BSV is the native currency for the Bitcoin Satoshi Vision ecosystem. The project began in 2018 as a hard fork of the crypto network Bitcoin Cash (BCH). The network came alive in the aftermath of the Bitcoin Cash hash war, which lasted for just over a week in November of that same year. On November 26, 2018, CoinGeek creator Calvin Ayre declared the end of the hash war and the birth of BSV.
Since it first appeared over a decade ago, Bitcoin has remained a key player in cryptocurrency and blockchain. The network’s unique design set a precedent and inspired the creation of several replicas and noteworthy rivals. Bitcoin Satoshi Vision is one such project, the token aims to explore Bitcoin’s potential beyond simply being a virtual means of exchange.
As the name might indicate, the BSV team places a great store in what they believe was anonymous Bitcoin founder Satoshi Nakamoto’s original aim. The project incorporates specific core technical components of BTC’s initial protocol.
Bitcoin SV Pros and Cons
- Cheap & Speedy Transactions: Bitcoin Satoshi Vision boasts of a position as one of the fastest public ledgers available. The network can process over 50K transactions per second and a second transaction time. Notably, the former figure is true for the test net version of the network. Furthermore, the project creators designed BSV to offer low-cost transactions, a feature they believe is critical for success.
- Multi-functionality: Also known as Bitcoin SV, with its use of Bitcoin Scripting, operations on BSV can involve smart contracts, cryptographic tokens, or non-fungible tokens.
- Scalability: BSV is dedicatedly expanding its delivery capacity through scalable infrastructure and miner configurable block size. The platform aims to hit terabyte-sized blocks and presently holds a record of over 4GB.
- Lack of Exchange Support: BSV is not listed on several crypto exchanges.
- BSV is yet to roll out its capabilities thoroughly. While the network has potential, it is still growing and is untested by time.
- Scant/Unsupportive Client Base: The token still has to work on attracting more users and pushing for adoption. However, this task may not be all that simple given its lack of popularity within the crypto community due to various factors.
Bitcoin SV Overview: Satoshi Had a Vision
SV denotes Satoshi Vision, and this aptly captures what lies at the core of the entire BSV project.
The original Bitcoin blockchain has spawned several offshoots due to community and developer disagreements. Each of these groups has moved forward with what they believe is the right path for the new chain, and in BSV’s case, this was adhering to Satoshi Nakamoto’s actual plan for BTC.
The BSV team works to uphold the principles and technology that define the original network; these include decentralization, the Bitcoin network’s increasing efficiency, and the official evolution of cryptocurrency to a global means of exchange.
For Bitcoin SV, the goal is quite clear; it is outlined in Nakamoto’s publication from October 31, 2008, the Bitcoin whitepaper. BSV’s rendering of “One Global Blockchain” reflects a swift, scalable disruptive platform that stresses environmental sustainability.
The Bitcoin Satoshi Vision community also points towards Nakamoto’s careful attention to compliance with existing fiscal policies as a critical aspect of the Bitcoin vision. The platform’s operations fall beneath the relevant regulatory frameworks. Additionally, they aim to set limitless block sizes as they scale while preserving stability and security.
BSV intends to become the global go-to payment system, the one global blockchain.
Bitcoin SV Ratings
Coingecko reports a circulating supply of 19,084,882 BSV tokens and a total supply of 21,000,000 coins.
Rating: High
Speed: Up to 50,000 transactions per second
Disbursement
Bitcoin SV inherits its distribution from Bitcoin cash. Five years after Bitcoin Cash forks away from Bitcoin, the token is very well distributed across several holders. At writing, only four addresses have more than 1% of Bitcoin SV’s distribution, i.e more than ~$10 million.
Developer Engagement
Rating: Medium
The platform hosts roughly 1500 developers and over 265 apps. Furthermore, it boasts of a quality cache of tools and services in its directory; users must have access to state-of-the-art technology paired with security.
Liquidity
Rating: Medium
The token ranks between 45% and 50% based on market capitalization; it has also shown steady price action within the past week.
History of Bitcoin SV: A Bigger Block Beckons
BSV’s roots go back to 2015 when core network dev Pieter Wuille introduced the concept of Segregated Witness (SegWit).
The proposed concept would have meant a soft fork, and the central idea was to cut the size of each transaction and, through this, increase the number of transactions the network could process at once. Disagreements concerning resulting protocol updates prompted some network participants to initiate one of the most significant splits in Bitcoin history; in August 2017, Bitcoin Cash split off from the main chain.
About a year after the hard fork, the Bitcoin Cash (BCH) community began to experience internal tussles, dubbed rather dramatically the hash war. At the time, the block size for BCH was 8MB, and this formed the focal point of the new arguments.
One faction, led by Roger Ver and Bitmain’s Jihan Wu, firmly believed the network should maintain its current block size. The opposing group, spearheaded by businessmen Craig Wright and Calvin Ayre, clamored for an increase to 128MB to ensure the platform could handle any scalability problems.
The hash war ended in a marked split in 2018. Wright and Ayre separated from Bitcoin Cash, and the pair established Bitcoin SV with an expanded block size of 128MB per block. While both tokens made it out, BCH has remained more successful despite BSV’s notable block size allowing it to raise transaction throughput and keep costs low.
Some speculate that this could be due to Wright’s controversial presence in the project. The scientist and businessman amassed many avid supporters and devoted critics following a high-profile case centered around claims that he was Satoshi Nakamoto.
Regardless, some firmly believe in BSV’s potential, and its large block size is the primary driver of this faith. Bitcoin SV trading volumes remain remarkably low presently but with near-limitless possibilities in terms of block space still in store for the network, so much is yet to come.
Co-founder Calvin Ayre has tagged Bitcoin SV as the “real Bitcoin,” the only token reflecting Nakamoto’s original vision.
How to Swap Bitcoin SV
- Swapzone.io
- Visit Swapzone’s BSV Swap Page
Head down to the swap page and settle on a coin to exchange for BSV tokens. Your options include Ethereum (ETH), Litecoin (LTC), and Tether (USDT), among others. For this guide, we’ll use USDT as an example.
- How Much Bitcoin SV Do You Want?
After choosing a swap pair, decide the quantity of BSV you want. Swapzone has two slots on the exchange page, the send box where you enter the USDT you are willing to send and the get box, which shows the estimated BSV you will get in return.
- Choose a Crypto Exchange
Swapzone automatically compiles a list of platforms with offers and divides them into the fastest, the best rates, and the ratings. Simply choose an offer that suits you and click exchange to proceed.
- Enter your Wallet Details
You will be required to drop your BSV wallet address, a USDT refund address, and, optionally, your email. Double-check the details, tick the terms and conditions box, and hit the blue proceed to exchange button.
- Transfer the USDT
Deposit the USDT you agreed to in step 3 to the wallet address displayed on your screen. Check repeatedly that all the digits are correct, so you do not lose your funds.
- Swap Completed
Just sit back, wait for your tokens to arrive, and check your wallet to verify. Once it has, congratulations, you have swapped BSV. Be sure to leave a review of the services you received.
Popular pairs to convert Bitcoin SV
BSV to BTCBSV to ETHBSV to LTCBSV to BNBBSV to BCHBSV to USDTBSV to THETABSV to XMRBSV to TRXBSV to VETBSV to DASHBSV to ZEC
