Bitcoin SV (BSV) Review 2020
With the rise of the cryptocurrency economy, a new industry is developing that is rapidly evolving. For even more growth and development, new forks emerge in existing blockchains, offering more possibilities than ever before. (BSV) is a well-applied example of that. In this article, you'll get to know more about BSV, its origins, how to mine it, and you'll be able to decide whether or not BSV is a good investment for you.
What is BSV?
Bitcoin SV (BSV) is a well-known cryptocurrency. It’s BSV symbol refers to Bitcoin "Satoshi Vision". The coin was created as a result of the Bitcoin Cash hard fork, yet it was officially announced a bit prior to the fork on August 16, 2018. The Bitcoin SV coin split from the native Bitcoin Cash (BCH), which itself was a forked format of Bitcoin (BTC) back in 2017. The team behind developing the BSV blockchain is led by nChain company’s employees—Daniel Connolly, Steve Shadders and Craig Wright. When BSV was announced, it was considered as a trial to retrieve the original Bitcoin protocol. Even its acronyms that stand for “Satoshi Vision '' showcases the objective of creating this cryptocurrency the same way it was conceptualized by the Bitcoin developer. It vividly pursues to restore the values and technology of the original Bitcoin, which is about decentralization, boosting the efficiency of the network and utilizing crypto officially as a means of payment and exchange.
As stated in the following blog “5 Hard Forks You Need to Know ”, BSV fork is one of the most significant events in the crypto industry. Two competing coins were the merging result of the mentioned split. These are Bitcoin ABC (Adjustable Blocksize Cap) as well as Bitcoin SV (Satoshi Vision). In that fork event, which took place on November 15th, 2018, the obvious divergence in Bitcoin price dynamics showed up as a result of the creation of Bitcoin SV. That’s because Bitcoin cash holders- the ones that preserved their Bitcoins on a service that encouraged the split- got the privilege of receiving equal quantities of both Bitcoin SV as well as Bitcoin Cash ABC.
Furthermore, throughout the period of upgrading the protocol, both of BCHABC, as well as BSV mining powers, were completely mobilized. In addition, they shifted from BTC to BCH. That resulted in Bitcoin price descending as well as overall market struggle. What is worth mentioning is that the Bitcoin SV price is highly volatile and changeable. However, BSV was notably fast to obtain one of the top-10 cryptocurrencies ranks. And that’s regarding general market capitalization. Plus, it is strongly traded on the majority of the cryptocurrency exchanges. But why is Bitcoin SV going up? Indeed, the BSV blockchain has many advantages, as the BSV team has declared there will be a vital support to greater transaction volumes and further transaction fees for miners. That’s due to the massive scaling provided by the Bitcoin SV blockchain. Miners will be able to benefit from this because it ensures maintained profitability as the block reward will halve once more supposedly this year; 2020. This, in turn, will further enhance the BSV blockchain network development and maintain it over the long term. Moreover, the cryptocurrency has two defined purposes according to the BSV website, these are:
- Bitcoin SV can replace any payment system on the planet with improved user experience, cheaper merchant rate, and a higher level of protection.
- All industries ought to trust the Bitcoin SV and that will grant the reliability and scale they require in order to invest and will also provide the needed resources to use the BSV blockchain.
Bitcoin SV vs. Bitcoin and Bitcoin Cash
Not only do the three have similar names, but there are also similarities in their blockchain protocols as well. Yet, what is mainly different is SegWit adoption. This resulted in coming up with Bitcoin Cash. It happened by hard forking the original Bitcoin blockchain. Thus, Bitcoin Cash was intended to have larger block sizes. Bitcoin SV, however, was hard forked from Bitcoin Cash. And, it is claimed to seek the preservation of the original “Satoshi Vision". Hence, BSV is claimed to have more consistency and a better vision that would make it possible for businesses in the blockchain industry to better scale and make more use of it. However, Bitcoin SV (BSV) is presently in sixth place and is fairly stable with modest gains. Craig Wright, who is the visionary behind BSV, still assumes that the cryptocurrency will grow further and continues to upgrade. His emphasis is mainly on enhancing scalability, which is considered as a big obstacle for the native Bitcoin Cash (BCH).
