BITCOIN SV (BSV) comes from the acronym Satoshi's Vision (SV), and its design was intended to preserve the philosophy behind the creation of Bitcoin by seeking out the original concept.Source: fastcrypto.trade
It was created from the Bitcoin Cash Blockchain fork (see the article on forks) that occurred in November 2018 and was promoted by the controversial Craig Wright who claims to be Satoshi Nakamoto himself.
This fork occurred after the Bitcoin Cash (BCH) fork in August 2017 due to problems with the scalability of the blocks in the bitcoin core (the original BTC blockchain). Supporters of Bitcoin Cash maintained a limit of 32 MB per block, however the promoters of the new fork with the BSV decided to increase this to 128 MB and even more, so that it could also increase the number of transactions per block at the same transaction costs.
The creator of this fork claims that by doing so, they had aligned themselves with Satoshi Nakamoto's true original philosophy when he created the Bitcoin blockchain as they had artificially limited later the capabilities of the BTC blockchain in favour of applications outside it. Thus, by increasing the block size to the necessary level required by the network, they return to the original design and target that Satoshi Nakamoto intended in the first place. Hence the name Bitcoins Satoshi's Vision.
According to the creator of this BCH blockchain fork, BSV is the only protocol that follows the original concept and is able to deploy the true capacity of the BTC blockchain using the original design described in its white paper
What are the main features of this cryptocurrency and its blockchain?
According to the developers of this blockchain which aims to follow the original BTC design, its main features are:
- Scalability: with increasing block size according to the needs of the network in order to avoid "bottlenecks" which was the main problem that led to the numerous BTC forks both hard and soft type.
- Adjustment of transaction costs: network fees can be adjusted according to the scalability of the blocks.
- Return to the origin: since programmed actions are being carried out to return to the original design that makes it possible to have a balance between having a stable model and a proper innovation and progression.
- Security: with the implementation of a technical support that guarantees security and the maintenance of basic quality standards.
- Instant and secure operations: as a priority for the usability and development of its blockchain to be able to implement future projects on it.
- Proof of Work (PoW) Consensus, with an upgraded block size to improve generation and confirmation times.
A very controversial cryptocurrency and blockchain
Due to several attempts by the BSV founder to patent the BTC blockchain, in order to monopolize its protocol and have total control over it, many exchanges boycotted the BSV by removing it from their cryptocurrency listings after heated arguments between the Exchanges CEOs and the BSV founder. Thus, in April 2019 Binance announced the removal of the BSV from its listings, blockchain.com did the same, and Kraken followed their example after a votation done with its users. Bitforex, shapeshift and others did the same too.
Despite these attacks, which caused this cryptocurrency to shake heavily, on 21 May 2019 BSV got a large increase in its price from 62 dollars to 135 in just a few hours. It currently has a market price of 161 dollars with an ROI (Return of Investment) of almost 83% since its appearance.
What makes this cryptocurrency unique?
Therefore what makes this crypto unique is mainly its blocks size giving its blockchain greater scalability, so it can handle many more transactions than its predecessors (5,000 - 6,000 transactions per second), but all with a higher level of security, with a better cost-benefit ratio and optimal user experience.
Apart from the above, it can also host applications and protocols within its blockchain that aimed directly at companies and startups, being able to host not only transactions but also smart contracts, payment or micropayments clearing services and provide an ecosystem to offer nanoservices of all kinds.
Crypto market Performance of BSVSource: CoinMarketCap
BSV currently has a capitalization of $2,994 millions with a circulating supply of $18.53 millions out of BSV's maximum supply of $21 million (the same as BTC). Its rank is 11. Not surprisingly, at the beginning of this year, it reached its maximum price of $441. Currently it has a downward trend in the last 3 months, and its price has fallen from $252 to $161.Source: CoinMarketCap
In the chart above, we can see the fluctuations of the this cryptoasset since the beginning of 2019. During this cycle of almost two years its value began with 91.97 dollars, achieving a tremendous bullrun at the end of 2019 and the beginning of 2020, when it reached a peak of 419 dollars. Throughout this year, as it can be seen in the graph below the main one, there was a gradual downward trend until it ended up with a value of almost 161 dollars that it has at the present time.
Despite all this discord with the main exchanges, BSV can be found and acquired in other no less important exchanges such as HitBTC, OKEx, Huobi Global and Coineal among others, being the most common pairs BSV/USD, BSV/USDT and BSV/BTC.
It is not ruled out that it will experience something similar again between this year and the next, following the trail of the Bitcoin Core (the original) and overcoming all the difficulties that the exchanges are trying to impose on it. Its enormous resistance to adversity makes her worthy of being a good choice to be part of our portfolio given its market performance or evolution.