BSV is a cryptocurrency created as a result of Bitcoin Cash hard fork (actually, it was introduced a little bit prior to the fork – in August 2018). On November 15th, the blockchain has officially split into two competing coins – Bitcoin ABC (Adjustable Blocksize Cap) and Bitcoin SV (Satoshi Vision). The latter cryptocurrency aims to bring back the values and technology of the original Bitcoin – decentralisation, using crypto solemnly as a payment and trade method and elevating the capacity of the network. The BSV chain leader is Craig Wright, who claims to be Satoshi Nakamoto. Wright is one of the major media figures involved in the famous Bitcoin Cash hash war along with Roger Ver. The Bitcoin Cash civil war not only affected the said currency but also led to major market changes. During the protocol upgrade, both BCHABC and BSV mining powers were fully mobilised and shifted from BTC to BCH, which led to Bitcoin price decline and general market struggle. Well, no matter what the circumstances are, the forked BSV currency is now supported by major cryptocurrency exchanges.
What are the advantages of Bitcoin SV?
· Scale. The block size of BSV is 128MB – the original BCH was only 32MB. Blocksize increase helps to majorly scale the network and allow more transactions to be performed.
· Transaction costs. One of the goals of BSV developers was minimizing transaction costs – affordable and fast transactions at large scale are key to the success of the new cryptocurrency.
· Network development. Implementing Satoshi's view to the existing blockchain required lots of work in development. Hence, Bitcoin SV is a chain that underwent more changes than its competitor, Bitcoin ABC.
How is it Different?
There are some similarities between Bitcoin Cash and Bitcoin SV which cannot be denied. The Bitcoin SV developers pursue a bigger block size to accommodate as many transactions as possible. BCH Does this as well, although its maximum block size is kept fairly modest right now. In the case of SV, a future block size that spans multiple gigabytes is not out of the question whatsoever. That would certainly be something to look forward to, assuming it can be pulled off successfully. Bitcoin SV developers want to pursue proper scaling for the original Bitcoin. As such, the increase in block size is only one part of the project itself. This new version of Bitcoin wants to provide a “clear choice for miners and allow businesses to build applications on top of it.” Moreover, the community is confident this implementation can replace every payment system in the world with a better user experience. Quite a statement to live up to, as there will be plenty of hurdles along the way. It is also worth pointing out the Bitcoin SV project is sponsored by CoinGeek Mining. The development work itself is done by nChain, a company well-known for filing numerous patents pertaining to Bitcoin’s technology. Ever since its creation, Bitcoin SV has been less profitable to mine than both Bitcoin and Bitcoin Cash, although the potential profits fluctuate quite regularly. Additionally, Bitcoin SV is swiftly approaching Bitcoin Cash in terms of market valuation, which can create some interesting movements in the coming months.