What is Bitcoin SV? Everything you need to Know

What is Bitcoin SV? Everything you need to Know

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Satoshi Nakamoto launched Bitcoin as a peer-to-peer digital currency exchange medium. The main goal was to decentralize finance from central authorities such as central banks. However, with time, developers of such blockchain protocols found new loopholes in the original code that needed fixing. The result is the emergence of Bitcoin spinoffs, first in 2017 with the development of Bitcoin Cash. Later, the pro-Bitcoin Cash group split further due to a section advocating further changes to the code to adjust Bitcoin Cash’s protocol. This team developed Bitcoin SV. BSV is a solution protocol, which according to its designers, aims to restore the original Satoshi protocol to restore Bitcoin to its original intent. 

What is Bitcoin SV?

Bitcoin SV is a hard fork of the Bitcoin Cash created due to the disagreement amongst Bitcoin Cash developers. The team behind Bitcoin Cash developed it to increase the transaction speed by increasing the block size from Bitcoins 1MB to about 8MB. As a result, Bitcoin Cash boosted transaction speeds, averaging 116 TPS, leading to high throughput and low network latency. In comparison, Bitcoin averages 5 transactions per second, while Bitcoin SV can manage 50,000 transactions per second. Could this kind of transaction efficiency be the major contributor to Bitcoin SV’s “discrimination” in the crypto sphere? Could Bitcoin SV be a potential threat to already established cryptocurrencies like Bitcoin? Read till the end for the answers to these fundamental questions regarding Bitcoin SV.

Bitcoin SV enjoys the support of the Bitcoin Association, a non-profit association based in Switzerland. According to their website, Bitcoin Association advances Bitcoin SV and blockchain by bringing together enterprises, start-ups, developers, exchanges, merchants, blockchain miners, amongst others.

How Bitcoin SV Works

BSV is a Bitcoin spinoff. Therefore, BSV pretty much works the same way Bitcoin does. BSV has only added a few features not found in Bitcoin. For instance, BSV has huge block sizes in its blockchain, enabling BSV to manage 50,000 TPS on average.

Bitcoin SV trading takes place on crypto exchanges like Huobi Global, OKEx, KuCoin, Bitfinex, Upbit, gate.io, Coinchase, BitZ, Bitforex, Digifinex, BitMart, Bithumb, Hoo, CoinEx, and so forth. Bitcoin SV trading utilizes the following trading pairs: BSV/USDT, BSV/BTC, BSV/ETH, BSV/USDC, and BSV/KRW.

According to coinmarketcap.com, Bitcoin SV’s price is $162.68 at the time of writing.

Bitcoin SV Woes

  1. Recent Hack Attempts

Bitcoin SV has had major attacks on its key systems by hackers. Some of Bitcoin SV’s recent hacks include the hacks experienced on 24th July, 1st, 6th, and 9th July this year. The most recent hack attempt on Bitcoin SV happened on 4th August. The hackers allegedly accessed 51 percent of the system nodes, according to coingecko.com. Fifty-one percent access is the percentage that is needed to compromise a blockchain network. Some Bitcoin SV enthusiasts may argue that these hacks get orchestrated by individuals who loathe what Bitcoin SV truly stands for.

  • Delisting by Major Cryptocurrency Exchanges

Bitcoin SV has faced numerous delisting attempts by some crypto exchanges, some of which have been successful. Kraken, Coinbase, Binance, ShapeShift have all delisted Bitcoin SV at a point in time.

Craig Wright’s lawsuits targeting his critics fueled some of the cases of BSV delisting. Wright, a controversial Australian businessman, is the creator of Bitcoin SV. Controversies surrounding Wright sprouts from his claim to be Satoshi Nakamoto, Bitcoin’s creator.

Binance delisted Bitcoin SV in April 2019, outlining the following criteria for the review of coins for delisting:

  • Quality of development activity.
  • The team’s commitment to the project.
  • Level of public communication.
  • Network/Smart contract stability.
  • Contribution to a healthy and sustainable cryptosystem.
  • Evidence of unethical/ fraudulent conduct.
  • Responsiveness to Binance’s due diligence requests.
  • Binance’s Suspension of BSV Mining Pool

Even though Binance banned Bitcoin SV, it continued to offer BSV mining services through the Binance Pool. Binance is one of the largest miners of BSV. However, on 20th July, Binance announced the planned halt of Binance Pool’s BSV mining from 31st July 2021.

Conclusion

Bitcoin SV got developed to restore the original Satoshi protocol, thus shares most of Bitcoin’s attributes being a Bitcoin spinoff.  BSV developer aimed at creating a highly scalable blockchain by enlarging the blockchain size. The result was an increase in Bitcoin’s TPS to make BSV the leading digital coin used as an exchange medium.

BSV has faced numerous troubles such as hacks, delisting, and suspension of BSV mining pool by Binance. All of these problems have constantly led to significant price drops. Bitcoin SV’s price currently stands at $162.68, down from $491 in April 2021.

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Ed P
Ed P
2 years ago

A good balanced piece…but FYI on top of the 50,000 TPS capability BSV also offers very low transaction fees (around 1/50th of a cent) whereas BTC’s are around $12 (nobody is going to buy a $3 coffee with a $12 transaction fee!

Alex M
Alex M
2 years ago

Very interesting – people only attack smthg they are scared of so BSV has clearly hit a raw nerve or two!

David
David
2 years ago

Very much so Alex – BSV represents the original Bitcoin vision and ‘they’ don’t like it at all. The attacks have been relentless but BSV is still here and people are now starting to build on it as they see what it can do

Caroline
Caroline
2 years ago

All of the above; its not about people or politics (or shouldn’t be) just what works…and BSV works.

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