What is Bitcoin SV (BSV)?
Bitcoin SV stands for Bitcoin Satoshi Vision. The name tells a little about what kind of cryptocurrency it is. This is because Bitcoin SV's blockchain follows the vision that Satoshi Nakamoto once had for Bitcoin. Bitcoin SV is, therefore, a hard fork from the Bitcoin Cash (BCH) blockchain, which in turn is a hard fork from Bitcoin (BTC)
Craig Wright is one of the main people behind Bitcoin SV. Wright has been claiming to be the founder of Bitcoin for years and is a much-discussed man within the Bitcoin community. So far, however, Wright has not provided any evidence that proves he is Satoshi Nakamoto.
According to the people behind Bitcoin SV, Bitcoin and Bitcoin Cash
have long since ceased to be blockchains as Satoshi Nakamoto once intended. A group of Bitcoin enthusiasts argued over block size in 2018. Therefore, in 2018, this group decided to create a hard fork out of Bitcoin Cash. This marked the birth of Bitcoin SV. The block size was then increased, from 32MB to 128MB. Why? Because this should lead to more earnings for miners in the long run.
Despite the founders' claim that Bitcoin SV meets Satoshi's vision, they did make several modifications to the original blockchain. These include increasing the block size and also putting more coins into circulation. The maximum total supply stands at 210 million coins, versus the maximum total supply of 21 million coins that applies to Bitcoin's blockchain.
What can you use Bitcoin SV (BSV) for?
It is not possible to program smart contracts on Bitcoin SV's blockchain, so developers cannot build decentralized applications (dApps) on Bitcoin SV. Therefore, you can only use Bitcoin SV as a means of payment or a means of storing value. Bitcoin SV is also widely used for earning money. The exchange rate of Bitcoin SV fluctuates which allows crypto traders to make money trading Bitcoin SV.
You can use Bitcoin SV as a means of payment by opening a wallet within the network. Then you can send BSV crypto coins from this wallet to other wallets. These are some well-known and suitable wallets for storing Bitcoin SV:
Some people believe in long-term appreciation. They buy BSV tokens and keep them for several months or years. This is also known as a HODL strategy.
Criticism of Bitcoin SV (BSV)
In recent years, Bitcoin SV has often been in the news. This was more often negative than positive news. In fact, there has been much criticism of Bitcoin SV's founders. They do not, according to many, have a good reputation within the crypto world. This is partly because Craig Wright falsely claims to be Satoshi Nakamoto according to a large number of people.
Therefore, several crypto exchanges decided to ban Bitcoin SV from their platform. Independent Reserve, an Australian crypto exchange, did so several years ago. The reasons were statements made by its founders. According to Independent Reserve, many developers were bothered by the harassment coming from the founders.
The BSV cryptocurrency
BSV is the cryptocurrency of Bitcoin Cash. This cryptocurrency is central to Bitcoin Cash's blockchain, as users can trade, send and store it.
There is a maximum total supply of 210 million BSV tokens. These tokens are not all in circulation yet, as miners bring new Bitcoin Cash into circulation. Thus, the number of tokens in circulation will continue to increase in the coming years.
The reward miners receive will be halved about every 4 years. We call this the Block Halving. It is expected that around 2140, all BSV crypto coins will be in circulation.
BSV uses the SHA-256 standard. SHA, which stands for Secure Hashing Algorithm, is a well-known hashing mechanism within the technological world. This algorithm allows one to create irreversible and unique hashes that provide cryptographic security. According to many people, this cryptography provides the very security of cryptocurrencies.
Where to buy Bitcoin SV (BSV)?
Want to buy Bitcoin SV? You buy BSV at Coinmerce with iDEAL, SEPA, Bancontact, Giropay, MyBank, credit card (Mastercard and Visa), and Coinmerce Coins.
Here you buy Bitcoin SV (BSV). You do that by indicating in the buy window how many Bitcoin SV coins you want to buy. Then you place an order to confirm the purchase. Here you have the choice of a traditional market order, where you buy Bitcoin SV at the market price, but can also place a stop-limit order or repeating order. Therefore, both the beginner and advanced crypto traders can turn to Coinmerce.
Before you can buy Bitcoin SV, you need a Coinmerce account. You can register yourself in as little as 5 minutes. Click here to create an account at Coinmerce.
How and where can you store Bitcoin SV (BSV)?
Do you want to store Bitcoin Cash in a crypto wallet? Then it's best to choose a BSV wallet. However, storing your BSV crypto tokens in your Coinmerce wallet after purchase is also possible. This wallet is linked to your personal Coinmerce account.
Do you prefer to store Bitcoin SV on your own wallet? Like a hardware wallet? You can send your Bitcoin SV crypto tokens to your own hardware wallet, such as that of Trezor or Ledger. To do this, you must first verify the wallet address. You can do this easily and quickly within your Coinmerce account.