In the effort of making more structural changes in Bitcoin Cash, Bitcoin SV (BSV) has been created by Craig Wright – who has publicly claimed to be Satoshi Nakamoto himself. BSV claimed to be the most successful hard fork of Bitcoin-related controversies – Satoshi Vision. Together with 5ROI Global, let’s find out more details about Bitcoin SV, as its definition, how it works, as well as the way we can store or exchange securely on our 5ROI Cryptocurrency Exchanges.
Definition of Bitcoin SV (BSV)
Bitcoin SV stands for “Bitcoin Satoshi Vision”, which emerged from the hard fork of Bitcoin Cash. BSV is a peer-to-peer cryptocurrency which preserves and supports the original vision of Satoshi’s whitepaper as users can pay or send money directly without the need for expensive, cumbersome third parties.
With the similarity between BTC and BSV, it is no coincidence then that Craig Wright, creator of Bitcoin SV, claims to be Nakamoto himself – the creator of Bitcoin. Even in the main page of this blockchain project, it is the belief of its community that Bitcoin SV is the one true continuation of the original Bitcoin blockchain network, despite the fact that it too has a different ticker symbol.
Bitcoin Vs. Bitcoin Cash Vs. Bitcoin SV
Where Bitcoin is the first-ever digital currency, two important hard forks named BCH and BSV are altcoins that strive to fulfill diverse roles that BTC creates at present.
- Bitcoin SV aims to be used as a tool for governments and businesses and focus on keeping it close to the original version of Bitcoin while spreading the word that Craig Wright is Satoshi Nakamoto.
- Bitcoin Cash aims to be used as a payment system whose community focuses on encouraging user and merchant adoption of BCH as alternative currencies.
- Bitcoin, as we all know, wants to see it used as digital gold and currency, with an aim to allow people to store and transfer money securely.
Bitcoin SV Basic Usage
Currently there are 3 main usage for BSV Network and Ecosystem:
- Transaction Fees: BSV can be used for transaction fees in the Bitcoin SV network. The fees appeared to be quite low as only 0,0007$ per transaction.
- Block Rewards: Miners earn block rewards for mining new blocks and adding them to the blockchain. The current block reward is 6.25 BSV for each new block.
- Payment Processing: Some shops, stores and services has accepted Bitcoin SV as a payment for their products. However, the specific number of stores using BSV tokens for payment has not been reported yet.
BSV Basic Information
- Ticker: BSV
- Blockchain: Bitcoin Satoshi Vision
- Type Token: Coin, Mineable
- Consensus: Proof of Work (PoW)
- Algorithm: SHA-256
- Block Time: 10 minutes
- Transaction Time: 225 TPS
- Block Reward: 12.5 BSV per block
- Total Supply: 21,000,000 BSV
- Circulating Supply: 19,063,051.64 BSV
You can store and exchange BSV Coin extremely easily through the 5ROI Global platform here.
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