Bitcoin 101

An overview of Bitcoin SV (Satoshi Vision)

The split of Bitcoin Cash led to the birth of two cryptocurrencies one of them being Bitcoin Cash Satoshi Vision popularly known as the Bitcoin SV (BSV). The name ‘Satoshi Vision’ was used because Bitcoin SV supporters believe the coin represents, and is ready to implement, what the anonymous Bitcoin creator, Satoshi Nakamoto had in mind.

At the forefront, the BSV army is led by Calving Ayre and Craig Wright who are focused on scalability, stability, and security.

A Quick overview of Bitcoin SV

Craig Wright and his team are of the view that Bitcoin SV will one day hold the position held by the real Bitcoin. In some occasions, Wright has been captured saying that he is the real Satoshi Nakamoto.

These utterances have been received different across the crypto globe with some like Roger Ver strongly disagreeing. Ver, who supports the other coin that was as a result of the BCH fork (Bitcoin ABC), has never mixed well with Wright since the hard fork took place late last year on November 15.

The larger crypto community is of the view that Bitcoin will always be Bitcoin until Bitcoin SV proves others.

Bitcoin SV

BSV was originally forked from the Bitcoin blockchain since Bitcoin Cash was a split of Bitcoin. So, the functioning of Bitcoin SV is very similar to that of Bitcoin. For example, just like Bitcoin miners are rewarded for adding new blocks so does BSV miners who add new blocks on the BSV blockchain. Another similarity with Bitcoin is that a single BSV coin can be subdivided into smaller denominations up to eight decimal points.

Even with such glaring similarities, Bitcoin SV still has a few differences from Bitcoin. One such difference is that BSV is being portrayed as stronger than Bitcoin in terms of stability and scalability.

The Bitcoin SV mining pool

There are two ways in which you can acquire BSV. One is by mining and the other is by purchasing it from an exchange. If you choose to mine the coin, be ready to invest in Application Specific Integrated Circuit or ASICs devices.

With the price of ASICs being relatively high coupled with their high power consumption, this cannot be a worthy investment especially with the current drop in crypto prices.

To counter these fears, the coin’s founder, Craig Wright, has introduced the SVPool which is BSV mining pool. A mining pool combines individual ASIC powers to form an output that is strong enough to quickly crack the complex mathematical functions so as to earn BSV.

The earnings are equally divided among those who contributed their ASIC powers. Additionally, it’s important to note that earnings from a mining pool are not as high compared to when you would be having your own mining rigs. However, the earnings are somehow constant.

Buying Bitcoin SV from an exchange

Since BSV does not have a fiat pairing on exchanges that support buying crypto with fiat such as Coinbase, you will be required to purchase Bitcoin or Ether with fiat. After purchase, you can transfer the coins to another exchange like Binance that has Bitcoin SV already listed. You can now use the Bitcoin or ETH to purchase Bitcoin SV.

Where to store Bitcoin SV

When it comes to storing your Bitcoin SV coins you don’t have a wide range of options to choose from because the coin is relatively new. However, some of the options available include storing them in your exchange’s wallet. Another option would be using the Atomic Wallet. Ledger, Trezor and other hardware wallets have not yet added support for Bitcoin SV. If you choose to use an exchange provide wallet, be sure that the exchange has the strongest security systems.

The Bitcoin SV logo

Since BSV is a fork, it had to change not only its name but also its logo to be different from the Bitcoin ABC’s logo. Although it’s not so much different from the Bitcoin ABC logo, the BSV logo has the following characteristics:

Bitcoin SV
  • The B symbol stands upright unlike Bitcoin ABC’s which either tilts forward or backward.
  •  The name ‘Bitcoin SV’ stands upright.
  • Features a dragon
  • The word ‘Bitcoin’ is all capital letter.
  • The word ‘Satoshi Vision’ is written below the word Bitcoin.

Advantages of Bitcoin SV

Scalability

Bitcoin SV has a 128 MB block size compared to BCH’s 32 MB. The increased block size ushers in a new era of more transactions while pushing the BSV network to greater heights.

Security

With BSV focused on the future and how to get corporations to adopt the platform, security is one major factor the team behind BSV is keen on solving.

Conclusion

As we have discussed, Bitcoin SV has the power to reach greater heights. However, it has to concentrate on its promises for it to get adoption. Maybe one day, just one day, it may be lucky enough to unseat Bitcoin. For the meantime, Bitcoin is still the leader.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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