Bitcoin SV (BSV) is a cryptocurrency that appeared as a result of the Bitcoin Cash hard fork in November 2018. This coin immediately burst into the top market positions, which remain to this day. Where can I store Bitcoin SV coin? Let’s explore the best wallets to store BSV in 2020.
Bitcoin SV (BSV) Crypto Explained
Bitcoin SV is a cryptocurrency that appeared as a result of the hard fork on the Bitcoin Cash network. The fork took place on November 15, 2018, at block No.556767. Then 2 separate blockchains formed:
- Bitcoin ABC – as an adherent of Bitcoin Cash;
- Bitcoin SV.
Surprisingly, both versions of the chain achieved success. The updated BCH continued to hold its position in the TOP 10, and BSV almost immediately joined it, as it quickly gained the support of a large number of users.
A significant role was played by the way the actual creator Craig Wright positioned this coin. SV stands for Satoshi Vision. The coin retains the original ideas of Bitcoin, which allegedly planned to implement Satoshi Nakamoto. The main purpose of the coin’s existence is to provide users with the ability to conduct transactions with low fees, increased scalability, and proper security quickly.
True Craig Wright went too far with PR. In particular, he called himself Satoshi Nakamoto and his coin – the only true Bitcoin. From his words, we can conclude that BSV is more like Bitcoin than Bitcoin itself. Of course, for most representatives of the crypto community, such statements do not cause anything but laughter. Nevertheless, the new cryptocurrency managed to form an army of its users quickly.
No matter how ridiculous Wright’s statements seemed, BSV had something to attract new users. This fork has several features:
- Lower transaction fees.
- A systematic increase in block size. It was originally planned to increase the size to 128 MB. In the future, the weight of one network element should be 512 MB. Ideally, the block should be increased to 1 TB, which will allow the system to conduct up to 6.5 million transactions every second. In fact, the size has already been increased to 2 GB, and in February 2020 the restriction should be lifted altogether.
- A gradual increase in profit for miners due to commissions. It would seem that this point contradicts the first, but let’s not forget about scalability. If the developers’ plans are implemented and the block reaches the intended size, millions of transactions can be placed in one network element. That is, individual users will pay little, but in total they will be able to give the “miners” an impressive profit.
7 Best Bitcoin SV (BSV) Coin Wallets
Exodus is an anonymous multi-cryptocurrency HD wallet for storing and performing operations with virtual coins. A desktop application designed to be installed on devices running operating systems: Windows, macOS, Linux. In 2019, a mobile application (Android, iOS) was released.
The crypto wallet supports the storage of the most popular and liquid coins. At the beginning of 2020, Exodus supports 100+ cryptocurrencies and tokens: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Tron, Dash, Binance Coin, Ethereum Classic, EOS, Zcash, and others.
The application allows you to export private keys that are created locally and download them. The wallet interface is simple and perfect for beginners. In addition to standard input and output operations, Exodus also has a cryptocurrency exchange for converting coins.
Coinomi is a multi-currency, and cross-platform wallet for working with cryptocurrencies. Currently, there are versions for Android and IOS. Different operating systems will be supported: Windows, macOS, and Linux.
Coinomi is considered one of the oldest multi-currency wallets on the market. It appeared back in 2014 and today has more than one million active users. The company has offices in London, Athens, and Cyprus.
There are some benefits:
- Anonymous storage and use of crypto money. There is no support for the KYC mechanism. Client data is encrypted, and IP addresses are hidden. All the information is mixed and dozens of false addresses are created.
- Well optimized typical options: internal conversion of digital coins, transactions and so on.
- There are no unnecessary or inappropriate tools such as a glass of prices, numerous settings, price charts, news feeds, fiat currency exchange, chats, etc. There is not even a multi-signature of transfers or two-factor authentication. Everything is easy and minimalistic.
Edge (formerly Airbitz) is synonymous with security. It is decentralized and protected. Neither Edge nor any other third party can access your funds. The service offers you complete independence. It is very cool.
Edge is active in the crypto community and publishes a list of organizations that accept Bitcoin. The user interface is easy to use, making the wallet the best choice for beginners who are worried about security.
HandCash only uses Bitcoin SV (BSV) tokens. The app does not support other Bitcoin varieties such as Bitcoin Core or Bitcoin Cash (BCH). Users can send and receive money by username. All amounts are represented in your local currency. You can earn cash by connecting your HandCash to many apps and games
Centbee is the easiest way to store, spend and send Bitcoin (BSV) safely on your mobile phone. You can easily send Bitcoin to your phone contacts and see who accepts Bitcoin around you. A 12-word seed phrase and pin secure the wallet. Do not forget to write it down, or your funds will be lost.
#6. Electrum SV
ElectrumSV is a desktop wallet designed specifically for Bitcoin SV. The ElectrumSV wallet is equipped with a coin-sharing feature that allows users to receive BSVs from any BCH option that they may have owned before one of the forks. It also allows users to store their BSV on specific hardware wallets that do not natively support BSV.
Bitpie is a multi-currency wallet developed by the team of the famous Bitcoin wallet Bither. If previously used Bither will find a lot of similarities, with the exception of the huge number of supported currencies.
Here are the advantages:
- Multiple blockchains support;
- Safe and Friendly;
- Instant exchange;
- Access to BitHD Cold wallet;
- Easy access to DApp
The wallets above are the best to store Bitcoin SV (BSV) in 2020. You can also use a hardware wallet. Both Ledger Nano S and Ledger Nano X are compatible with the Electrum SV wallet.