What is Bitcoin SV (BSV)? – Is this Satoshi Nakamoto’s true Bitcoin? =

“Bitcoin SV (BSV) is the original Bitcoin (BTC)” . Those are pretty heavy words that create high expectations. But caution and modesty are also not the words you will see much in the Bitcoin SV (BSV) story. Struggle, hatred and envy are all the more appropriate for the life of Bitcoin SV that first saw the light of day in 2018.

A coin that is removed from an exchange platform due to the misconduct of the designers, of course, soon has a dubious reputation. But this coin is also surrounded by positive rumors.

Because despite the illustrious stories about Bitcoin SV (BSV) and its designers, the coin is traded on various exchanges worldwide. So there is really a bit more going on here than just an exciting story that you can follow like a crypto dynasty soap opera. For example, the coin is already quite firmly in the top 30, reaching the value of just over $354 in April 2021. Bitcoin SV blockchain is also used by various developers within their transaction systems. So there are plenty of investors and developers who leave the quarrels for what it is and believe in the currency. So it is high time to get acquainted with this coin and find an answer to the question: What is Bitcoin SV (BSV)?

Photo header: Diego Loppolo/Shutterstock.com

Watch this short video if you want to learn more about Bitcoin SV quickly:

 

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  • View quickly
    • What is the Bitcoin SV (BSV)?
      • What is a suitable wallet for the Bitcoin SV (BSV)?
      • What is the story behind Bitcoin SV?
      • Technology
      • Nakamoto Consensus Algorithm
      • tokens
    • Who are the people behind Bitcoin SV? – The team and the founders
    • What is the criticism of Bitcoin SV (BSV)?
    • roadmap
    • Development of the market
    • How to buy Bitcoin SV?
    • Conclusion

What is the Bitcoin SV (BSV)?

Santoshi’s Vision. That’s what the letters SV behind Bitcoin stand for and that’s what this whole coin is all about. According to the designers, the current Bitcoin (BTC) no longer fulfilled the idea from which Bitcoin was created. This was to make transactions via a peer-to-peer cash system, safely and without too much cost. Bitcoin was once supposed to become the new payment. According to the critics behind Bitcoin SV, it is now becoming a means of savings that is hoarded in wallets. Especially when there is a lot of transaction traffic, the transaction speed is slow and the costs are high. Bitcoin SV is now more Bitcoin than Bitcoin itself, according to the developers, making it the true Bitcoin.

Screenshot bitcoinsv.com

What is a suitable wallet for the Bitcoin SV (BSV)?

Already curious in which wallet you can best store Bitcoin SV? On the site of BuyBSV, a consumer-friendly site to buy the coin, it is neatly explained what the various options are for using it as a wallet. There are five wallets mentioned by BuyBSV to store your Bitcoin SV coins:

  • Centbee – According to the site, this is a user-friendly wallet, quick and easy to purchase.
  • Electrum SV – This wallet is dedicated for the storage of Bitcoin SV.
  • HandCash – This is also a wallet that can only be used for Bitcoin SV.
  • MoneyButton – This wallet for Bitcoin SV works like Facebook’s “Like” button. You operate the MoneyButton with the same ease with which you give a like. According to BuyBSV, this wallet is easy for developers to place on a site or app for transactions.
  • RelayX – For both businesses and consumers, according to BuyBSV.com, this is a handy wallet that allows you to make transactions anywhere, anytime.

What is the story behind Bitcoin SV?

Bitcoin SV (BSV) was born out of a disagreement over ideals. The coin’s creation process is somewhat like a war between different dynasties, a kind of “Game of Coins”. Bitcoin is the royal heir, which contains the original DNA with the blockchain cryptology. Bitcoin Cash (BCH) and Bitcoin SV are the heirs to the throne born of struggle. The developers of Bitcoin SV themselves also talk about the “Scaling Battles” or the “Hash War” in their origin story of the crypto coin and that sets the tone nicely.

Bitcoin Cash (BCH) first emerged due to a disagreement within the Bitcoin community over the SegWit protocol upgrade. Most of the Bitcoin community believed that this update would improve the network’s capacity. But there was also a small group that thought that the block size should be adjusted for this.

