What is Bitcoin SV?
Bitcoin Satoshi Vision (BSV) is the original Bitcoin (otherwise referred to as Bitcoin SV). It restores the original protocol and was created out of the hard fork of Bitcoin Cash (BCH). (actually, it was introduced a little bit prior to the fork – in August 2018). On November 15th, the blockchain has officially split into two competing coins – Bitcoin ABC (Adjustable Blocksize Cap) and Bitcoin SV (Satoshi Vision). The latter cryptocurrency aims to bring back the values and technology of the original Bitcoin – decentralisation, using crypto solemnly as a payment and trade method and elevating the capacity of the network.
The BSV chain leader is Craig Wright, who claims to be Satoshi Nakamoto. Wright is one of the major media figures involved in the famous Bitcoin Cash hash war along with Roger Ver. The Bitcoin Cash civil war not only affected the said currency but also led to major market changes. During the protocol upgrade, both BCHABC and BSV mining powers were fully mobilised and shifted from BTC to BCH, which led to Bitcoin price decline and general market struggle. Well, no matter what the circumstances are, the forked BSV currency is now supported by major cryptocurrency exchanges.
What are the main ideas?
The main ideas behind this platform are to restore the original bitcoin protocol, keep it stable and allow it to massively scale. There are also four fundamental pillars that underline the basis of Bitcoin SV.
Four fundamental pillars
The four fundamental pillars have been created to form the basis of one blockchain for the world. The one blockchain should have stability, scalability, security and safe instant transactions.
Business and large enterprises require a stable platform to operate on. Any changes in the protocol can be detrimental to a business by creating uncertainties. The Bitcoin SV vision plans to assure this stability.
If Bitcoin SV is to act as a global money platform then it is required to handle transaction volume at a very high scale. Bitcoin SV will deliver capacity increases through bigger block sizes and performance improvements. This way
For Bitcoin SV to be a global currency, it will need to ensure a level of security commensurate with a global money system. The team will use a combination of best practice change management processes, engaging the services of an industry leading blockchain security firm, and a lucrative bounty program.
4. Safe instant transaction:
For the merchant market to be successful instant transactions (0 confirmations) will be key to adoption and this is a top priority of the team.
What are the advantages of Bitcoin SV?
- Scale. The block size of BSV is 128MB – the original BCH was only 32MB. Blocksize increase helps to majorly scale the network and allow more transactions to be performed.
- Transaction costs. One of the goals of BSV developers was minimizing transaction costs – affordable and fast transactions at large scale are key to the success of the new cryptocurrency.
- Network development. Implementing Satoshi’s view to the existing blockchain required lots of work in development. Hence, Bitcoin SV is a chain that underwent more changes than its competitor, Bitcoin ABC.
How to buy Bitcoin SV?
Exchange your fiat (GBP, EUR, USD, JPY etc) for BSV with your Credit/Debit card or another choice of payment.
For a guide on the different types of wallets available, please blog post here
Transfer your purchased BSV to your BSV wallet for safe keeping. You can do this by sending the coins to the address in your wallet.
Bitcoin SV market
Source: Changenow.oi , bsvcentral.
Other article you may like to read :
- Tezos : A Guide For Beginner.
- Introduction Of Marker (MKR).
- All You Need To Know About IOTA Coin : What is IOTA.
- Introduction Of Ontology.
- Basic Guide: Chainlink
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