Bitcoin SV (BSV) is a Bitcoin Cash hard fork that was released two years ago and is based on the vision of Satoshi Nakamoto, the founder of cryptocurrency. The abbreviation SV stands for Satoshi Vision.
Bitcoin SV has the same operating principle as the original Bitcoin. Blockchain is a registry that includes a sequence of blocks. Each block has an original name that contains the necessary information about the previous block and the key to the next one.
Bitcoin SV (BSV) History
The project was jointly developed by nChain and CoinGeek Mining. The hard work both teams have done has allowed BSV code to receive the Open Software License from the University of Massachusetts.
In autumn 2018 BCH developers split into 2 groups as they had different visions for the coin’s future. Thus, Bitcoin Cash underwent a hard fork and then it was divided into 2 cryptocurrencies — BCH and BSV. These two now compete with each other, trying to prove their excellence in the crypto market.
BCH ABC, the first team, was led by Roger Ver. His aim was qualitative development. The team planned to change and develop dApp and work on features that would allow for all transactions to be carried out directly, without an intermediary like crypto exchange services.
The second team, Bitcoin SV, was led by Craig Wright. He had many highly qualified specialists, developers and nChain project managers. Entrepreneur Craig Wright with multimillionaire Calvin Ayre attract mass media attention, however not always in a good way, as Craig often makes scandals and roughly speaks out against their competitors.
The leader was focused on improving the network scale, transaction speed and block expansion (up to 128 Mb). BSV developers used BCH as the fork basis. Moreover, they have changed the consensus algorithm to Proof-of-Work.
Bitcoin SV Features
Bitcoin SV has a lot of features. Bitcoin SV acts like an old BCH client, which was used directly before the hard fork.
This cryptocurrency definitely has its significant advantages:
● high protection;
● competing with market giant such as Paypal, Visa and MasterCard;
● low commission;
● fast transactions (1500 for 1 sec);
● 1 TB bandwidth.
Bitcoin SV is a profitable currency for miners. Though, there are some disadvantages that we need to take into account:
● big competition;
● lack of special innovations;
● lack of decentralization.
Bitcoin SV (BSV) Price Changes
In November 2018, when cryptocurrency just appeared on the market, its value was $88. In a couple of days, it doubled, and a week later reached $240.
The sharp jerk was caused by two factors:
- in the first days of trading, top exchanges began to actively accept the coin. Many did this simply because the project is related to Bitcoin.
- due to the same connection with BTC, investors rushed to buy a new asset.
In January 2020, the price of Bitcoin SV doubled to $345. The rapid growth of altcoin is associated with the provision of Wright more than 420 documents in the case of the inheritance of Dave Clement. One of the documents allegedly gives billions of dollars of access to bitcoins.
Bitcoin SV Latest News
On January 10, Bitcoin SV unexpectedly jumped above $177. It is difficult to say what exactly was the reason for the growth. However, there is a new twist in the case of Bitcoin SV supporter Craig Wright, who has declared himself Satoshi Nakamoto.
Bitcoin SV released The Genesis second beta version on January 8, 2020. Besides a big list of bug fixes, developers implemented several enhancements. The team provided tests for Parallel Block Validation and LimitesStack/vector, changed logging messages, removes the limit on the number of CHECKSIGS per MB of block space, set memory pool default, etc.
On December 23, 2019, developers spoke out on the official website about Gregory Maxwell’s investigation. It describes potential theft via the replay attack of P2SH (pay-to-script-hash) transactions from the BTC chain that could be made to steal BTC users’ money on the Bitcoin SV chain.
‘The Bitcoin SV mission is to return Bitcoin to the vision described in Satoshi’s white-paper which uses the word “honest” no less than 15 times and we emphatically reject the notion that obvious theft of coins by miners can fall within the definition of honest behavior.
Where to Store BSV Coin
Let’s take a look at some BSV wallets:
● Ledger Nano X presents a new generation of hardware wallets. You can easily store over 1000 cryptocurrencies including BSV coins. It also has a Bluetooth function, extensive capacity (The Ledger Nano X can store up to 100 applications at the same time) and provides a high-security level.
● Exodus is one of the best free wallets available for iOS and Google Play. It has up to 100 cryptocurrencies including Bitcoin SV and it was among the first wallets that supported BSV.
● Another good desktop wallet is ElectrumSV . You don’t need to download the whole Bitcoin SV blockchain. ElectrumSV is compatible with Ledger Nano X and Ledger Nano S, so you can enjoy the interface and keep your funds safe. The ElectrumSV desktop wallet is available for Mac and Windows.
● Coinomi is an excellent blockchain mobile and desktop wallet, that supports more than 1000 tokens. Currently, it is available for mobile (iOS and Android) and desktop ( Mac and Windows).
Where to Trade BSV Coin
By now, over 30 exchanges support BSV coin. There you can easily trade, buy, and sell BSV. Here is a list of some major exchanges:
Bitcoin SV Summary
Taking everything into consideration, it is still hard to predict the Bitcoin SV future. Some specialists claim that BSV coin has opportunities to replace the original platform. However, others suppose that considering its instability there is nothing to expect.
Anyway BSV cryptocurrency has many advantages:
● good facilities for a launch;
● engaging conditions for miners;
● high efficiency;
● big project scope.
However, at the same time there is a parcel of disadvantages:
● high competition;
● high centralization of mining;
● bad reputation;
● vulnerability to double spending attacks;
● blockchain reorganization.
Thus, it is unlikely that Bitcoin SV will develop separately from the market. We should not exclude the favorable prospects for the currency development in the case of successful integration with such block size which in the future may increase to 1 TB. If this happens, BSV coin will be able to process more transactions per second than MasterCard, Visa or Paypal. You can read BSV price prediction here.