The reason why there were calls to adjust the block size has everything to do with the influence of this on the transaction speed. The block size is the size of a block, or the amount of transaction data that a block contains. This amount, combined with the block generation speed, determines the number of transactions per second. This TPS indicates what the blockchain network can trade. The larger the block size, the more transaction speed can be created.

From this point of view, it is therefore not surprising that there were advocates within the Bitcoin community for enlarging the blocks. The blocks-increase-or-not discussion eventually led to a hard fork, a fork with Bitcoin Cash (BCH) as a result. Bitcoin Cash (BCH) then continued as an altcoin.

But a new dispute soon arose within the separated community as well. Again it was about the block size. There was a group that thought that the block size should remain 32 MB, the opponents disagreed. They thought that the size of the block should be 132 MB. This difference of opinion was the reason for the hard fork from which a new token was created: Bitcoin SV was a fact.

Screenshot bitcoinsv.com

Technology

An unlimited block size that can provide the necessary transaction speed is one of the features that sets Bitcoin SV apart from the rest of the Bitcoin family. Of course, Bitcoin SV also has many of the same features, since its base is Bitcoin. Bitcoin Cash and Bitcoin SV share the same genesis block, so their history is the same until the Bitcoin SV hard fork in November 2018.

Nakamoto Consensus Algorithm

The Nakamoto Consensus Algorithm is a control system that works on the basis of agreement. This makes Bitcoin unique in terms of transaction security. Bitcoin SV also uses this consensus algorithm. In a decentralized environment, the Nakamoto consensus algorithm ensures that transactions are immutable and untouchable in the blockchain. The advantage of this “trusted and distributed” system is that a transaction can take place without the need for a third party, such as a bank. The consensus is a Proof-Of-Work protocol. This is a requirement for the calculations (mining) to be performed to create a new group of trustless transactions on the blockchain.

The Proof-of-Work protocol makes an attack or alteration of the transaction data impossible. The Nakamoto Consensus Algorithm is the basis of Bitcoin and therefore also that of Bitcoin SV.

tokens

Bitcoin SV is of the token type SHA-256. SHA stands for Secure Hashing Algorithm. This secures the blockchain. These HASH algorithm produce irreversible unique hashes. These are used for cryptographic security. Because a hash works like a digital fingerprint, unique and impossible to imitate.

Of the Bitcoin SV, there are a total of 210,000.00 tokens. Of these, 187,031.64 are in circulation in 2021.

Who are the people behind Bitcoin SV? – The team and the founders

The founders of Bitcoin SV (BSV) are Calvin Ayre and Dr. Craig Wright. The latter in particular is an illustrious figure in the crypto currency world. Wright claims to be the mysterious Satoshi, the founder of Bitcoin. His evidence for this is not yet convincing to everyone. But that makes the firmness with which he clings to his claims all the stronger.

Wright even offered a reward in 2019 to whoever could provide proof that he was not the Satoshi and wrote the famous white paper, the blueprint of Bitcoin. In January 2021, Dr. Craig Wright announced that he would claim the copy rights of the white paper. With this he wants to ensure that a number of sites connected to the Bitcoin development team can no longer publish the white paper. The aim was to prevent these sites, and therefore the Bitcoin development team, from appropriating Nakamoto’s legacy.

While not everyone is convinced that Wright is Satoshi, there are those who believe Wright. The Australian scientist who lives and works in London certainly has the right background to be the true Satoshi. The technology behind Bitcoin SV also supports this claim.

Besides Wright, Calvin Ayre is the big name behind Bitcoin SV. He is also the founder of investor group Ayre Group, which invests in real estate, content creation and publishing in addition to crypto. Ayre has invested in several innovations that build on the Bitcoin SV blockchain.

In 2021, an international team of more than 50 people will work on the further development of the coin. The developers work from the UK, Australia, Slovenia and the US. The development leadership team consists of 6 members. This is also an international company with renowned names.

nChain is acting as an advisor in the development of Bitcoin SV. This organization is a specialist in developing solutions based on blockchain technology. It is certainly no coincidence that Wright is also employed here as chief scientist. He is also the founder of the organization.

Screenshot bitcoinsv.com

What is the criticism of Bitcoin SV (BSV)?

