Bitcoin SV or otherwise known as Bitcoin Satoshi Vision or BSV, is a digital currency. This coin came to existence as a result of The Hard Forking of Bitcoin Cash (BCH). Bitcoin Satoshi Vision is a peer-to-peer electronic cash system that many believe to be the original Bitcoin. This cryptocurrency restores Bitcoin’s original protocol; helps keep it stable and scalable.
This Bitcoin is meant for business purposes since it charges less fee than Bitcoin, which is because of its larger size of blocks. Its scaling platform known as BSV Scaling Test Network (STN), can cover a large number of transactions (around 9000) per second.
What is Bitcoin SV
BSV is a blockchain intended for enterprises. They claim to be the rebirth of the original Bitcoin. Bitcoin SV has its blockchain and token. The Bitcoin Association supports BSV as the original Bitcoin. Its mission is clear:
1-Restore the Satoshi protocol
3- be scalable
It can make it to be the world’s new money through these features. Native Bitcoin business has added support to BSV by #WeChooseSV. Some of the best BCH apps like Centbee, HandCash, Money Button, and Keyport TV have moved exclusively over to Bitcoin SV.
Bitcoin SV Founder
Craig Steven Wright is an Australian businessman and computer scientist who claims to be the main person behind the creation of Bitcoin. He claims to be Satoshi Nakamoto which made a lot of noise in the media, and a part of the cryptocurrency community has regarded this to be false. He has sued those who have called him a fraud. He has also served legal notices to Vitalik Buterin (the founder of Ethereum).
Wright says he has a Ph.D. in theology, comparative religion, and classical studies from United Theological College. He has worked in positions as an information technology manager and security consultant at many big companies, including OzEmail, K-Mart (an American big-box department store chain), the Australian Securities Exchange, and Mahindra & Mahindra before Bitcoin SV.
Craig Steven Wright was the CEO of Hotwire PE (the technology firm Hotwire Preemptive Intelligence Group). This firm planned to start the world’s first Bitcoin-based bank called Denariuz Bank; however, it faced regulatory difficulties with the Australian Tax Office, and the whole system failed in 2014.
Bitcoin SV, Bitcoin, or Bitcoin Cash?
Bitcoin SV, Bitcoin, or Bitcoin Cash are all different altcoins. Let’s start and go through with their descriptions in order.
Bitcoin launched in 2009 as a new peer-to-peer electronic cash system that could challenge banks and the currency system, and that is when its pitfalls started to show.
One of the pitfalls is that Bitcoin can only handle seven transactions per second due to its small-sized blocks (1 MB). Crypto advocates found this worrying since they could not see how this would challenge platforms like Visa, which can handle 65000 messages per second.
So came the need to solve this problem by adding a kind of adjustment so that Bitcoin could scale and keep itself updated with the market’s demands. Therefore a group of miners and developers initiated a hard fork in 2017 when Bitcoin Cash (BCH) was born.
BCH can handle a lot more transactions than Bitcoin (almost 2 million transactions daily), which is why it is becoming more popular among retailers interested in crypto. Its block size is 32 MB which eliminated the frustrating waiting time when dealing with Bitcoin’s network, and payments are usually cheaper to fill.
Bitcoin Cash wished to increase Bitcoin’s speed to promote the enterprise scalability and mass adoption of blockchain and cryptocurrencies. However, it is far from perfect.
A hard fork of Bitcoin Cash leads to the appearance of BSV. Bitcoin SV aims to become a more technologically advanced continuation of the original Bitcoin network by enabling scalability and increasing transaction speed. It is called Bitcoin Satoshi Vision because it wants to make a statement: They wish to execute the vision of the pseudonymous founder of Bitcoin Satoshi Nakamoto. This is not a mere coincidence that Craig Wright (creator of Bitcoin SV) says he is Nakamoto.
But how different are their prices? Bitcoin’s price is majorly higher than the other two. You can check the current costs of each altcoin on Bitunivex.