Bitcoin SV Explained
Introduction to Bitcoin SV
What problem does Bitcoin SV solve?
Name: Bitcoin SV
When the world of cryptocurrencies came into existence through 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 broken down into smaller factions, each offering its own version of the Bitcoin. Bitcoin
encountered its first hard fork on 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 technology and creating a more efficient replacement. Note that Bitcoin Cash (BCH) did not(!)
replace Bitcoin (BTC).
After some time, the Bitcoin Cash community felt that the technology had
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 return to the original plan and vision of Satoshi by working for a completely
decentralized network and using the cryptocurrency solely as a tool for payment and trade exchange
Barnyard FFIO: Bitcoin ABC Vs Bitcoin SV - Differences Explained (2019)
What is Bitcoin SV
What does the cryptocurrency Bitcoin SV actually do?
Bitcoin SV is a relatively new entrant to the crypto market as it had its foundation recently set up. The team has not yet focused on developing any product of theirs 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.
Who is behind Bitcoin SV
What team is working to make Bitcoin SV successful?
The main spokesperson for 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. He did not stop there, 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
Note: If Craig Wright had developed Bitcoin, he should have access to the keys
that store the earliest Bitcoins, which would’ve been mined on his computer. These coins never
moved in Bitcoin's history.
The development team features many experts in Blockchain technology. The Lead Developer is Daniel Connolly, while Steve Shadders is serving as the Technical Director, overseeing every technical aspect of the improvement on Bitcoin SV. The team also has a pool of engineers who are skilled and are experts in C++ and Bitcoin protocol. Additional support and backup are also provided by nChain.