Bitcoin SV (BSV) is a hard fork of the Bitcoin Cash cryptocurrency that appeared in 2018. The name stands for Bitcoin Satoshi Vision, hinting that this coin most closely matches the vision of Satoshi Nakamoto, who is considered the creator of the original bitcoin. BSV, with varying degrees of success, arouses interest among the crypto community, showing, although slow, but stable growth — 70% over the past year.
Today we will tell you what the features of this coin are and how it differs from Bitcoin Cash and the original Bitcoin. Let’s get started!
History of Creation
It all started with the fact that Bitcoin showed a lack of scalability at some point — this happened in 2017 when BTC began to grow rapidly and overcame the $1,200 mark. Transactions have become slow and expensive. Thinking about how to solve the issue, users fell into two camps:
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- Proponents of increasing the block size from 1 MB to 8 MB.
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- Proponents of optimizing transactions and implementing compression technologies.
Ultimately, a hard fork occurred, resulting from which those who preferred the first solution created a new Bitcoin Cash blockchain. Over time, however, it turned out that the original bitcoin still stands firmly on its feet, despite scalability issues.
One way or another, until 2018, Bitcoin Cash developed along its own path, but then disagreements arose again between users. Some people thought that Bitcoin Cash was already too far away from the original vision of Bitcoin and wanted to fix it. The split that followed was much more aggressive and was accompanied by a ‘hash war.’ Still, in the end, each network demonstrated enough community support to remain viable without interfering with the other.
Among other things, Craig Wright (the de facto leader of Bitcoin SV) once claimed that he was Satoshi Nakamoto. Still, many in the crypto community are skeptical of Wright’s claim.
Many exchanges and wallets basically took one side or another and did not list the opponents’ coins on their platforms. For example, BSV is still not traded on Binance, even though it has been almost three years since the events. On April 22, 2019, the exchange delisted Bitcoin SV (BSV). Binance CEO, Changpeng Zhao, called Craig Wright a scammer and called Bitcoin SV (BSV) a shitcoin. They were joined by the exchange service, ShapeShift. Based on the results, the Kraken exchange conducted a delisting survey and removed Bitcoin SV (BSV) from the listing.
Key Features of Bitcoin SV (BSV)
Bitcoin SV, like Bitcoin Cash, is focused on increasing the block size. Blocks larger than 100 MB have already been mined on this blockchain. In theory, they can reach several gigabytes. In this way, developers want to increase scalability. Other goals are to provide an improved global payment system, as well as optimize a blockchain for creating apps on its basis.
Three main directions of Bitcoin SV development:
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- Scalability up to the complete removal of restrictions on the block size.
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- Approximation of the principles of cryptocurrency to those described in the White Paper of Satoshi Nakamoto.
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- Minimization of transaction costs.
First of all, the adoption of SegWit technology was the factor on which the differences between Bitcoin, Bitcoin Cash, and Bitcoin SV are based. SegWit led to the fork that created Bitcoin Cash. It is believed that Bitcoin SV provides the cryptocurrency with good scalability, high stability, and advanced opportunities for implementation in the cryptocurrency ecosystem.
Bitcoin SV has always been the least profitable to mine among the three competitors. At the same time, it is consistently in the top 30 cryptocurrencies by market cap and even entered the top 10 at one time. The coin’s long-term value will depend on how well it can be implemented as a means of payment used in trading transactions. It is noticeable that this cryptocurrency is in great demand in the gaming industry.
Genesis Hard Fork on the Bitcoin SV Network
On February 4, 2020, several important changes were made to the Bitcoin SV protocol:
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- A complete solution to the scalability issue, thanks to removing limits on the block size. Now the transaction capacity of Bitcoin SV is infinite, and miners can independently regulate block sizes and network throughput — as suggested in the Bitcoin White Paper. This solution opens up the opportunity for cryptocurrency to be used in corporate apps with a huge frequency of transactions. There is also a benefit for miners — more transaction fees for operations.
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- Return to the original protocol. The developers who support Bitcoin have been making changes to it over the years, so they have already significantly deviated from the original idea. With the 2020 update, Bitcoin SV has enabled developers to quickly complete scripts, perform complex mathematical calculations more efficiently, and conduct high-speed microtransactions. The developers also canceled Pay to Hash Script (P2HS), a technical feature that harms privacy.
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- Support for complex transaction types. Now, for this purpose, you do not need to look for a miner who agrees to process them. All participants can use such transactions freely.
Further development will also be aimed at maintaining the basic principles of the protocol, as opposed to both other forks and Bitcoin itself, which has already been significantly changed.
What Is the Best Place to Buy BSV?
If you’re wondering where to buy some BSV coins, you should definitely think about doing it at Switchere. On our platform, you have an opportunity to buy BSV in the fastest and most convenient ways using any available payment method.
Switchere is one of the most reliable online exchanges for buying cryptocurrencies. The company is a licensed provider of financial services, with guaranteed legal compliance and a secure infrastructure system for fast crypto exchange services at fair prices.
Switchere is characterized by the fastest order processing and instant delivery — in fact, you get your ordered amount of crypto within minutes after making a payment. Moreover, we offer some surprising bonuses! Users of our platform enjoy a 0% service fee for the first order.
Here is an easy step-by-step guide on buying BSV at Switchere!
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- Visit our website and log in to your account.
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- Choose the currency pair for exchange as well as a payment method and enter the amount. Don’t forget to check the transaction details by clicking on ‘Details’. Once you’ve done, click the ‘Buy’ button.
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- Specify your Bitcoin SV wallet address and click on the ‘Buy’ button.
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- Enter your card details and click on the ‘Pay Now’ button. Please take into account that you have a limited amount of time to send your funds. Elsewise, the transaction will be canceled automatically.
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- Once you send the funds and your transaction receives the required number of blockchain confirmations, the amount of purchased Bitcoin SV will be sent to your provided wallet address accordingly.
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- Congratulations! The transaction is completed, and now you can check your BSV wallet.
Usually, Switchere transactions take 5-30 minutes. If you have any troubles with the exchange process, let us know at [email protected].
Conclusion
Bitcoin SV (BSV) was one of the most controversial coins at the time of its creation. However, from the very beginning to this day, it has a strong and large community. Useful improvements that developers regularly introduce increase the demand for cryptocurrencies and support the positive dynamics of the exchange rate.
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