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What is Bitcoin SV?

Bitcoin Satoshi's Vision (BSV) is a fork of Bitcoin Cash, which appeared on November 15, 2018. The most significant technical difference between the BCH and the BSV is that the SV variant has a block size of 128 MB, in contrast to the current block size of 32 MB BCH.

Bitcoin SV is a fork, that is based on the original Bitcoin code. Thus, it arises from a fork in the blockchain of another forked cryptocurrency: Bitcoin-cash. Although this is a BTC-based project, it has several fundamental changes to the concept and storage information in the chains of its blocks. Like Bitcoin, BSV is a decentralized digital currency that only serves the virtual world. According to the website that supports it, Bitcoin SV meets the original BTC vision when this cryptocurrency was created:

"Bitcoin SV is the original bitcoin. It restores the original Bitcoin protocol and will keep it stable, scaling it at a colossal level. Bitcoin SV will adhere to the concept proposed by Satoshi Nakamoto in the 2008 technical report ("Bitcoin: Electronic User-to-User Electronic Cash System")Open in new window."

That's why its name comes from Bitcoin, “The Vision of Satoshi” or “Bitcoin: A Vision of Satoshi.” The offer came earlier than the planned distribution of bitcoin cash, which would lead to the ABC chain. Craig Wright, an Australian businessman, and scholar proposed this new chain to continue his initial vision. Yes, Wright claimed that he was the mysterious Satoshi Nakamoto for many years, although he could not give enough evidence to prove it. This change has sparked huge controversy in the communities due to Wright's explicit threats to lower the price of BTC - among other very controversial discussions.

BSV's biggest problem is its founder

The biggest problem BSV faces are the ostracism that it falls into. And on April 15, 2019, one of the world's largest cryptocurrency exchanges, Binance, announced that it would remove Bitcoin SV from its platform. This happened after the founder of the exchange, Changpeng Zhao, supported a quarrel with BSV community leaders, Calvin Eyre and Craig Wright.

On the contrary, soon several major exchanges and wallets in the world began to join the trend initiated by Binance. On Blockchain.com, BSV was removed from the system on the same day. This happened while the crypto world initiated a global movement under the hashtag #DelistBSV.

Kraken.com, another large exchange, tweeted about Bitcoin SV. In this survey, they asked users whether they should exclude cryptocurrency from their platform, gaining 71% of the vote in favor of the option “Yes, this is toxic”.

Kraken delists Bitcoin SV

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What is the price of Bitcoin SV?

At the moment, Bitcoin SV is paving its own successful path. It seems just a matter of time that the cryptocurrency, which was once censored by many global exchanges and bullied by an influential crypto sphere, now has an opportunity to supplant Bitcoin Cash as the most important fork from BTC from the point view of capitalization.

Why is Bitcoin SV going up?

Since the launch, the price of Bitcoin SV is moving inversely with the rest of the market. In a complete bearish decline, BSV moved up, given its speculative and critical value compared to the current BTC. Thus, it becomes an ideal option for working in the short term, if you have the necessary trading knowledge to carry out effective operations.

Is BSV the real Bitcoin?

To understand Bitcoin SV, it is crucial to understand the three key assumptions that underlie its creation, and most of the support it receives:

  • The original Bitcoin technical paper written by Satoshi Nakamoto is perfect.
  • Any deviation from the technical document can only lead to errors.
  • There can only be one real Bitcoin, and everyone else will fail.

Bitcoin Cash also deviated from Satoshi's vision when its ABC development team proposed an update that was believed to violate the rules established by the technical document. This quickly sparked debate in the community and the people who became SV bitcoins finally offered their alternative updates. There was no explicit agreement on which proposal should be approved, and neither side agreed to abandon its development roadmap.

This then led to a second big break. The Bitcoin ABC offering is now known as Bitcoin Cash, and the white paper purists are known as Bitcoin Satoshi's Vision (BSV).

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How to Get Bitcoin SV?

You can buy Bitcoin SV on the exchange. To buy Bitcoin SV, you must first have Bitcoin. After receiving BTC, you can exchange it with Bitcoin SV on Guarda wallet. There are a variety of exchanges, working with BSV nowadays:

  • Guarda
  • Upbit
  • Bitmart
  • Dragonex
  • Bithump
  • HitBTC
  • ChangeNOW

How do I claim BSV?

Coins can be mined, but this requires an ASIC that supports the SHA-256 algorithm (now the most popular model is ASIC S9). The capacities of a video card or processor for profitable production are not enough.

The complexity of mining is quite high, and it is not profitable to mine coins alone. It’s better to join the pool right away - for example, SVpool. It has two advantages - daily payments and the absence of commissions for withdrawing funds. Craig Wright himself launched it.

There are no problems with the purchase of assets either. The coin is represented on most popular exchanges, including HitBTC, Upbit, Bittrex, Bitfinex, Bithumb, and OKEx. Now it can still be bought at Binance and Kraken, but soon trading on the sites will be stopped (later we will explain why).

Interestingly, unlike most other altcoins, operations with BSV are evenly distributed between different sites. There is no exchange to which at least 10-20% of trades fall.

The best Bitcoin SV wallet — Guarda Wallet

Guarda supports Bitcoin SV among other crypto coins. We offer BSV storing solutions across multiple platforms and devices. Bitcoin SV is one of the largest cryptocurrencies in the world, so we hastened to add it to our wallet.

  • Bitcoin SV mobile wallet
  • Bitcoin SV desktop wallet

All these Bitcoin Satoshi Vision wallets are easy to set up. They have all the functions a crypto user needs – secure holding, fast exchanges, and easy-to-perform transactions.

How to store Bitcoin SV BSV?

Web Wallet / Desktop Wallet

  1. Open the Guarda website (be sure to add the link to your bookmarks so you don’t accidentally go to the phishing site)
  2. Click on the button "Create a wallet" or "Download for desktop"
  3. Create a New Wallet
  4. Choose a password, however, make it hard enough so that attackers cannot compromise it.
  5. Make sure to keep your passwords in a safe place, because if you lose them, then you will not have the opportunity to restore your wallet.
    More details in Knowledgebase Open in new window.
  6. Wait a couple of seconds while the program will render the wallets for you. Numeric keys, commonly known as private keys or master keys, take the form of hexadecimal codes. At first glance, it looks intimidating until you find that it is flexible enough to be recorded, printed on paper, printed on a document, converted to an image, or even remembered.
  7. Download backup to always be able to import your wallet.
  8. Go to the Bitcoin SV Coins tab, and under the QR code (also you can scan it because QR is a wallet address itself), you will see your wallet where you can transfer funds from the Binance trading platform.

Mobile

  1. Go to the Apple App Store or Google Play Store.
  2. Find Guarda Wallet and download it to your device. Click on the button "Create a wallet"
  3. Create a New Wallet.
  4. Choose a password, however, make it hard enough so that attackers cannot compromise it.
  5. Make sure to keep your passwords in a safe place, because if you lose them, then you will not have the opportunity to restore your wallet.
    More details in Knowledgebase Open in new window.
  6. Wait a couple of seconds while the program will render the wallets for you. Numeric keys, commonly known as private keys or master keys, take the form of hexadecimal codes. At first glance, it looks intimidating until you find that it is flexible enough to be recorded, printed on paper, printed on a document, converted to an image, or even remembered.
  7. Download backup to always be able to import your wallet.
  8. Go to the Bitcoin SV Coins tab, and under the QR code (also you can scan it because QR is a wallet address itself), you will see your wallet where you can transfer funds from the Binance trading platform.

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