Bitcoin SV | What Is Bitcoin SV | Bitcoin SV Vs Bitcoin
217Bitcoin SV | What Is Bitcoin SV | Bitcoin SV Vs Bitcoin
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Welcome to Our Bitcoin SV Video!
BSV is the native cryptocurrency of Bitcoin Satoshi’s Vision (BSV), sometimes called Bitcoin SV: a blockchain created in 2018 after a hard fork from the Bitcoin Cash blockchain, which in turn was a hard fork of the original Bitcoin blockchain.
Hard forks can occur when conflict arises among the developers of a particular blockchain. If the developers cannot reach an agreement, it’s common to see them enact a hard fork, which essentially splits the blockchain into two separate chains. One continues being the original project, while the other becomes an entirely new blockchain.
Within the Bitcoin Cash project, tensions rose among developers over whether the protocol should be upgraded to accommodate smart contracts, larger block sizes (from 32 megabytes to 128 megabytes) and several other features. Those differences led to the creation of Bitcoin SV.
The name comes from supporters’ belief that cheaper fees align with Bitcoin inventor Satoshi Nakamoto’s original vision for the blockchain network. According to the project’s website, the blockchain was “created to restore the original Satoshi protocol, keep it stable and enable it to massively scale,” making it “unlike other bitcoin projects.”
A key backer of the project, Craig Wright, has publicly claimed to be Satoshi Nakamoto, though he has never provided conclusive evidence.
How does Bitcoin SV work?
Similar to the Bitcoin blockchain, the Bitcoin SV network uses a proof-of-work consensus system, where cryptocurrency miners compete to discover new blocks by using specialized computing equipment. Each new Bitcoin SV data block contains 512 megabytes, versus a theoretical maximum size of two to four megabytes for the larger Bitcoin blockchain.
According to a September 2021 press release from the Bitcoin Association, the Bitcoin SV network demonstrated a throughput of 50,000 transactions per second during a live test earlier in the year, “all at a predictably low cost.” The median fee on the Bitcoin SV network in 2020 was 1/50th of a U.S. cent, the association said.
In August 2021, according to the same release, the Bitcoin SV network set a world record when a two gigabyte data block was successfully mined, “the largest ever mined on a public blockchain.”
A post on the Bitcoin Association’s website says that MNP, an accounting and business consulting firm in Canada, released a report in 2021 concluding that the original Bitcoin network was “intended to be a transaction network for digital cash to compete as a global payment system,” and that the Bitcoin SV network was found to be “most representative of Satoshi Nakamoto’s original intention for Bitcoin.”
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The information contained herein is for informational purposes only. Nothing here shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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⏰ TimeStamps ⏰
0:00 intro
0:15 Bitcoinsv
6:44 twitter
6:52 Summary