BSV or Bitcoin satoshi visionis one of the most divisive blockchain coins throughout the nation. Despite this, the strong interest in Bitcoin SV has seen a significant amount of trading throughout the space.
Looking at the “Bitcoin” exchange listings, you’ll come across a variety of variations that use bitcoin as part of their term. Bitcoin SV, also known as Bitcoin Satoshi View, is one of the newest. A Bitcoin fork that shot into the top 10 of all the coins by a market cap.
So, is it worth considering Bitcoin SV?
I’m going to try to answer that in this Bitcoin SV analysis. I will take an in-depth look at the project as well as the long-term acceptance and price prospects of BSV.
So, what is BSV? And when was it created?
Bitcoin SV was developed as a Bitcoin Cash Fork on November 15, 2018, due to disagreements in the development community’s understanding of how Bitcoin Cash could grow. With the successful activation of Genesis by the Bitcoin SV team on 4 February 2020 the altcoin is coming closer to the original vision of Satoshi Nakamoto. It’s described in the original Bitcoin white paper 2008.
BSV is the Bitcoin original with the Bitcoin protocol. Developers hope it will secure and stable Bitcoin SV while also encouraging it to massively grow.
As Bitcoin SV stands as the first, true Bitcoin, some refute the argument. After all, it’s not the first time the project has claimed to be the original Bitcoin, but there appears to be some truth to the argument in this case. With the revival of the original Bitcoin specification, it’s hard to refute the argument that Bitcoin SV is returning to the heart of what Bitcoin was intended to be.
Another consideration that needs to be raised is whether Bitcoin SV will ever be able to compete with the original Bitcoin in terms of branding, market traction, and pricing. So far in 2020, it appears to be doing a decent job, having climbed from just under $100 at the beginning of the year to $373 as of February 11, 2020.
And even though Bitcoin SV is currently the fifth-biggest cryptocurrency, the $6.65 billion market cap is pale relative to Bitcoin and its $185 billion market cap.
How can You get the BSV?
Anyone who owned Bitcoin Cash (BCH) before November 2018 will get the same amount of BSV after a hard fork upgrade. It functions effectively as an airdrop. However, a safe protocol for alleging BSV has yet to be established. Bitcoin SV Blog notes that the best alternative is to wait and make no transactions until then.
If you need to use your coins right now and because of the threats, check with your wallet provider how to claim your BSV. Remember, though, that there is no universal answer because it all depends on how you keep your BCH.
It is important to remember that before a safe alternative is created, both Bitcoin Cash and Bitcoin SV use the same replay protection mechanism that allows replay attacks. No replay defense causes both BCH and BSV transactions to take place concurrently in both chains. The sending of BSV can lead to sending BSV and BCH coins on separate chains at the same address and vice versa.
On April 15, 2019, Binance revealed preparations for the delisting of Bitcoin SV on April 22, 2019, followed by a related announcement by Kraken on April 16.
Wallets and Shares
As far as the markets for Bitcoin SV are concerned, they are reasonably well served across some exchanges. These include Huobi, OKEx, Binance JEX, and others. There still tends to be a reasonably significant amount of cryptocurrencies across these exchanges.
Looking at the individual order books, they look deep with a significant amount of liquidity. This could make it easy to execute larger block orders without incurring too much price slippage on the orders. BSV is crossed with other cryptocurrencies and fiat pairs like the Korean Won.
When it comes to saving BSV, there is minimal support from most large hardware wallets. However, there are several desktop and mobile wallets that could be used to store your coins. We covered this thoroughly in our article with the best Bitcoin SV wallets.
Today’s Bitcoin SV price is $200.72 with a 24-hour trading rate of $1,410,830,755. The BSV price has increased by 11.1 percent over the last 24 hours. It has a circulation stock of 19 million coins and a maximum supply of 21 million coins. Huobi Global is currently the most profitable trading firm on the market.
Disadvantages of BSV.
Bitcoin SV did not exist too long ago. As this network continues to grow, it is too premature to worry about any big drawbacks. While it was noted that mining here is much less lucrative than the original Bitcoin.