Bitcoin SV (BSV) is a cryptocurrency gaining traction ever since its introduction into the market.
This crypto token is the perfect choice for all the power users as it offers faster transactions, lower fees, and better scalability than Bitcoin. It’s also more decentralized because it doesn’t have any mining pools controlling over 50% of its hash rate like Bitcoin does.
If you’re looking to invest in Bitcoin or want to learn more about this new currency, then this article will discuss with you everything you need to know!
How does Bitcoin SV (BSV) Works?
Bitcoin SV is commonly said as the only Bitcoin being mined on the original Bitcoin’s rules without any changes. It is similar to Bitcoin in that it allows for direct spending from one person to another using a wallet without an intermediary. This peer-to-peer democracy brings Bitcoin back to its original state of being a decentralized currency.
To cap it all, Bitcoin SV has no limit on block size, so miners can keep mining large blocks without any worries; this solves Bitcoin’s scalability issue that limits Bitcoin Cash and Bitcoin Core’s growth.
How to buy Bitcoin SV (BSV) Coins?
If you want to buy Bitcoin SV, the easiest way is to use a Bitcoin SV mobile wallet, a crypto exchange that supports BSV, or to find a Bitcoin SV ATM location. Bitcoin SV mobile wallets are available for Android and iOS devices.
Download a BSV wallet on Google Play Store or iOS App Store. After downloading the app, create an account, and you can start buying Bitcoin SV coins.
If you prefer to use a Bitcoin exchange, get your Bitcoin SV address by using the Bitcoin SV wallet first before sending any Bitcoins to it. This way, you will be able to get Bitcoin SV coins.
History of Bitcoin SV (BSV)
The history of Bitcoin SV (BSV) is very similar to Bitcoin Cash. Bitcoin Cash lead developer Amaury Sechet announced Bitcoin SV on November 14, 2018. The announcement came in response to Bitcoin ABC’s implementation of an upgrade proposal made by nChain CEO Jimmy Nguyen known as the Bitcoin Satoshi Vision (BSV).
In a nutshell, Bitcoin SV returns what many coin holders claim is “bitcoin’s original vision.” It restores the Bitcoin protocol without compromising on any features or making changes. In which case, BSV would be the true Bitcoin and not Bitcoin ABC.
The upgrade that resulted in Bitcoin SV’s birth came via Bitcoin ABC software which Bitcoin SV follows.
There are several differences between Bitcoin Cash and Bitcoin SV. The first difference sets on the blocks they can create on their chain; BCH creates 8MB blocks while BSV creates larger ones with 8MB originally but can dynamically change block sizes depending on transaction volume.
Bitcoin Cash also employs EDA, while Bitcoin SV does not. Another difference is that while both employ DAA, the algorithm employed by each respective coin’s node network is different. Lastly, there are some slight changes in consensus rules.
Wondering what Bitcoin SV’s future holds? Bitcoin SV has been doing well so far. BSV already has a long-term official roadmap and is way ahead of Bitcoin Cash in this regard. Switching over to Bitcoin SV today is your chance to claim Bitcoin’s original vision of Bitcoin Peer-to-Peer Electronic Cash. Utilizing its limitless block size, BSV handles a massive number of transactions per second. Bitcoin SV is much faster than Bitcoin Cash and Bitcoin ABC. Bitcoin SV’s better accessibility also makes it an excellent choice for those who want to invest in Bitcoin or Bitcoin Cash with a Bitcoin wallet that is easy to use.
Bitcoin SV (BSV) FAQs
What are the benefits of Bitcoin BSV?
Bitcoin BSV is cheap and fast to use; transactions are confirmed in seconds with low fees for sending money anywhere in the world!
Who uses Bitcoin BSV?
Bitcoin BSV can be used by anyone who has Bitcoin BSV coins. We’re talking about thousands of merchants worldwide, from big online retailers to local coffee shops and restaurants. Bitcoin BSVs is a great way for businesses to take advantage of Bitcoin’s technology to accept Bitcoin at their physical stores or online shopping sites without any hassle.
What’s the difference between Bitcoin Core and Bitcoin BSV?
Bitcoin Core is a term used by Bitcoin BSV naysayers who want people to think that Bitcoin BSV is not Bitcoin. It may have been called Bitcoin Core at some time in the past, before its current name – but it was never called “the original bitcoin” as claimed by those advertising against Bitcoin SV (BSV).
Is Bitcoin SV a good investment?
We believe that Bitcoin SV (BSV) is a wonderful investment. Bitcoin SV will boost transaction speed and reduce the cost of each transaction. Because of this, the Bitcoin BSV can process more transactions than Bitcoin ABC or Bitcoin Core. High speed and low transaction cost will also allow the Bitcoin BSV to compete with existing cryptocurrencies in terms of scalability and cost per transaction for miners and users.
How long do BSV transactions take?
Bitcoin SV (BSV) transactions take about 10 minutes to be fully confirmed.
Can I sell my Bitcoin SV coins?
Yes, you can sell Bitcoin SV coins back into Bitcoin.
Where do I sell my Bitcoin SV coins?
You can sell your Bitcoin SV (BSV) coins on the same exchanges where you purchased Bitcoin SV coins. Kucoin is a great place to sell Bitcoin BSV.
Why is Bitcoin SV rising?
Bitcoin SV is rising because Bitcoin SV fulfils Bitcoin’s original promise as Bitcoin, which Bitcoin Cash couldn’t do. Bitcoin SV will make Bitcoin what Bitcoin was supposed to be and not Bitcoin ABC.
How many bitcoin SV coins are there?
At the time of writing this article, there were around 21 million Bitcoin SV coins.
What is Bitcoin SV used for?
Bitcoin SV is Bitcoin that behaves much like Bitcoin Cash. Bitcoin SV can be used to buy goods and services around the world.