What is Bitcoin SV (BSV)? What problems does this platform solve? All your questions will be answered in the following article. Let’s find out with Covemarkets!
What is Bitcoin SV (BSV)?
Bitcoin SV has the full name of Bitcoin Satoshi Vision. This is a forked product from Bitcoin Cash. Besides, the Bitcoin SV development team claims that this is the original Bitcoin chain.
Bitcoin SV is a Bitcoin Cash client (client software) created by nChain, an influential company in the Bitcoin Cash community, led by Craig Wright. Official announcement at nChain website: https://nchain.com/en/blog/bitcoin-sv-launch/
According to a statement on the Bitcoinsv.io homepage, Bitcoin SV wants to use Satoshi’s Vision to bring the BCH protocol closer to the original Bitcoin protocol. One significant modification is the expansion of the maximum block size to 128 MB.
Background of Bitcoin SV
Let’s begin with 2009, the year that saw the creation of Bitcoin, in order to understand the history of the formation of BSV. Bitcoin’s price has begun to rise strongly since the historic exchange of 10,000 BTC for two pizzas.
There are certain drawbacks when Bitcoin’s value increases, though. Most significantly, the growing costs. The 1MB block size has also been reduced in size.
Because of this, several developers made the decision to Hard Fork in 2017, and Bitcoin Cash was created as a result.
The Bitcoin Cash community is still divided, nevertheless, about BCH’s future. Everything culminated at that point.
Bitcoin ABC, now known as Bitcoin Cash, and Bitcoin SV were created as a result of a hard fork that occurred on November 15, 2018. (BSV). And of course, long-standing conflicts cannot end peacefully. That is why an uncompromising hash rate war took place.
Followed by a series of consequences such as: community panic, coin prices in the whole market plummeted, economic losses amounted to millions of dollars. Specifically, Bitcoin ABC lost $3.45 million and Bitcoin SV lost $2.49 million.
In the end, the Bitcoin SV team had to declare the end of the war due to huge losses after only 10 days of taking place.
How Does Bitcoin SV Work?
If you already understand what Bitcoin SV is and the purpose it was born for, then you probably have a partial understanding of how it works. The logic behind Bitcoin SV is identical to Bitcoin. For instance, Bitcoin SV also employs the Satoshi unit, which includes eight zeros after the decimal point, and has a supply limit of 21 million units.
Bitcoin SV aims to bring back what has made Bitcoin so popular. In a sense, there are Bitcoin purists who don’t use the original Bitcoin, and they want to go back to what they believe was Nakamoto’s original idea of what cryptocurrency should be. That is, become a means of payment.
You may be asking, why not choose Bitcoin instead of Bitcoin SV? Although Bitcoin is the first cryptocurrency, it is not the best solution for payment. Bitcoin SV has the same goal as Bitcoin, but improves transaction speed much better than Bitcoin. Like Bitcoin Cash, Bitcoin SV does not adopt SegWit.
SegWit, which stands for “Segregated Witness,” is a significant update that lengthens Bitcoin blocks to enable quicker and more efficient transaction processing.
SegWit critics are worried that it would reduce Bitcoin’s security. One of the major issues with cryptocurrencies is scalability, which Bitcoin SV seeks to address technologically.
Three significant advancements that may be anticipated from Bitcoin SV are as follows:
- Scale: Bitcoin SV mined a 128 MB block, however the Genesis protocol’s successful implementation eliminated Bitcoin SV’s block size restriction.
- Transaction costs: According to the project’s creators, reducing transaction costs is one of the secrets to developing a successful cryptocurrency.
- Network Development: Satoshi’s idea for the network took a lot of effort, and the launch of the Genesis protocol was a key step in producing the cryptocurrency he envisioned in the Bitcoin whitepaper.
What Problems Does Bitcoin SV Solve?
Bitcoin SV seeks to solve the problem of slow transaction speeds and high fees associated with the Bitcoin network. The team behind Bitcoin SV believes that the original Bitcoin protocol should be restored and that the blockchain should be scaled so that it can support more transactions.
Bitcoin SV also aims to make it easier for businesses to use the Bitcoin blockchain for applications such as smart contracts and data storage.
The Bitcoin SV Team
Unlike some other cryptocurrency projects where an individual or group of people is the founder and leader of the project, Bitcoin SV is funded and developed by corporate organizations.
