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Bitcoin SV (BSV) - Unsuccessful Fork or Interesting Cryptocurrency?

The TOP-10 of the largest cryptocurrencies consistently includes a coin called Bitcoin SV. Many users have no idea what kind of digital asset it is and what kind of merit it has a great capitalization. Reviews about the coin on the network are very different, someone says that he earns 100% profit on the coin per transaction, and someone calls it another scam. What Bitcoin SV actually is, we will describe in detail in this article.

What is the Bitcoin SV cryptocurrency?

If you think that Bitcoin SV is a fork of the main cryptocurrency Bitcoin, then in reality this is not entirely true. The coin took its origin from Bitcoin Cash and, in fact, it has family ties with the cryptocurrency of all times and peoples, but indirect. The history of the emergence of this fork is quite interesting and scandalous. As expected, the fork arose as a result of disagreement among the developers, who once again argued about what the block size should be. After the hard fork, Bitcoin Cash split into two coins at the same time - Bitcoin ABC and Bitcoin SV. The first of them was taken care of by the well-known crypto-millionaire Roger Ver, but the second was taken under his wing by Craig Wright. This was the beginning of a large-scale "war of forks", in which competitors did not hesitate to throw mud at each other at any opportunity.

What is known about the creator of Bitcoin SV? First of all, the fact that this particular comrade calls himself the real Satoshi Nakamoto and some time ago many believed in this. But later, the legend of the impostor was blown away and he could not confirm his involvement in the creation of Bitcoin. But the enterprising computer engineer did not stop there and began to file lawsuits against those who claimed that he was not Satoshi. In May of 2019, Wright even patented the White paper cue ball and part of his code, somehow proving his rights to the development of Nakamoto! And if such an odious person is related to the cryptocurrency fork, then the coin will definitely not be left without attention.

How is Bitcoin SV different from other bitcoins?

Bitcoin SV stands for "Bitcoin Satoshi Vision". It is logical that Craig Wright called his cryptocurrency “true Bitcoin”, not missing the opportunity to emphasize that he himself is true Satoshi Nakamoto. But Wright did not bother to develop any technical bells and whistles, and in essence, BSV is the same Bitcoin Cash. The only fundamental difference is that the block size of the new cryptocurrency is increased to 128 Mb.

Craig Wright explained the technical minimalism of his Bitcoin by the fact that all these smart contracts, platforms for decentralized applications and other inventions contradict the essence of “true Bitcoin”. The main developers considered the reduction in transaction fees and their speed. On this we decided to limit ourselves.

BSV cryptocurrency rate

The Bitcoin SV cryptocurrency was born in November 2018 of the year and at first it was trading at a price of about 100 $ for 1 BSV. After that, the price began to decline smoothly and stably and in a few months slipped to 52 $. Many traders and crypto experts predicted at that moment that the coin would drop prices to almost a few cents, but in practice, cryptocurrencies managed to curb the bearish trend and in the spring of 2019, the productive growth of Bitcoin SV began.

The maximum rate that the coin managed to reach was 245 $ for 1 BSV, and this significant event happened in June of 2019. After that, it was not possible to exceed the achieved result or at least return to it Bitcoin SV. At the time of writing this article, the cryptocurrency price amounted to 133 $, and the market capitalization exceeds 2.3 $ billion. Thanks to such a sickly total cryptocurrency price, it managed to overtake such well-known and technically advanced coins as Monero, Stellar, Dash, TRON, IOTA, etc. .

Where can I buy Bitcoin SV and sell this coin?

As for the exchanges on which cryptocurrency is traded, it is with this issue that the largest number of scandals are associated. And it was not without the person of its creator Craig Wright. His impudent statement that he is Nakamoto and his bitcoin, all bitcoins bitcoin, has led to a very negative attitude towards the coin and the developer and the crypto environment. The community could not forgive such impudence and large exchanges began to deny support to BSV one by one, and those who managed to take it started cryptocurrency delisting.

One of the antagonists in the Bitcoin SV case was the head of the popular Binance platform, Zhangpeng Zhao. He publicly criticized Wright and refused to present the coin on his exchange. Later, the Kraken exchange followed his example, and then Vitalik Buterin also negatively commented on the coin. In his opinion, the project is fraudulent and created to collect money.  

Although everyone criticizes BSV and large sites do not want to work with the new clone of bitcoin, the coin is traded at KuCoin, CoinBene, HitBTC, Huobi Global, Bitfinex and other less well-known sites. True, the volume of trade in this cryptocurrency on most exchanges is very modest.

What to expect from the next fork in the future?

Contrary to the expectations of the developer of universal recognition, Bitcoin SV has not received, and there is hardly anyone who really considers this bitcoin true. BSV is unable to compete with the main cryptocurrency, because even in the “fork war” with Bitcoin ABC, it clearly loses. 70% of the network participants showed their location to the fork of Roger Vera, while Bitcoin SV is uninteresting for them.

But for many investors and traders, Bitcoin SV was not so useless. Those who bought a coin at the time of the greatest recession could increase the amount of their investments by almost five times. Rumor has it that the rise in the rate of the coin at one time led to the registration of rights to the white pager cue ball. It is possible that in the future, Craig Wright will throw some more trick, and this will spur the price of his coin.

If you look at the fork objectively, it has very dubious prospects. Of course, in the cryptocurrency TOP there are not such slag coins, which, nevertheless, have some value. But if you consider Bitcoin SV as an option for long-term investments, then this is far from the most successful solution. Cryptocurrency has an ambiguous position in the community, exchanges refuse to work with it, developers do not implement global technical innovations. In addition, Craig Wright is in litigation with all dissenters who speak out against his bitcoin, and this does not add points in favor of cryptocurrency.

1 review for "Bitcoin SV (BSV) - Unsuccessful Fork or Interesting Cryptocurrency?"

  1. Avatar photo IgorKucheruk:

    Thank you for the informative article.