How to buy Bitcoin SV in 2022 | Top BSV brokers | BanklessTimes.com

by James · December 13, 2022

Last updated 13 December 2022

Bitcoin SV (BSV) works according to the original Bitcoin Whitepaper, but instead uses a significantly larger block size.

This guide will cover the basics of BSV and how to buy Bitcoin SV online in 2022.

Table of Contents

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What is Bitcoin SV?

BSV is the original cryptocurrency of the Bitcoin SV blockchain. It works exactly the same as Bitcoin, but uses a significantly larger block size. It was founded in 2018 from a hard fork of Bitcoin Cash. It was believed that the scalability features used by Bitcoin Cash were not enough to meet future demand. This, combined with a desire to return to the original Bitcoin design represented in version 0.1 of the Bitcoin protocol, made developers take notice.

Bitcoin SV was originally designed with a block size of 128MB, but this was increased to 2GB in 2019. To put this into perspective, Bitcoin had a block size of 1MB when it was founded. BSV now has a block size of 2000MB. The protocol used by BSV allows block sizes to be adjusted based on the network’s consensus mechanism. It also adds personalization features for miners, who can choose the size of the blocks they want to mine. Because of its larger block size, BSV can process more transactions at once, and as a result, miners can earn more transaction fees. This acts as an incentive for miners to continue mining even after block rewards are no longer available.

Bitcoin SV aims to achieve higher levels of stability to appeal to potential investors and enterprise-sized applications. To achieve this, it uses a fixed protocol designed to be regulatory-friendly and scalable. By focusing on these features, it is predicted that BSV will appeal to a more mainstream audience that will promote interest from businesses. However, it is difficult to determine its success since BSV is still relatively new.

As of August 2021, BSV has a market cap of $3,193,731,661 with 18.8 million tokens in circulation. When it reaches the market cap of 21 million, its estimated value will be $3,553,201,975. One BSV token costs $168.47 and reached the highs of $441 in April 2021.

Benefits

A great feature of BSV is that miners can choose the size of the blocks they want to mine. This is a unique feature that is not commonly available for other cryptocurrencies.

Another advantage of BSV is the transaction speed. When transactions are processed so quickly, the number of transaction fees also increases. This is a major advantage over traditional Bitcoin and will allow smaller transactions to take place.

Cons

One of the biggest disadvantages of BSV is whether it can maintain long-term viability. Although larger blocks are faster to process, they lose the main benefits of decentralization. This is because fewer full notes can store the entire blockchain history. The faster each block gets, the less decentralized it will be. This is a major drawback for many investors and may cause investors to choose other Bitcoin alternatives.

How does Bitcoin SV work?

Bitcoin SV is a Proof-of-Work protocol, where miners earn block rewards for mining new blocks and adding them to the blockchain. These block rewards act as a financial incentive that allows miners to allocate more resources to mining. For BTC, block rewards are reduced by 50% every 4 years, reducing the number of incentives for them to continue mining. But with Bitcoin SV, miners can choose the size of the block they want to mine. By choosing larger blocks, miners can earn more transaction fees which counteracts the problem of diminishing bock rewards.

Bitcoin SV currently conducts around 300 transactions per second and is capable of managing around 2,800 transactions per second if needed. The BSV team has also stated that their Gigabit Testnet (GBTN) can process up to 5,500 transactions per second using its unlimited block size. In May 2020, TAAL, a Bitcoin SV-focused blockchain service provider, processed a 369MB block. This milestone showed that BSV has significantly better processing power than BTC or BCH.

Now that you know what Bitcoin SV is and how it works, you can use one of the brokers above to buy Bitcoin SV. But if you’re still not sure how to get started, keep reading!

How to Buy Bitcoin SV Online

Despite being linked to Bitcoin, it is more difficult to buy Bitcoin SV as it is only available on a limited number of exchanges. As of August 2021, it can be found on OKEx, Huobi Global, Upbit and BitWell.

Here is a step-by-step guide on how to buy Bitcoin SV online:

Step 1: Create an account and verify it

Step 2: Fund your account

Congratulations, you just bought your first Bitcoin SV!

How to trade Bitcoin SV

Due to the decline from a high of $441, Bitcoin SV is not often traded among investors. However, you can still trade the token using one of the exchanges listed above.

On the exchange, you choose the cryptocurrency you want to trade your Bitcoin SV for. Select the number of tokens you want to buy and click “trade” to complete the transaction.

Your chosen cryptocurrency should then appear in your wallet.