What Is Bitcoin SV (BSV) How It Works & Where To Buy It?

Bitcoin SV (BSV) is a hard fork of Bitcoin Cash – the fork took place in 2018. The protocol envisioned that Bitcoin SV would be a technological advancement on the original Bitcoin protocol.

Bitcoin SV (Satoshi Vision) is predominantly focused on improving transaction speeds and solving scalability issues – the creator of Bitcoin SV, Craig Wright, claims to be Satoshi Nakamoto.

BSV is currently the 57th largest cryptocurrency in the world by market capitalization.

How Bitcoin SV (BSV) Works

When trying to understand how Bitcoin SV works it’s important to first understand why individuals felt there was a need for Bitcoin forks.

The most fundamental issue that most individuals see with Bitcoin is scalability – the network’s processing capabilities are constantly being tested and the transaction speeds are much slower compared to alternative blockchains.

Currently, the Bitcoin blockchain can process around 5 transactions per second – whereas competitor blockchains like Solana are currently processing more than 3,000 transactions per second.

Essentially, changes facing the Bitcoin network could only be ”improved” by forking Bitcoin, Bitcoin Cash blockchain was created in 2017, and the block size was adjusted to improve scalability.

However, many individuals and developers felt that Bitcoin Cash (BCH) did not effectively sustain the integrity of the Bitcoin protocol – even though transaction speeds had improved more than 20x, and the efficiency of the blockchain was optimal.

Next, came the Bitcoin SV blockchain, a fork of Bitcoin Cash (a fork of the original Bitcoin blockchain). The main reason Bitcoin SV was created is that Craig Wright believed that any alterations to the original Bitcoin Protocol, beyond block size adjustments, were not what Satoshi Nakamoto envisioned for Bitcoin.

The Bitcoin SV community is of the mind that the Bitcoin SV blockchain is the only true continuation of the Bitcoin protocol.

From a technical perspective, the Bitcoin SV network claims to be able to process an average of 300 transactions per second and has processed up to 9,000 transactions per second. The advanced scalability is achieved by increasing block sizes exponentially, which is initially restrictive in the original Bitcoin protocol.

Bitcoin SV has made multiple upgrades to the blockchain to achieve improved transaction speeds and block size enhancements. The most notable upgrade was the Quasar Protocol upgrade (block cap increase to 2GB).

What Is Bitcoin SV (BSV) Used For?

The Bitcoin SV network is used similarly to other networks – for payments, and transfers and the BSV coin is the native cryptocurrency of the network.

BSV, by the Bitcoin Association, is a forked version of the original Bitcoin protocol. The Bitcoin SV price is determined by the community’s demand for the cryptocurrency, its user adoption, and how popular the network is.

The Bitcoin Satoshi Vision (BSV) token is swing or arbitraged traded on multiple exchanges because it has daily price fluctuations. The volatility of BSV makes it favorable to trade.

BSV is one of the most popular forked bitcoin projects and the blockchain technology used in the BSV protocol is seen as an improvement to Bitcoin by the BSV community.

The BSV blockchain network has faster transactional finality, can process more transactions than bitcoin, and has a scalable block cap – these adjustments have garnered the BSV blockchain a significant amount of attention in the crypto space.

Where To Buy Bitcoin SV (BSV) Tokens

BSV tokens are frequently traded on popular cryptocurrency exchanges around the world. BSV like other Bitcoin projects has attracted many Bitcoin maximalists to the project, these individuals have had a key part in bolstering BSV trading activity and adoption.

BSV tokens can only be purchased after an individual has deposited fiat money onto an exchange. Following this action, BSV tokens will then be credited to the relevant BSV digital wallet on the exchange.

The crypto exchanges below are the safest place where you can buy, sell and store BSV tokens.

1. Gate.io
2. HTX
3. KuCoin
4. Binance
5. Crypto.com

BSV token trading volumes are the highest on KuCoin and frequently exceed $1 million in any given 24-hour period. Individuals seeking to trade BSV tokens should choose an exchange with higher trading volumes because this is indicative of good liquidity.

About Bitcoin SV (BSV)

How long has Bitcoin SV (BSV) existed?

Bitcoin SV was initially created by Craig Wright on November 15th, 2018. The creation of Bitcoin SV is linked to Wright’s opinion that Bitcoin Cash wasn’t sufficiently scalable – presenting a need for Bitcoin Satoshi Vision.

After BSV launched and went on to see extreme price appreciation in the following days, reaching highs of $208 before plummeting down to $40 by December 2018.

