The Quasar protocol upgrade of Bitcoin SV will increase the block size limit to 2GB.

In Craig Wright's latest marketing gimmick, Bitcoin Cash is set to undergo a hard fork on July 24th, implementing a block size expansion upgrade from 128MB to 2GB. The upgrade is expected to lower the security of Bitcoin Cash, increase centralization, and raise the cost of maintaining the infrastructure.

Craig Wright is the founder of Bitcoin SV, a cryptocurrency, and is of Australian nationality. He has continuously claimed to be Satoshi Nakamoto, the inventor of Bitcoin, hence earning the nickname "Faketoshi" in the community.

The upgrade will increase the block size limit of Bitcoin SV from 128MB to 2GB. The project claims that this will lead to a "significant expansion" of Bitcoin SV, providing "strong practicality" for users, especially enterprises.

It positions itself as the "real Bitcoin" and claims that through this upgrade, it will return to the original vision of the Bitcoin protocol by February 2020.

A report suggests that this block size upgrade seems to be a marketing gimmick aimed at attracting new, non-technical investors and those looking to get rich quick.

Calvin Ayre, a billionaire supporter of Faketoshi, promotes various articles praising Bitcoin SV through his news media platform CoinGeek, which is predominantly dedicated to supporting Bitcoin SV. It uses controversies surrounding Bitcoin to steer public support towards Bitcoin SV.

Debate on Bitcoin Scalability
In fact, issues surrounding Bitcoin scalability emerged almost immediately after Bitcoin's inception. Hal Finney, the first developer to work on Bitcoin after Satoshi Nakamoto, wrote in 2010:

Bitcoin itself cannot scale to have every transaction in the world be broadcast to everyone. There needs to be a secondary payment system which is lighter weight and more efficient.

The on-chain capacity of Bitcoin is limited by two factors: block speed and block size. The Bitcoin protocol is designed to have a block every approximately 10 minutes, limiting the network to roughly 3 to 7 transactions per second.

Due to these limitations, on-chain transactions come with fees. Currently, the average fee for sending Bitcoin on the network is around $3, with confirmation times ranging from 30 minutes to 2 hours depending on the required security level and the current congestion on the network.

It is understood that this upgrade is in preparation for the upcoming "Genesis" upgrade in 2020, which claims to completely remove the block size limit and allow for unlimited scalability of the Bitcoin SV network.

Further Reading

• Popular Bitcoin hot wallet to support Lightning Network
• Research shows that with security measures, the Lightning Network can effectively prevent hackers

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