Bitcoin SV (BSV) Things You Need To Know Before Investing
What Is Bitcoin SV (BSV)?
Bitcoin SV (BSV) emerged following a hard fork of the Bitcoin Cash (BCH) blockchain in 2018, which had, in turn, forked from the BTC blockchain a year earlier.
The goal of Bitcoin SV is to fulfil the original vision of the Bitcoin protocol and design as described in Satoshi Nakamoto’s white paper, early Bitcoin client software and known Satoshi writings. Furthermore, BSV aims to offer scalability and stability in line with the original description of Bitcoin as a peer-to-peer electronic cash system and deliver a distributed data network that can support enterprise-level advanced blockchain applications.
To this end, it has removed artificial block size limits and re-enabled Script commands and other technical capabilities which had been historically disabled or restricted by the protocol developers of the BTC blockchain. This allows the network to process tens of thousands of transactions per second while maintaining extremely low transaction fees for micropayments and offering advanced capabilities such as tokens, smart contracts, computation, and other data use cases.
The BSV network is unique in its capacity for unbounded on-chain scaling while also being more aligned with the original design of Bitcoin than any other blockchain.
Who are the founders of Bitcoin SV (BSV)?
Blockchain technology company nChain developed the BSV node software and has regularly delivered protocol updates that restore the functionality of the original Bitcoin protocol. In addition, the chain now provides the Bitcoin SV Infrastructure Team, which continues to advance the node software and other infrastructure tools for the BSV network.
nChain Chief Scientist Craig Wright, who has claimed to be Satoshi Nakamoto, has supported BSV since the split between BCH and BSV in 2018, following the proposal of controversial protocol changes by several BCH developers.
Entrepreneur Calvin Ayre is a vocal advocate for BSV and regularly seeks investment opportunities in companies and projects building on the blockchain.
After BSV split from BCH, a Switzerland-based non-profit industry association known as Bitcoin Association was formed that now supports the global growth and adoption of the BSV blockchain and digital currency. Work of the Bitcoin SV Infrastructure Team at nChain is performed at the request and direction of the Bitcoin Association.
What makes Bitcoin SV (BSV) unique?
BSV differs from other versions of Bitcoin in its adherence to the original Bitcoin protocol and focuses on realising the vision for the Bitcoin network outlined in the Bitcoin white paper and other known Satoshi Nakamoto writings. Unlike BTC, which now primarily functions as an investment or store of value assets, BSV aims to offer a scalable and usable blockchain platform for efficient payments and distributed data applications for consumer, enterprise and government users.
Due to its unbounded block size, BSV can scale to meet market forces and accommodate any application and payment network demands without resorting to second-layer solutions. In 2021, the BSV network mined the world’s first gigabyte (1000+ megabytes) level blocks – reaching up to 2 GBs in August 2021; for comparison, 2 GBs is 2000 times the 1MB block cap of the BTC network. Furthermore, the block capacity of the BSV network is expected to continue growing further to support more transaction volume and data use cases.
The BSV Infrastructure Team has already demonstrated the BSV network’s ability to handle 100,000 transactions per second by testing the new node software. It expects that capacity to be shown on the BSV mainnet and grow even higher in the future. With this capability, BSV rivals and aims to supersede the payment processing capabilities of platforms like VISA at a fraction of the cost to users.
BSV also offers a scalable and product-ready platform for blockchain application developers. Many have migrated from other networks like Ethereum after encountering scaling issues as their adoption increased. BSV can scale along with user adoption, which means developers can be assured that transaction fees will remain low and interactions will be processed quickly.
The functionality of BSV is attractive to enterprise and government users, with the blockchain offering an efficient and stable platform for companies and agencies looking to experiment or build with blockchain technology.
How many Bitcoin SV (BSV) coins are there in circulation?
As defined by the original Bitcoin protocol, there will be a maximum of 21 million BSV coins in circulation. New coins from this circulation are distributed to BSV miners via block rewards, which they earn in addition to transaction fees for validating blocks.
Block rewards for miners are cut by 50% at predefined periods to slowly shift the reliance of miners on these subsidies to transaction fees and reduce the flow of new tokens as they approach their maximum quantity.
How Is the Bitcoin SV network secured?
BSV is secured by the proof-of-work consensus mechanism described in the Bitcoin white paper. For a block containing new transactions to be added to the blockchain, miners must solve a complex mathematical problem using their computer’s processing power. The miner who solves this problem first earns the block reward and transaction fees, and their block is added to the chain.
As more blocks are built on top of their block, the validity of the transactions stored on the chain is ratified by other nodes and becomes very difficult to alter, if not virtually impossible.
Where can you buy Bitcoin SV (BSV)? Bitcoin SV is listed on major exchanges, including OKEx, KuCoin, Huobi, Bitfinex, Bittrex, Bithumb, and dozens of additional platforms.
Also Read: Huobi Token (HT) Things You Need To Know Before Investing
