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What is Bitcoin SV (BSV)?
Bitcoin SV is a cryptocurrency developed by the employees of nChain, Steve Shadders and Daniel Connolly, on the 16th of August 2017. This coin is also called Satoshi’s Vision. It’s a Bitcoin Cash hard fork whose aim is to restore BTC to its actual form. Craig Wright is the one leading this Bitcoin version, and he’s mostly claimed that he’s Satoshi Nakamoto. A hard fork is the one that brought about its existence.
History of Bitcoin SV
A debate happened between Bitcoin versus Bitcoin Cash fork, where the supporters of BSV followed Bitcoin Cash as they felt that’s the closest to the real Satoshi Nakamoto’s vision. Afterward, the moment they saw that BCH was moving away from its vision, they split it again, then BCH became 2 different coins, that is, Bitcoin SV and Bitcoin Cash.
Bitcoin, Bitcoin Cash, and Bitcoin SV
The aim of Bitcoin SV is to be used as an instrument for businesses and governments and concentrate on making it close to the original Bitcoin version while also letting the world know that the famous Satoshi Nakamoto is Craig Wright.
The aim of Bitcoin Cash is to be used as a payment system that its community concentrates on encouraging merchant and user adoption of Bitcoin Cash as an alternative currency.
As we all know, Bitcoin would like to see it being used as a digital currency and gold, aiming to enable individuals to transfer and store money safely.
How does Bitcoin SV Work?
Even though BSV, BTC, and BCH share a common name, all of them are different cryptos. Bitcoin is the foremost digital currency; BSV and BTC are altcoins aiming to fulfill the diverse roles created by BCH at present. But truly, almost all the logic behind BSC is very similar to BTC. For instance, BSV also makes use of Satoshi, and its cap is 21,000,000 blocks. The aim of BSV is to bring back the thing that made Bitcoin popular and would like to return to the original ideas of Nakamoto, which was surely not the best solution.
For BSV, it brings about a question of if there’ll be any more splits as time passes. Even though there’s no direct answer to this, if more division happens, it’s of certainty that crypto investors and traders will surely lose faith in cryptocurrency space as nobody enjoys investing money into a thing that’s always rotating.
Mining of Bitcoin SV
Thus crypto makes use of the uniquely crafted SHA-256 mining algorithm similar to that of the other 2 Bitcoin networks. That means that even with the differences, all Bitcoins have the same mining algorithm. Since they all have the same mining algorithm, it shows that they all have almost similar mining processes. This is also an indication that, unless a miner decides to mine just one Bitcoin variant (BCH or BSV or BTC), they’ll have the ability to switch between mining, determined by the most profitable for miners during that period.
They introduced Bitcoin SV because of a disagreement in the community of BCH, and it was not initially expected to perform as much as this. Presently, the circulating supply of Bitcoin SV is 18,000,000 coins, and it’s got a maximum supply of 21,000,000 coins, which shows the survival of BSV. It is in one of the top positions when it comes to market capitalization, which is an indication that the coin has been excellent so far.