?>

The Beginner’s Guide to BitcoinSV (BSV)

1.8 k views
bitcoin satoshi vision (bsv) review - is it a scam

BitcoinSV (BSV) is a cryptocurrency that was forked due to a civil war that broke out among some pioneering members of the Bitcoin Cash community. Though the fork was announced earlier in August 2018, it took place on November 15 2018, bringing Bitcoin SV (Satoshi Vision) and Bitcoin ABC (Adjustable Block-size Cap). The team behind Bitcoin SV envisions fulfilling the dream of Satoshi Nakamoto by creating a cryptocurrency that can be used as a peer-to-peer payment method while ruling out any issues of limited scalability, hence its name – Bitcoin Satoshi Vision. To accomplish this, some features of the Bitcoin network must be upgraded to improve its decentralization, security, and scalability.

Note: The founders of both projects, Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV), claim to be “the real Bitcoin.” Remember not to fall for it! There’s only one Bitcoin – BTC.  Make sure you read our guide to understanding: “The Real Bitcoin – Avoiding Confusion Surrounding Bitcoin.”

BitcoinSV in a nutshell

  • It is a forked cryptocurrency from Bitcoin Cash, which occurred on November 15 2018
  • Like its sister coins, BSV aims to improve the digital payment system with its improved original coin features.
  • Craig Wright and Calvin Ayre are the individuals that orchestrated the fork of BSV.
  • The new Bitcoin SV raises the block size limit from 32MB to 128 MB, increasing bitcoin’s scalability as a currency used in daily transactions.

A brief history of Bitcoin Satoshi Vision

Bitcoin SV was forked out of Bitcoin Cash, and this was led by Craig Wright and Calvin Ayre, as they claim to fulfill the real vision of Satoshi Nakamoto. So let’s consider what led to this hard fork on November 15 2018.

Why the Fork?

To avoid all certainty of doubt, there is a need to explain what forking means in cryptocurrencies. Forking is when crypto nodes, aka miners, decide to either build a new blockchain ledger or improve the blockchain network’s features. There are two types of fork: Hard Fork and Soft fork. The hard fork comes when some miners create a new distributed ledger (DLT). On the other hand, a soft fork updates the blockchain network to improve its features without creating a new distributed ledger.

The argument of what size a block reward should be brought about disagreements divided the BitcoinCash community into two. Craig Wright and Calvin Ayre proposed a software called Bitcoin Satoshi Version, which would limit the block size to 128MB, whiles Roger Ver and Jihan Wu of Bitmain Mining company promoted the use of a software called Bitcoin ABC (Bitcoin Adjustable Blocksize Cap), which would cap the block size at 32MB. Craig & Calvin convinced other miners within the BitcoinCash Community to create Bitcoin Satoshi Vision (BSV).

How does Bitcoin Satoshi Vision work?

Like its mother coins, Bitcoin and Bitcoin Cash, BSV was developed purposely as a digital payment system for daily transactions in the peer-to-peer network. BSV operates under a decentralized network without any Central Authority; hence, all transactions are stored in its distributed ledger. This ledger is built based on the Proof-of-Work consensus protocol, making it impossible to attack the network without redoing all the built blocks. On average, BSV network speed is almost twice that of Bitcoin and Bitcoin Cash, making it scalable, at least for now, compared to its parent coins.

BSV has the same total supply as Bitcoin Cash at 21M, but only 18.2M has been mined into circulation at the time of publication. The block reward for miners supporting the BSV network is 12.5 BSV.

The reason why Bitcoin SV claims to be the real bitcoin.

Global adoption of Bitcoin as a currency has not been a reality due to the slow rate at which transactions are confirmed. On average, bitcoin can confirm seven transactions per second, making it unsuitable as a currency. Some crypto enthusiasts prefer to call bitcoin an asset for storing value more than a currency.

