Bitcoin SV (BSV) current price is $65.51 with a marketcap of $1.16 B. Its price is -1.03% down in last 24 hours.
- Bitcoin SV (BSV)
- Live Price $65.51
24h % -1.03%
- Market Cap$1.16 B
- Volume$120.70 M
- Available Supply17.68 M BSV
More Info About Coin
Bitcoin SV refers to a cryptocurrency that was created as a result of the Bitcoin Cash hard fork. The blockchain split into two significant competing coins namely, the Bitcoin Satoshi Version (BSV) and the Adjustable Blocksize Cap (ABC). The purpose of Bitcoin Satoshi Version is to restore the technology and values of the original Bitcoin, i.e., decentralization.
History of the coin
The bitcoin is believed to have been created by a person (or a group of individuals) known by the name Satoshi Nakamoto. No one can tell who Nakamoto Satoshi is but from the documentation based on the creation of this currency and we can say that Nakamoto had a big vision to introduce a global cryptocurrency.
This currency was then decentralized to give people its control. Satoshi's vision was close to that of the Marxist since he believed that people could get their power back by seizing the currency production means. This would later translate to the establishment of the Bitcoin cash.
Purpose and use case of the coin
The Bitcoin cash resulted from a Bitcoin hard fork then it later leads to the development of Bitcoin SV. The purpose of this version of the Bitcoin currency mainly to rediscover Nakamoto's original vision by becoming the world's most adopted and most popular, fully decentralized form of money. All this is expected to happen through a hard fork of the Bitcoin cash.
Features differentiating Bitcoin SV from ABC
Bitcoin SV, focuses mainly on three major areas that make its features better compared to Bitcoin Cash. I have listed these features below.
The developers of BSV maintain that the creation of this coin was based on the highest form of stability. The reason as to why they emphasized stability is because any big business or enterprise must consider a currency's stability before adopting it.
Before big businesses and corporations adopt a specific technology, they must conduct thorough research to know its background and also project its future. This is because upon adoption they would make a massive investment in the technology.
The Bitcoin Cash network would not attract such huge investment. Bitcoin SV developers thus try to restore the original bitcoin version which offers assurance for stability hence innovators, and various institutions would confidently adopt the currency.
The team that developed Bitcoin SV maintains that it can process the required scale of transaction volumes. They have created a roadmap that focuses mainly on increasing the delivery capacity. This can be achieved through minor configurable and bigger default block sizes as well as performance improvements.
By enabling huge scaling, the currency blockchain would support higher volumes of transactions and additional transaction fees, especially for the miners. The importance of massive scaling is that it encourages the use of BCH from various enterprises for blockchain applications.
Bitcoin SV team says that the project concentrates on quality and rigorous assurance for node mining software hence a guarantee of maximum safety. There are also test phases that have been set with full traceability to contribute to the high level of security that is expected.
The project team is committed to run the best management practices in the whole process. This includes collaborating with external experts sourced from industries that are known to be highly sensitive in security matters to audit and monitor the systems.
The Bitcoin SV is determined to succeed in bringing the whole Bitcoin culture back to the original Nakamoto's goals or at least something close to that. However, this currency might remain unstable for a while and probably may not be among the top ten cryptocurrencies.
Bitcoin SV is believed to be developed by Satoshi Nakamoto. The known members of the group include Daniel Connolly and Craig Write who is the chain leader. The developers have a great experience in technology, and they focus on improving the Bitcoin functionality as a storage and transfer value protocol.
There is also an ironical concept in the development of blockchain communities in that as they focus on realizing universal digital cash they also propel the risk of making it difficult to achieve the vision.
The Bitcoin currency is surrounded by three major groups. These are the developers, minors and the user: the three work in a mutual relationship to reinforce the currency and its functionality.
BCrypto Investment Tip
Another useless coin with Bitcoin in its name... None of these forks make sense to be honest. Most people say "oh it's a good thing, it makes cryptocurrencies and blockchain grow" but it's total bs. Look at it this way. You're at school and you have your homework with you, you've spent tens of hours doing it and then one of your friends comes over and says he haven't done any work so he copies your entire work and only changes a few words around to make it look like its his work. That's how forks work. How is that any good?