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What Is Bitcoin SV (BSV)?

What-Is-Bitcoin-SV-BSV Learn

Today, we will explore Bitcoin SV to answer the question “what is Bitcoin SV (BSV)”? To begin with, Bitcoin SV is a peer-to-peer (P2P) cryptocurrency like Bitcoin (BTC) — the ancestor of all the existing altcoins.

Bitcoin SV was designed and created from a hard fork of the Bitcoin Cash (BCH) blockchain. In this essence, being forked from the BCH blockchain portrays that Bitcoin SV will also exhibit some similarities with Bitcoin Cash.

The term “SV” in Bitcoin SV cryptocurrency stands for Satoshi Vision. The project’s supporters and team claims that it is the original and the true Bitcoin (BTC) that portrays the goal of fulfilling the ambition of the never-seen-before, Satoshi Nakamoto.

The project keeps growing and pushes its popularity and momentum index to the max always. One outstanding fact about Bitcoin SV is that it hopes to facilitate stability to achieve scalability.

History of Bitcoin SV (BSV)

Bitcoin SV’s evolution and emergence started back in November 2018. This means that Bitcoin SV is four years old now. The project was created based on a belief that provision of Bitcoin Cash’s scalability is not far sufficient to meet Bitcoin’s goal. All this drama that brought the creation of Bitcoin SV started as a result of how Bitcoin profusely suffered an attack back in 2017.

Craig Wright, a controversial Australian businessman, is a Co-Founder and the creator behind Bitcoin SV cryptocurrency. Wright has often claimed that he is the unknown Bitcoin’s pseudonym, Satoshi Nakamoto — The original creator of Bitcoin (BTC). Regarding this, Wright has constantly filed lots of allegations and crypto documents to authorities to prove his stance in the matter. However, many do not believe his claims.

In addition, Bitcoin SV originally started at a default block size of 128MB. From its block size of 128MB, Bitcoin SV further underwent and completed its Quasar Protocol upgrade in 2019. By achieving this milestone, its block size increased drastically from 128MB to 2GB at that time.

How Does Bitcoin SV (BSV) Work?

BSV functions 24/7 by using blockchain technology  — a distributed ledger network that securely facilitates and records transactions. This tech fully empowers Bitcoin SV.

Bitcoin SV has the strength to process over 300 transactions per second. In turn, BSV can process the said amount of transactions even on an average time with a capacity of 2,800 transactions per second via its mainnet.

Moreover, the Bitcoin SV team further claims that their company’s Gigabit Testnet (GBTN) can handle over 5,500 transactions per second. GBTN does this due to its unbound block size.

Like how Bitcoin (BTC) and Bitcoin Cash (BCH) works, Bitcoin SV also works in the same format. This is because it largely uses the same mining algorithm called SHA-256 to mine. With this said, BSV becomes more active and effective when mining with any of SHA-256 machines.

How to Buy Bitcoin SV (BSV)?

Buying Bitcoin SV is much simpler than you think. Anyone can purchase Bitcoin SV. Regardless of your whereabouts or location, you can buy a BSV token. Precisely, crypto users can buy BSV tokens in several different ways.

With this said, traders can purchase Bitcoin SV directly from one person to the other. On the other hand, buyers can also buy their BSV token anytime from an exchange platform. In essence, the Bitcoin SV network allows anyone to make purchases. It is a must-have to get a secure wallet compatible with BSV to safely keep your BSV holdings whenever you make a purchase.

Bitcoin SV is listed on dozens of crypto exchanges worldwide. This eventually makes the BSV token very easy to find. You can easily trade BSV on major exchanges like Bitfinex, OKEx, KuCoin, Coinbase, and many other existing exchanges.

Moreover, unlike many other cryptos, anyone interested in buying Bitcoin SV can directly do so with fiat currency. Not only this alone, but users can also purchase BSV tokens with prominent crypto like Bitcoin (BTC).

Difference Between Bitcoin SV and Bitcoin Cash

In reality, there is a clear difference when comparing Bitcoin SV to Bitcoin Cash. Both starting with the same word “Bitcoin” doesn’t mean that they are the same. The reality is that Bitcoin SV was specifically forked from Bitcoin Cash in 2018.

Also, in terms of their block sizes, Bitcoin SV has 128 MB while Bitcoin Cash has a threshold of 32 MB. This makes BSV more scalable and effective than BCH. It handles over 10,000 transaction volumes per day than BCH can. In addition, Bitcoin SV has a transaction processing time of 10 minutes while the BCH block transaction process also takes a maximum of 2.5 hours.

How to Mine Bitcoin SV (BSV)?

Like other cryptocurrencies, Bitcoin SV is also mineable. Miners can verify crypto transactions anytime by using Bitcoin SV and get a reward. Miners receive BSV tokens.

With no limitation, anyone can mine and receive BSV freely at all times. Furthermore, you can even mine Bitcoin SV from home. However, to start mining BSV, miners are obliged to get specialized mining hardware. Also, BSV can be mine more effectively by using Application-Specific Integrated Circuit (ASIC) machines.

Before we move further, let’s walk step-by-step through the procedures for mining BSV here.

1.  First, set up a Bitcoin SV wallet.

Always remember that setting your preferred BSV wallet is the initial step every miner should not forget. Doing this helps you to directly receive the minted coins. Also, there are lots of Bitcoin SV wallets available, and it’s your duty to choose which one suits you best.

2. Join a Mining Pool

Joining a group of mining pools is one of the best methods to efficiently mine Bitcoin SV today. Moreover, by joining a mining pool, you can mine profitably. The reason being that mining crypto has now become more complex and resource-intensive. We can strongly recommend that joining a top Bitcoin SV mining pool before starting your BSV mining journey can be a good thing.

3. Start Mining

Once your wallet is secured and configured, and you have already joined a mining pool,  you can directly start mining Bitcoin SV. One thing to check, if all these requirements are ready, kindly go over mining set up, wallet configuration, electricity supply, and lastly, your internet connection to see if all is good to go. If it is okay, then start mining BSV!

Karikari Daniel is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.