When you search for Bitcoin, you’ll notice a few names. But one of the more recent entrants in the crypto market is Bitcoin SV. Bitcoin SV (BSV) stands for Bitcoin Satoshi Vision. It was designed as an attempt to restore the original Bitcoin protocol. The goal was to build a cryptocurrency that would conceptualize what the original Bitcoin was developed to do. The original Bitcoin white paper is mentioned as the core document of this project.
What was Satoshi’s vision?
The following quote clearly explains what Satoshi’s original vision was:
The existing Visa credit card network processes about 15 million Internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost.
– Satoshi Nakamoto (April 2009)
Satoshi wanted a cheaper and quicker alternative to fiat payments through a decentralized system. That meant creating an efficient, peer-to-peer form of digital cash.
Since the inception of the Bitcoin (BTC) in April 2009, there were concerns about the block size limit of the cryptocurrency. Even in its infancy, Bitcoin’s 1MB block size limit was creating issues pertaining to scaling. Adding more nodes on the blockchain would eventually cause problems.
So with the price and popularity of Bitcoin growing, the network began to experience transaction backlogs by 2017. People started complaining of having to wait several days before their transactions were confirmed.
A software upgrade, also known as a fork, came into effect in 2017, and Bitcoin Cash (BCH) was created. But the hard fork resulted in two opposing views: Bitcoin as an investment asset and Bitcoin as a payment system. Bitcoin Cash developers wanted to increase the block size limit to 8MB so more transactions could fit into a single block. But not everyone was on board.
Nearly a year later, on November 15, 2018, the altcoin forked again into two cryptocurrencies: Bitcoin Cash and Bitcoin SV.
Craig Wright and Calvin Ayre maintain that BSV is the original Bitcoin. To be honest, this has been mentioned before. But there are certain aspects of BSV that are fulfilling the Satoshi promise:
1. Instant transactions
Overcoming the delays that were arising on the blockchain was the key priority. Faster transactions are also critical for a growing network.
2. Reducing transaction costs
As one of Satoshi’s original goals, BSV aims at minimizing transaction costs. For the new altcoin to prove its importance in the crypto market, BSV must be affordable.
This was a major concern for businesses who wanted to scale. BSV is offering bigger blocks with a larger throughput capacity. The block size of BSV is 128MB. This increase in size will help scale the network and allow more transactions to be performed.
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As a global money platform, Bitcoin SV is primarily focused on delivering capacity increases and improving performance. Once this blockchain demonstrates that it has the potential for scalability, it will be able to support significantly higher transaction volumes. More importantly, it will become the grounds for miners to collect more transaction fees.
As a global currency, BSV ensures a secure medium for transactions. And the developers of BSV are not taking it lightly. They have taken measures to confirm that the system will enable the levels of security similar to those implemented by critical industries such as aerospace, medicine, and national security.
The developers of Bitcoin SV achieved this by implementing a set of rigid test phases. They utilized a formal and rigorous validation process to manage the level of Quality Assurance that it aspired to achieve.
5. Stable platform
Businesses need to plan in order to distribute adequate resources for sustained growth. And they will not adopt or operate on any technological platform that is unstable.
Therefore BSV strives to restore the original Bitcoin protocol and to provide a stable economic structure for all organizations. But BSV aspires to enable more than just a stable base.
6. Further development
The objective of Bitcoin SV was to bring back the values and technology of the original crypto. The prime focus was on the crypto as a mode of payment and trade. But it also went on to elevate the capacity of the network for other network developments.
Developers of BSV worked at restoring Satoshi’s op-codes to promote the potential of the blockchain technology. They are now offering a platform where other solutions such as smart contracts and tokenization will be viable options for other companies and developmental teams. It is for this reason that Bitcoin SV underwent more changes than Bitcoin Cash.
There is no denying that Bitcoin remains the leading cryptocurrency. It holds over half of the total crypto market cap.
But even though the price of BSV is at the moment volatile, in a short span of time, it has gained a great deal of significance in the crypto sector. It is on the list of top ten cryptocurrencies in terms of market capitalization. It is supported by and actively traded on most cryptocurrency exchanges.
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