In 2018, a new Bitcoin Cash hard fork appeared under the name Bitcoin SV. The name comes from its supporters belief that cheaper fees aligns with Satoshi Nakamoto’s vision for Bitcoin, that’s Bitcoin Satoshi Vision (Bitcoin SV). The main reason for its creation is to preserve the essence of Bitcoin and ensure the large scale of the crypto coin. Cryptocurrency developers use the same criteria as for Bitcoin Cash. These are maintaining low transaction fees, ensuring a high level of security and creating favorable conditions for miners and investors.
The specific features of Bitcoin SV
Technically Bitcoin SV is introduced as an old Bitcoin Cash client that was used before the hard fork. Among the reasons of the fork creation was that Bitcoin SV supporters did not want to apply updates to the crypto coin. There were no other alternative options to follow. When we look at the charts, we see that Bitcoin SV has no stability in price. However, studying the statistics of the Bitcoin SV rate, you can observe its inverse correlation in relation to the original Bitcoin rate. Crypto experts reveal this fact. If the Bitcoin price decreases, then the Bitcoin SV value increases, and vice versa.
The basis of Bitcoin SV
The Bitcoin SV system is based on the main four principles that form the basis of Bitcoin SV’s infrastructure to create the one blockchain for the whole world. These are stability, scalability, security and safe instant transactions. Bitcoin SV enables businesses to make plans and allocate resources in advance using a stable protocol. Architecture and miner block sizes guarantee the increases of delivering capacity. Bitcoin SV advances in the best management processes and external security audits. Safe instant transactions help to implement new business models with micro payments.
One of the advantages of Bitcoin SV is that it is a good option for miners to earn money. ASIC devices are quite acceptable for Bitcoin SV mining. However, you’d better use it as an alternative. Now Bitcoin SV is in the TOP-20 cryptocurrencies. Traders have a great interest in the coin, which results in a positive effect on the growth dynamics of the cryptocurrency. The team of Bitcoin SV developers demonstrate high performance and large scale of the project, and keep on implementation of great plans to improve performance, scalability.
Disadvantages of SV
What concerns disadvantages of the crypto currency, first these are high rates of competition. Then it creates a number of issues connected to the high centralization of mining. If you follow the news, you’ll see that Bitcoin SV’s reputation is full of disputes and scandals. In addition, the system faces technical problems. To be more precise, it has high vulnerability to double-spending attacks and issues with block reorganization. Crypto critics have doubts about the ambitious plans of the Bitcoin SV developers. Especially about the reality of technical solutions for such huge blocks.
Buy or sell
You can get Bitcoin SV in several ways. You can mine it with ASIC devices or use GPU mining of the most profitable coin and its instant sale through exchanges providing for exchange for BSV. Another way is to purchase on stock exchanges. Crypto enthusiasts find this way more adoptable for today’s reality. Another possible way is to take part in the development of the project. If you become a member of it, there is an appropriate award for your work. The most common trading platforms to buy Bitcoin SV are Poloniex, Upbit, Gate.io, and Binance.