When launched, Bitcoin’s initial block size limit was 1MB, but this was later increased to 4 MB during the bull run year of bitcoin in 2017. However, as the year went by, some developers within the bitcoin community thought that to make bitcoin a globally used cryptocurrency, it must be scalable enough to accommodate the vast number of transactions being broadcast to the network. This gave birth to Bitcoin Cash, which sought and increased the block size limit to 32MB, and Craig Wright and Calvin Ayre later argued this was not suitable enough to ensure the full scalability of the network. Bitcoin SV sought a soft version, which increased the block limit to 128MB, making it convenient to increase the number of transactions across the network. Bitcoin SV claims to fulfill Satoshi’s vision of creating a digital currency for peer-to-peer transactions by increasing the block limit size.

How to own BSV Coins

The only means of acquiring BSV coins are purchasing them on Exchange platforms, Over-the-Counter platforms, and mining them.

How to mine Bitcoin Satoshi Vision

Mining cryptocurrencies dates back to the launch of bitcoin, where miners contribute to the safety of the network and are rewarded with some number of cryptocurrencies as compensation for their time, electricity,/energy used in running their rigs.  Miners set up mining rigs to confirm transactions broadcast to the network. They do this by solving complex mathematical equations with Application-Specific Integrated Circuits, and once a block of the transaction is completed, the miner is rewarded with the block reward.

Before this, once a miner solves an equation, it broadcasts the information to all other network nodes for validation to avoid double-spending. Once most miners approve this across the network, the miner receives the block reward.

How to buy Bitcoin SV

You can purchase Bitcoin SV from centralized exchanges or over-the-counter platforms. However, once you buy the coins, you must download the BSV wallet and save your funds. Another form of keeping your funds is using hardware wallets such as Trezor, Ledger Nano S, etc. Some of the exchanges you can purchase BSV from are Binance, Bittrex, and Kucoin, while you can use the services of over-the-counter platforms such as Coinbase, SFOX, Smart Contract, etc.

How much is Bitcoin SV worth?

One of the essential characteristics of cryptocurrencies is their volatile nature. Their prices fluctuate from time to time based on projects’ growth, partnerships, product release, etc. The issuing price of BSV was $70.5, and it recorded an all-time high of $441.20 on January 14, 2020. The all-time low price was recorded at $36.87, and this was recorded on November 23 2018. With the current circulation of 18.2M coins, it has a market cap of USD 4,772,420,990. When writing, the BSV value is traded at $297.76.

The Benefits of using Bitcoin SV

  • Proof-of-work features make it impossible for users to double spend, offering a high-security level for transactions conducted using BSV.
  • Fast and Easy payment process because transactions occur on a peer-to-peer over the blockchain network
  • Higher Scalability- by increasing its block size to 128MB, BSV can accommodate more transactions done in BCHABC and BTC, at least for now.

The Risks of using Bitcoin SV

The crypto industry, through blockchain technology, has excellent potential to improve the financial services of this world. Still, it also faces several security threats that make it very risky for users who wish to use cryptocurrencies for payments of goods and services or a store of value.

  • Volatility is the ever-changing price of cryptocurrencies that makes them unsuitable to be used as a payment method. On the other hand, Fiat currencies are stable, so buyers and sellers prefer to use them for payments.
  • Hacks – the industry has recorded several security breaches into users’ funds and exchange platforms, leading to the loss of millions of dollars. Users whose private keys are stolen by hackers lose their funds and cannot retrieve them again.

Final Thoughts

Bitcoin coin symbol
Btc
Bitcoin
$62.547
price
red chart
decrease symbol0.84959%
price change
TRADE NOW

As led by Craig Wright, Bitcoin Satoshi Vision plans to make Satoshi Nakamoto’s vision of creating a highly scalable cryptocurrency for peer-to-peer transactions void of any central control. Some people prefer to hold cryptocurrencies as a store of value, while others use them as a medium of exchange. Whichever way you use it, never forget the rule of thumb in the crypto space, “Only put in what you can afford to lose.”

Previous

LongHash Statistics Reveal Over 26000 Blockchain Companies are Running in China

Next

Digital Payment Token (DPT) Updated to Singapore’s Regulatory Framework

Written by

49 posts

Kelvin Emmra is a graduate of the University of Cape Coast-Ghana with a degree in Nursing. He has over 4 years of experience in the crypto industry and has taken several roles in the space.

