Bitcoin SV, one of the factions that emerged from Bitcoin Cash’s hard fork in November, has decided to rebrand its coin with a new logo.
The mainstream version of the Bitcoin SV logo will drop the coin’s previous dragon imagery in favor of more symbolic “dragon gold” colors in the logo text.
However, as you can see, the new logo is quite bare-bones. Is this a trivial change, or will it succeed in allowing BSV to abandon its past associations with Bitcoin Cash and challenge Bitcoin directly?
What Does the Logo Mean?
On one level, the new logo is just a superficial marketing move. As part of a press release, the Bitcoin Commerce Association (bComm) and nChain have emphasized that the new image will allow the coin to move forward:
“After too many years of wasteful diversions from the Satoshi Vision, we can now finally celebrate Bitcoin’s rebirth – unchained from experimental whims of developer teams who veered away from Satoshi’s original plan. The new BSV logo represents this pivotal moment for Bitcoin to grow up.”
Many have mocked Bitcoin SV’s overzealous rhetoric. That said, the logo seems to be serving a purpose that has not been stated outright by its designers. Bitcoin SV is making an active effort to become recognized as the real Bitcoin, and, accordingly, its new logo is incredibly similar to the Bitcoin logo…
…possibly too similar. Bitcoin branding is hotly contested territory. Roger Ver, the leader of an opposing Bitcoin faction, has previously taken steps to have Bitcoin Cash perceived as the one true Bitcoin. As a result, Ver has been accused of conflating the two coins on his website, Bitcoin.com.
Now, Bitcoin SV seems to be using the same tactic to attract adoption. Whether this tactic actually works, and whether Bitcoin SV will become the target of similar accusations, is unclear. However, it seems that any attempt to gain legitimacy based on one’s Bitcoin lineage can quickly backfire.
Suggested Reading : Check out some of the best Bitcoin Cash wallets (not Bitcoin SV).
Bitcoin SV Refuses To Die
It is somewhat surprising that Bitcoin SV has survived long enough to make even a superficial change to its image. Many in the crypto community expected Bitcoin SV to quickly fade into obscurity following the November hard fork. However, the coin has maintained a fairly significant position in the market.
Bitcoin SV is currently the 9th largest coin when measured by market cap. Both Bitcoin and Bitcoin Cash have noticeably higher market caps, but Bitcoin SV’s position is still quite significant. However, there is reason to doubt that Bitcoin SV’s market cap is legitimate, as some have noted that many of Bitcoin SV’s mined tokens are actually inactive or unclaimed.
That fact would make the coin’s true market cap somewhat smaller than it appears, and a low market cap would be in line with mainstream attitudes toward the coin: major exchanges like Kraken have suggested that Bitcoin SV is a high-risk investment, and the coin receives no love from vast portions of the crypto community.
In fact, Bitcoin SV’s questionable foothold in the market seems to be driving its attempts to improve its image. Whether these marketing tactics are legitimate or mere gimmicks depends on where one’s sympathies lie. However, it seems unlikely that opponents of Bitcoin SV will buy into the coin’s marketing campaigns — literally or figuratively