Bitcoin SV (BSV)
Bitcoin SV statistic
What is Bitcoin SV (BSV)
The cryptocurrency Bitcoin SV (Bitcoin Satoshi’s Vision) is a Bitcoin hard fork that spun off of the Bitcoin Cash blockchain in 2018. It seeks to follow the original Bitcoin protocol design and stick to the ideas, or vision, set forth by Satoshi Nakamoto in his 2008 white paper.
Bitcoin SV emerged as a Bitcoin Cash hard fork on November 15th, 2018, after a period of heated debates in the Bitcoin Cash community over increasing the block size (32mb at the time) further and introducing technical changes to the underlying protocol. The confrontation between the two groups had unleashed what later came to be known as “hash wars”. The group that had won the battle of hashes retained the original name (Bitcoin Cash), and the other group came up with the name Bitcoin SV for its blockchain and BSV for its new ticker symbol. As Bitcoin SV developers were looking toward on-chain scaling on top of a stable foundation envisioned by Satoshi Nakamoto, the block size limit was initially increased to 128mb and then raised again to 512mb. In February 2020 the Bitcoin SV underwent a critical upgrade, the so-called Genesis Upgrade, aimed at restoring the bitcoin protocol to its basic design in the original Bitcoin 0.1.0 implementation, as well as locking it down to create incentives for developers and businesses to build upon it. Bitcoin SV development is led by nChain, a fintech company specializing in cryptocurrency software development and research for the Bitcoin SV blockchain, which promotes itself as the global leader in research and development of blockchain technologies, aspiring to deliver business-changing results.
Where can Bitcoin SV be used?
As Bitcoin SV features a scalable blockchain with a set-in-stone protocol that allows ultra-low transaction fees, the transacting parties can leverage the power of micropayments in many areas of the cryptocurrency industry. It is used in peer-to-peer digital advertising systems (e.g. TonicPow) that enable businesses to create targeted advertising campaigns, as well as giving individual users an opportunity to earn small amounts of the cryptocurrency by recommending things to their peers. The cryptocurrency made inroads into the social media industry with the aim of disrupting the traditional social media platforms like Twitter and Instagram by offering on-chain apps (e.g. Memento and Twetch) that allow users to generate income from their online content without giving up their rights. The BSV coin consistently remains in the top 20 coins by market cap, and it is not uncommon to see it among the top-five cryptocurrencies with BSV price hovering over 100 dollars per coin. This facilitates its use as a profitable speculative vehicle. If you are planning on long-term investment in Bitcoin SV, there are software wallets available to keep your BSV coins safe and secure. These include Exodus, Edge, Coinomi, Electrum SV, and a few others. However, major hardware Bitcoin SV wallet providers like Trezor and Ledger have been refusing to add support for Bitcoin SV. To date, there is only one hardware wallet available for BSV, which is Ellipal.
Pros and cons
With Bitcoin SV you can enjoy the following benefits and advantages:
- Super low transaction costs with a stated goal of secure instant transactions down the road.
- As a miner you could expect more fees per block as block reward keeps halving in the future.
- Implementation set in stone, which guarantees that applications and services built today will run forever.
- Instrumental for trading, especially if you are looking for short-term speculative buying and selling opportunities.
There are also some disadvantages and potential pitfalls that you should be aware of:
- Lower adoption and acceptance by online merchants and vendors compared to Bitcoin (BTC) and Bitcoin Cash (BCH).
- Bouts of extreme Bitcoin SV price volatility typical to altcoins.
- Controversial and widely maligned figure of Craig Wright who was behind the emergence of Bitcoin SV.
- Virtually nonexistent hardware wallet support.
“Bitcoin SV is Bitcoin.” — Craig Wright, an Australian entrepreneur and Chief Scientist at nChain, who claims to be Satoshi Nakamoto.
“I will follow the longest chain but that will be Bitcoin SV which is the largest and most popular implementation.” — Calvin Ayre, a Canadian billionaire and the founder of the Ayre Group.
“Bitcoin SV is now leading the Bitcoin industry, even helping other projects that deviated from the Satoshi Vision for Bitcoin” — Jimmy Nguyen, the founding president of Bitcoin Association.
A top gun among cryptocurrency Bitcoin SV exchanges, Binance, delisted Bitcoin SV on April 22, 2019, without providing any specific reasons. A year later, on April 27, 2020, the exchange launched its namesake mining pool. As Coin.Dance stats show, the pool was pouring a little over 2% of its hash power into mining BSV coin on June 11, 2020.
Craig Wright, who was the mastermind behind the split from the Bitcoin Cash blockchain, became notorious for claiming on several occasions he is the real Satoshi Nakamoto. But so far his attempts at convincing the media and the cryptocurrency community mostly failed due to lack of any verifiable evidence.
How to get BSV?
Nowadays Bitcoin SV is in the Top 10 cryptocurrencies by crypto market capitalization. Today Bitcoin SV price is 156.0252 USD. You can buy Bitcoin SV at StealthEX exchange with a low fee.
Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example ETH to BSV.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins!