Bitcoin SV (BSV) – cryptocurrency review

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Cryptocurrency Bitcoin SV (BSV): investor review, forecast and guide

Bitcoin SV ー Bitcoin Cash hard fork, appeared on November 15, 2018 after a scandal in the BCH community. In the same month, Bitcoin SV entered the Top 10 cryptocurrencies by market capitalization (Coinmarketcap data). The main idea: to keep the original vision of Satoshi Nakamoto, the creator of Bitcoin.

SV stands for Satoshi Vision (Satoshi’s vision). Developers continue to rely on the idea embodied in Bitcoin Cash (BCH), promising to maintain low transaction fees, a high level of security and scalability, and benefits for miners and institutional investors. The project was created by the team of nChain and CoinGeek Mining, the Bitcoin SV code received an open source license from the University of Massachusetts (MIT License).

History and technology of Bitcoin SV

In the fall of 2018, the Bitcoin Cash community split into two camps, each of which presented its vision for the development of cryptocurrency. The developers could not reach consensus, and as a result, investors had to choose.
Bitcoin Cash ABC, led by Roger Ver, chose to implement decentralized applications (dapps) and transactions between blockchains (a function that will allow you to do without exchanges). Now ABCs are BCH tokens that will later change BCHABC.

Bitcoin SV, led by Craig Wright, solves the scaling problem (which affects transaction adoption speed). In the future, it is planned to expand the unit to 128 MB. The BCH network was divided into block No. 556767.
Therefore, Bitcoin SV repeats BCH technology in many respects, in particular, the developers stopped at the Proof-of-work consensus algorithm and are not going to change it yet. On block 557301, blocks were reorganized, which is sometimes characteristic of PoW cryptocurrencies.

BSV Team

The Bitcoin SV website says that the project team consists of 5 C ++ developers (who have a total experience of 95 years), Quality Assurance engineer, nChain project managers. The lead developer, Daniel Connolly, joined the nChain team from the United Nations corporate systems, where he held leading IT positions. Daniel has invested in Bitcoin, Electron Cash and BitcoinJ-Cash for several years.

Technical Director ー Steve Shadders, is responsible for shaping the vision of the project, communication with sponsors and partners. Steve is an investor in Bitcoin since 2011, created one of the first open mining pools, invested in BitcoinJ. Bitcoin SV is actively supported by entrepreneur Craig Wright (who gives scandalous reasons for the press, speaking sharply about competitors) and multimillionaire Calvin Ayre.

How and where to buy Bitcoin SV

As soon as the hard fork was announced, Bitcoin ABC and Bitcoin SV supported large cryptocurrency platforms. BCHSV tokens can be purchased on cryptocurrency exchanges Binance, Upbit, Gate.io, Poloniex.

Bitcoin SV mining

Bitcoin SV can be mined on Asic S9 and on other models supporting SHA256. Craig Wright organized the pool ー SVpool, which has no commission, daily payments, servers are located mainly in China and Europe.

Where to store the BSV coin

The Bitcoin SV project team recommends several wallets for storage, however, some of them are in beta. Which bitcoin sv wallet to choose:

  • Centbee (beta) ー priority in a simple interface and fast transactions;
  • CashPay ー only BCH and its forks;
  • Coinomi supports not only Bitcoin SV, but also 500 other cryptocurrencies;
  • Guarda ー supports top cryptocurrencies, mainly ETH holders choose it;
  • Pixel Wallet ー is currently unavailable.

Difference between Bitcoin SV and Bitcoin (BTC)

Studying the issue of the difference between the new fork of Bitcoin and the most original system, it is worth noting several important points. So, in the original blockchain, the problems associated with scalability and the reason for this were the block size restrictions of up to 1 Mb. When the number of transactions increased, there was an increase in the waiting time for their processing. Thus, a situation was formed in which the rate of formation of blocks was several times faster than the speed of their direct extraction. In order to somehow resolve the existing nuisance, work was done to create a fork of BitcoinCash. Here, the block size was larger, namely 8 MB, and over time increased to 32 MB.

According to the data presented, the block size in Bitcoin SV is increasing from 32 MB to 128 MB, and after a year this figure is planned to be increased to 2 GB.

This was followed by the official conclusion of partnerships with a project that is focused on cooperation with corporate clients of the software for the full Bitcoin Cash (Teranode) node. This was done to provide the system with high throughput, namely 6.5 million transactions per second and support for blocks whose sizes are more than 1 TB. The planned actions should be translated into reality in the next two to three years.

