With the emergence of Bitcoin, there have been numerous other smaller coins that have been created in order to help users be able to trade and mine cryptocurrencies since the industry boomed (and then plummeted) in 2018. One of the coins that emerged with all of this is called Bitcoin SV, which ended up hitting the market after Bitcoin Cash did a hard fork, because of the many changes to the Bitcoin Cash blockchain, as well as to increase stability issues. In this guide, we’re going to tell you what Bitcoin SV is all about (or at least attempt to in a nutshell).
What is Bitcoin SV?
Bitcoin SV stands for Bitcoin Satoshi Vision. Therefore, its proper acronym in the crypto world as a currency is appropriately made as a blockchain as a result of what was known as the “civil war” that happened with Bitcoin Cash. It’s ended up evolving from there though, and most crypto exchanges actually allow the conversion and trade of the BSV fork.
The Block size is actually rather small for BSV, but is still larger than Bitcoin Cash itself. This helps to make more transactions to happen, and also is meant to help lower the costs of each transaction and make them faster. In a sense, it’s meant to be a peer-to-peer cash system which is meant mainly for offering a small glimpse of reflection to Bitcoin’s original purpose, as a lot of research went into making it happen, and the vision of BSV is actually based completely off of the legendary founder of Bitcoin’s vision to have a currency as such.
CoinGeek mining ended up sponsoring and asking for a Bitcoin-specific altcoin, so they ended up contacting the Bitcoin Association in Antigua in order to achieve this goal, and the result ended up being this smaller blockchain to Bitcoin forked off of it designed under an open-source MIT license.
What is Their Goal?
The main goal is that they saw the need and the vision of the original Bitcoin created years ago, and they wanted to bring it back, just in a new fashion, and in a smaller fork for the reasons listed above. Satoshi Nakamoto, the original founder of the original vision of Bitcoin. The average fluctuating price of Bitcoin Cash and Bitcoin affects the BSV price (click here for more), but it is in general equal to about half of what one unit of Bitcoin Cash is worth, with the market rising and falling normally being reflected by the worth of Bitcoin itself.
Bitcoin Satoshi Vision is worth a lot more than other popular altcoins like Monero, in that it is directly pulled from Bitcoins blockchain in regularity. By utilizing the vision of Bitcoin itself, it’s been proven that even though the staple currency of Bitcoin Cash has had its issues and ups and downs. The fortunate thing about this is that since most popular exchanges are allowing trade and sale of this platform, it’s gaining more popularity. It’s also getting easier to mine since bitcoin itself is hard to mine, and you can easily make 10 dollars’ worth of bitcoin in a day as opposed to some other harder forms of altcoins out there.