What is Bitcoin SV (BSV)?

What is Bitcoin SV (BSV)?

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Bitcoin SV is one of the top 100 alternative cryptocurrencies according to market capitalization and is a branch of the 2009 Bitcoin network. Satoshi Nakomoto, the creator of Bitcoin, is credited with inventing the world's first and biggest cryptocurrency.

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The concept put forth in the Bitcoin Whitepaper by Satoshi (who remains an unknown group or individual to this day) has proven to be ground-breaking as well as motivating to many.

With the rise in popularity of Bitcoin and the community that surrounded it came debates and finally conflicts on how to effectively accomplish that goal.

In August 2017, Bitcoin experienced a hard fork, leading to the creation of what is now known as Bitcoin Cash. In November 2018, Bitcoin Cash split once again, resulting in the creation of Bitcoin SV — or, as it is officially called, Bitcoin Satoshi's Vision.

 

Component Bitcoin SV (BSV)
Technologies PoW, Lightning Network
Market Capitalization $2.3 Billion+
Open-Source Yes
Consensus Mechanism Proof of Work
Smart Contracts No
Founders/Authors nChain
Launch Date 2018
Circulating Supply of Coins 18,938,620 BSV
Maximum Coin Supply 21,000,000 BSV
Mining-based Coin? Yes
Is Bitcoin SV a Stablecoin? No
Does Bitcoin SV have a burn rate? No
Does Bitcoin SV have a Whitepaper? Yes, the white paper can be viewed on the official Bitcoin SV website here

 

Evolution and Development of Bitcoin SV

Since its inception, Bitcoin users have followed a specific set of rules. Bitcoin miners adopted BIP 91 on July 21, 2017, signaling the Segregated Witness upgrade that would become effective at block 477,120.

SegWit would enable controversial second layer solutions like the Lightning Network, with the fundamental functioning of nodes a major topic of dispute among core Bitcoin users.

Some Bitcoin advocates wanted short blocks so that blockchain nodes could run more efficiently, while others prefer huge blocks so nodes can only be administered by more elite entities such as universities, companies, and organizations instead of the overall public.

Dissatisfied with Bitcoin's proposed SegWit capacity extension plans, a coalition of activists, developers, and Chinese miners proposed a hard fork to increase the block size limit to eight gigabytes, while increased block size supporters leaned more towards an on-chain exchange medium.

In June 2017, Bitmain described the larger block size hard fork as a “backup plan” that would fall into place if the Bitcoin community chose SegWit.

The software's initial implementation, Bitcoin ABC, was launched during the same month, with ViaBTC, a mining pool, proposing the name in July 2017.

As of July 2017, Roger Ver and others argued that BIP 91 (which finally activated SegWit) suited individuals who regarded Bitcoin as a crypto asset instead of a currency. On August 1, 2017, a hard fork occurred, and anyone holding Bitcoin was given an equal number of Bitcoin Cash units.

The blockchain of Bitcoin Cash allows for longer blocks than that of Bitcoin, potentially allowing it to process more transactions per second. 

In 2018, a bug in the Bitcoin ABC software allowed an attacker to build an invalid block, subsequently causing another chain split. In November 2020, the dominant node implementation, BitcoinABC, created BCHA.

 

What makes Bitcoin SV unique?

BSV differs from previous Bitcoin versions in that it adheres to the core Bitcoin protocol and focuses on realizing Satoshi Nakamoto's goal for the Bitcoin network. Unlike BTC, BSV intends to provide a scalable and useable blockchain infrastructure for quick payments and distributed applications for consumers, businesses, and governments.

With its unlimited block size, BSV can expand to meet market demands and satisfy the needs of any application or payment network. In August 2022, the BSV network mined 2 GB blocks, which is 2000 times the 1MB block limit of the BTC network.

The BSV network's block capacity is planned to expand to meet increased transaction volume and data use. The BSV Infrastructure Team previously demonstrated Bitcoin SV’s impressive ability to handle up to 100,000 transactions per second (TPS), expecting this capacity to expand soon.

With this capacity, BSV competes with and intends to surpass payment processing systems like VISA but at a fraction of the cost.

BSV also offers a consistent and product-ready infrastructure for blockchain application developers, many of whom switched from networks like Ethereum due to scale concerns. BSV can scale with user adoption, ensuring cheap transaction costs and rapid interactions.

