Cryptocurrency

Bitcoin SV: A look into the notable Bitcoin fork

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Since the launch of Bitcoin in 2009, the world of cryptocurrencies has changed dramatically. Various digital assets have emerged and made a difference in the global monetary system and among these are Bitcoin forks that stem from the original Bitcoin blockchain. 

As of today, the three most notable Bitcoin forks are Bitcoin XT, Bitcoin Cash and Bitcoin SV cryptocurrency. Find out what separates Bitcoin SV from its counterparts right here at BTC Post!   

An introduction to Bitcoin SV

In 2017, the Bitcoin blockchain ‘forked’ into two separate chains, creating Bitcoin Cash (BCH) that has a higher block limit than its predecessor. The original Bitcoin chain adapted Segregated Witness (SegWit) to fasten the mining process while Bitcoin Cash increased the block limit to 8 MB to solve scalability issues.

However, in 2018, the Bitcoin Cash community wanted to further increase the block limit to 32 MB. A faction led by Australian computer scientist Craig Wright opposed this move, resulting in the creation of Bitcoin SV (BSV) which stands for Bitcoin Satoshi Vision. The BCH blockchain carried on with the block increase while BSV retained the 18 MB limit.

Difference between BCH and BSV

Bitcoin Cash is the result of a hard fork of the original Bitcoin blockchain to establish a solution over scaling disputes. For the Bitcoin community, the implementation of the SegWit update is enough to improve the processing on the Bitcoin blockchain. Meanwhile, the other group believed that by increasing the block size, better scalability will be achieved. Other than the block size, Bitcoin Cash works the same as Bitcoin.

On the other hand, Bitcoin SV is the product of a hard fork from Bitcoin Cash over the proposed technical updates in the BCH network. The proposal includes the Canonical Transaction Ordering (CTOR) which requires each BCH transaction to be positioned in a particular order. The other update included in the proposal is the OP_CHECKDATASIG which will offer noncash transactions, giving BCH a smart-contract capability.

The BCH community argued over the proposed updates, stating that they weren’t secured enough and will only change the use of Bitcoin as virtual currency by offering noncash transactions. 

In the end, a part of the BCH community split from the group and created their blockchain from the Bitcoin Cash network. 

While both Bitcoin Cash and Bitcoin SV claim to be true to Bitcoin’s original idea of an electronic payment system with minimal fees, they haven’t lived up to Bitcoin in terms of market cap. However, what makes them appealing to the crypto community is the ability to process more transactions cheaply in a shorter time than Bitcoin. 

Bitcoin SV today 

Since the launch of Bitcoin SV in 2018, the Bitcoin fork has undergone various changes to stay true to its goal of restoring the original Bitcoin design. In February 2020, Bitcoin SV launched the Genesis update to eliminate all limitations on the Bitcoin protocol such as limits on transaction size, script size, multi-signature usage, block size and more.   

Software developers can now develop numerous apps on top of the BSV blockchain, which features a reliable protocol and a blockchain with infinite block sizes.

What to look forward to in Bitcoin SV

Bitcoin SV’s system is composed of four pillars to provide users with an impressive and accessible cryptocurrency. Here are the features of Bitcoin SV:

Stability 

Bitcoin SV’s goal is to provide assured stability for users to achieve faster transactions in the network. This allows businesses to operate on Bitcoin SV without any stability issues. With a few changes to restore Bitcoin’s original protocol design, Bitcoin SV will not only achieve a stable base protocol but also allow innovation on top of it.

Additionally, with the Bitcoin protocol restored, businesses can implement numerous solutions including smart contracts, tokenization, atomic swaps and others while operating on the Bitcoin SV network. 

Scalability  

A high volume of transactions is a must to become a thriving global monetary system. In Bitcoin SV’s case, having a capacity of 2,800 transactions per second is an advantage since it improves transaction fees for miners and encourages businesses to utilize BSV. This also makes the application of smart contracts possible.

Security 

As a global currency, Bitcoin SV provides a safe and secured platform for crypto users with high levels of security. It performs stringent quality assurance by making use of a set of test phases with full traceability to ensure that changes made on the network go through a validation process before they are approved.

Safe Instant Transactions (SIT)

Bitcoin SV is designed to be used not just by online merchants but also by brick and mortar businesses. To make this possible and prevent price slippage, the network implements Safe Instant Transactions (SIT). In SIT, transactions have a 99% chance of being instantly verified and uploaded in the next block.

How to buy Bitcoin SV

Buying BSV is easy, you just need to follow some steps for a quick and smooth purchase. Here are the following steps you should follow:

1. Decide on a trustworthy exchange 

Just like crypto wallets, there is a wide range of crypto exchanges available online. Make sure to choose the one with a high level of security so you can use it with ease. 

Here are some of the exchanges that support BSV:

OKEx

OKex is a Hong Kong-based exchange founded in 2017. It offers more than 140 cryptocurrencies and an extensive selection of trading pairs, allowing you to discover more digital assets as you use the platform. 

Huobi

Huobi is a Chinese exchange platform that’s currently based in Seychelles. It was founded in 2013 and offers more than 300 cryptocurrencies. The exchange platform is available for download on any mobile device.

2. Withdraw your Bitcoin SV tokens

Once you’ve obtained your BSV, it’s ideal to transfer them to your preferred wallet to ensure its security. Instead of leaving them on your exchange account, you should transfer them as soon as possible.

Discover more of Bitcoin SV today! 

Now that you know more about Bitcoin SV and its features, discover what the cryptocurrency can offer when you begin trading today. Maximize your knowledge of cryptocurrency by starting with Bitcoin SV!

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