VIEW AUTHOR

More author posts

Vidulum App – A Rewarding Non-Custodial Multicurrency Wallet

Many crypto enthusiasts argue that centralized institutions do not give users financial freedom and control of their own funds. This has created the need for non-custodial solutions that keep users in control of their cryptocurrencies. It’s quite unnerving to see so many digital asset wallets in this space that don’t put the end-users needs first. Would you want to trust your funds with a wallet where you don’t own the private keys? Worse yet, would you be comfortable having restrictions…

Multi-currency Crypto Wallets with Passive Income Features

Cryptocurrency wallets are useful tools that allow crypto enthusiasts quick access to their crypto assets. It's worth mentioning that this is one way the global use of cryptocurrencies can become a reality in our daily lives. However, some multicurrency wallets have moved a step further, not only as a payment tool but also to serve other unique functions in the digital financial world. Blockchain solutions have enabled crypto enthusiasts to use their cryptocurrency wallets as a haven to grow their…

Five Incredible Ways to Manage a Social Crypto Trading Community

A social crypto trading community is an online ecosystem of crypto investors that allows sharing and discussing trading ideas. The trend of taking the crypto community by storm could significantly transform crypto trading. As a result, many cryptocurrency trading platforms contemplate adding a social trading feature to their systems.  Managing the social trading community is currently the most powerful challenge social trading platforms face. Due to poor management, many platforms failed a few days after launching social trading systems. But…

Investors Moved Over 310,000 Bitcoins from Exchanges since Mid-March Crash

The market crash that happened in mid-March and popularly called “Black Thursday” was serious such that it has prompted a far-reaching shift in dynamics among Bitcoin investors. The day was unforgettable for cryptocurrency investors as the market incurred a serious selloff triggered by liquidations on BitMEX platform. A remarkable change initiated by the event is the dip in Bitcoin balance on exchanges. According to data, the amount of Bitcoin removed from exchanges after the crash was more than 310,000. Perhaps…

Halving Pressure is Separating Ethereum from Bitcoin

Ethereum has been proving itself worthy where we have Bitcoin, the decentralized currency, but when it comes to price, it is still behind Bitcoin which is the largest crypto on the market. Since January 2020, Ether, the currency undertone of Ethereum, has been distinguishing itself from Bitcoin. Its price started skyrocketing when the year started but after the halving event of Bitcoin, it seems to be pulling away from it. After the halving event, the prices of cryptocurrencies started reacting immediately,…

Masternodes: A Lucrative Passive Way of Investing in the Crypto Space

The rapid expansion of the crypto space has seen several innovative ways of generating substantial profits apart from just simply trading cryptos by buying low and selling high. One such innovative way of generating profits in the crypto space without trading is running Masternodes, which have increasingly become popular. Simply put, Masternodes are a series of servers that underpin a blockchain’s network. Masternodes maintain the blockchain by allocating the task of validating the blockchain to machines that are not previewed…

Publish your own article

Guest post article. Guaranteed publishing with just a few clicks

START PUBLISHING ADVERTISE WITH US

Browse categories

Explore trending topics in the crypto community right now.

Bitcoin

SEC Greenlights Multiple Bitcoin ETFs, Signaling Major Leap for Cryptocurrency Markets

The U.S. Securities and Exchange Commission (SEC) has made a landmark decision by approving 11 spot bitcoin exchange-traded funds (ETFs). This move represents a significant moment in the cryptocurrency industry, marking a shift towards greater institutional adoption and accessibility for investors. The approved ETFs include products from major firms such as BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETP Trust, WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin…

Bitcoin Should be Banned in the United States: Charlie Munger

Berkshire Hathaway’s vice chairman, Charlie Munger, called for a ban on cryptocurrency in the United States on Monday, similar to the one in China.  In an op-ed published with the Wall Street Journal, Munger argued that Bitcoin isn’t a currency, commodity, or security, but simply a form of gambling “ with a nearly 100% edge for the house. As such, the enactment of a federal law should ban such things from happening. Munger cited the Chinese communist party’s ban on…

