Bitcoin SV is a cryptocurrency resulting from hard forks of Bitcoin Cash in block No. 556767 on November 15, 2018. SV stands for “Satoshi vision”.
How did Bitcoin SV appear?
Bitcoin SV was the result of hard forks Bitcoin Cash. At the same time, Bitcoin ABC (BCHABC) appeared under the auspices of Roger Vera. The development of Bitcoin SV took up Craig Wright. He considered the problem of scalability and increased the block size to 128 MB. Craig Wright announced that he is Satoshi Nakamoto, and his cryptocurrency is a real Bitcoin.
Bitcoin SV Features
From a technical point of view, Bitcoin SV is the same Bitcoin Cash with increased block size. This factor increases the capacity of the network, as well as its scale. Innovations (smart contracts, decentralized applications) contradict the “true Bitcoin,” so Craig Wright refused them. He did not support the latest network update, which is why the cryptocurrency differs from its previous versions.
- Transaction costs. One of the goals of BSV developers was to minimize transaction costs — affordable and fast transactions on a large scale are key to the success of a new cryptocurrency.
- Network development. Implementing Satoshi’s view of the existing blockchain required a lot of development work. Therefore, Bitcoin SV is a chain that has undergone more changes than its competitor, Bitcoin ABC.
Bitcoin SV Storage
Bitcoin SV wallets are available on the official website of the network. There is a list of reliable services, such as Electrum, Atomic Wallet, Coinomi, Bitpie, Exodus. Besides, users can claim hardware wallets, such as Ledger.
Buying Bitcoin SV
Cryptocurrency is represented on most popular exchanges, including HitBTC, Upbit, Bittrex, Bitfinex, Bithumb, and OKEx. Trading on some sites was suspended due to a conflict in the cryptocurrency community. Delisting held Kraken and Binance.
Conflict with the cryptocurrency community
Delisting on major exchanges
Binance chief Zhangpeng Zhao criticized Craig Steven Wright for self-proclaiming Satoshi Nakamoto. At the same time, representatives of the stock exchange decided to split Bitcoin SV from their stock exchange. Following the Binance cryptocurrency chose to get rid of Kraken. The asset disappeared from the exchange after polling users, “Do I need Bitcoin SV?”: 70% of users declared cryptocurrency to be unprofitable.
Bitcoin SV and Bitcoin ABC standoff
In this “war of forks,” the brainchild of Wright loses much: both in price and in audience coverage, about 70% prefer BCHABC.
Prospects for the development of Bitcoin SV
The plans of Craig Wright include an increase in the block four times: from 128 MB to 2 GB. However, the authors did not submit any global client updates.
Since Craig Wright copyrighted the bitcoin code and his white paper, the BSV rate jumped from $ 62 to $ 108. Predicting the BSV rate for the near future is almost impossible because the cryptocurrency has a very ambiguous position in its field.
This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License.