bitcoincryptocurrency

A Quick Guide to Bitcoin SV

A Quick Guide to Bitcoin SV

Bitcoin, as the original blockchain protocol, has experienced numerous forks over its lifetime which have confused the layman in understanding the technology. Bitcoin SV is one of the most controversial brands in the blockchain space because it is currently under a coordinated commercial attack to suppress its superior technology. The medium of exchange for the system is a digital coin or token. In essence, Bitcoin is a triadic term that comprises a fixed protocol, a digital coin/token, and also a distributed blockchain forming an Electronic Cash System that works as a Peer-to-Peer Exchange, check out Bitcoin for beginners for more details.

The Bitcoin SV name which refers to the digital currency with the ticker symbol BSV was created on November 15, 2018. The end to the Bitcoin Hash War has officially been declared Bitcoin Independence Day.

Bitcoin SV is the version of the protocol implementation that follows the original Bitcoin Whitepaper and it is used by global enterprises as a time stamped data ledger. Bitcoin SV enables micro-transactions and functions as the world’s only micropayment network, you can send someone less than 1 penny if you like.

The SV stands for Satoshi’s Vision and originates from its supporter’s belief that cheaper fees align with Satoshi Nakamoto’s vision for Bitcoin.

History of Bitcoin SV

Bitcoin Cash was the protocol implementation that survived using the ticker symbol BCH after the Scaling War with BTC in 2017. Bitcoin SV was born out of a disagreement over the block size and technical direction of Bitcoin Cash back in 2018.

At the time, the entrepreneurs spearheading the Bitcoin Cash camp were Roger Ver and Jihan Wu of Bitmain, and they believed that Bitcoin Cash should maintain its block size of 8mb. while the Bitcoin SV camp, led by businessmen Dr. Craig Wright and Calvin Ayre, believed the block size should be increased to 128mb to deal with scalability issues in the future as the technology began to be adopted by global enterprise businesses.

This disagreement led to the hash war which entailed a battle to establish Nakamoto Consensus to determine the chain with the longest Proof of Work.

The hash war ended and Wright and Ayre helped launch Bitcoin SV, short for Bitcoin Satoshi’s Vision, with a significant increase in block size of 128mb per block. But more importantly, the technical vision of BSV is to adhere as close as possible to the original Bitcoin as described by the Bitcoin Whitepaper.

Having a larger block size helps increase the output of transactions and keep fees low.

Both protocols survived the hash war. The BCH protocol is still tinkering with their base protocol and is plagued with infighting among its supporters on the proper business road map and technical direction the technology should take in the future.

However, Bitcoin SV boasts of a passionate growing user base of people who believe it has massive potential in the future thanks to its large block size and because the original Bitcoin script language was reenabled allowing for developers to start building applications on top of the base protocol layer.

How Do I Buy Bitcoin SV?

The most popular way to purchase Bitcoin SV and most digital currency in general; is through the use of a digital asset exchange.

Digital currency exchanges are available around the world and have become much more reliable in recent years. Although; we don’t recommend leaving large amounts of tokens on any exchange, the fact remains that it is still the best way to actually buy, sell and trade Bitcoin SV.

Bitcoin SV is listed by most of the major legitimate digital currency exchanges and they are as follows:

  • FloatSV
  • OKEx
  • Bittrex
  • BuyBSV.com
  • Huobi
  • Abra
  • Poloniex

According to billionaire businessman Calvin Ayre: ‘Bitcoin SV is the real Bitcoin and is the only digital currency in the entire market that lives up to the original Sathosi Nakomoto’s vision.’

Leave a Reply