What is Bitcoin SV (BSV)?
Bitcoin SV, short for “Bitcoin Satoshi Vision”, was created as a means of preserving and improving the original Bitcoin protocol after the Bitcoin cash fork in 2017. In this Bitcoin SV (BSV) Review, we take a closer look at the history, features and tokens of this protocol.
Bitcoin SV was launched a year later to address the Bitcoin Scalability Problem and to further increase the transaction speed and overall performance of the network.
At its core, Bitcoin and all its forks were designed to create a decentralized global monetary system and thousands of cryptocurrencies and blockchain protocols have followed the philosophies and principles of the original Bitcoin whitepaper.
Bitcoin SV was created as a true continuation of the original Bitcoin version 0.1 protocol, with significantly improved scalability to encourage mass adoption of the coin and to make it more functional.
Who created Bitcoin SV?
Craig Steven Wright has claimed to be the mastermind behind the Satoshi Nakamoto pseudonym and although the matter has been debated, what is known for sure is that he founded Bitcoin SV.
Craig was previously responsible for designing the architecture for Lasseter’s Online, which was the first-ever online casino, and he was also the information systems manager for the accounting firm, BDO Kendalls.
He is an Australian academic, entrepreneur and computer scientist, and has been employed in the fields of IT and security, with executive-level managerial experience in information security and blockchain technology.
What are the Features of Bitcoin SV?
Bitcoin SV is a highly-efficient public ledger powered by Bitcoin Scripting, which allows each transaction to be a smart contract, a crypto token or an NFT.
To further encourage mass adoption of this blockchain, Bitcoin SV has been committed to using green technology to make transactions Carbon-efficient and outranks all other cryptocurrencies on Coin Carbon Cap, currently being first on the list for Carbon per Kilobyte.
Bitcoin SV uses a proof-of-work consensus mechanism and SHA-256 data encryption, which means that blocks are mined by solving complex mathematical puzzles using computer hardware and resources.
To overcome the scalability challenges of Bitcoin, Bitcoin SV greatly increased its block size to an incredible 1TB, compared to Bitcoin’s 1MB block size and Bitcoin Cash’s 32MB block size.
This was done so that each block contains more data, which allows more transactions to be processed and currently Bitcoin SV can process 300 transactions on average, whereas Bitcoin and Bitcoin Cash cannot handle more than 120 transactions per second.
What is the BSV Coin?
The BSV coin is the ticker for Bitcoin BSV and it is primarily used for peer-to-peer payments and value storage within the Bitcoin SV ecosystem.
To stay true to the original Bitcoin protocol, there will be a maximum of only 21 million BSV coins in circulation.
How to buy BSV
Unless you are able to mine Bitcoin SV, the only other way to obtain these coins is by buying them from an exchange.
Most popular exchanges, such as Robinhood, Bitfinex and Coingate, will sell BSV.
Follow these steps to buy BSV:
Step 1: Create an account with your preferred exchange
Step 2: Follow the online application process and verify your account
Step 3: Log in to the client portal and fund your account
Step 4: Go to the exchange or P2P page (if P2P is available)
Step 5: Search for the token using the search bar and confirm the transaction
What are the best BSV wallets?
Based on research, we recommend using:
- DotWallet
- The Gravity mobile wallet
DotWallet is a mobile crypto wallet that is available in more than 150 countries and guarantees tamper-proof protection of digital assets.
It can be used to store, send and receive BSV (Bitcoin SV), BTC (bitcoin) and ETH (Ether), and it offers a variety of games and tools, with a built-in social platform to connect its community of millions of investors and traders.
The Gravity mobile wallet can be used to buy and sell a variety of crypto coins, including BSV, BTC, ETH and more, and it offers a unique asset management tool through the use of pots.
The Gravity referral program lets you get more out of your trading and all Gravity accounts are protected with AES 256-bit encryption and the option to use offline cold storage.
Conclusion
What we like most about Bitcoin BSV is that it has overcome the challenges of Bitcoin without altering the core principles of the original Bitcoin protocol.
Currently, Bitcoin SV is featured on 7 NFT projects and 10 play-to-earn gaming platforms, and is used by more than 350 companies worldwide. There are over 1,500 developers on the Bitcoin SV blockchain and more than 265 apps have already been created.
Apart from being popular in the crypto community, Bitcoin SV has committed to collaborating with Blockchain law firms to ensure that it is compliant with regulations to encourage mass adoption by enterprises, entrepreneurs and developers, and to ensure long-term sustainability.
We hope that this Bitcoin SV (BSV) Review answers some of your questions about this protocol.
Good luck with your trading!
FAQ:
What is Bitcoin SV (BSV)?
Bitcoin SV, short for “Bitcoin Satoshi Vision”, was created as a means of preserving and improving the original Bitcoin protocol after the Bitcoin cash fork in 2017.
Who is the founder of Bitcoin SV (BSV)?
Craig Steven Wright has claimed to be the mastermind behind the Satoshi Nakamoto pseudonym and although the matter has been debated, what is known for sure is that he founded Bitcoin SV.
Craig was previously responsible for designing the architecture for Lasseter’s Online, which was the first-ever online casino, and he was also the information systems manager for the accounting firm, BDO Kendalls.
What token does Bitcoin SV (BSV) use?
The BSV coin is the ticker for Bitcoin BSV and it is primarily used for peer-to-peer payments and value storage within the Bitcoin SV ecosystem.
To stay true to the original Bitcoin protocol, there will be a maximum of only 21 million BSV coins in circulation.
How to buy BSV?
Most popular exchanges, such as Robinhood, Bitfinex and Coingate, will sell BSV.
What wallets can I use on Bitcoin SV (BSV)?
Based on research, we recommend using:
- DotWallet
- The Gravity mobile wallet