The blockchain provides an efficient and reliable platform for enterprises and agencies wishing to explore or create using blockchain technology.

 

What are the main uses for Bitcoin SV?

The Bitcoin SV network's native currency is BSV. BSV can be used to perform peer-to-peer payments and hold value inside the Bitcoin SV network.

Bitcoin SV aims to reduce the need for off-chain scaling solutions for transactions via the use of larger block sizes (compared to Bitcoin) and indefinite block sizes, which allows higher throughput and on-chain scalability.

However, aside from “peer-to-peer” electronic currency, Bitcoin SV seems to be employed in a wide range of other applications.

Several BSV-powered applications, like WeatherSV, Memo, and Twetch, all utilize the blockchain to store massive volumes of weather and climate data. nChain is working on a proof-of-concept with EHR Data to move healthcare data on the BSV blockchain, which will be unveiled in London in February 2020.

 

What is the future potential for Bitcoin SV?

As a medium of exchange and a store of value, analysts believe that Bitcoin SV has the potential to become an attractive investment. In addition, it also has the potential to overtake other cryptocurrencies in the race to become an effective peer-to-peer payment network.

 

Price analysis on Bitcoin SV

Bitcoin SV was initially launched in 2018, and its price analysis over the past 4 years is as follows:

 

 

  2018 2019 2020 2021 to date
BSV Price High $208.4 $237.37 $422.74 $441.39
BSV Price Low $42.75 $51.4 $108.79 $114.19
Market Cap $1.95B $4.24B $7.64B $8.26B

 

Price prediction on Bitcoin SV

Bitcoin SV's price began at $163.22 in 2022. The most recent price of Bitcoin SV hovers around $120, showing a drastic decrease of -24% from the start of the year.

Bitcoin SV was expected to trade at $120 by the end of 2022, showing a year-over-year decline of -24%. The increase from now through the end of the year: +1%.

During the first half of 2022, the Bitcoin SV price can reach $125; in the second half, this should increase by $14 to complete the year at $139, a gain of 13% over the present price.

 

Which wallets are the best option for storing Bitcoin SV?

The best wallet options of BSV on the market include:

  1. Coinomi
  2. Edge Wallet
  3. HandCash
  4. Centbee
  5. Bitpie

 

1. Coinomi: Coinomi is a multi-currency, cross-platform wallet for cryptocurrency transactions. Currently, Android and iOS versions are available. Different operating systems, including Windows, macOS, and Linux, will be supported.

Coinomi is one of the most established multi-currency wallets available. It launched in 2014 and now has over one million active members.

 

2. Edge Wallet: Edge is a decentralized, secure cryptocurrency wallet that users may use to store their BSV. Neither Edge nor any other third party has access to crypto funds that are held in the Edge wallet.

Edge ensures that users have complete custody of their private keys and funds, giving them utter independence.

Edge is an active member of the cryptocurrency community and maintains a list of businesses that accept Bitcoin and related currencies, such as Bitcoin SV. The wallet's user interface is simple to use, making it ideal for newcomers who are concerned about security.

 

3. HandCash: HandCash is a cryptocurrency that exclusively accepts Bitcoin SV (BSV) coins. Other Bitcoin variants such as Bitcoin Core or Bitcoin Cash are not supported by the app (BCH). Using a unique login, users may effortlessly send and receive money.

 

4. Centbee: Centbee is the simplest and most secure method to save, spend, and transmit Bitcoin (BSV) on any mobile device. Users can effortlessly transfer Bitcoin to contacts on their phones and check to discover retailers that accept Bitcoin in the area.

The wallet is secured with a 12-word seed phrase and a pin that must be safeguarded.

 

5. Bitpie: Bitpie is a multi-currency cryptocurrency wallet that was created by the Bither team. The crypto wallet has a lot of similarities to the Bither wallet, with the exception that Bitpie supports more currencies. 

Best Bitcoin Wallets are the same as BSV wallets.

Where can you buy Bitcoin SV?

BSV can be purchased, sold, and exchanged on any of the following crypto exchange trading platforms:

  1. FloatSV
  2. Coinsquare
  3. Coinify
  4. CoinGate
  5. KuCoin 

 

1. FloatSV: Established in 2019, Float SV is a cryptocurrency exchange trading platform offering crypto traders an immersive trading experience in addition to risk management.

