Bitcoin SV emerged in 2018 after the hard fork of the Bitcoin Classic network, which was hardforked from Bitcoin just a year before that. The goal of the project is to fulfill the original version of the Bitcoin protocol and it’s designed according to the White Paper released by Satoshi Nakamoto. Another goal of Bitcoin SV is to offer scalability and stability along with the original idea of Bitcoin while providing a distributed public ledger that can host enterprise-grade advanced decentralized applications.
The project removed artificial block size limits, re-enabled script commands, and some other technical capabilities that were for certain reasons removed or restricted from the original protocol by Bitcoin developers. Thanks to that the network can process tens of thousands of transactions per second while maintaining low transaction fees. Bitcoin SV differs from the other versions of Bitcoin in its adherence to the original Bitcoin protocol, unlike Bitcoin which is now mostly used as a store of value or investment more than an asset.
Bitcoin SV calls itself the fastest public ledger. The network is powered by Bitcoin Scripting, so any transaction can be a smart contract to cryptographically secure tokens or NFTs, offering wide possibilities, benefits, and numerous use cases. Bitcoin SV mined the world’s first gigabyte-level blocks in 2021, and by August 2021 the block size reached nearly 2 GB. The recent tests of the BSV node software showed its ability to handle up to 100000 transactions per second. The Bitcoin SV Infrastructure team expects it to show the same results on the mainnet and grow even higher in the future.
The unique characteristic of the BSV network is its unique capacity for unlimited on-chain scaling capacity while maintaining alignment with the original design of Bitcoin. Bitcoin SV is also considered to be a more green cryptocurrency with its carbon emission outclassing many popular blockchains.
Bitcoin SV is a ready platform for blockchain application developers, and there were projects migrating to it from other blockchain networks such as Ethereum mainly because of the scaling issues. It is quite attractive for enterprise and government users due to the efficiency and stability of the platform. The network utilizes a Proof-of-Work consensus mechanism.
The project was launched by the blockchain technology company nChain. It developed a BSV node software and later kept delivering protocol updates that restore the functionality of the original Bitcoin network. The company continues to create updates for the node software and infrastructure tools provided by the Bitcoin SV Infrastructure Team. The chief scientist of nChain Craig Wright claimed to be Satoshi Nakamoto, the creator of the original Bitcoin network.
When BSV was split from BCH, a Switzerland-based non-profit organization named Bitcoin Association was formed. It supports the global growth and adoption of the Bitcoin SV network. The actions of the nChain’s Bitcoin SV Infrastructure team are guided and controlled by the Bitcoin Association.
The project was also supported by known people in the industry. One of them is an entrepreneur Calvin Ayre, who openly expressed his sympathies for the project.
BSV is the native cryptocurrency of the project. As stated in the original Whitepaper there will be 21 billion tokens. The coins are distributed through the mining rewards in addition to the share of the transaction fees earned by transaction validation.
The block rewards are halved in the predefined periods to slowly shift the reliance of miners on these subsidies to transaction fees and reduce the flow of new coins when it gets closer to the maximum quantity.
Average Fees on Bitcoin SV
One of the main purposes of the Bitcoin SV network is to offer low transaction fees along with a high level of scalability. It follows along with the set goals as the average transaction fee on Bitcoin SV is around 0.000003 BSV, equivalent to around $0.00011 at the time of writing (November 2022).
BSV Token Wallets
BSV is supported by many centralized and decentralized exchanges and platforms and can be held in the following wallets: Exodus, Ledger Nano, Coinomi, Electrum SV, Atomic Wallet, Guarda.com wallet, Edge, HandCash, etc.
