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What is Bitcoin SV? A Step-by-Step Guide?

What is Bitcoin SV? A Step-by-Step Guide?

  • 12 October 2020
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“What is Bitcoin SV” is a popular question for cryptocurrency communities as well as cryptocurrency cloud mining platforms. Bitcoin Satoshi Vision (BSV) is a cryptocurrency that was created on November 15th, 2018, as a result of the Bitcoin Cash hard fork.

It can be said that BTC SV is a peer-to-peer electronic monetary system, which according to its founders is the original version of Bitcoin. This cryptocurrency recovers the original bitcoin protocol, keeps it stable, and helps scalability.

In answer to “what is Bitcoin SV,” we should say that Bitcoin SV is a peer-to-peer cryptocurrency for the Internet that does not require any central bank or trusted Intermediary third parties to operate.

The Bitcoin Cash blockchain was divided into two completely competing parts, which are:

  • BSV digital currency
  • Bitcoin ABC digital currency or BCH ABC

The reason for this fork was that part of the ecosystem wanted bigger and faster blocks to trade, and others wanted some changes to the potential features of smart contracts.

What is BTC SV’s history?

As explained in “What is Bitcoin SV,” BTC SV or Satoshi Vision was created in late 2018 by a fork in the Bitcoin Cash blockchain. The leader of this crypto is an Australian computer scientist and businessman Craig Wright. He asserts to be Satoshi Nakamoto, the unknown creator of Bitcoin, although there are doubts in this claim.

The Bitcoin Cash community believed that Bitcoin had abandoned the main goal of creating an efficient, peer-to-peer, fully digital monetary system. So as we know, BTC SV adopted a fork to create a version of Bitcoin that focused solely on these goals. The first upgrade of the protocol, called Quasar, took place on July 24, 2019. This upgrade is mainly focused on scalability.

The price of BSV on October 11th, 2020 was USD 172.29 and it was ranking in the current CoinMarketCap platform to #17.

BSV chart on 11 October

BSV chart on 11 October

What is BTC SV mining?

The answer to the “what is Bitcoin SV mining” question is that it uses the SHA-256 algorithm, which is the same algorithm used in the BTC network. As a result, despite the large numbers of people mining through this network, using a CPU or GPU can no longer mine BSV.

Therefore, to start mining BSV, you must first purchase ASICs for this algorithm. ASICs are integrated circuits with unique applications. ASICs are specialized devices designed to optimize the digital currency mining experience. Also, the result of their use is to streamline the mining process and increase revenue.

When buying an ASIC miner, the cost, electricity consumption, and hash rate of a miner should be considered. The Antminer S17 is a suitable ASIC miner for BSV mining.

Advantages of Bitcoin SV?

As explained in what is BTC SV, there are some advantages for Bitcoin SV as following:

  • Scalability: The size of the blocks in Bitcoin SV is 128 MB, while in Bitcoin Cash it is 32 MB. The Bitcoin SV blockchain brought about increasing the size of the blocks contributes to the scalability of the network and allows more transactions.
  • Trading Fee: One of the goals of BSV developers is to minimize transaction costs. Reasonably priced and fast large-scale trading is the key to the success of this new cryptocurrency.
  • Network Development: Implementing Satoshi’s vision requires a lot of development work given the existing blockchain. Hence BSV is a chain that has undergone more changes than its rival, Bitcoin ABC.

What do you know about BTC SV’s wallet?

As mentioned in what is Bitcoin SV, the Bitcoin SV authentication is officially returned to the original BTC. The safest method to buy BSV is through some reputable exchanges that allow you to buy this cryptocurrency. For guidance, several popular digital asset exchanges, including Changelly and Bithumb are offering BSV. They are not only user-friendly but also support bank card shopping.

There are several hardware and software wallets for storing BSV coins, as below:

  • Ledger Nano S hardware wallet: Hardware wallets for storing digital assets have the highest level of security. The installation process of Ledger Nano S is very simple. This hardware wallet allows users to store, send, and receive more than 20 digital currencies including BCash (BCH), Bitcoin (BTC), Ethereum (ETH), and Bitcoin SV (BSV).
  • ElectrumSV software wallet: The name ElectrumSV is a fork of the general Bitcoin wallet “Electrum”. BSV developed and supported this lightweight software wallet officially. The good thing is that you will not need to load the entire BSV blockchain in this wallet.
  • Coinomi mobile wallet: The Coinomi Mobile Wallet supports all Windows, Mac, Linux, Android, and iOS operating systems. This wallet has a simple user interface for managing cryptocurrencies and supports more than 100 digital currencies. These include BCH, BTC, ETH, Lite Coin (LTC), and BSV.
    As mentioned in “What is Bitcoin SV,” it is based on BTC. So all the wallets that support BTC, support BSV as its fork, too.