Tesla’s BTC Positions Remained Unchanged in Q4 of 2022

According to a new earning report from automotive manufacturer Tesla, the company did not sell any of its BTC holdings in the fourth quarter of 2022. Amid speculations that the company had traded BTC during the testing bears, CEO Elon Musk revealed it was yet holding on to its BTC stash. Tesla Maintains Holdings After Initial Sell-Off In Q2 of 2022, Tesla opted to sell 75% of all its BTC. The car manufacturer received close to $950M in exchange. Notably,…

Here’s When Grayscale Debates the SEC in Court on its Bitcoin Spot ETF

The District of Columbia Court of Appeals has marked a date for when Grayscale and the Securities and Exchange Commission (SEC) may present oral arguments regarding the approval of a Bitcoin spot ETF.  Each side will present its case at 9:30 am ET on March 7, with the SEC arguing against the product, and Grayscale arguing in favor.  Grayscale VS SEC The court date – revealed in a court order filed on Monday according to CNBC – is much earlier…

MORE ARTICLES

Ethereum

Ethereum’s Zhejiang Staking Withdrawal Testnet for Shanghai is Live

At 15:00 UTC on Wednesday, the much-anticipated Zhejiang testnet for staking withdrawal went live on Ethereum’s Beacon chain. Zhejiang will enable the testing of the Ethereum Improvement Proposal (EIP) 4895 which allows for staking withdrawals. This is in preparation for the network’s next major update, the Shanghai hard fork slated to launch sometime in March. Users Can Make Simulated Withdrawals with Zhejiang In a tweet yesterday, DevOps engineer at Ethereum foundation Barnabas Busa gave details about the Zhejiang testnet slated…

Ethereum Devs Disagree Over Technical Tweak as Shanghai Upgrade Nears

Post-merge Ethereum users have been eagerly awaiting the commencement of the network’s next major upgrade, Shanghai. However, after over 3 months of prep time, it appears the Shanghai rollout isn’t going as smoothly as expected. What Exactly is the Shanghai Upgrade? In September last year, the much-publicized Ethereum Merge also known as the Ethereum 2.0 upgrade went live. Ethereum underwent some significant changes as its consensus mechanism transitioned from proof-of-work to a cost-efficient proof-of-stake system.  However, since the Beacon launch…

FTX Hacker Converts 50k Stolen ETH to BTC

Per a report from blockchain analysis firm Chainalysis, the attacker behind the Nov 11 FTX exploit, is converting the stolen ETH to Bitcoin. There were muted fears the seemingly inexperienced perpetrator could dump all its ETH holdings. On Sunday, the attacker dumped 50k ETH on-chain, with ETH's price dipping by almost 7%.  https://twitter.com/chainalysis/status/1594349583416840199?s=20&t=pgvQHeVytI20eKQ1ls9bxw Hacker Moves 50,000 ETH to New Address Over the past week, the perpetrator had been steadily swapping the cryptocurrencies they had carted off for Ether tokens. This…

Censorship Concerns: 51% of Ethereum Blocks Now OFAC Compliant

According to new data, over half of the blocks on the Ethereum network now reportedly comply with the US Treasury OFAC’s standards. This comes roughly a month after the platform’s monumental merge update. Phasing Out Tornado Cash The Office of Foreign Assets Control is the intelligence and enforcement agency of the US  Treasury Department. Indeed, the OFAC administers and enforces US  financial sanctions. A prime example of this is the recent, highly-publicized ban on crypto mixer Tornado Cash.  According to…

MORE ARTICLES

Trading

How to Leverage Arbitrage Opportunities in Crypto Markets

Cryptocurrency arbitrage has become an increasingly popular investment strategy as the crypto market grows and evolves. Arbitrage involves taking advantage of pricing discrepancies between markets or exchanges to profit.  Investors can leverage profit opportunities by understanding cryptocurrency arbitrage while managing associated risks. In this guide, we'll explore cryptocurrency arbitrage and how it works. A Bitcoin-related example will help us illustrate the concepts of this strategy. What is Arbitrage and How Does it Work in Crypto Markets Crypto arbitrage trading is…

