Recently a video posted by a user by the name of Reizu on Vimeo has started a controversy about Bitcoin SV (BSV). The video shows that the Bitcoin SV’s platform is allowing double spending.
Double spending is a risk that cryptocurrencies can be spent twice. It is a significant problem for digital currencies because information can be altered or reproduced quickly in no time.
Dr. Craig Wright is an avid believer in cryptocurrency technology and also a prominent investor. He has been defending BSV throughout the whole controversy. But the evidence in the video proves otherwise and shows that it is indeed possible. Reizu further came out saying that he hasn’t done double spending just once but has done it many times through BSV.
The video shows that the Bitcoin SV is highly centralized. In the video, it was evident that the transactions were approved quickly by four nodes and it was observed that these nodes are in control of almost seventy percent of the transactions and systems in the network.
Reizu further talked about the fact that out of the total four hundred and fifty nodes in the network most of the network is only handled by four nodes.
Dr. Wright supported Bitcoin SV by assuring the users that a double spending is detected by the server, and there is a very rare chance of anyone getting away with this kind of fraud but the video suggests that this is not true and that double spending is done with accuracy then it possible to do it without getting caught.
BSV has an equally powerful rival BABC, and both have been constantly at war to win the public acceptance and popularity. But it seems that both these platforms are gaining popularity equally, and there is not much of a comparison
Coinmarketcap’s data shows that BSV is in the eight positions and its rival is at sixth. Both are relatively close. These faults that arise in the system can contribute to increasing competition within the market.