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Table of Contents:
- What is Bitcoin SV (BSV)?
- Who and for what purpose created Bitcoin SV?
- The main assumptions of Bitcoin SV
- Bitcoin SV, Bitcoin Cash and Bitcoin - differences
- Bitcoin SV on the chart
- Bitcoin SV mining
- On which exchanges is BSV listed?
- A cryptocurrency wallet for Bitcoin SV. Which one to choose?
Is there Bitcoin SV (BSV)?
Bitcoin SV (BSV) is a cryptocurrency that was created as a result of the Bitcoin Cash (BCH) hard fork. At the time when the network in Bitcoin (BTC) was split, the community of the newly created cryptocurrency was not entirely consistent about its further development. As a result, two camps have formed around Bitcoin Cash. One of them remained with the assumptions adopted by BCH from the very beginning, while the other aimed to give miners another choice of consensus rules for Bitcoin Cash. Therefore, on November 15, 2018, the network broke up, resulting in Bitcoin SV also known as Bitcoin Cash SV (BCHSV).
Project website - https://bitcoinsv.com/en
Who and for what purpose created Bitcoin SV?
The Bitcoin SV cryptocurrency is developed by a company called nChain, headed by Craig Wright. You probably have heard of this name and surname more than once. All because this man claims that he is the creator of Bitcoin - Satoshi Nakamoto.
Craig Wright has repeatedly tried to convince the world of his thesis. However, he never presented sufficient evidence to support her. As a result, the cryptocurrency community hailed him as the self-proclaimed Satoshi Nakamoto.
Why was Bitcoin SV created? Well, as Craig Wright claims, this is the implementation of the vision of the Bitcoin Creator himself. The full abbreviation of this controversial cryptocurrency is: Bitcoin Satoshi Vishion, or Satoshi Nakamoto's vision.
The main assumptions of Bitcoin SV
The project's white paper shows that BSV aims to become the most popular and most used cryptocurrency in the world. What's more, it is to be fully decentralized, although it is difficult to talk about the decentralization itself, given the fact that there is a private company behind Bitcoin SV. It is also worth noting that more than 80% of the total computing power of the BSV network is located within the three mining basins belonging to the developers and promoters of the project.
The BSV cryptocurrency vision focuses on 4 basic areas: stable protocol, scalability, security and safe instant transactions.
4 areas of BSV vision
|The BSV team announced that the purpose of this cryptocurrency is to provide stability with a limited and well-known set of changes planned to restore the original Bitcoin protocol and enable innovation based on a stable core protocol.|
|In order for Bitcoin SV to function as a global money platform, it must prove that it is ready to process the transaction volume at the scale required. Hence, BSV focuses on increasing block sizes and improving performance. Mass scalability is intended to pave the way for the Bitcoin SV blockchain to handle much larger volumes and higher transaction fees for miners. The scalability aspect must also drive companies to use BSV in blockchain-based applications. This, in turn, requires large blocks and a lot of bandwidth.|
|To become a global currency, the BSV must provide a level of security commensurate with the global monetary system. To achieve this, Bitcoin SV focuses on rigorous quality assurance of the mining node software. First, it uses external expertise to monitor quality control. The project also uses the services of an auditing company. Bitcoin SV also offers a bug-finding bonus program. Its purpose is to motivate and mobilize security researchers to search for and report security vulnerabilities.|
Safe instant transactions
|BSV treats the security of instant transactions as a key priority.|
Bitcoin SV and Bitcoin Cash - differences
While BSV shares some common features with BCH, there are a number of differences between the two cryptocurrencies. The basic one is the maximum capacity of the transaction block. In Bitcoin SV it is 128 MB (in the future it is to be increased to 512 MB), in Bitcoin Cash it is only 32 MB (initially it was 8 MB).
While BCH chose to introduce canonical ordering of transactions, BSV stuck to its previous topological model. Although the solution introduced by Bitcoin Cash provides the possibility of obtaining much higher scalability within a block of the same capacity, it has not been implemented in Bitcoin SV due to the potential risk of lowering the level of security.
Another significant difference between BCH and BSV is that the first cryptocurrency has an operating code called OP_CHECKDATASIG. It was intended to confirm messages from outside the blockchain. This is related to the development of functionality in smart contracts. Bitcoin SV, in turn, stated that it does not need such a solution.
Differences between BSV, BCH and BTC (as of 29/09/2021)
Bitcoin SV (BSV)
Bitcoin Cash (BCH)
Bitcoin (BTC )
|date of creation|
November 15, 2018 (Bitcoin Cash hard fork term)
August 1, 2017 (Bitcoin hard fork term)
January 3, 2009 (excavation of the first BTC block)
Rank in terms of market capitalization
|Market capitalization||$ 2,416,873,415.18||$ 9,253,515,099.61||$ 798,942,793,100.22|
|Total supply||21 million||21 million||21 million|
|Number of coins in circulation||19 Million BSV||18,858,388 BCH||18,660,000 BTC|
|The cost of one coin||$ 128.99||$ 489.96||$ 42,453.52|
Amount of blocks mined
|Reward for each mined block||12.50 BSV||12.50 BCH||12.50 BTC|
|Blockchain size||219.70 GB||302.27 GB||355.52 GB|
|Average confirmation time||8 m. 56 pp.||8 m. 25 pp.||8 m. 19 p.|
What Bitcoin SV and Bitcoin Cash have in common is that both of these cryptocurrencies are opposed to the SegWit implementation. They also do not use second layer protocol based solutions such as the Lightning Network.
Bitcoin SV on the chart
The current price of Bitcoin SV is around $ 315.60 according to CoinMarketCap (as of 01/21/2020). This cryptocurrency passed its ATH, ie the highest price level, on January 14, 2020. It was then $ 441.20. Moreover, the reason for such a large increase in the BSV rate was rumors that Craig Wright allegedly received keys to $ 8 billion in Bitcoin mined in the early years of this cryptocurrency by Satoshi Nakamoto himself. However, as it turned out, the courier did not deliver them. The self-proclaimed creator of Bitcoin, however, claims that he is still waiting for them. Of course, after the truth came out, the BSV price dropped immediately.
Bitcoin SV mining
The Bitcoin SV network is based on the Proof of Work algorithm. This in turn means that cryptocurrency miners deal with the mining of BSV coins. This cryptocurrency has the same algorithm as Bitcoin and Bitcoin Cash, therefore it can be mined using the same equipment as for both coins. Currently, the only profitable way to mine BSV, BCH and BTC is to use ASIC chips.
It is worth adding that Bitcoin SV, just like its close relatives (Bitcoin and Bitcoin Cash), goes through the so-called halving - that is, the distribution of prizes for each block mined. In the case of BSV, it takes place every 210,000 transaction blocks. Currently, the prize for mining a Bitcoin SV block is 12.5 BSV.
On which exchanges is BSV listed?
Bitcoin SV is listed on over 70 cryptocurrency exchanges. Among them is TOKENEO. BSV is also available on reputable exchanges such as Binance, Huobi, OKEx and many others. Users who want to purchase this cryptocurrency therefore have a large choice when it comes to platforms.
Examples of cryptocurrency exchanges for BSV
A cryptocurrency wallet for Bitcoin SV. Which one to choose?
Due to the fact that Bitcoin SV is less popular than Bitcoin itself, users have less maneuver when it comes to choosing cryptocurrency wallets. This does not mean, however, that the choice is completely poor. Below we have provided examples of popular options among both cold and hot wallets for BSV. Here they are!
Examples of cryptocurrency wallets for BSV
Cold cryptocurrency wallets
Hot Cryptocurrency Wallets
Author: Karolina Kropopek