Circle’s Invest app now providers users the ability to buy Bitcoin SV (BSV), according to a tweet from the company this morning. CCN verified that BSV is available in the application as of its latest version. The application has over 50,000 installations on the Google…
Circle’s Invest app now providers users the ability to buy Bitcoin SV (BSV), according to a tweet from the company this morning. CCN verified that BSV is available in the application as of its latest version.
The application has over 50,000 installations on the Google Play store, making it significantly less popular than Coinbase, which has over 5 million installations on the same platform.
Bitcoin SV was trading just under $90 on Circle Invest at time of writing, while its cousin Bitcoin Cash was trading at $98.61. Combined they are less than half of what the previous Bitcoin Cash iteration was worth pre-fork. Even adjusting for overall market losses, it would be safe to say that billions of dollars have exited the Bitcoin Cash market after the fork, the fact of which is at the heart of an ongoing lawsuit against the Bitcoin ABC half of the fork.
Circle Invest aims at the retail market for people looking to develop a crypto portfolio in a regulated manner. It requires a bank account – credit and debit cards are not accepted – which might speak to why Coinbase has a larger user base at this point.
Circle also owns crypto exchange Poloniex, which has hundreds of listings, and so once a user has acquired a base trading token such as Bitcoin or Bitcoin SV, they can go on the exchange and participate in the market like any veteran crypto trader. Poloniex was one of the first exchanges to announce how it would handle the Bitcoin Cash fork, enabling users to split their Bitcoin Cash units ahead of the fork and begin trading.
Perhaps the most interesting thing about Bitcoin SV today is that it has a near-parity with the price of Ethereum, though a much smaller market cap.
Being a relatively new entrant on the marketplace and lacking the overall liquidity, the value of Bitcoin SV sets an interesting precedent for the future: if Bitcoin Core developers ever have another true philosophical divide, the market might respond favorably to a fork wherein both ideas are given the opportunity to flourish.
At the present time, however, Bitcoin (BTC) seems content to work within the framework of second-layer scaling solutions such as Lightning Network, and while the market overall has seen a downturn economically, technologically things are progressing at least as well as could possibly be expected.
Not everyone was happy with the addition of Bitcoin SV, with a couple of Twitter users responding negatively:
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Last modified: January 24, 2020 10:49 PM UTC