 

PROS CONS
The exchange offers traders risk management solutions The exchange does not accept United States traders
There is market depth and a superior order-matching system There is low liquidity
There is an innovative mobile trading platform offered  

 

2. Coinsquare: Coinsquare is a cryptocurrency exchange established in Canada that allows users to trade a variety of crypto assets, including Bitcoin, Ethereum, Dash, and several others.

Though the website was developed primarily for Canadian investors, it also provides services in French and English. Coinsquare has also expanded its service abroad, benefiting crypto investors worldwide.

 

PROS CONS
Account registration is straightforward and quick The only fiat currency accepted is CAD
Customers can make deposits in fiat currencies There are some issues with customer support
The exchange is extremely secure and reputable, with a high trust score There are some issues with mobile app registration
The exchange offers a Quicktrade feature where users can instantly convert cryptocurrencies  
There is a wide range of crypto coins offered  

 

3. Coinify: The Coinify exchange is user-friendly and has a very simple, clutter-free user interface. Coinify's services include currency trading on an individual basis, corporate brokerage, payment processing, and enterprise solutions through the Coinify API.

 

PROS CONS
The exchange offers several fiat currencies including USD, EUR, GBP, and DKK There is no leveraged trading offered
There are convenient funding options offered for deposits and withdrawals  
The trading costs are competitive and transparent  

 

4. CoinGate: CoinGate supports Bitcoin as well as real-time Euro settlements. This helps to protect businesses from the volatility of cryptocurrency prices.

Along with a simple but robust API, it has built over ten shopping cart plugins, payment buttons, immediate invoicing, and point-of-sale solutions for retail organizations.

Its mission is to make it as easy as possible for any online or brick-and-mortar company to take Bitcoin and other virtual currencies as a means of payment.

 

PROS CONS
The exchange offers comprehensive support for merchants from more than 100 countries Lack of multilingual support
The exchange is secure and has a high trust score There is no native wallet offered
There is 24/7 customer support offered  
There are over 70 digital currencies offered that can be exchanged for fiat  
There is a comprehensive referral program offered  
CoinGate supports crypto traders in addition to different businesses by offering a range of payment plugins and POS software  

 

5. KuCoin: KuCoin is a large and reputable cryptocurrency exchange platform that has more than 8 million users worldwide. The exchange employs multi-layered security, including industrial-level encryption, micro-withdrawal wallets, and more.

 

PROS CONS
The trading and withdrawal fees are very low There are no fiat trading pairs offered
The exchange allows for anonymous trading Users cannot use bank deposits to transfer funds
The platform is extremely user-friendly The exchange can be complex for complete beginners
There is a range of alternative coins that can be traded  
There is 24/7 customer support offered  
Users can purchase crypto assets using fiat currency  

 

Are there criticisms against Bitcoin SV?

Since Bitcoin's birth, its creator's identity has been a matter of contention. The creator of Bitcoin's whitepaper, Satoshi Nakamoto, has never been recognized.

In the past, several prominent persons in the blockchain and crypto market have been rumored of being Satoshi Nakamoto.

Although most believe Satoshi Nakamoto's actual identity is unknown, Bitcoin SV founder Craig Wright has openly claimed to be him.

But he has not provided any proof, and many doubt his assertions. Wright has been engaged in various Bitcoin-related conflicts. In 2017, there were two types of Bitcoin supporters: big block supporters and small block supporters.

As a store of value, Bitcoin Cash is preferred by the Bitcoin-supporting group. Bcash is another name for Bitcoin Cash. Detractors dub Bitcoin Cash “Bcash,” “Btrash,” or “a fraud,” while advocates say it is “the pure version of Bitcoin.”

 

What is Bitcoin SV’s largest Competitor?

Bitcoin Cash (BCH) is the largest competitor of Bitcoin SV.

SHA-256 hashing technique, thus the same mining gear can generate hash power for BCH, BSV, and BTC. Thus, the “hash war” started involving Bitcoin SV and Bitcoin Cash.

Unlike the Bitcoin Cash fork, when the networks separated cleanly, some Bitcoin SV advocates wanted their chain to be the sole survivor.

