Bitcoin SV (BSV)
Bitcoin SV (BSV) is a cryptocurrency that emerged as a result of a hard fork from the Bitcoin Cash (BCH) blockchain in 2018. Bitcoin Cash itself was a fork from the original Bitcoin (BTC) blockchain that occurred in 2017. The creation of Bitcoin SV was driven by a desire to adhere more closely to the original vision and protocol of Bitcoin as described by its pseudonymous creator, Satoshi Nakamoto.
History of Bitcoin SV
Bitcoin SV's inception in November 2018 was marked by a contentious split from Bitcoin Cash. This split, known as a hard fork, resulted in the formation of two distinct blockchains, each with its own set of rules and protocol. The primary motivation behind this division was the differing opinions within the Bitcoin Cash community regarding the best way to achieve scalability and maintain the original principles of Bitcoin.
| Ticker | BSV |
| Category | Smart Contract Platform |
| Website | https://bitcoinsv.com/ |
| @BSVBlockchain |
The developers and proponents of Bitcoin SV sought to restore the original Bitcoin protocol by removing limitations that had been introduced in subsequent updates of the Bitcoin and Bitcoin Cash networks. This includes re-enabling certain Script commands and eliminating artificial constraints on block size, which they believed were necessary to enable greater transaction throughput and blockchain utility.
How Bitcoin SV works
Scalability and transaction processing
One of the defining features of Bitcoin SV is its emphasis on scalability. The network is designed to process tens of thousands of transactions per second, thanks to the removal of block size limits. This allows for significantly higher transaction volumes compared to other Bitcoin-based networks. The increased capacity is achieved without compromising the network's decentralization, ensuring that it remains an open and permissionless system.
Low transaction fees and micropayments
Bitcoin SV aims to keep transaction fees extremely low, making it feasible for users to conduct micropayments efficiently. This is in line with the original vision of Bitcoin as a peer-to-peer electronic cash system, where users can transact directly with one another with minimal cost.
Advanced blockchain capabilities
Beyond simple transactions, Bitcoin SV supports advanced blockchain applications, including tokens, smart contracts, and data management. By re-enabling previously restricted Script commands, Bitcoin SV allows for more complex operations to be executed on its blockchain. This makes it possible to develop enterprise-level applications that can leverage the security and immutability of the blockchain.
Alignment with the original Bitcoin design
Bitcoin SV advocates argue that it is more aligned with the original design of Bitcoin than any other blockchain. By adhering closely to the principles laid out in Satoshi Nakamoto's white paper, Bitcoin SV seeks to provide a robust and stable platform for both transactions and data applications.
The BSV network
Unbounded on-chain scaling
The BSV network's approach to scaling is unique in its commitment to unbounded on-chain scaling. This means that there is no predetermined limit to the size of blocks or the number of transactions that can be processed. As a result, the network can grow and adapt to increasing demand without requiring significant changes to its underlying protocol.
Enterprise-level blockchain applications
Bitcoin SV's scalability and advanced capabilities make it suitable for enterprise-level applications. Businesses can utilize the network to develop and deploy blockchain solutions that require efficient data handling and transaction processing. The network's capacity to handle large volumes of data and transactions positions it as a compelling choice for organizations seeking to leverage blockchain technology for their operations.
For more information about Bitcoin SV, visit their official website.