Is there also criticism of the Bitcoin SV? The most notable resistance to the coin has more to do with the developer’s reputation than the coin itself. In particular, the battle between Bitcoin SV and the other “relatives,” Bitcoin and Bitcoin Cash, is sometimes vicious. The Australian crypto exchange Independent Reserve has even banned Bitcoin SV from the platform because of the indecent behavior of the founders. This would be harassment and intimidation towards Bitcoin developers. Bitcoin SV was therefore tradable on the crypto exchange until March 28, 2021. Bitcoin SV is the evil brother in the Bitcoin dynasty soap opera. It remains to be seen what this reputation will do with the further development of the altcoin.

There is also something to be said about the idea about the block size “The bigger, the better”. For example, it is questionable whether Satoshi had unlimited block size in mind when he wrote the famous white paper. He explicitly adds 1 MB as a block size measure in the description. This also makes you wonder if Wright is Satoshi. He now claims that Bitcoin SV is the true Bitcoin, while the idea of unlimited block size deviates from the original idea that he himself would have come up with.

An enlargement of the blocks does not only have advantages. Larger blocks make the use of full nodes, the computers in the blockchain network, more expensive. This hinders decentralization. Because this makes it more difficult to run a node and no longer possible for everyone. The question is whether this was what Satoshi wanted when he wrote the white paper.

roadmap

The important milestones in the development of Bitcoin SV are:

Hard Fork – Bitcoin SV came into existence in November 2018. The block size adjustment was the reason for the hard fork. The block capacity was increased to 128 MB. In addition, some upcodes of the original bitcoins implementation were restored.

Quaser protocol upgrade – The next upgrade was done in July 2019. Then the Quaser code was implemented. This increased the block capacity to 512 MB.

Genesis protocol upgrade – On February 4, 2020, the second upgrade was made under the codename Genesis. The developers gave this name because the upgrade was a return to Bitcoin’s original protocol. It also provides further scaling so that the block becomes unlimited. Miners can control everything without the intervention of the developers. The transaction costs are lower due to this latest upgrade and the (TPS) transaction per second is more than 2800 on the regular net and more than 5500 on the scaling net test. With the following 4 adjustments, Bitcoin SV returned to original protocol:

  • Fix the OP_RETURN Functionality – This makes it easier and faster for script developers to finish the scripts
  • Increase of The Script Numeric Type To Big Numbers – This adjustment makes the complex calculations easier
  • Revoke P2HS for New Transactions – With Revocation of the Pay 2 Hash Scripts, Bitcoin SV Has Better Privacy Practices
  • Fix nLockTime and nSequence – Allows high-speed micro payments to be made

Development of the market

The Bitcoin SV (BSV) first traded in 2018 for just over $88. Bitcoin SV reached an all-time high of over 335 in February 2020 just after the launch of the latest upgrade. In March 2020, when everything in the crypto collapsed, Bitcoin SV also fell to a low of $115. But since this low, the coin has shown steady growth in value, alternating with periods of lower volatility and volumes.

The market cap is over 5 billion in April 2021. This is not the largest market cap Bitcoin SV has seen in its tumultuous history. In January 2020, the coin reached a market cap of no less than 6.7 billion. This fell quite suddenly in March of that year to just under 2 billion. Since then there has been a reasonable upward trend, with somewhat smaller fluctuations in the market capacity in the autumn.

In both the market price development and the market cap, you clearly see a sudden uptick around the dates of the upgrades in 2019 and 2020. This then partially collapses and then continues to climb upwards. This indicates that there is confidence in the development of the Bitcoin SV.

How to buy Bitcoin SV?

Bitcoin SV is offered on various trading platforms. Bitvavo is an example of this. This platform is mainly used by many Dutch and Belgian crypto traders. At Bitvavo you can start trading cryptocurrency quite easily. A Bitvavo account is quick and easy to create. Don’t forget to save your password and username!

Conclusion

Bitcoin SV (BSV) is a coin that will not easily be overlooked, the developers will take care of that. Wright is a controversial figure in the crypto world as a creator and Bitcoin SV’s reputation is tied to this. But just as Wright is more than some strong statements, behind the Bitcoin SV is a well thought-out technology that seems to live up to expectations. A coin created from such an outspoken ideal as that of the creators of Bitcoin SV has, in addition to haters, also fanatical fans and an active community.

Do you want to know more or do you want to say something about Bitcoin SV or other altcoins? We’d love to hear from you on our AllesOverCrypto Facebook group!

 

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