What is Bitcoin SV
Bitcoin SV appeared as the result of the Bitcoin Cash blockchain’s hardfork on December 2, 2019. It is a cryptocurrency created by nChain under the leadership of Australian entrepreneur, Craig Wright, and CoinGeek owner, Calvin Ayre. The abbreviation SV stands for “Satoshi Vision”, representing the creators’ idea to return to the roots of the traditional cryptocurrency. The developers called the original white paper of Bitcoin a key document that they followed when developing a new cryptocurrency. The developers promised the users to maintain low transaction fees, a high level of security and scalability, and benefits for miners and institutional investors. Their plans also included restoring the original Bitcoin protocol, using the coins as a way of payment only and increasing the block size to 128 MB. Craig Wright claimed that he was Satoshi Nakamoto, and his cryptocurrency was the true bitcoin but never supplied credible proof. The new cryptocurrency was perceived with skepticism by many community members.
How it works
According to its website, Bitcoin SV works under 4 pillars:
- Stability: it is based on restoring the original design of the Bitcoin protocol through planned changes. This would enable innovation and the development of a stable model.
- Scalability: it has a test network (SV Gigablock Testnet) to identify “bottlenecks” and measure network performance. It will also be possible to adjust the commissions of the miners through “massive scaling”.
- Security: the project ensures a rigorous Quality Assurance in the mining process.
- Safe instant transactions: a ‘key’ priority in the future development of the project (not yet available).
Reasons to use Bitcoin SV and the drama that involves it
Bitcoin SV is currently in the 8th place in the ranking of cryptocurrencies by market capitalization. BSV has moved upwards, given its speculative and critical value over the current BTC. Thus, it becomes an ideal option for short-term trading if you have the necessary trading knowledge to execute effective trades. Bitcoin SV can be used to exchange value on the Internet and to transact with different modes. If its adoption succeeds, BSV could be used for electronic and physical commerce of products and services, as it is already the case with some cryptocurrencies, such as Bitcoin or Dash.
However, Bitcoin Cash is a fork that is born by a radical and controversial philosophy. It is therefore considered a risky investment instrument. On April 15, 2019, one of the world’s leading cryptocurrency exchanges, Binance, announced that it would remove Bitcoin SV from its platform. While competition is natural within the cryptocurrency world, especially due to the free nature of the market, it can lead to tough disputes between sectors of the community and generate a chain reaction within the main exchanges and wallets of the world.
Where to buy Bitcoin SV
To find out where you can buy Bitcoin SV (or any other cryptocurrency), the reference page is Coinmarketcap. In BSV´s case, there are numerous markets that offer BSV exchange for other cryptocurrencies, like FloatSV, Poloniex, and Kucoin.
However, if what you want is to acquire it with fiat money, the options are greatly reduced. Specifically, the pair with euros would only offer two exchanges: BitBay and DSX. Perhaps the simplest option for newbies would be BuyBSV, where you can purchase the currency with a debit or credit card from a minimum of €50.
Best Wallets for Bitcoin SV
Despite the isolation of the victim inside the crypto community, there are still several wallets that accept Bitcoin SV. They have provided support for the storage of Bitcoin SV, as it has technical characteristics very similar to BTC and its integration is simple.
A simple multi-currency mobile wallet option is Coinomi. To use Bitcoin SV exclusively and quite simply we have HandCash, in which you only need a username instead of the usual address. And, if you have an iPhone, the most recommended option would be Centbee (also available for Android). Likewise, RelayX constitutes a superportfolio for all types of mobiles, where you can also use fiat or other cryptocurrencies to pay in BSV since the conversion is done automatically. If you prefer to store Bitcoin SV on a computer, there are desktop wallets, such as ElectrumSV (exclusive to BSV), Exodus (with more than fifty different cryptocurrencies) or Atomic Wallet (with 27 cryptocurrencies and more than 300 tokens).
Such controversial projects as Bitcoin SV are often a double-edged sword, as they are highly volatile, even for the digital currency market. However, they can be an interesting option for those expert operators who know how to “surf the waves” in both directions. The history of Bitcoin SV provides us with a unique opportunity to reflect on the future of cryptocurrencies. For its origin and development has been constantly marked by conflict, it has been a stimulus for the growth of both cryptocurrencies. Therefore, we cannot fail to ask ourselves whether it is necessary that the clash between cryptocurrencies be a matter of life and death. At the end of the day, all those involved in Blockchain technology have the same goal: the democratization of finance and the economy.