Beginners Guide to Bitcoin SV

What is Bitcoin SV?

Bitcoin SV, aka Bitcoin Satoshi’s Vision, is an altcoin that resulted from a hard fork of Bitcoin Cash. The currency uses blockchain technology for transactions similar to Bitcoin. The coin was initially created to try and return to the goals of Bitcoin’s founder, Satoshi Nakamoto.

The creation of the coin was the ultimate end of a long period of controversy amongst Bitcoin Cash users. In the end, Bitcoin SV was born and has quickly risen to become a top altcoin. Learn more about BSV and how it differs from Bitcoin Cash.

History of Bitcoin SV

Those of you who follow Bitcoin’s history know that Bitcoin Cash forked off from Bitcoin back in 2017. It didn’t take long before multiple camps formed within the coin’s adopters. The dispute was primarily over block size. One group wanted to keep the block size at 32 MB to allow algorithms to run more efficiently and enable scripts enhancements to allow oracle data to be imported into the BCH blockchain.

The other group did not agree and wanted to stick closer to Satoshi’s vision for Bitcoin. They wanted to allow for an increase in block size to 128 MB to allow for more transactions. These differences led to a hard fork in the coin. One of the prominent supporters of the hard fork was Craig Wright. Wright is an Australian entrepreneur and even claims to be Satoshi Nakamoto.

Bitcoin Cash divided into two coins. The first was Bitcoin Adjustable Blocksize Cap (ABC) and Bitcoin Satoshi’s Vision (SV). Ultimately, Bitcoin ABC won the majority of the hash rate and retained the name Bitcoin Cash. Bitcoin SV continued on its own. Later, BSV upped its block size to 512 MB. In February 2020, the coin completed a Genesis hard fork that served as an upgrade to the coin. This eliminated block size limits for the coin.

Presently, the coin has a market cap of just under $3 billion, just outside the global top 10 for market caps. A major proponent of BSV is Calvin Ayre. He is regularly seeking investment opportunities in blockchain technologies and has been very supportive of Bitcoin SV.

Bitcoin Cash vs. Bitcoin SV

Often, a coin will fork because the new currency seeks to improve features from the original coin. That is the case with BSV. For starters, BSV is looking to set itself apart from BCH in terms of scalability. With no limits on block sizing, BSV is the most scalable of all major cryptocurrencies. It hopes to handle as many transactions as adopters can throw at it. The coin is looking to become an enterprise blockchain solution for companies globally. There are companies interested in learning what blockchain technology can do for their organizations.

Also, Bitcoin SV is looking to become a utilitarian coin. Bitcoin and Bitcoin Cash are not the best options for everyday payments or payment solutions. Due to its scalability, Bitcoin SV is looking to become the premier payment system in the world. They are looking to become the premier global payments system while offering fast payments, an improved user experience, enhanced security, and lower costs for merchants and businesses.

Mining for Bitcoin SV

Bitcoin SV seeks to be as similar to the original Bitcoin as possible, including its number in circulation. There will only be a maximum supply of 21 million BSV coins ever mined. Also, like Bitcoin, BSV uses a proof-of-work mechanism for adding blocks to the blockchain. The coin will also undergo halving, meaning that miners will get less of a reward for their mining efforts over time.

Like regular Bitcoin, mining BSV is very expensive due to the investment of equipment and the power required to mine. However, unlike Bitcoin, the rewards are still more reasonable as there has only been one halving to date. Bitcoin has had four.

How to Acquire Bitcoin SV

The easiest way to acquire Bitcoin SV is to purchase it from a cryptocurrency exchange. Multiple exchanges quickly adopted Bitcoin SV, and it is now easy to buy. Exchanges that offer BSV include Huobi Global, KuCoin, Changelly, CoinEx, and Poloniex. In most cases, you can exchange BTC for BSV, but some exchanges will allow USD and USDT to BSV exchanges.

Once you have purchased your crypto, you need to secure your purchase. While you can try and leave it on the exchange, this is not recommended. Instead, opt for a secure wallet. Options include Electrum SV, Exodus, and Atomic Wallet. If you prefer a hardware wallet, Ledger Nano S supports Bitcoin SV.

Other methods of acquiring BSV include ATMs, faucets, and peer-to-peer transfers. If you’re unfamiliar with faucets, they are programs on websites that allow you to claim small amounts of BSV. These amounts are minuscule but are a way to get started in crypto.

If purchasing on an exchange proves too daunting, you can opt to try and buy BSV directly from another holder. This is not recommended unless you know the person or the person has strong referrals. You pay the person, and they send you BSV directly to your wallet.

If all else fails, you may be able to buy Bitcoin SV directly from Bitcoin ATMs. Crypto ATMs are becoming increasingly popular, and some even offer options for buying altcoins like BSV. The only catch is that you will pay a premium overtop the regular price of BSV. We only recommend using a crypto ATM as an absolute last resort.

Gambling With Bitcoin SV

Like all other major cryptocurrencies, numerous online gambling sites now allow you to deposit using Bitcoin SV. Initially, online casinos only took Bitcoin for crypto transactions, but altcoins’ rise in popularity changed that.

You can now use Bitcoin SV to deposit at Bitcoin online casinos, online sportsbooks, and online poker rooms. In many cases, your BSV will be exchanged into USD or BTC. However, some sites like Blockchain Poker will allow you to play using BSV. That way, you can use your BSV to earn more BSV. Additional site should allow for play using BSV in the near future.

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