What is Bitcoin SV (BSV) in simple words?

What is Bitcoin SV? Creation history and team

The Bitcoin SV cryptocurrency was developed on November 15, 2018 as a hard fork of the Bitcoin Cash cryptocurrency. This coin preserves the concept of bitcoin algorithms as much as possible and ensures the scalability of the coin without introducing innovations. "BSV" stands for Bitcoin Satoshi Vision. In translation, it sounds like “Satoshi’s ideology”, that is officially recorded in the white papers of Bitcoin.

As many sources write, autumn 2018 was a turning point for the Bitcoin Cash team and practically forced it to split into two groups that had completely different views on the further promotion of existing crypto coins, as well as the creation of new ones. Since a compromise was not found, as a result of this, this hard fork appeared on block with number 556767.

The developers of this coin decided to keep the ideas of previous coins such as BTC and BCH. The key priority criteria were low commissions for transactions, favorable conditions for investment and mining, network scalability and maximum security for each user.

As for improvements, the new hard fork has the function of performing exchange operations without the participation of crypto exchanges, directly between blocks. It was also planned to expand the blocks to 128 mb.

The bsv coin project is powered by additional factors such as the permissions and software standards of the University of Massachusetts and the joint modern ideas of the CoinGeek Mining and nChain development teams. The total experience of developers is more than 90 years in the field of IT. The position of the head and technical director is occupied by Steve Shaiders, and the billionaire and businessman Calvin Eyre and Craig Wright are responsible for the marketing part, that is, supporting customer interest in the project and the coin.

What is the difference between Bitcoin (BTC) and Bitcoin SV?

When exploring the difference between the two coins: the new Bitcoin SV and the old Bitcoin (BTC), it is important to mention a few key aspects:

• The main problem of Bitcoin was the scalability of the network, as there were some restrictions on block sizes (up to 1 MB). Due to the increase in clients, and, accordingly, exchange transactions, the time for their processing and successful completion began to be delayed. As a result, the entire system froze because the rate of formation of new blocks exceeded their initial production. In order to solve the problem with the speed of information transfer, the developers expanded the block size, first to 8 mb, and then to 32 mb. The team plans to increase this capacity to 2 GB.
• The Bitcoin CB fork will also have a new feature for conducting transactions without additional confirmations, which will allow customers to make financial transactions quickly and without unnecessary obligations. Some experts believe that such an upgrade could leave the system vulnerable to external factors and double costs.
• The new fork is a reliable payment system that conducts exchange transactions between two clients, excluding the participation of third parties in this. The Bitcoin SV peer-to-peer system allows each chain of the network to be equal and unique. This prevents duplicate transactions and provides maximum protection for the privacy of user data.
• The team considers this cryptocurrency solely as a means of payment. Here the errors of past developments and shortcomings will be eliminated. The new fork will not feature smart contracts or other decentralized applications or offerings.

How Bitcoin SV works

As everyone already knows, the algorithm of the new fork is similar to the principle of the old one. The Bitcoin blockchain includes an information database registry of the entire system. Each of the blocks has a unique name that cannot be faked, but is easy to distinguish from the previous and future blocks.

The principle of operation of the blocks consists of the following points:

• the transaction is displayed on each node;
• each of the nodes transmits financial transactions to the block;
• the block accepts and checks the validity of the information;
• after the successful acceptance of the information, the creation of a full-fledged and unique block begins using the hash of the old one.

Sometimes it happens that two chains simultaneously transmit different information to the block. In this case, the block first processes the information that came first, and then others. After analyzing all the chains, the block chooses the longest. The correct and reliable chain in the block is often the longest, as a result, the system starts the process of its further expansion, supplementing it with other chains.

Pros and Cons of Bitcoin SV

The key positive aspects of the Bitcoin SV crypto coin are:

1. Bitcoin SV receives constant interest from crypto fans and traders, which significantly increases the growth dynamics of the coin. Since the coin is currently in the top cryptocurrencies by market capitalization, this increases its value and adds liquidity to the cryptocurrency.
2. Analysts believe that mining Bitcoin SV is a good income for many users. This can be as relevant as possible now, when the price of Bitcoin is reduced, and miners are looking for all sorts of options to increase their cash reserves through coin mining equipment.
3. The developers and organizers of the project are constantly working on its improvement and development, and if all the plans of the team can be translated into reality, then over time the value of the coin will increase significantly.

Despite the positive aspects of Bitcoin SV, it also has negative aspects, like all other coins:

1. Many are of the opinion that Bitcoin SV completely copies its predecessor and is not yet able to become in one position with Bitcoin, as there is a large level of competition.
2. A rather controversial situation regarding the founders of the project, because one of them was previously known for his false promises, and the other for his desire to cash in on clients' money.
3. High level of volatility of Bitcoin SV. After analyzing the coin rate over the past month, one can observe a rather unstable situation in the price, which casts doubt on the credibility of the coin on the part of miners, investors and users.

Mining BSV coin

It is worth noting that when developing BSV, emphasis was placed on a favorable environment for coin mining. Simply put, the cryptocoin was supposed to provide users with the opportunity to earn more on mining than is possible in Bitcoin Cash. Bitcoin SV mining is available to absolutely every user on special ASIC equipment (a prerequisite for which is support for the SHA256 algorithm). To mine the coin, a private pool called SVpool was created. This pool does not provide for the collection of commissions for exchange transactions, and also pays out rewards every day. The pool's main servers are located in Europe and China. Also, coin mining is available on a well-known pool called Coin Geek.

How can I get, buy or sell Bitcoin SV?

Users can get hold of the BSV cryptocurrency in several ways:

• by mining on ASIC and GPU devices;
• as a result of acquisition on exchanges or exchange platforms;
• through participation in the development of the platform, for which a cash reward is paid in the form of BSV coins.

Since the Bitcoin SV coin has long been accepted by the world's top exchanges in the digital market, today the coin is available for trading on such well-known platforms:

• Poloniex;
• Upbit;
• Binance;
• Bittrex;
• OKEX;
• Gate.io
• Coinbase;
• Kucoin.

Prospects and forecast of the coin

For many years, BSV has been at the top of the cryptocurrencies by total market cap of the digital market, as a result of which a lot of people are interested in this coin. Despite the fact that the bitcoin sv rate is quite volatile, the coin has already managed to acquire regular customers who trust it.

The project has every chance for further development and it may even replace the Bitcoin platform if its leaders fulfill all the promises made and the goals set.