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Bitfinex Supports Hard-Fork Upgrade For Bitcoin SV

Bitfinex Retrieving Its LEO Token, Aims to Burn 100% of the Supply

The world of cryptocurrencies is plagued with a somewhat surprising amount of tribalism. The main gist of it is that pure-Bitcoin (BTC) supporters usually referred to as Bitcoin Maximalists, which say that all other forms of crypto are lesser. The other side of the coin has various camps spread across all altcoins, each camp praising their crypto of choice for being the One True Coin.

Going Back To The Roots

Branching off from the bitcoin maximalists, are those that split off and create their own iteration of Bitcoin altogether. There are a few of those now, with the two most prominent being Bitcoin Cash (BCH) and Bitcoin Satoshi Vision, or BSV.  Each group believes they are the superior form of Bitcoin, with Bitcoin SV trying to stay as true to the vision of Satoshi Nakamoto, the creator of the first Bitcoin, as possible.

Discrimination can take many forms, and, in the form of cryptocurrencies, there’s much money to be made should you facilitate every form of crypto out there. Bitcoin SV has recently undergone a hard fork, dubbed the Genesis Fork, that was designed to bring them as close to the original protocol that was created back in 2009. Bitfinex started its support for this upgraded format quite recently

Restoring Original, Upgrading To More Original

A vital facet of this hard fork upgrade is to demonstrate Bitcoin SV’s sheer scaling potential.  According to the report, it restores the original protocol and simultaneously stabilizes how things operate.

Something that should be noted is the first upgrades of the Bitcoin network was done to increase scalability. Should the claims of BSV staying true to the original code be true, then one must wonder how it’s suddenly so scalable when SegWit and Bech32 were added for just that reason. Furthermore, Bitcoin Cash split from Bitcoin proper due to the people behind it feeling like there was a better scalability solution.

Scalability Is King

Some time ago, the Bitcoin SV team explained the goals for the upgrade. They stated that it’s a crucial step within the blockchain’s journey, is to “unlock the massive on-chain scaling power and technical capabilities that were always possible with Bitcoin’s Technology platform.” The BSV team further gave a vague public vision that sounded more like a religious promise rather than a business vision. They spoke about where they would create a world that “Operates online on a single public Internet.”

There are fundamental issues here. For a start, the Internet already exists. Second, Satoshi envisioning an entire internet network being created from what was originally just a way to develop trustless currency is doubtful.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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