The Different Types of Copy Trading in Crypto

Are you interested in trading cryptocurrencies but feel intimidated by the complexity of the process? Copy trading is a great way to get into crypto without needing to be an experienced trader. With copy trading, investors can benefit from the experience and knowledge of more experienced traders, allowing even beginners to succeed. How does copy trading work, and which tips do you need to know to succeed? In this article, we'll explore all aspects of copy trading in crypto. What…

How to Spot an Unsafe Crypto Exchange

Cryptocurrency exchanges have become increasingly popular as they provide a platform for people to buy and sell digital assets. Unfortunately, not all crypto exchanges are safe or reliable.  With the rise of cybercrime and fraud, you must learn to spot an unsafe crypto exchange before investing your money. This guide will help beginners identify and avoid potential risks when selecting a cryptocurrency exchange.  The Role of Crypto Exchanges on the Digital Assets Market Cryptocurrency exchanges play a crucial role in…

What Is Grid Trading in Crypto?

Crypto grid trading has become a popular strategy because of its ability to help traders capitalize on market volatility. Grid trading means you can produce consistent profits by taking advantage of price differences in different markets or time frames. By establishing buy and sell orders at predetermined intervals, you can take advantage of these fluctuations in an automated way. This guide will explore the different aspects of grid trading and provide an overview of its benefits, challenges, and more. Through…

MORE ARTICLES

Tech

Introducing una Messenger: A Paradigm Shift in Blockchain Connectivity

The digital landscape is set for an unprecedented transformation with the introduction of una Messenger, the latest innovation from web3 development powerhouse Wemade. This platform represents an evolution of the "PAPYRUS Messenger," serving as the cornerstone of the ambitious "unagi" initiative, aimed at catalyzing the mass adoption of blockchain technology. The "Unbound Networking & Accelerating Growth Initiative" seeks to bridge the divides between diverse blockchain services and networks, heralding a new era of interconnectedness. A New Frontier in Blockchain Communication…

Bit2Me Champions WEMIX Token in Pioneering European Listing

Bit2Me, Spain's premier virtual asset exchange, has recently broadened the horizons for cryptocurrency enthusiasts by listing WEMIX, the cornerstone token of the WEMIX3.0 blockchain ecosystem. This marks a notable achievement as WEMIX's inaugural venture into the European market, emphasizing the token's role in facilitating a range of blockchain-based activities, from gaming transactions to decentralized finance (DeFi) applications. Launched with the intention to democratize access to WEMIX for the 450 million Spanish speakers around the globe, this strategic move aligns with…

CryptoVirally Expands with Fresh Crypto Marketing Offers and Cointelegraph Upgrades

In an exciting update for the cryptocurrency marketing landscape, CryptoVirally has announced a series of new entries and enhancements to its already comprehensive range of services. These updates, aimed at providing tailored marketing solutions for crypto projects, include new limited-time offers and expanded options for Cointelegraph publications. Limited Offers: A Game-Changer in Crypto Marketing  CryptoVirally's limited offers section presents an enticing opportunity for crypto projects to leverage high-impact marketing services at discounted rates. These offers, available for a limited period,…

Breaking Boundaries in Blockchain: WEMIX’s ‘una Wallet’ Sets New Standard for Multi-Chain Asset Management

The WEMIX Foundation has unveiled 'una Wallet,' a revolutionary digital wallet designed to offer unparalleled convenience and security in managing digital assets across various blockchain networks. The announcement, made on January 17, 2024, signifies a new era in the seamless integration of multiple blockchain protocols, including Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Kroma, Optimism, Polygon, and WEMIX3.0. 'una Wallet' is more than just a digital wallet; it represents the culmination of WEMIX's innovative efforts in the blockchain space. It serves…

MORE ARTICLES