The world of cryptocurrencies is vast and ever-expanding. With thousands of different coins available today, it can be challenging to decipher which ones are worth investing in and which ones are mere speculative ideas. While there are a select few cryptocurrencies that hold or gain value over time, the majority fall into the category of experimental or risky investments.
When it comes to launching a new crypto, the barriers to entry are remarkably low. Anyone can create their own cryptocurrency, either through fresh research or by forking an existing project. This accessibility was humorously pointed out by The Fool back in 2014. However, just because it’s easy to create a coin doesn’t mean it’s a wise investment.
Within the cryptocurrency landscape, there are playful experiments and serious endeavors. However, there is also a vast number of projects that are more interested in quick profits than genuine innovation. These projects, with no clear direction or purpose, can be hazardous for investors.
One such cryptocurrency that falls into this gray area is Bitcoin SV. As an offshoot of Bitcoin Cash, it presents itself as the true Bitcoin, deviating from the original design. While introducing different ways of doing things is commendable, protecting an outdated design simply for tradition’s sake is not necessarily beneficial.
Bitcoin SV, or “Satoshi’s Vision,” attempts to emulate the Bitcoin of 2017. However, the official updates made to Bitcoin since then have improved transaction speed and security. The original invention is not flawless, which is why amendments are made to legal documents, software companies issue patches, and editors review written work. Rolling back upgrades, as Bitcoin SV does, prevents the cementing of a perfect operating model.
It’s worth noting that even though the author of this article, Anders Bylund, still has some Bitcoin SV in their portfolio, it is unintentional and not by choice. He is unable to sell or convert it due to restrictions by Coinbase. He does not recommend investing in Bitcoin SV and warns against its potentially dangerous preference for outdated technology.
By choosing Bitcoin SV over the main Bitcoin chain, investors expose themselves to vulnerabilities that have been identified and corrected in the updated version. It is advised to stay away from Bitcoin SV, even if there is a way to trade it.
In conclusion, while the cryptocurrency market offers a plethora of options, it is crucial for investors to exercise caution and conduct thorough research before diving in. Not all cryptocurrencies are created equal, and it is essential to identify the projects that offer genuine innovation and potential for long-term value.