Its larger blocks were meant to help the network expand with cheap fees and rapid transaction speeds. Following the Bitcoin hard split, Bitcoin Cash upped the block size limit to 8 MB, then 32 MB. Bitcoin SV subsequently tripled the block size to 128 MB.

The huge block size limit in Bitcoin SV was designed to facilitate quicker and cheaper payments while also opening the chain to more corporate usage.

While Bitcoin Cash and Bitcoin SV transaction volumes have surged following the hard split, Bitcoin itself still dwarfs them at 380,000 per day. Contrary to popular belief, there is currently no need for a blockchain-based payment system.

Credit cards and centralized payment services like PayPal are likely to be more convenient for most consumers. Unlike Bitcoin Currency, Bitcoin SV does not have a major use case for digital cash.

 

What is the Mining Process involved with Bitcoin SV?

Bitcoin SV employs the Nakamoto Consensus, and this dictates that the longest chain that has the most combined proof-of-work wins.

Miners use the SHA-256 algorithm to produce new blocks. Users must note that a hash is smaller than the goal value established by Bitcoin SV's difficulty adjustment mechanism, which is unlike Bitcoin, where the target difficulty level is modified every 2016 block.

While everyone with a CPU may mine Bitcoin SV, ASICs reside in business data centers. Mining is currently done in pools where players donate hash power to the pool and earn a proportionate share of the profits if the pool discovers a legitimate block.

 

Is Bitcoin SV a Good Investment?

Bitcoin SV (BSV) has the potential to be a rewarding investment. The price managed to go up to over $400, which shows potential. 

 

What is the supply and distribution of Bitcoin SV?

The core Bitcoin protocol specifies a limit of 21 million BSV coins. Block rewards are given to BSV miners, and they also receive transaction fees for confirming blocks.

As the supply of new tokens approaches its limit, block incentives for miners are gradually reduced by half, thereby shifting miners' dependence from block rewards to transaction fees.

 

What are the differences between Bitcoin SV And Bitcoin?

Bitcoin (BTC) was the world's first cryptocurrency. On January 3, 2009, Satoshi Nakamoto's digital money inaugurated the era of cryptocurrencies and blockchain technology. With bitcoin's rise in popularity came the emergence of several cryptocurrencies. 

These new digital currencies were dubbed alternative coins (Altcoins) because they were designed to compete with Bitcoin. On November 15, 2018, the Bitcoin Cash blockchain hard forked, resulting in the emergence of Bitcoin SV (BSV), with SV referring to “Satoshi Vision.”

The name of the cryptocurrency refers to the discrepancies that caused the Bitcoin Cash camp to split. The sole technological difference between Bitcoin SV and Bitcoin Cash is the block size. This distinguishing characteristic has shown to be irreconcilable. 

All three cryptocurrencies are unique despite sharing the name Bitcoin. Bitcoin is the world's first digital currency, whereas Bitcoin Cash and Bitcoin SV are both altcoins aiming to replace Bitcoin.

 

  Bitcoin Bitcoin SV
Price change 20/21 +400% -25%
Market Cap $800 Billion+ $2.3 Billion+
Past Hacks None Several 51% hacks
Popularity Very High Low
Altcoin Rank #1 – Original Crypto #61

 

What are the differences between Bitcoin SV and Ethereum?

Ethereum is the second-largest cryptocurrency in addition to being at the top of the alternative coin list. Ethereum is a powerful and versatile programmable blockchain where DApps and smart contracts can be developed and deployed.

Several crypto projects have been constructed on the Ethereum blockchain, and it is home to several ERC-20 standard tokens. Ethereum is a medium of exchange and a store of value, but it is the most valuable as a platform for future projects that could overtake it.

Bitcoin SV is intended as a peer-to-peer transaction platform and a medium of exchange that competes with Bitcoin, Bitcoin Cash, XRP, Litecoin, Dogecoin, and other coins that are looking to become predominant methods of payment in contrast to conventional options.

 

  Ethereum Bitcoin SV
Price change 20/21 +880% -25%
Market Cap $460 Billion+ $2.3 Billion+
Past Hacks None Several 51% hacks
Popularity Very High Low
Altcoin Rank #2 #61

 

What are the differences between Bitcoin SV and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Bitcoin SV, on the other hand, is fungible, which means that one BSV has the same value and characteristics as another BSV.

