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Bitcoin SV is the result of a lot of drama on the BTC blockchain.
It all began when Bitcoin suffered a hard fork in 2017 — splitting the network and resulting in the creation of a new altcoin called Bitcoin Cash.
A year later, in 2018, Bitcoin Cash suffered a hard fork of its own, and Bitcoin SV was born.
Bitcoin SV (SV stands for Satoshi Vision) bills itself as the original Bitcoin — a cryptocurrency that stays true to the goals of pseudonymous founder Satoshi Nakamoto.
BSV’s main aims include delivering stability and achieving scalability, something that the original BTC blockchain has struggled to achieve.
The project’s website says: “Bitcoin SV is intended to provide a clear choice for miners and allow businesses to build applications and websites on it reliably.”
One person who has been closely associated with the creation of Bitcoin SV is the Australian entrepreneur Craig Wright, who himself has claimed to be Satoshi Nakamoto. He’s the founder of the fintech company nChain, and he lobbied in favour of the hard fork because he disagreed with upgrade proposals that had been put forward for BSV.
The entrepreneur Calvin Ayre has also been a vocal supporter of Bitcoin SV, and has regularly sought investment opportunities in projects that have been built on top of the blockchain.
There are several markets that BSV is hoping to target — and use cases it wants to achieve that advocates say the likes of Bitcoin and Bitcoin Cash can’t provide.
BTC is regarded by some as a speculative asset, rather than one that is well-suited to everyday payments. By contrast, BSV claims that it can “replace every payment system in the world with a better user experience, a cheaper merchant cost, and a safer level of security.”
Bitcoin SV also wants to serve as an enterprise blockchain solution for companies who are interested in learning more about what this technology has to offer.
When compared with its older siblings, BSV aims to stand out from a scalability perspective, too. Bitcoin SV claims it has a much bigger block size than its predecessors, and as a result, it can handle more transactions on a daily basis.
Although BSV aims to offer some tangible improvements over BTC, there are some things that these two cryptocurrencies continue to have in common: their maximum supply of 21 million.
Just like Bitcoin, Bitcoin SV also undergoes halvings, where block rewards for miners are cut by 50%. The only difference is that, whereas Bitcoin has now had three of these events – in 2012, 2016 and 2020 – Bitcoin SV has only had one.
The similarities don’t end here. Bitcoin SV also uses the proof-of-work consensus mechanism. In case you’re unfamiliar with this concept, here’s a reminder: before a block can be added to a chain, miners must find the answer to a complex mathematical puzzle using their computing power. The miner who does this first gets a block reward, and this infrastructure helps to prevent malicious attacks.