Pros and Cons of BSV
- BSV’s transaction costs: One of the main aims stated by BSV developers was to reduce transaction costs. The Bitcoin SV blockchain provides affordable, fast large-scale transactions that are crucial to the growth of the emerging cryptocurrency. Moreover, the rate of Bitcoin SV transactions per second is too high.
- BSV’s network development: The implementation of Satoshi's vision of the established blockchain took a lot of development work. Bitcoin SV is, therefore, a chain that has undergone more transitions than its opponent, Bitcoin ABC.
- The scalability of BSV: The original BCH blocksize was only 32MB. However, the blocksize of the Bitcoin SV is 128MB. This blocksize raise allows us to massively expand the network and allow further transactions to be carried out.
- The public support: The forked coin doesn't have big community support and one of the main supporters of the BSV cryptocurrency is the controversial Craig S. Wright. He is the BSV chain leader and claims to be Satoshi Nakamoto and He also is a well-known media personality involved in the BCH War alongside Roger Ver. That war not only impacted the currency itself but also contributed to significant crypto industry shifts.
- The financial support: It is basically supported financially by only two entities. These are nChain and Coingeek.
- BSV is facing some challenges that need to be taken into consideration. such as:
- The team behind Bitcoin SV have to put more focus on attracting a user base.
- Establishing more adoption for the cryptocurrency in the future.
How to Mine BSV?
To mine BSV, you have to follow these steps:
- First: given the high competitiveness in the mining field, in order to start mining BSV you have to buy the ASIC which stands for Application-Specific Integrated Circuit. They are advanced devices designed to maximize mining expertise, resulting in a rise in mining revenues.
- Next, when you have determined that the ASIC is ideally tailored to your desires and unique circumstances and have bought it, you’re ready to start mining.
- Finally, plug in the device and follow the installation instructions given by the manufacturer. It’s a pretty forward process.
Where to Buy BSV?
You can buy BSV through the crypto exchanges. Today, the majority of exchanges support trading BSV assets where you can get your BSV coins, but most of them allow you to buy/sell BSV only against BTC, USDT, and ETH. The most popular exchange platforms that provide BSV trading are Bitfinex, Huobi, HitBTC, Coinegg, Bit-Z, etc.
Buy Bitcoin SV with ChangeNOW
You can buy BSV instantly with the ChangeNOW instant exchange tool that provides you a fast, secure, and simple way to buy Bitcoin SV coins. Our service supports both cryptocurrencies and fiat with several purchase options swiftly and safely with minimal authentication procedures.
4 Steps to buying BSV coins:
Step 1. From the ChangeNOW home page, choose a currency and enter the amount you would like to deposit. The service will automatically calculate the amount of BSV you will get. Then click on the Buy button. You can also buy/sell BSV to BCH within the service. With the current example, buying BSV for 1,000 USD via Credit Card. Step 2. Enter your BSV address (where you would like to receive your coins). Step 3. Double-check your information, then click Confirm. Remember that all operations are irreversible. Step 4. After you have confirmed the transaction, complete the purchasing process and you will receive your tokens immediately.
What is the best BSV wallet?
To store your BSV assets, you have a wide range of Bitcoin SV wallet options to store your BSV coins. But before you jump on a crypto wallet, make sure it is compatible with BSV coins. You can pick one of our list for the best BSV wallets here:
- Trust Wallet, a secure, user-friendly wallet that supports a great variety of cryptocurrencies, available for Web, Android, and iOS.
- LOBSTR, and HTC Exodus are also proper wallets that support BSV cryptocurrency.
- Cold wallets (wallets that are not connected to the internet) such as the Bitcoin SV Trezor or the Ledger Nano S cold storage, which provide secure offline storage of your cryptocurrency assets.
- Exchanges' wallets like HTC, Exodus, Gate.io, the BSV wallet coinbase, etc.
Bitcoin SV is unpredictable, and its price is changing. Nonetheless, the altcoin has succeeded to get in the top 10 list very quickly and is always reporting winnings. Bitcoin SV (BSV) became the best performing cryptocurrency in May 2019. The high degree of security, as well as the small transaction fees and simplicity for miners and institutional investors, make Bitcoin SV (BSV) an easy option on the marketplace. To learn more about BSV price prediction, please visit the following Bitcoin SV post in our blog.