Coingeek funds the project, while development work is done by nChain (a company with experience in blockchain development). The chief scientific officer of nChain is Craig Wright, and the chief executive officer is Jimmy Nguyen. Meanwhile, development activities are always overseen by Daniel Connolly, while Steve Shadders is in charge of technical matters.
- Craig Wright is the chief scientist at nChain. Wright founded the IT security firm Panopticrypt and served as the CEO of Hotwire PE, which had plans to launch the first bank based on Bitcoin.
- Daniel Connolly: has held a variety of top IT positions at United Nations organizations and has more than 20 years of expertise in the development of enterprise systems. Daniel has historically made anonymous Bitcoin contributions and has made substantial contributions to the BitcoinJ-Cash project.
- Jimmy Nguyen is the Founding Chairman of the Bitcoin Association. He also serves as the nChain Group’s Chairman of the Strategic Advisory Board (and its former CEO).
- Steve Shadders is the technical director at nChain. He not only assists in managing the Bitcoin SV project, but he also handles sponsor communication.
In addition, Bitcoin SV’s core research team has more than ten PhDs in various fields including mathematics, cryptography, physics, computer science, and network theory. They also have industry experience in software development, data science, business strategy and consulting.
- Several partnerships have been announced by Bitcoin SV, and the most significant one was with Pangea Blockchain Fund. This fund will focus on funding and supporting blockchain-based companies, with a focus on those using the Bitcoin SV protocol. This partnership was announced in October 2019, and it is expected to help grow the adoption of Bitcoin SV.
- In February 2020, Bitcoin SV announced that it had partnered with Coingeek. This partnership is aimed at helping to develop the Bitcoin SV ecosystem.
- In May 2020, Bitcoin SV announced that it had partnered with nChain. This partnership is aimed at developing the Bitcoin SV protocol and ecosystem.
What Is BSV Token?
BSV token is a cryptocurrency that is used to trade on the Bitcoin SV blockchain. It is similar to other cryptocurrencies, such as Bitcoin and Ethereum, but has unique features that make it different from other digital currencies. For example, BSV has a built-in smart contract system that allows users to create and execute contracts on the blockchain. This makes BSV an attractive choice for businesses and developers who want to use blockchain technology for their applications.
Read more: Litecoin Vs Bitcoin Comparison: Which Crypto Is Better To Invest 2023?
Basic Information About BSV
- Token name: Bitcoin SV.
- Ticker: BSV.
- Blockchain: Bitcoin Satoshi Vision.
- Type Token: Coin, Mineable.
- Consensus: Proof of Work (PoW).
- Total Supply: $19,145,677
- Circulating Supply( 19/08/2022): 19,145,676.64 BSV
- Fully Diluted Market Cap: $1,177,624,185
The Genesis Token Allocation of Bitcoin SV is a public ledger that records bitcoin transactions. It is implemented as a chain of blocks, each block containing a hash of the previous block up to the genesis block of the chain. A network of communicating nodes running bitcoin software maintains the blockchain.
The token sale of Bitcoin SV took place in November 2018, at a time when the price of Bitcoin was slowly recovering from the big crash that occurred in September. The price of Bitcoin SV at the time of its ICO was $125, and the token was sold for $0.25. The total supply of Bitcoin SV is 21 million, and the current circulating supply is 18.6 million.
The token sale raised a total of $1.8 million, which was used to fund the development of the Bitcoin SV project.
Read more: IDO Vs ICO Vs IEO: What Is An IDO In Crypto And How To Invest It 2023?
Price of BSV Today
- The current price of Bitcoin SV (BSV) today is $55.24, which has increased by 1.77% over the last 24 hours
- The total market cap of Bitcoin SV is $1,056,855,515.
- 24-hour volume of $63,418,696
What is BSV Used For?
BSV is used to pay for transaction fees and services on the Bitcoin SV blockchain. Also used to process transactions on the Bitcoin SV blockchain.
How to Buy BSV Tokens?
There are many exchanges where you can buy Bitcoin SV tokens. The most popular ones are Binance, Kraken, and Bittrex.
- Binance is the largest cryptocurrency exchange in the world. It supports many different digital assets, including Bitcoin SV. You can buy BSV on Binance with either USD or another cryptocurrency.
- Kraken is one of the oldest and most trusted cryptocurrency exchanges. It offers a variety of fiat and cryptocurrency pairs, including BSV/USD.
- Bittrex is another large cryptocurrency exchange that offers BSV/USD trading.
