How one wallet is preventing a Bitcoin SV exodus

After a scandal involving the uploading of child porn on the BSV blockchain, the Exodus Bitcoin wallet seems to have rescued the struggling cryptocurrency

The Exodus Bitcoin wallet increased Bitcoin SV’s (BSV) popularity among adopters in what seems like an incredible way. Two days after a scandal that involved child abuse and a call for more regulated data transaction processes, it effectively stopped a Bitcoin SV exodus. Let’s take a look.

Background on BSV

For those of you who were absent from school during the BSV controversy, here’s a quick catch up. Bitcoin Satoshi Vision (BSV) is a fork of a fork of Bitcoin. It was created after the hash war in which Bitcoin Cash split into two separate networks with their own cryptocurrencies – the ABC and SV implementations.

BSV is currently ranked 11th in terms of market cap 

Support for the Exodus Bitcoin wallet came after a hard week for Bitcoin SV. The blockchain went from hero to zero (and back) in a crypto-style roller coaster that we all know and love.

It all started on February 3rd when the news broke that someone had exploited a feature of Bitcoin SV to store images of child abuse on the blockchain. The content was posted via a transaction using Money Button.

How was the upload possible? The BSV blockchain significantly increased the amount of data that could be added to the network in January. This might have been one issue. However, the illegal content on the blockchain raised more questions over the lack of solutions for such matters.

Bitcoin SV was hit hard by the unlawful content issue. Removing scaling limitations was one of their strongest points in the hash war with Bitcoin ABC, after all.

Regardless of how useful the 100KB data-size limit might be, the scandal shows this new feature can be dangerous. This is due to the absence of regulations regarding what people can upload on the network.

The news harmed BSV’s price, which dropped to $58.11 from $63.09 in two days. This was a natural consequence in a market that immediately took caution against a potential scandal with unpredictable long-term effects.     

The quick plummet in price also took BSV out of the top-10 ranking in terms of market cap. This is definitely not a place Craig Wright was hoping to be.

Exodus Bitcoin wallet support increased adoption within hours

Ever since Craig Wright’s implementation got Exodus Bitcoin wallet support, BSV’s price saw exponential growth. It gained as much as 18.51% in just a few hours and the price is currently holding. This seems to prove that the gain generated by the Exodus wallet wasn’t artificial.

Moreover, on February 7th, BSV climbed almost 12% against the dollar in 24 hours, showing that there’s life outside the top-10 blockchains after all.

Once Bitcoin SV arrived in the Exodus.io desktop wallet and the price went up rapidly, BSV proved that people still believe in BSV’s ability to scale, despite possible future scandals.

The Exodus Bitcoin wallet thrust BSV back into the spotlight. Suddenly, buyers remembered that the blockchain offered faster, more secure transactions at a better price – a hard-to-beat mix of features that has gained even more weight thanks to the introduction of Exodus support.

The Exodus Bitcoin wallet provides support for Windows, MacOS, and Linux. The company is also launching a mobile version of its wallet, available in the Apple Store this year.

The growing popularity of this multi-asset wallet is the result of a user-friendly interface that is highly intuitive and allows even beginners to control their cryptocurrency portfolio.  

Aiming for a responsible ecosystem

The Exodus Bitcoin wallet has brought back balance in the BSV-USD exchange after a stressful week for adopters and investors. Of course, Craig Wright, the founder of Bitcoin SV, didn’t miss the opportunity to label the scandal as an attempt to manipulate the market.

Wright isn’t all wrong in his statements. Placing all the responsibility of illegal content into BSV’s corner may not be the right way to treat the issue.

German researchers found files containing sexual content and child abuse-related content on the Bitcoin blockchain back in March 2018, months before Bitcoin SV appeared.

This shows that people don’t need the 100 KB data-size limit to upload illegal content on the blockchain.

A similar incident could occur at any moment, on any blockchain. As a result of last week’s scandal, Money Button has updated its terms and conditions for users.

Furthermore, the organisation has expressed its will to do more over moderating content and create a more responsible ecosystem in the industry.

 

Related Articles

The blockchain/crypto week in quotes

  “While lower prices are still possible, Bitcoin’s fundamentals are gaining momentum. Embraced by Millennials, its ecosystem is developing at rapid clip, both as a decentralised bottom-up disruptive technology,...