Overview & History
Bitcoin SV is a Bitcoin Cash hard fork prioritizing what the creators consider strict adherence to Satoshi Nakamo's original Bitcoin client. It views cheap peer-to-peer transactions as the core value proposition of the network and is dedicated to increasing block sizes and on-chain transaction throughput in pursuit of this goal.
A year later, in 2018, Bitcoin Cash suffered a hard fork of its own, and Bitcoin SV was born.
Bitcoin SV (SV stands for Satoshi Vision) bills itself as the original Bitcoin — a cryptocurrency that stays true to the goals of pseudonymous founder Satoshi Nakamoto.
BSV’s main aims include delivering stability and achieving scalability, something that the original BTC blockchain has struggled to achieve.
The project’s website says: “Bitcoin SV is intended to provide a clear choice for miners and allow businesses to build applications and websites on it reliably.”
Who Are the Founders of Bitcoin SV (BSV)?
One person who has been closely associated with the creation of Bitcoin SV is the Australian entrepreneur Craig Wright, who himself has claimed to be Satoshi Nakamoto. He’s the founder of the fintech company nChain, and he lobbied in favour of the hard fork because he disagreed with upgrade proposals that had been put forward for BSV.
The entrepreneur Calvin Ayre has also been a vocal supporter of Bitcoin SV, and has regularly sought investment opportunities in projects that have been built on top of the blockchain.
What Makes Bitcoin SV (BSV) Unique?
There are several markets that BSV is hoping to target — and use cases it wants to achieve that advocates say the likes of Bitcoin and Bitcoin Cash can’t provide.
BTC is regarded by some as a speculative asset, rather than one that is well-suited to everyday payments. By contrast, BSV claims that it can “replace every payment system in the world with a better user experience, a cheaper merchant cost, and a safer level of security.”
Bitcoin SV also wants to serve as an enterprise blockchain solution for companies who are interested in learning more about what this technology has to offer.
When compared with its older siblings, BSV aims to stand out from a scalability perspective, too. Bitcoin SV claims it has a much bigger block size than its predecessors, and as a result, it can handle more transactions on a daily basis.
How Many Bitcoin SV (BSV) Coins Are There in Circulation?
Although BSV aims to offer some tangible improvements over BTC, there are some things that these two cryptocurrencies continue to have in common: their maximum supply of 21 million.
Just like Bitcoin, Bitcoin SV also undergoes halvings, where block rewards for miners are cut by 50%. The only difference is that, whereas Bitcoin has now had three of these events – in 2012, 2016 and 2020 – Bitcoin SV has only had one.
How Is the Bitcoin SV Network Secured?
The similarities don’t end here. Bitcoin SV also uses the proof-of-work consensus mechanism. In case you’re unfamiliar with this concept, here’s a reminder: before a block can be added to a chain, miners must find the answer to a complex mathematical puzzle using their computing power. The miner who does this first gets a block reward, and this infrastructure helps to prevent malicious attacks.
Where Can You Buy Bitcoin SV (BSV)?
Bitcoin SV is listed on major exchanges including OKEx and Bitfinex — as well as dozens of smaller platforms. However, it is not listed on Binance. This company decided to delist BSV in 2019 because BSV didn’t meet its standards. To learn more about how you can convert fiat currencies into crypto.
Bitcoin Satoshi's Vision (BSV) is the result of a perennial debate within certain cryptocurrency circles about what Satoshi Nakamoto's vision for Bitcoin was and if Bitcoin is or should strictly adhere to their vision. BSV's ethos is to "restore what was the original Bitcoin protocol." The decision to hard fork from Bitcoin Cash was a result of a dispute over canonical transaction ordering which would enable the graphene algorithm to run more efficiently and script enhancements enabling oracle data to be imported to the blockchain. In opposition, Bitcoin SV rejected these proposals and instead planned to increase the block limit to 128MB (later increased to 512MB in a hard fork) and restore certain opcodes from the original Bitcoin 0.1.0 protocol implementation. Although increased block capacity could increase transaction throughput on-chain, it could potentially restrict the universe of participants who could be capable of running full nodes, thus making this something the community needs to address in order to be able to execute on its vision of a decentralized peer-to-peer cash system.
On November 15, 2018, Bitcoin Cash split into two with the Bitcoin ABC faction, the leading Bitcoin Cash client, ultimately winning the majority of the networks hashrate and retaining the name Bitcoin Cash. Bitcoin SV is led by nChain, a research and development technology firm building tools, protocols, and applications to support blockchain growth worldwide.
Date: February 2020. TypeL Mainnet
A set of protocol restoration changes that represent an almost complete return to the original protocol. Also eliminates block limit completely.
Bitcoin SV Hard Fork
Date: November 2018. Type: Mainnet
Increasde the block limit to 128MB and restore certain opcodes from the original Bitcoin 0.1.0 protocol implementation
Date: July 2019. Type: Mainnet
Increased the block limit to 512MB.