Bitcoin SV, which SV stands for Satoshi Vision is a splinter currency of a Bitcoin network fork known as Bitcoin cash which has its block size determined by the forces of the market, rather than being fixed.
The creation of Bitcoin SV is the result of a series of occurrences on the Bitcoin network; such as the 2017 bull run. During that period, there was a hike in the fees required for executing transactions on the Bitcoin network. This led to several transactions on the network being held up for days due to the costs involved. Although this was not totally due to the transactional fees on the network. It was also partially due to the payment structure on the Bitcoin network which leads to a competition between transactions for block space through bidding fees to the nodes.
The Bitcoin network is generally considered the pioneer in the world of cryptocurrency due to it being one of the earliest cryptocurrencies to experience a grand adoption. However, most of the cryptocurrencies that have come after Bitcoin have focused on solving its shortcomings. One of these shortcomings is the problem of scalability faced by the network. This problem generally becomes evident when there is a general adoption of cryptocurrency. This is what led to the increase in fees due to high use across the network.
A solution was raised on the network to solve the problem of scalability through the increase of block sizes so as to allow the nodes to fit more transactions into each block. This in turn was supposed to lead to lower transaction fees. However, the idea was quickly shut down. In the same year, the Bitcoin network suffered a hard fork which led to the creation of Bitcoin cash, an altcoin. A year after, Bitcoin cash also experienced a hard fork which led to the birth of Bitcoin SV.
The main goal of creating Bitcoin SV is to tackle the problems faced by the original Bitcoin blockchain such as scalability and improve on it with stability.
Who are the Founders of Bitcoin SV (BSV)?
The Bitcoin Blockchain is generally known to be tied to Satoshi Nakamoto, who is the creator of the cryptocurrency. However, the creation of Bitcoin SV on the other hand is tied to Craig Wright.
In the past, Wright has made claims of being Satoshi Nakamoto, making his involvement in the creation of Bitcoin SV more open to the world.
Wright is an Australian entrepreneur which has been involved in the business of information technology for a while. He is the founder of the chain, a Fintech company that provides a series of financial services. Wright is one of the individuals who voted against the increment of block size on the Bitcoin network which led to the hard fork suffered by the network.
Calvin Ayre is also a party with ties to the creation of Bitcoin SV. Although most of his support for the platform has been vocal. However, Ayre has a track record of involvement in a series of projects which have found their way to the top of the cryptocurrency ecosystem.
What is Bitcoin SV (BSV) used for?
Bitcoin SV was created with a mind of solving the challenges faced by its predecessor, the Bitcoin network. This is one of the reasons this new generation of cryptocurrency has a constantly growing value.
Bitcoin SV is not just a cryptocurrency, it also serves as a community platform that allows developers access to unbounded scripting access to the network resources for the use of creating smart contracts via coding. The platform also serves one of the image functions of several cryptocurrencies; payment. Bitcoin SV allows for payments at minute transactional fees while creating an invoice for the process instantaneously in real-time.
What Is the Unique Point of Bitcoin SV (BSV)?
Ever since the creation of Bitcoin SV, the platform has focused on several markets due to its current use case being different from that of its predecessor.
In general, Bitcoin currently has the highest rate of adoption in all cryptocurrencies and is still considered by some people as more of a speculative asset; as opposed to an asset that can be used for daily payments. The Bitcoin SV is indifferent about this, however, the platform has claimed to be able to provide a frictionless payment system that is safer, cheaper, and provides a better user experience.
The Bitcoin SV platform also has the goal of becoming an enterprise blockchain solution for other smaller companies. This means that they educate the companies that are interested in the services their technology has to offer.
In a direct comparison to any of its predecessors, one major point Bitcoin SV stands on is its provision of scalability. According to the platform it claims to be able to support significantly more transactions due to larger block sizes.
How many Bitcoin SV (BSV) coins are in circulation?
The differences between Bitcoin SV and its predecessor, Bitcoin are many as the former is aimed at correcting the mistakes of the latter. However, in all these differences, there are also similarities between both platforms.
One of these similarities is the total maximum supply of both platforms being pegged at 21 million. The similarities do not end there for the two platforms as Bitcoin SV is also subject to halting after a specified period. Halving was started by the Bitcoin network to control inflation on the network by cutting block rewards for nodes by 50%. The difference in both platforms is in the occurrence of this halving process thrice on the Bitcoin network. While it has happened only once on Bitcoin SV.
Is the Bitcoin SV (BSV) Network secured?
This is another front where the similarities between the Bitcoin ecosystem and the Bitcoin SV are apparent.
The Bitcoin SV system uses a proof of work security mechanism. This is the same security protocol used on the Bitcoin network. It involves the nodes being tasked with solving complex math puzzles via computing power before the addition of a block can be made to the existing chain.
The nodes are in a race against time as whoever finishes first gets the reward. This system helps to prevent the perpetration of malicious activities on the network.
How do I buy Bitcoin SV (BSV)?
One of the advantages of having the name of the first generation of cryptocurrency is exposure. Bitcoin SV is currently available on several exchange platforms and buying it involves the following steps.
* Open an account with any crypto trading platform that offers BSV.
* Transfer the specific amount of your fiat currency to the trading platform account.
* Wait for your deposit to be confirmed and Buy BSV through the trading platform account.
