As a matter of principle, proponents of Bitcoin SV believe that the original Bitcoin protocol is highly flawed and not consider it justifiable to continue relying on its structural approach.
Since Bitcoin’s launch in 2009, the blockchain network and its underlying cryptocurrency (BTC) have progressed remarkably. Bitcoin was designed to democratize the global monetary system and has since inspired the development of thousands of new and unique “altcoins” (cryptocurrencies other than Bitcoin). Most of these alternative blockchain frameworks and tokens have sought to improve upon the perceived limitations of the Bitcoin protocol.
One notable example of an effort to improve Bitcoin is the Bitcoin Cash (BCH) fork, which was created in 2017. BCH sought to increase Bitcoin’s transaction speed and overall transaction throughput in order to promote the enterprise scalability and mass adoption of blockchain and cryptocurrencies. Another hard fork in 2018 spawned the Bitcoin SV blockchain and its underlying asset BSV. Bitcoin SV’s stated purpose is to become a more technologically advanced continuation of the original Bitcoin protocol — focused on increasing network transaction speeds and enabling drastically increased scalability. With this in mind, Bitcoin SV stands for “Bitcoin Satoshi Vision,” as the blockchain project and its cryptocurrency were intended to execute the vision of Bitcoin’s pseudonymous founder, Satoshi Nakamoto. It is no coincidence then that Craig Wright, creator of Bitcoin SV, claims to be Nakamoto himself.