Bitcoin SV (BSV) appeared as a hard fork of Bitcoin Cash in 2018 with a view to being more technologically advanced than the continuation of the original Bitcoin protocol. The guide will help you understand what BSV is and why it is most useful for businesses.
Bitcoin SV (BSV) is a full node implementation for Bitcoin Cash (BCH). The name of the project represents the “Satoshi Vision” or SV, reflecting the mission of the original Bitcoin (BTC). Created at the request of leading BCH mining company CoinGeek and other miners, Bitcoin SV intends to provide a clear BCH implementation option for miners. It also aims to enable businesses to reliably build apps and websites on it.
Why BSV :
Since the introduction of Bitcoin in 2009, there has been a significant progression in the blockchain network and its cryptocurrency. The goal behind Bitcoin’s design was to democratize the global monetary system. As a result, many new cryptocurrencies have appeared in addition to Bitcoin (popularly known as Altcoins).
What most of these alternative blockchain frameworks have attempted to do is bring about an update on the perceived shortcomings of the Bitcoin protocol. As a result of this, the Bitcoin Cash (BCH) hard fork took place in 2017. The goal of Bitcoin Cash was to increase the transaction speed of Bitcoin as well as its overall transaction performance. BCH was also intended to raise awareness of business scalability and mass adoption of Bitcoin and cryptocurrencies.
Bitcoin Cash underwent a hard fork on November 15, 2018, which resulted in the creation of a new cryptocurrency: Bitcoin SV (BSV). The purpose of Bitcoin SV is to become more technologically advanced regarding the continuation of the original Bitcoin protocol. It is worth adding that Bitcoin SV is an acronym for Bitcoin Satoshi Vision. It was created by Craig Wright with the aim of executing the vision of Satoshi Nakamoto, the supposed founder of Bitcoin.
De Bitcoin a Bitcoin SV
It is no secret that only the most innovative, unique and genuinely useful projects thrive in the crypto industry. There is constant competition between blockchain projects and their associated cryptocurrencies as they strive to provide utility to investors, institutions, and everyday users.
The purpose behind the design of many existing alternative cryptocurrencies was to expand the original uses that the Bitcoin blockchain needed. Most of the time, many of these projects tried to make new cases with novel functionalities like decentralized application, anonymity or decentralized storage. An enhanced programming capability may be included that is tailored to the development of specific types of smart contacts.
During the early stages of Bitcoin’s development, the network could only manage the transaction load of a small community. It was basically made up of developers and crypto enthusiasts. The growing popularity of Bitcoin led to a situation where the network began to stagnate as a result of an ever-increasing volume of transactions, which drastically affected the processing time.
Therefore, there was a growing concern that Bitcoin transactions could take days or weeks to settle. There was also concern that this delay would increase transaction fees. Therefore, these two concerns formed the Bitcoin scalability problem.
To solve this scalability issue, Bitcoin Cash (BCH) was the first Bitcoin fork to consider. The creation of Bitcoin Cash through a major hard fork network resulted from the desire to increase the volume of transactions per second. The concern over Bitcoin’s scalability is reflected in the composition of Bitcoin Cash, which significantly increased the block size of the original BTC.
The presence of more data in each individual block meant that the transaction processing rate increased. Measures have also been taken to reduce the total amount of data that requires verification in each transaction.
Bitcoin SV as a business friendly blockchain
Due to the fact that Bitcoin SV was built for business, all business ventures should be based on it. Bitcoin SV is independent as a blockchain and a token, although it grew out of the BCH hard fork. Bitcoin SV’s goal includes restoration of the original Satoshi protocol, stability, and massive on-chain scaling.
Bitcoin native businesses have been quick to announce #WeChooseSV, a campaign to increase support for BSV. Some BCH apps that have moved exclusively to BSV include Centbee, HandCash, Keyport TV, and Money Button.
BSV vs BTC original
Even though Bitcoin SV (BSV) was developed from Bitcoin, there are distinctions between them.
First of all, BSV charges the lowest transaction processing fees as a result of its largest block size. This larger block size reduces the number of transactions in the mempool, improving the performance of the BSV network.
On the other hand, high transaction processing fees affect Bitcoin as a result of its blockchain congestion.
Second, in terms of speed, the Bitcoin SV network has the ability to reach around 9,000 transactions per second through its scaling platform, the BSV Scaling Test Network (STN). Furthermore, BSV’s large block size allows it to set a new record by bundling around 16.4 million transactions into a single block. For Bitcoin, it can handle seven transactions per second.
Also, for Bitcoin SV, its biggest adoption uses instances of a banking app known as Gravity and an educational platform Bitcoin SV Academy. For Bitcoin, on the other hand, a number of large corporations and institutions, including Tesla Inc (NYSE: TSLA), Square Inc (NYSE: SQ), and MicroStrategy Inc (NYSE: MSTR), have added it to their balance sheets as a haven asset. insurance to cushion the effects of the weakening of the US dollar.
Benefits of Bitcoin SV
There are several benefits to be found in building the foundation of your business in BSV.
First of all, BSV promises a stable protocol. One of the goals of BSV is to restore Bitcoin to Satoshi version 0.1 protocols. This means that there would be a revival of Satoshi opcodes, as well as the removal of artificially imposed limits.
The basis for this is the belief that the original Bitcoin has everything to maintain a vibrant and scalable network. Furthermore, BSV offers a rock solid foundation that would enable global companies to reliably build strong applications, projects and businesses.
Also, BSV could be a hugely scalable network. BCH in its November 2018 update capped its default block limit at 32MB, in contrast to BSV which raised its default block limit to 128MB. BSV aims to completely remove the limitations of block caps. He also wants to give miners the freedom to set whatever block sizes they deem sufficient.
The bigger the blocks are, the more big companies are attracted. Therefore, companies would only develop enterprise-grade applications on the Bitcoin blockchain which has a reputation for being scalable. In the future, BSV expects to see block size limits of 1-2 GB. BSV is even planning larger terabyte-sized blocks. It would make it the global public ledger of the world’s largest companies for their financial data and transactions.
Another benefit to your company is your pro-regulation mindset. The platform ensures that the use of its currency and blockchain is legally secure. Furthermore, BSV uses a professionalized approach when it comes to security. It has established plans to create industry best practices and become a benchmark for commitment to quality assurance and professional engineering.
Bitcoin SV (BSV) reflects Satoshi’s Vision. It is different from other Bitcoin projects with the plan of stable protocol as well as big on-chain scaling to become the world’s hot money and global blockchain for business. This is particularly important as it would bring the future of e-commerce to life. It would also create a profitable ecosystem for all participants in the Bitcoin industry.