BSV network now rivals credit card processor VISA in terms of transactions per second, the Bitcoin Association, which promotes Bitcoin SV (BSV), said. It also claims to receive “better returns” from BSV transaction processors (miners) than on BTC.
The Bitcoin Association (BA) said in its first annual report that the Bitcoin SV scaling test network had “consistently sustained 1,300 transactions per second over a prolonged period, besides handling a peak load of 6,400 transactions per second”
“To put the transaction capacity in perspective, the VISA network, which has long been viewed as the gold-standard for payment processors, handles an average of 1,700 transactions per second.”
It said that the test network processed blocks of nearly 2 GB in size, with 7,877 million transactions in total.
Bitcoin SV and Bitcoin Cash emerged from the scaling debate over Bitcoin, which focused on claims that the inability of the BTC network to process more than a handful of transactions per second meant that mainstream adoption could not be achieved. Both BCH and BSV pursued larger block sizes as a way to scale out.
The annual report covers the period from February 2019 to February 2020 and makes some bold claims including that Bitcoin SV offers better returns on transaction fees for miners than its rivals:
“Bitcoin SV is emerging as the most profitable Bitcoin network for transaction processors (miners) to be working on, offering better returns than BTC on the majority of days from September 2019 to February 2020.”
However, Messari put transaction fees for Bitcoin SV at just $255 over the past 24 hours while Bitcoin raked in transaction fees of $214,199. In the report it is unclear how BA came to its fee conclusion.
The report cites data showing transactions increased by February to nearly 600,000 a day which was significantly higher than BTC. However, critics have argued that much of the volume of transactions on BSV is ‘busy work’ from apps to the blockchain writing weather or crypting price data.
The report said the February average block size was 2 MB, which is twice the size of 1.05 MB for BTC, and twenty times that of 0.10 for BCH. An average of 4127 transactions were processed on each BSV block.