According to the test results for Bitcoin SV, the ability of the system to work with increased block sizes became apparent, its speed was reached at 1500TPS. However, today there is no such a high regular load on the network, therefore, high throughput rates for it are useless. As you know, the highest value in the network was recorded at the limit of 3.36 TPS.

It is also important that an increase in block size can lead to a worsening of the situation. The negative factors include the slow distribution of blocks over the network, which in turn will cause an increase in the number of ignored blocks. Also, the innovation will provoke an increase in capacity for processing large blocks, and this will increase centralization and will not affect scalability in the best way.

Bitcoin SV is a peer-to-peer payment system that provides irreversible electronic transactions between two participants in a transaction, excluding all types of mediation. The client program for this payment system is its basic component. All client programs that run simultaneously on different software are connected to each other and form a peer-to-peer network. Each node of such a network is equal and self-sufficient.

According to information entered into the Bitcoin SV protocol, the use of scaling values ​​of the 2nd level (for example, Plasma) is prohibited. In addition, the scripts OP_INVERT, OP_MUL, OP_LSHIFT, OP_RSHIFT are returned, the restriction of 201 opcodes for a single script is excluded. In other words, here you can see a return to the original Bitcoin blockchain.

Of the innovations, you also need to pay attention to the function of protection against duplication of operations, which will be included in the Bitcoin CB network. Due to this, users can get the opportunity to carry out operations in the BCH or BSV chains, while not worrying about the likelihood of double payment. As soon as the ecosystem demonstrates its readiness, this change will be implemented.

The function of carrying out transactions without special confirmations will also have a place in the Bitcoin CB blockchain. It will allow users to transfer electronic funds instantly. Such a change is twofold, since with its advantage it makes the system more open and vulnerable to double spending.

Advantages and disadvantages of Bitcoin SV

The main advantages of the Bitcoin SV project are the following factors:

  • A good way to earn money for miners. At the present time, when the cost of bitcoin is reduced, most miners are in search of all possible ways to earn money through the equipment that they possess. So, ASIC devices are quite acceptable for BSV mining. However, this option is suitable for use as an alternative.
  • Now BSV is in the TOP 10 cryptocurrencies, firmly taking 8th place in the ranking. This is due to the high cost of Bitcoin CB and its capitalization, which are combined with high rates of liquidity of the coin. This is what ensures the great interest of most traders, which, accordingly, positively affects the growth dynamics of cryptocurrency.
  • If the organizers of the BSV translate their plans into reality, then this will cause an increase in the rate of the coin. This result will provide a large profit to the holders of this electronic currency.

By the way, the team of developers and organizers of BSV offer the following changes:

  • Introduction of a new block size (128 MB);
  • Elimination of current shortcomings by returning to the Bitcoin Cash blockchain, which was formed immediately as a result of the separation of the original bitcoin;
  • The use of cryptocurrency exclusively as a means of payment, excluding any smart contracts, applications, etc.

Although the changes planned by the nChain team are quite effective and attractive, a number of drawbacks of BSV also have a place to be:

  • No innovation provided. Of course, BSV “copies” the original bitcoin, therefore, it is completely unable to stand on a par with its brother.
  • High competition. BSV cryptocurrency already has two serious competitors, and they are known to most users – this is the main Bitcoin blockchain and the network that was formed together with BSV, i.e. BCH ABC. Some BSV indicators are already significantly behind their competitors.
  • Centralization of BSV. Due to the large volumes of hashrate, the network is under the control of several companies. In other words, these companies directly affect the value of bitcoin, as well as its further direction in development. Of course, many users did not appreciate this approach.
  • Uncertainty with respect to the founders of the project. After the survey, it turned out that most representatives of the cryptocurrency society negatively relate to the founders of the Bitcoin Cash hard fork. So, C. Wright is known as a deceiver who can only make loud statements to excite the public, and K. Air is a businessman who wants to cash in this way.
  • High volatility rates BSV. According to statistics for the last month, the Bitcoin SV rate was in a tense moving state all the time. The absence of at least some stability, of course, scares users, investors and miners.

Of course, it is too early to consider options for investing in Bitcoin SV cryptocurrency, since here there are too high indicators of uncertainty in the future of this project on the part of users. Today, Bitcoin SV is a project where you can earn on short-term terms, as the value of the coin is experiencing constant leaps. However, this is a negative factor when considering it as a long-term investment.

However, experts note that cryptocurrency has every chance of changing the current situation. Now, investors are closely monitoring how the project is developing in order to be in the center of events when there is an opportunity for profitable investment.

 

 

 

 

 

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