase, announced the delisting of the Bitcoin SV cryptocurrency, causing the BSV exchange rate to start plummeting. And this is after just a week, the value of altcoin more than doubled — from $49.84 to $103.97. As a result, after the Coinbase message, the BSV cryptocurrency rate fell to $67.85 by the end of January.
After a while, the cryptocurrency Bitcoin SV's value resumed growth and reached a two-year high of $115.38 in May 2024, but then began to decline again.
The fall was exacerbated in July of the same year when a UK court began hearing a case to delist the BSV cryptocurrency from 6 crypto exchanges. The case's basis was that the noted exchanges did not indicate specific reasons for delisting. Still, at the same time, their platforms continued to trade cryptocurrency Bitcoin Cash.
The summer of 2024 was not the most favorable period for cryptocurrencies and Bitcoin SV. Following other blockchains' footsteps, the Bitcoin SV team began to develop its own DeFi ecosystem. This is how the Twetch platform became an analog of Twitter (X), powered by the Bitcoin SV blockchain.
In early June, the Twetch team unexpectedly announced the closure of its social platform, without explaining the specific reasons for this decision. However, shortly after the closure announcement, the Twetch team said the project may still have a future. To that end, the developers plan to make the Twetch code open source so the community can take the lead.
As of November 2024, Bitcoin SV is trading at the same price as in 2019, when the cryptocurrency first appeared on exchanges. However, over the past year, the BSV cryptocurrency has nearly doubled in value by one and a half times, from $47.93 to $70.67.
Bitcoin SV halving
Even though Bitcoin SV is still among the top 100 cryptocurrencies, the media has gotten around to halving this asset. In April 2024, the second halving of Bitcoin SV occurred, reducing miners' rewards from 6.25 to 3.125 BSV.
The next halving is expected to occur in April 2028. The halving of Bitcoin SV's "big brother," Bitcoin Cash (BCH), and Bitcoin itself should happen around the same time.
As of the end of November 2024, the number of BSV mined is 19.79 million. However, unlike Bitcoin, Bitcoin SV has no issuance cap.
Roadmap for 2024 and "teranodes"
As of 2024, the Bitcoin SV development team has yet to present a roadmap for 2025. Only the 2024 roadmap is available on the official website, which mainly contains technical improvements to the Bitcoin SV blockchain network.
However, one of the main points of the roadmap is the so-called teranodes — specialized nodes (nodes) of the Bitcoin SV blockchain network, created for its scaling and designed to complement the essential services miners provide.
Teranodes will not only allow the use of third-party blockchains that can interact directly with the core of the Bitcoin SV network but also create decentralized applications based on them.
After the implementation of their anodes, developers will be able to use the Bitcoin SV infrastructure to create analogs of banking applications, allowing them to perform various transactions with digital assets, such as:
- transfers;
- trading;
- payments, including regular payments;
- lending and more.
The Bitcoin SV team says that the minimum throughput of their anodes will be at least 1 000 000 transactions per second (TPS). The developers are targeting the throughput of Bank of England's payment systems and services, which peaked at 80 000 and 100 000 TPS, respectively.