Once you have chosen an exchange, you will need to create an account and deposit funds. Once your account is funded, you can buy BSV tokens and store them in your account’s wallet.
- Bittrex Vs Binance: Which Crypto Exchange Is Better For You in 2023
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How to Store BSV Coins?
BSV coins can be stored in any digital wallet that supports the Bitcoin SV network.The best way to store BSV coins is by using a hardware wallet. This is because hardware wallets are offline and therefore, they are not susceptible to hacks.
Another way to store your BSV coins is by using a paper wallet or hot wallets. A paper wallet is simply a piece of paper with your public and private keys printed on it. You can generate a paper wallet by using a service like Wallet Generator.
Read more: Best Crypto Wallets For Storing Coins In 2023: Hot Wallets & Cold Wallets
Goals of Bitcoin SV
Bitcoin SV’s goal is to restore the Bitcoin protocol to its original design. This restoration of the original protocol has three main objectives:
- Increased capacity for on-chain transactions,
- Increased security for users, and
- Increased stability for developers.
Bitcoin SV plans to achieve these goals by increasing the block size limit to 128 MB, eliminating the SegWit soft fork and transaction malleability, and restoring the original OP_Codes. Bitcoin SV also plans to re-enable all the features that were removed from the Bitcoin protocol.
Prospect Of BSV
Bitcoin SV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain. The coin offers a stable protocol, scalability, security, energy efficiency, fast transactions, and global adoption. It is backed by real-world assets and industry use cases.
The main mission of the BSV coin is to fulfill the vision of Bitcoin while providing an instant, reliable global payment network that enables secure Verified, Peer-to-Peer electronic cash. The coin is developed to provide a scalable blockchain that can handle huge amounts of data. It wants to be the best payment system in the world.
How to earn BSV tokens?
- The easiest way to earn BSV tokens is to buy them on an exchange.
- You can also earn BSV tokens by participating in the Bitcoin SV mining pool.
Should you invest in Bitcoin SV?
Bitcoin SV is not a good investment because it is not a well-known or widely-traded cryptocurrency. Additionally, its price is highly volatile and it is not backed by any assets or government.
Is investing in BSV risky?
There is always risk involved in investing, and the cryptocurrency market is especially volatile. However, some experts believe that BSV has a lot of potential and could be a wise investment.
Why is Bitcoin SV popular?
Bitcoin SV is popular because it is seen as a return to the original vision of Bitcoin. It is also popular because it has the support of Craig Wright, who is seen as the true Satoshi Nakamoto.
Is it the right time to buy BSV?
This is difficult to answer, as it depends on a number of factors. Some people believe that now is a good time to buy BSV, as the price is relatively low. Others believe that BSV is a risky investment, as the future of the coin is uncertain. Ultimately, it is up to the individual to decide whether or not to invest in BSV.
What can I buy with BSV?
BSV can be used to purchase a variety of goods and services. Some businesses that accept BSV include Overstock, Bitcoin.com, and CoinGeek.
How is Bitcoin SV different from other blockchain projects?
Bitcoin SV is different from other blockchain projects in a few key ways:
- Bitcoin SV is the only project that is committed to restoring the original Bitcoin protocol as specified in the Satoshi white paper. This means that Bitcoin SV will be able to scale to handle massively increased transaction volume and provide users with the low-cost, fast transactions that they demand.
- Bitcoin SV is the only project that is focused on providing enterprise-grade blockchain solutions. This means that businesses will be able to build applications on top of the Bitcoin SV blockchain with the confidence that the underlying infrastructure is robust and scalable.
- Bitcoin SV is the only project that is backed by a major player in the cryptocurrency space. Craig Wright, the creator of Bitcoin SV, is also the chief scientist at nChain, a global leader in blockchain research and development. This gives Bitcoin SV a significant advantage in terms of resources and expertise.
Can I convert Bitcoin SV coins to other currencies?
Yes, you can convert Bitcoin SV coins to other currencies Like BTC, ETH, BNB, SOL, MATIC, DOT, LTC, LINK and more.
How can I find more information about Bitcoin SV?
To find more information about Bitcoin SV, you can check out the Bitcoin SV website or the Bitcoin SV subreddit.
Above is the information you need to know about Bitcoin SV. I hope this essay will provide you further insight into the BSV currency.If you have any questions or want to share your knowledge about BSV with us, please contact us in the comments below, we will answer you as soon as possible.
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Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.
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