What is Bitcoin SV? (BSV)
Bitcoin SV (BCHSV or BSV) is a fork of Bitcoin Cash that was split off from the BCH network on November 15th, 2018. Its goal is to bring bitcoin back to its original design and purpose as outlined by Satoshi Nakamoto in the original Bitcoin whitepaper.
History of Bitcoin SV
Founded by Craig Wright and backed by Jimmy Nguyen and Calvin Ayres, Bitcoin SV had a contentious beginning, designed as an alternative version of Bitcoin Cash (BCH) that would reject changes being implemented into a network hard fork. Wright and others saw the new changes as straying BCH away from its original goal of acting as a form of digital cash. Less than two weeks after the fork, it was apparent that Bitcoin Cash and Bitcoin SV had gone their separate ways, no longer backwards compatible or capable of being re-integrated into one another’s chain. By early December, most major exchanges had accepted both coins as legitimate, with the original version of Bitcoin Cash retaining the BCH symbol, while Bitcoin SV would use the BSV (or BCHSV) symbol for trading.
How Bitcoin SV Works
Much like BTC or BCH, BCHSV is a proof of work coin with a SHA256 algorithm. It has ten minute blocks that are added to the blockchain by miners, who are in turn given a coin reward for successfully adding a new block to the chain. Unlike BTC, it features blocks up to 64 MB in size (compared to BTC’s 1 MB blocks), potentially allowing for a greater degree of scalability, as more transactions can be fit into one block, and thus each transaction can be confirmed faster on average than with BTC. Unlike BCH, it does not restore OP (operational procedure) codes that were reactivated in the new BCH hard fork (the resulting version known as BCH ABC for the period of about 2 weeks after the fork), which are intended to give BCH Ethereum- and “oracle”-type properties. Bitcoin SV also restores the Satoshi OP codes – not used in BCH – which allows it to enjoy features found in BTC and Ethereum, such as smart contracts, tokenization and atomic swaps.
Why Should I Buy Bitcoin SV?
As compared to Bitcoin Cash (and in some ways, BTC), Bitcoin SV offers a few benefits as a cryptocurrency that aims to be ready for adoption on a widespread, global scale. Some of these include:
- By sticking with code found in the Bitcoin Core client and not injecting any new features which could eventually result in vulnerabilities (as is thought to be the case with recent changes to BCH), Bitcoin SV enjoys the time tested stability of Bitcoin Core by only employing code known to have a superior track record.
- By increasing the block size limit to 64 MBs, Bitcoin SV has a tremendously increased transaction-per-second capacity as compared to both BTC and BCH. Contingent on its successful adoption, it has plans to increase the block size limit to 1 GB, and if need be, do away with block size limits altogether.
- Bitcoin SV employs rigorous Quality Assurance testing to make sure that it is ready for global adoption, offering a significant bug bounty program that matches the likes of Microsoft and Google in order to encourage independent developers and software engineers to find and report bugs or inconsistencies in the Bitcoin SV client software.