Bitcoin SV (BSV)

Bitcoin SV - is a new coin splitted of Bitcoin Cash blockchain on 15 November 2018. Four fundamental pillars form the basis of Bitcoin SV’s roadmap to create the one blockchain for the world: stability, scalability, security, and safe instant transactions (a.k.a 0-confirmation). The Bitcoin SV project was created at the request of and sponsored by Antiguan-based CoinGeek Mining, with development work initiated by nChain. The project is also owned by the Antiguan-based bComm Association on behalf of the global BCH (SV) community, and the Bitcoin SV code is made available under the open source MIT license.

There is no technology description for Bitcoin SV yet.

We can not provide any looks into the future for Bitcoin SV yet.

Bitcoin SV’s inception was marked both by a highlight and a scandal for the technology. In August 2018, on pursuance of nChain and Coin Geek, Bitcoin Cash forked and two separate communities namely Bitcoin ABC and Bitcoin SV came in to being. But that is not it! Bitcoin SV’s leadership and the community on the whole were a bit hostile in their dealings as they made repeated aggressive attempts to practically wipe out Bitcoin Cash’s supposedly deviated technology by taking all of its hashing power. The community was adamant to compel Bitcoin’s original community to accept the Satoshi Vision by force. This crypto-civil-war went on for around a week before both technologies decided that they had a considerable representation in form of their community and they should focus on sustaining that (SFOX, 2018).
Another major highlight for the Bitcoin SV came in May 2019, when the cryptocurrency surged more than 120 percent. This was partly due to the rather surprising development as the founder, Craig White, succeeded in ‘proving’ himself as the original Satoshi Nakamoto and registering the Bitcoin white paper’s copyrights to his name (Ouimet, 2019).

1.4

Bitcoin SV’s technical developments are based on the original Bitcoin whitepaper. The code development included restoring the Blockchain network in its original form, bring back the old protocols and improving the transactional performance of the cryptocurrency. The main code development has been done under the lead of Daniel Connolly and Steve Shadders (Bitcoin SV, 2018).

2.0

When the world of cryptocurrencies came into being with the birth of Bitcoin, Satoshi Nakamoto was the visionary who laid down the mission of the technology in his whitepaper ‘’Bitcoin: A Peer-to-Peer Electronic Cash System”. As the technology evolved and many other cryptocurrencies made their way into the crypto-world, the technology deviated greatly from its main course. Bitcoin Blockchain has been divided into many different smaller fractions, each offering its own version of the Bitcoin. Bitcoin encountered its first hard fork in August 2017 and with it ‘Bitcoin Cash (BCH)’ rose to stage. Bitcoin Cash (BCH) was developed with the aim of solving the scalability issue of the technology and creating a more efficient replacement. Note that Bitcoin Cash (BCH) did not(!) replace Bitcoin (BTC).
After sometime, the Bitcoin Cash community felt that the technology has deviated from the Bitcoin Cash vision as defined in the whitepaper from the original Bitcoin (BTC). Once the Bitcoin Cash fork happened, Bitcoin SV (BSV) (SV stands for Satoshi Vision) and Bitcoin ABC (BCHABC) (ABC stands for Adjustable Blocksize Cap) were born (SFOX, 2018). According to the official spokesperson, Bitcoin SV is the restoration of the original technology. It aims to pursue the original vision of Satoshi by working for a completely decentralized network and using the cryptocurrency solely as a tool for payment and trade exchange (ChangeNow, 2018).

3.0

Bitcoin SV is a relatively new entrant to the crypto market with its foundation being recently set up. The team has yet not focused on developing any product of their own that runs on the Bitcoin SV Blockchain. The collective focus of the team, now, is at the restoration of the original protocols of Bitcoin and developing those protocols to address the issues of scalability and security.

1.2

The main spokesperson for the Bitcoin SV is Craig Wright while the technology is pursuing the main foundation principles of Satoshi Nakamoto. Not surprisingly, Craig Wright has claimed that he is in fact Satoshi Nakamoto, the original creator of Bitcoin. Not only this, he has also strengthened his position by winning US copyright registrations for Bitcoin’s original (Bambrough, 2019). The Bitcoin SV project is owned by the Bitcoin Foundation on behalf of the BSV community.
Note: If Craig Wright had developed Bitcoin, he should have access to the keys that store the earliest Bitcoins, which have been mined on his computer. These coins never moved in Bitcoin's history.

1.5

The market has a mixed opinion about Bitcoin SV. The technology will and probably should not survive, mainly because of Bitcoin SV’s founder Craig Wright who is deemed as a scam by many. On the other hand, there are optimistic predictions by others, with one source predicting that the cryptocurrency will surge up by 400% by 2020 (Naiz, 2019).

1.3

Bitcoin SV is a project in itself, started by the Bitcoin community, nChain and CoinGeek. The project aims to restore the original values and core values of Bitcoin as envisioned by Satoshi Nakamoto. The end goal of the project is to develop the technology towards ‘Genesis’, which is the full restoration and implementation of the Bitcoin Protocol.

1.5

The technology might not be as successful in the short-term, since the development of the protocol is still underway, but it has potential for growth in the following years.

3.5

Bitcoin SV claims that it is in fact the original Bitcoin. So, very simply put, the original Bitcoin is considered to be a substitute to this technology, because what this technology offers is basically a restored version of the original Bitcoin.

1.2

As per the official website of Bitcoin SV, the cryptocurrency has made a number of valuable partnerships in the market. A number of cryptocurrency wallets like Atomic Wallets, BC Bitcoin, Bitaddress etc. host Bitcoin SV while many exchanges, although not the widely used ones, offer trading of Bitcoin SV. As the technology strengthens its holdings, new partnerships are being announced. Recently, DriveMarkets’ CEO, Kate Hiscox, revealed that they will be partnering with Bitcoin SV to launch out DRIVE Pay (Editor, 2019). Also, Bitcoin SV will be sponsoring the International Professional Pool Association this year, opening doors for many opportunities for the real-life application and implementation of the technology (Tonin, 2019).

3.2

One of the competitive edges that Bitcoin SV has over its counterparts, is that it is backed by the Bitcoin Association, the largest and the oldest community that promotes the Bitcoin technology. The community on the whole supports the original vision behind Bitcoin and is working towards attaining the original version of the Blockchain.

3.0

The development team features many experts of Blockchain technology. The Lead Developer is Daniel Connolly, while Steve Shadders is serving as the Technical Director. The team also has a pool of engineers having expertise in C++ and Bitcoin protocol. Additional support is also provided by nChain.

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