Bitcoin SV

What is Bitcoin SV (BSV)?

Bitcoin SV is a cryptocurrency also known as Bitcoin Satoshi’s vision. The coin is so named because its key goal is to achieve the goals outlined in the original Bitcoin protocol whitepaper described by Satoshi Nakamoto.. It is important to note that the price of Bitcoin SV is different from BTC or other Bitcoin forks.

In line with Bitcoin’s original goal of becoming a peer-to-peer electronic currency system, BSV also aims to ensure the scalability and reliability of the Bitcoin network. It is aimed at create a scalable blockchain platform for efficient payments and distributed data applicationsunlike BTC, which now primarily serves as an investment or store of value asset.

Bitcoin SV is capable of supporting advanced features such as smart contracts, computation, and other data use cases. This allows developers to build blockchain applications on the BSV network. At the same time, it can process thousands of transactions per second while keeping micropayment transaction fees significantly low.

In fact, the Bitcoin SV crypto project is capable of processing up to 100,000 transactions per second. Thanks to this, BSV can compete with payment platforms such as, say, VISA. It may even try to surpass payment processing capabilities while charging a fraction of the fees that VISA charges.

To achieve this goal, BSV removed arbitrary block size limits and included Script commands in addition to other technical features not found in the original Bitcoin protocol. For example, in 2021, the BSV network managed to mine up to 2 GB of blocks, while the maximum block size of the Bitcoin network is only 1 MB.

Thanks to BSV’s unlimited block size, it can be scaled without need Layer-2 solutions to meet market needs and requirements of any application or payment network.

How are these blocks arranged? Like Bitcoin, Bitcoin SV uses Proof of Work (PoW) consensus mechanism. Using this mechanism, each transaction block has a unique hash (a long string of characters). A crypto miner—the individual or organization responsible for the mining process—must provide a target hash that is less than or equal to the block hash in order for the block to be confirmed.

In other words, the miner has to solve complex mathematical equations. To do this, they usually use intensive calculations. mining equipment. The first miner to solve the equation is the one who adds that block to the blockchain and receives the block reward.

If you are interested in knowing the current price of Bitcoin SV, check out the BSV price chart above.

History of Bitcoin SV

The Bitcoin community split in two in 2017 due to scalability issues, leading to the creation of Bitcoin Cash (BCH). BCH increased block sizes and allowed more transactions to be processed. However, in 2017, the Bitcoin Cash community was divided on issues of scalability and security.

In the end, disagreements between two factions of developers over control of the Bitcoin fork led to the Bitcoin Cash hard fork. This led to the creation of Bitcoin SV.

nChain is the company that developed the BSV node software and is constantly updating it. Craig Wright, former chief scientist at nChain, has been a supporter of Bitcoin SV tokens from the very beginning. He was one of the lead initiators of the fork. Additionally, since Satoshi Nakamoto’s real identity remains a mystery, Wright has repeatedly stated that he is Nakamoto. However, this has not been proven.

After creating BSV, Wright founded the Bitcoin Association. Essentially, it is a non-profit organization that promotes the development and use of the BSV blockchain and digital currency on a global scale.

Since its launch, BSV has been a highly volatile asset. It tends to follow the same market trends as BTC. For example, in November 2021, the prices of both BTC and BSV increased, although Bitcoin SV peaked in April of the same year. In addition, the BSV coin was negatively affected by the collapse of the cryptocurrency market in the summer of 2022.

Supply of Bitcoin SV coins

Since the goal of the Bitcoin SV crypto project is to follow Nakamoto’s original vision as closely as possible, the maximum supply of Bitcoin SV tokens is 21 billion. Therefore, the asset is deflationary. Although the value of all Bitcoin forks varies, the price of Bitcoin SV is expected to increase over time, similar to the pattern of the original BTC.

One way to get new BSV coins is to become a miner and receive block rewards. Miners receive block rewards for participating in the aforementioned Proof-of-Work process.. However, in order to gradually transition miners’ dependence on these rewards and limit the overproduction of new BSV coins as they reach the maximum supply, block rewards for miners are reduced by 50% at predetermined intervals (the same as is done with Bitcoin ). ).

In addition to receiving BSV coins as a reward, you can also buy them. If you are looking to purchase Bitcoin SV coins, keep in mind that the price of BSV is subject to change based on overall market trends and asset volatility.