The price Bitcoin SV today is 61.66 USD, and the trading volume in 24 hours - 61,835,364 USD. The crypto asset has grown by 3.52% over the day. Currently, the coin’s market capitalization is 1,179,977,343 USD, and has 19,138,314 coins in circulation with the max supply of 1,227,899,014 coins BSV.
What is Bitcoin SV?
Bitcoin SV is the result of a hard fork on the BTC blockchain.
It all started with the fact that in 2017, Bitcoin underwent a hard fork, as a result of which the network was divided, which led to the creation of a new altcoin called Bitcoin Cash.
A year later, in 2018, Bitcoin Cash experienced its own hard fork, and Bitcoin SV was born.
Bitcoin SV (SV stands for Satoshi Vision) positions itself as the original Bitcoin-a cryptocurrency that remains true to the goals of pseudonymous founder Satoshi Nakamoto.
The main goals of BSV include ensuring stability and scalability, which the original BTC blockchain tried to achieve.
The project's website States: "BSV is designed to provide miners with a clear choice and allow companies to reliably build applications and websites".
Who are the founders of Bitcoin SV (BSV)?
The person closely associated with the creation of Bitcoin SV is the infamous Australian entrepreneur Craig Wright, who called himself Satoshi Nakamoto. He is the founder of the FinTech company nChain, and he lobbied for the hard fork because he did not agree with the upgrade proposals that were put forward by BSV.
Entrepreneur Calvin Eyre was also an active supporter of Bitcoin SV, and regularly sought investment opportunities in projects built on the basis of the blockchain.
What makes Bitcoin SV (BSV) unique?
There are several markets that BSV is targeting, as well as options for its use that supporters say Bitcoin and Bitcoin Cash cannot provide.
Some consider BTC to be a speculative asset, rather than one that is well suited for everyday payments. In contrast, BSV claims that it can " replace any payment system in the world with a more user-friendly one, with a lower cost to the merchant and a higher level of security."
Bitcoin SV also wants to serve as an enterprise blockchain solution for companies that want to learn more about what the technology has to offer.
Compared to its older siblings, BSV also aims to stand out in terms of scalability. Bitcoin SV claims to have a much larger block size than its predecessors, and as a result, it can process more transactions on a daily basis.
How many Bitcoin SV (BSV) coins are in circulation?
While BSV aims to offer some tangible improvements over BTC, there are some criteria that still unites these two cryptocurrencies: their maximum supply of 21 million.
Like the BTC, BSV is also subject to halving, with the block reward for miners reduced by 50%. The only difference is that while Bitcoin has now had three such events - in 2012, 2016 and 2020, Bitcoin SV has only had one.
How is the Bitcoin SV network protected?
The similarities don't end there. Bitcoin SV also uses a Proof-of-Work consensus mechanism: before a block can be added to the chain, miners must find the answer to a complex mathematical puzzle using their computing power. The miner who does this first gets rewarded for the block, and this infrastructure helps prevent malicious attacks.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.