Bitcoin SV (BSV) is one of the emerging forks of Bitcoin after the Bitcoin Cash (BCH) hard fork in 2017. In this article, as Kriptokoin.com, “What is Bitcoin SV?” We will answer the question. In addition, we will touch on other questions about the project.
What is Bitcoin SV? What does it do?
Bitcoin SV is short for Bitcoin Satoshi Vision. Its supporters believe the project is most closely aligned with what Bitcoin’s eponymous creator Satoshi Nakamoto envisioned. After all, Craig Wright claimed to be the real Satoshi Nakamoto. However, the veracity of this claim is widely debated in the cryptocurrency community.
While a Bitcoin-based project, Bitcoin SV has several fundamental changes to its core infrastructure. Most importantly, the original Bitcoin’s block size is only 1 MB. It has been increased to 32 MB with Bitcoin Cash. Bitcoin SV increases the block size up to 128 MB. This block size has already helped Bitcoin SV achieve an on-chain transaction capacity of 9,000 transactions per second and theoretically unlimited TPS. Transaction fees on Bitcoin SV are also significantly reduced compared to their peers. Transactions cost less than a penny. Currently, the average transaction fee on the Bitcoin SV network is 0.000013 BSV.
What is BSV coin?
BSV coin is the native token of Bitcoin SV. Referring to the original BTC ecosystem, it created a maximum of 21 million BSV tokens in circulation. The new coins are distributed from the total supply to Bitcoin SV miners via block rewards. It also earns transaction fees for validating blocks. During scheduled periods, block rewards for validators/miners are halved by 50% to channel miners’ reliance on rewards into transaction fees. This mechanism also helps to minimize the circulation of new tokens as the token approaches its maximum supply.
How does Bitcoin SV work?
In terms of other features, BSV is very similar to Bitcoin. BSV also works as a digital payment system for making daily payments without the need for a central intermediary. In addition, all transactions on the Bitcoin SV network are recorded in a decentralized ledger that is distributed worldwide. Similar to BTC and BCH, it uses the Proof of Work (PoW) consensus protocol to validate transactions and protect the platform from malicious actors. When miners validate these blocks, the network rewards them with new BSV coins.
Each block in the Bitcoin SV blockchain contains a cryptographic hash of the previous block, which records the time and data of a transaction. Additionally, this record is distributed to all nodes and is available for anyone to review. In terms of supply, Bitcoin SV is capped at 21 million just like Bitcoin. So far, close to 19 million BSVs have been mined by miners.
What is Bitcoin SV? How to get BSV coins?
Bitcoin SV is currently traded on numerous cryptocurrency exchanges. People who want to invest in the project should open an account in one of the exchanges where the project is traded. The exchanges where Bitcoin SV is traded are listed as follows: Bybit, OKX, MEXC, BitCoke. Users who want to invest in the project should open an account on one of these exchanges.
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