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FAQs about Bitcoin SV (BSV)
Cryptocurrency

FAQs about Bitcoin SV (BSV)

What is Bitcoin SV?

Bitcoin SV is one of the top cryptocurrencies by market capitalization and fork of a fork of the Bitcoin blockchain, which was launched in 2009.

Bitcoin’s originator, Satoshi Nakomoto is credited with the creation of Bitcoin, the oldest and largest cryptocurrency. The vision which he (or she or they – as Satoshi’s identity remains unconfirmed until today) laid out in the Bitcoin Whitepaper has proved to be revolutionary, as well as inspirational to many.

With the growth of Bitcoin’s popularity and the community around it, came discussions and eventually disagreements about how to best realize that vision. In August 2017, Bitcoin underwent a hard fork which created what is known today as Bitcoin Cash. In November 2018, Bitcoin Cash was forked again to create Bitcoin SV – or as it is known by its full name: Bitcoin Satoshi’s Vision.

What Is Bitcoin SV And How BSV Works?

Bitcoin SV is very similar to the original Bitcoin protocol. Just like Bitcoin, BSV is its own separate blockchain which was hard forked from Bitcoin Cash – as well as Bitcoin before it.

Every block in the chain of BSV contains a cryptographic hash of the previous block, a timestamp of the transaction as well as transaction data. New Bitcoin SV coins are rewarded to miners which validate new blocks, using their powerful computer processing to solve complex mathematical problems which are necessary to add each new block to Bitcoin SV and its blockchain.

Bitcoin SV can be broken down by 8 decimal pieces which is identical to Bitcoin. The smallest BSV unit is 0.00000001 BSV.

What Are The Benefits Of Bitcoin SV (BSV)?

The main advantages of Bitcoin SV (BSV) include:

  • Scalability: The block size of this cryptocurrency is 128MB while the original Bitcoin Cash (BCH) was only 32MB. With a bigger block size, BSV helps to scale the network and allow more transactions to be performed.
  • Transaction Costs: The BSV developers wanted to minimize the transaction cost. This is how they created affordable and fast transactions at a large scale, which they believe are the keys to success for the new BSV cryptocurrency.
  • Network Development: Satoshi’s view was implemented to the existing blockchain. This BSV implementation took lots of work – making Bitcoin SV a chain which underwent a lot more changes compared to its competitor – Bitcoin ABC.

How To Buy And Where To Store Bitcoin SV (BSV)?

The best way to buy Bitcoin SV (BSV) is from a popular exchange. Obviously, every exchange sells BSV at different rates. On top of that, the price of this cryptocurrency has not yet stabilized, which is why it can sometimes be challenging for the buyers to find the best deals on the market. Make sure to choose a reputable cryptocurrency exchange when buying Bitcoin SV.

When it comes to storing Bitcoin SV, you need to choose a secure wallet. Because the cryptocurrency is new, the number of available wallets is way smaller compared to other cryptocurrencies. For now, the best wallets include the names of Atomic Wallet, Centbee, Guarda, and coinomi. For now, hardware wallets including Trezor and Ledger do not support Bitcoin SV.

The future of Bitcoin SV: Things to consider

Some Bitcoin SV supporters have argued that Satoshi Nakamoto’s vision was perfect and that any cryptocurrency that maintains the original characteristics and features of Satoshi Nakamoto’s original Bitcoin is therefore destined to succeed.

And in interviews, Craig Wright has said that Bitcoin was always intended to run out of a few centralised, professionally-operated data centres and that the censorship-resistant decentralised network of Bitcoin miners was the result of Bitcoin being hijacked for criminal purposes.

On its website, nChain similarly describes Bitcoin SV as a tool for enterprise use.

The following are some factors to consider when trying to gauge the future likelihood of Bitcoin SV’s success:

  • Whether enterprise customers have any need for a centralised blockchain system.

  • Whether enterprise customers have any need for a blockchain whose sole function is to move BSV tokens

  • Whether enterprise customers will be sufficiently impressed by Bitcoin SV’s adherence to Satoshi’s vision that they will select Bitcoin SV for all their digital token transferring needs

  • Whether claiming to be Satoshi Nakamoto is a good strategy for attracting enterprise users.

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