What is Bitcoin SV (BSV)
Hey there! If you’re interested in cryptocurrencies, then you’ve probably heard of Bitcoin. But have you heard of Bitcoin SV or BSV? In this article, I’ll be explaining what BSV is and how it’s different from other cryptocurrencies.
What is Bitcoin SV (BSV)
So, what is BSV exactly? BSV is a type of cryptocurrency that was created in 2018. It was created as a result of a split in the original Bitcoin blockchain. The creators of BSV wanted to restore the original vision of Bitcoin, which was to be a decentralized digital currency used for peer-to-peer transactions.
Now, why was BSV created in the first place? Well, the creators of BSV believed that Bitcoin had strayed from its original vision and was becoming too centralized. They wanted to bring back the original idea of a decentralized currency and make sure it was used for its intended purpose — peer-to-peer transactions.
The driving force behind the project is Craig Wright, an Australian computer scientist who has long laid claim to being Satoshi Nakamoto. While some of his claims have been debunked, he is determined to restore the original vision of Bitcoin and firmly believes that Bitcoin SV is the project that can do just that.
How does Bitcoin SV work
So, how does BSV work? Just like other cryptocurrencies, BSV uses a technology called the blockchain to keep track of all transactions. The BSV blockchain has a larger block size limit, which means it can handle more transactions at once. Transactions on the BSV blockchain are verified by users, called “miners,” who are rewarded with new BSV for their efforts.
One of the key features of BSV is that it has a larger block size limit compared to other cryptocurrencies, which means it can handle more transactions per second. BSV also has lower fees compared to other cryptocurrencies, making it an attractive option for users.
At its core, the project is focused on creating a platform that facilitates building blockchains and decentralized applications that help build enterprise-level tools and services. To this aim, BSV focuses on making improvements to Bitcoin generally, such as introducing a new scripting language allowing developers to create enterprise-level applications faster than before.
The project also promises to provide an alternative to Bitcoin that features scaling, low transaction costs, and more versatility for enterprise-level applications. It has also been heavily supported for its commitment to increasing the block size limit of the blockchain, allowing for more transactions to be processed per second compared to the original Bitcoin.
While BSV has some advantages, like lower fees and a larger block size limit, there are also some disadvantages to consider. For example, BSV has faced some controversy in the cryptocurrency community and may not be as widely accepted as other cryptocurrencies.
In terms of the cryptocurrency itself, BSV stands out for its low transaction fees, currently more than 10 times less expensive than Bitcoin’s. However, its relatively low trading volume reflects investors’ lack of confidence in the project. That said, the project is gaining support from major organizations with exchanges such as Binance and Huobi offering BSV trading.
Final Thoughts
While Bitcoin SV and its supporters still have some way to go before achieving the original vision of Bitcoin, the project remains a popular contender in the cryptocurrency space.
BSV is a type of cryptocurrency that was created with the goal of restoring the original vision of Bitcoin. It has a larger block size limit and lower fees compared to other cryptocurrencies, but also faces some controversy. It’s up to you to weigh the pros and cons and decide if BSV is the right choice for you.
It is important to carefully consider both the pros and cons of BSV before making any investment decisions. It’s always a good idea to do your own research and consult with a financial advisor before investing in any cryptocurrency.
If you would like to know more about Bitcoin SV then check out their official website. www.bitcoinsv.com
You can buy and sell Bitcoin SV using this exchange.
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Original article on Medium