The current bearish sentiment in the market has affected most cryptocurrencies, and BSV is among the affected currencies which have seen dramatic price declines since declines from their all-time highs. BSV token is currently trading at $55 as of May 2022.

BSV achieved its highest market cap of $8,26 billion in April 2021. BSV is one of the top 100 largest cryptocurrencies in the world by market capitalization at the time of writing.

What’s controversial about Bitcoin SV (BSV)?

There’s always controversy surrounding certain aspects of any crypto project.

Let’s take a look at the top controversy surrounding Bitcoin SV (BSV):

• Founder Claims To Be Satoshi Nakamoto – Craig Wright, the founder of Bitcoin SV, claims that he is Satoshi Nakamoto. Though, he has been unable to justifiably prove that he is Nakamoto – this has led to the majority of people in the crypto space questioning his credibility as a founder.

  The true identity of Satoshi Nakamoto (the creator of Bitcoin) is unknown and many people have claimed that they are Satoshi Nakamoto. Wright’s claim has led to the BSV protocol receiving a significantly negative connotation in the crypto space.

How many Bitcoin SV (BSV) Tokens tokens are there?

At the time of writing, BSV has a circulating supply of 19,062,257.89 BSV

The total supply of BSV is 19,062,258

The max supply of BSV is 21,000,000

Can Bitcoin SV (BSV) be mined?

BSV is a mineable cryptocurrency. Bitcoin SV blockchain, like Bitcoin, uses a proof-of-work consensus algorithm which means that the cryptocurrency is mineable.

Mineable cryptocurrencies require validators’ computing power to secure the network. BSV can be mined with a mining rig and the difficulty of mining BSV is significantly lower than the difficulty of mining Bitcoin.

Additionally, there are some centralized exchanges that offer staking rewards for BSV holders that lock up their tokens for a certain duration.

What is the market cap of Bitcoin SV (BSV)?

The market cap of Bitcoin SV (BSV) is:

Bitcoin SV (BSV) market cap = total amount of coins in circulation x current market price of BSV.

Bitcoin SV (BSV) Market Cap = 19,062,257.89 BSV x $55,15 = $1,05 billion (57th largest market cap)

The market cap fluctuates according to circulating supply and market price.

Biggest Competitors Of Bitcoin SV (BSV)

The Bitcoin SV project was established because there was a fundamental need to fix the scalability issues that Bitcoin faces. The creation of the project was met with a great deal of criticism from many and a great deal of enthusiasm from others.

Since launching, the Bitcoin SV has made numerous alterations and upgrades that have allowed the blockchain to achieve improved transaction speeds and an optimized block scalability mechanism.

However, the project remains a fork of the original Bitcoin blockchain and its purist community believes that any further alterations and upgrades would oppose the vision Satoshi Nakamoto had for Bitcoin.

Bitcoin SV’s top competitors are:

• Bitcoin
• Polkadot
• Bitcoin Cash
• Solana
• Ethereum
• Cardano

What are the future plans for Bitcoin SV Blockchain and BSV token

The Bitcoin SV team has announced its intention to keep improving scalability on the Bitcoin SV blockchain. It is currently running a multitude of tests on its Gigabit Testnet (GBTN) to increase the speed and capacity of transactions on the network.

The success of the project relies on the BSV community growing in size and the BSV token growing as a cryptocurrency that people want to use. At the moment, there is a lack of support for the project and many are deterred by the project’s founder, Craig Wright, who claims to be Satoshi Nakamoto.

However, the transaction speeds of the BSV network by far exceed the capabilities of Bitcoin and this can be seen as a very positive stride forward.

Pros And Cons Of Bitcoin SV Blockchain And BSV Token

Pros:

• Faster Than Bitcoin – The upgrades made to Bitcoin SV have allowed the network to run faster than the Bitcoin network.
• More Transactions Per Second (TPS) – Bitcoin SV is capable of handling 1,000s of transactions per second according to reports from its Gigabit Testnet.
• Low Supply – The max supply for Bitcoin SV is only 21,000,000. The supply is the same for Bitcoin – this low supply means that BSV tokens are more scarce than cryptocurrencies that have a much larger supply.
• Mineable – The Bitcoin SV blockchain uses a proof-of-work consensus algorithm which means that miners can earn BSV.

Cons:

• The Founder – Craig Wright claims to be Satoshi Nakamoto but he is unable to sufficiently prove that he truly is Nakamoto. This had led to significant backlash from people in the crypto space, calling him a fraud. This has tarnished the credibility of the BSV project.
• Bitcoin Fork – The BSV protocol is a fork of Bitcoin and most individuals don’t consider it to be anywhere near as credible or secure as the original satoshi protocol.