What do you know about BTC SV's wallet?

Purpose of Bitcoin SVs?

As explained in what is BTC SV, Bitcoin SV was created after the hard fork of Bitcoin Cache. The purpose of this work was to increase the size of the blocks to reduce their transaction fees.

Currently, only parallel validation of blocks has not been performed due to scalability problems. Bitcoin SV policy is primarily focused on capacity building. The capacity increase is achieved through the size of the block, which can be adjusted in the minor, as well as performance improvements.

As explained in what is BTC SV, For Bitcoin SV to become a global digital currency, it must have a level of security commensurate with the global currency system. Hence, the Bitcoin SV project focuses on the quality assurance program of the Mining Node software.

Is Bitcoin SV secure?

Bitcoin SV will be a universal cryptocurrency. So for the future, it should be prepared to have a level of security corresponding with a universal money system. For this reason, the Bitcoin SV project has concentrated on Quality Assurance for mining node programming.

To achieve this goal, the supporting team implemented a hard set of test phases. They traced these phases throughout the many test plans. They wanted to satisfy users that changes pass through an official and hard validation process. In this case, the users will accept this coin with confidence.

The developing team announced that they will use the following cases:

  • Good management activities and QA experience teams for monitoring and surveying its QA processes.
  • Appropriate services of an industry-outstanding blockchain security survey
  • The skilled team as service providers for developing best industry practice
What is Bitcoin SV halving?

On April 10, 2020, the first halving of the Bitcoin SV coin mining bonus occurred. At halving, the number of coins rewards for miners dropped from 12.5 per block to 6.25. As a result, the income of its miners halved. The halving of Bitcoin SV occurred two days after halving Bitcoin Cache and almost a month before halving Bitcoin.

The BlockChair.com data show that at the time of halving, Satoshi Vision bitcoin hash has dropped from 3.06 exahashes/s to 1.23 exahashes/s. This greatly affected the difficulty of the network or the difficulty of the miners in processing each block, reducing it from 420 billion to 291 billion.

As explained in what is Bitcoin SV, after halving several important changes took place. After this event, the Swift Bitcoin nodes were divided into three groups, and their network was divided into three separate chains. 65% of the nodes were in the initial chain and 17% of them were in the extracted 250 MB block. Also, the remaining 19% did not update and remained in the pre-hard fork chain.

How to buy and maintain Bitcoin SV?

BTC SV is listed in major centralized exchanges including OKEx and Bitfinex. Now the top list of exchanges for doing trade in Bitcoin SV is Huobi Global, OKEx, Bitz, BiKi, and CoinBene. However, this coin is not currently available in Binance. The Binance exchange decided to remove BSV from its list in 2019 because it does not meet its standards. Of course, it is also possible to buy Bitcoin SV from decentralized exchanges such as UniSwap.

As explained in the previous section since Bitcoin SV is a bitcoin cache hard fork, which is also a bitcoin hard fork, there are many options for choosing a wallet to hold. For the Electrum SV desktop wallet, the Exodus and Atomic mobile wallets are good options. Hardware wallets do not directly support this coin, but you can use the Electrum SV to keep your coins in the Ledger hardware wallet.

What is BTC SV in the current ranking?

The price of Bitcoin SV is falling in the cryptocurrency ranking. As of January 8, 2021, the coin is priced at $ 171.15 US dollars and its 24-hour trading volume is just over $ 800 million.

At the same time, this coin is ranked 14th on the CoinMarketCap website and has a market capitalization of more than $ 3 billion, or $ 3,176,515,441.11. Its trading volume on this day is $ 1,037,401,875.50.

The highest price of this cryptocurrency was $ 441, which was reached on January 14, 2020, and the lowest price was on November 23, 2018, at $ 36.87. The number of coins in circulation and the number of coins to be created is the same as bitcoin.

What is BTC SV in the current ranking?

The future of BTC SV?

The Bitcoin SV team has a strong focus on its future goals. The team has started a risky move and wants to bring the bitcoin space closer to the goals that Satoshi Nakamoto initially set out to achieve.

The policy of this cryptocurrency emphasizes sizes the durability of the above four key issues and the team of this cryptocurrency will research and launch a transparent plan for the development of this cryptocurrency. The policy for this digital currency has now been summarized and is expected to expand over time with more details.

At the moment, it is expected that this digital currency will be a bit unstable and will probably not remain in the top ten cryptocurrencies for a long time, but if we leave aside these issues, we can say that Bitcoin SV has been a little effective.

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