 

What are the differences between Bitcoin SV and Solana?

Solana is one of the few blockchains that takes scalability seriously, achieving 50,000 TPS at peak demand. Solana is built on a novel consensus termed “Proof of History” (PoH), which enables parallelization (horizontal scaling).

Its apparent success demonstrates the superiority of horizontally scalable blockchains over non-parallelized blockchains like Ethereum that depend on vertical scalability.

The Bitcoin protocol does this without dictating time order. In the end, what counts is immutability and preventing double-spend, and the Bitcoin blockchain has an unrivaled track record of uninterrupted success.

In general, BSV nodes do not change the transaction order as they are received, although this is not significant in ordinary applications. The BSV framework allows for sequential hashing to achieve event order sequences without influencing anything else below or beyond.

 

  Solana Bitcoin SV
Price change 20/21 +9,300% -25%
Market Cap $54 Billion+ $2.3 Billion+
Past Hacks None Several 51% hacks
Popularity Very High Low
Altcoin Rank #5 #61

 

What is the difference between Bitcoin SV and Satoshi?

The smallest fraction of Bitcoin is known as Satoshi. It is named after Satoshi Nakamoto, The pseudonymous inventor of the first blockchain system and Bitcoin. The Satoshi to Bitcoin exchange rate is currently set at 100 million Satoshis to one BTC.

Many cryptocurrencies use denominations according to their creator's desires. For instance, Bitcoin only utilizes Satoshi as a unit of currency, but Ethereum employs multiple.

Both variants make it simpler to execute transactions in quantities less than the currency's market value, but their different denominations might be confusing for those unfamiliar with bitcoin.

In addition to writing the bitcoin white paper, Satoshi Nakamoto constructed and distributed the initial bitcoin reference implementation. In the process, Nakamoto created the first blockchain database.

Using a peer-to-peer network, Nakamoto solved the double-spending issue for digital money. Nakamoto worked on Bitcoin until December 2010, and through the years, many individuals have claimed to be Nakamoto.

There is an altcoin that currently ranks #3000 with the name Satoshi (SATS), selling for $0.000483 at the time of writing. There is currently no live market cap available, with no circulating supply or maximum supply.

 

What is the Lightning Network?

As a “layer 2” payment mechanism built on top of a blockchain-based digital currency such as either Bitcoin or Litecoin.

The Lightning Network (LN) is a new development specifically designed to speed up transactions between nodes and has been presented as a solution to the bitcoin scalability issue.

The lightning network was created to lower transaction costs by removing transactions from the main blockchain and storing them off-chain.

Off-chain transactions, such as those involving the exchange of cryptocurrency may also be carried out over the lightning network.

The clear advantage of the Lightning Network is that it allows for quicker and cheaper transactions, allowing micropayments never previously feasible. The Lightning Network is a layer that is constructed on top of the Bitcoin network and blockchain. Because of this, the Lightning Network retains Bitcoin's security mechanisms.

For larger transactions, users can use the main blockchain, while for smaller transactions, they can use the Lightning Network off-chain. Since observers can only see the total package, the Lightning Network payment channels allow private transactions.

One of the limitations of the Lightning Network is that it requires a Lightning Network compatible wallet to utilize. Finding a Lightning Network wallet is simple, but funding it requires a standard Bitcoin wallet.

The first transaction from a regular wallet to a Lightning Network wallet costs money. Therefore customers lose money. To construct a payment channel, users must lock their Bitcoin in the Lightning Network wallet.

Sending Bitcoin between wallets may be a hassle and costly for beginning users. The ease of on-chain and off-chain payments is improving with time, and some wallets can handle both without costs.

 

Which transactions can be made using the Wallet of Satoshi?

Wallet of Satoshi is an innovative and robust Bitcoin lightning wallet designed with simplicity in mind. This implies that the Wallet of Satoshi can only utilize Bitcoin on the lightning network because of its low transaction fees and speed.

The Wallet of Satoshi is an iOS and Android mobile application that enables the sending and receiving of Lightning payments. The Wallet of Satoshi is both a zero-configuration and a custodial wallet that places a premium on simplicity and user experience.