Bitcoin SV (BSV): better crypto than bitcoin?

by James · May 10, 2023

Bitcoin SV (BSV) is a crypto that emerged after a controversial hard fork of the Bitcoin Cash (BCH) blockchain on November 15, 2018.

The name ‘SV’ stands for ‘Satoshi Vision’, as BSV aims to restore and preserve the original vision defined by Bitcoin’s creator, Satoshi Nakamoto.

To understand Bitcoin SV, it is important to understand its history. Bitcoin itself was born in 2008, when Nakamoto published a white paper titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’.

This article outlined the vision of a decentralized digital currency that would empower individuals by enabling direct transactions without the need for intermediaries.

However, as bitcoin grew in popularity, disagreements arose within the community about its direction.

These disagreements largely revolved around the issue of scalability. Some argued for the need to increase block sizes to allow more transactions per second, while others argued for the need to keep the blocks smaller to preserve the decentralized nature of the network.

Bitcoin SV (BSV) preserves the characteristics of the first crypto created by Satoshi Nakamoto

In 2017, Bitcoin Cash (BCH) emerged as a result of a hard fork from Bitcoin’s original blockchain, driven mainly by the desire to increase the block size to 8MB.

This change was intended to solve scalability issues and allow for faster and cheaper transactions. However, the block size debate continued in the BCH community.

This eventually led to another hard fork, giving birth to Bitcoin SV. Led by entrepreneur Craig Wright and his company nChain, Bitcoin SV aimed to restore the original Bitcoin protocol, including implementing larger block sizes.

The vision behind BSV is to create a scalable blockchain capable of handling large volumes of transactions while adhering to the principles outlined in Nakamoto’s white paper.

One of the main features of Bitcoin SV is the increase in block size.

While bitcoin and many other cryptocurrencies have a block size limit of 1MB, BSV has significantly increased this limit to 128MB.

This expansion allows more transactions to be processed within each block, increasing the throughput and scalability of the network.

In addition to larger block sizes, Bitcoin SV includes other technical improvements. For example, BSV restored some opcodes that had been disabled in Bitcoin, enabling the development of smart contracts and more complex decentralized applications (DApps).

It also introduced features such as tokenization, which allows users to create and manage their own tokens on the BSV blockchain.

It also aims to provide a stable and scalable platform for businesses and enterprises. It focuses on developing a blockchain infrastructure capable of managing enterprise-level applications and data.

BSV aims to enable industries to leverage the transparency, security and efficiency of blockchain to improve various aspects of their operations, such as supply chain management, data authentication and digital identity verification.

Critics of Bitcoin SV argue that the larger block size and scalability-focused approach undermines decentralization.

According to them, larger blocks make it more difficult for individuals to participate in the network as full nodes, potentially leading to a more centralized network controlled by a few powerful entities.

In addition, Bitcoin SV has been the subject of controversy due to claims made by its promoter, Craig Wright, who claimed to be Satoshi Nakamoto.

However, these claims have been met with skepticism by the cryptocurrency community and have not been backed up by concrete evidence.

Bitcoin SV Today: Price and Market Statistics

Bitcoin SV (BSV) stands out as one of the most discussed and interesting cryptocurrencies at the moment. In this section, we will examine the price and market statistics of Bitcoin SV, analyze how it has performed over time and what the future holds.

In recent years, the price of BSV has fluctuated significantly. After its creation, BSV initially maintained a price similar to Bitcoin Cash (BCH), but over time it has experienced significant fluctuations.

It is important to note that the price of cryptocurrencies is affected by several factors such as supply and demand, user adoption and general cryptocurrency market conditions.

To understand the Bitcoin SV price trend, it is useful to look at market statistics such as market cap and trading volume.

In particular, the price of Bitcoin SV has risen significantly in the last month, especially in the last week (27.46%), taking the BSV token to USD 42.12.

In terms of market statistics, Bitcoin SV’s market capitalization is currently $783.9 million, with a daily trading volume of $383.9 million.

The unprecedented supply of the token has 19.3 million BSV, and while the crypto has bold positive performances, it is far from its all-time high of $491.64.