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Bitcoin SV

Bitcoin SV

Bitcoin SV (BSV) is a hard fork of the Bitcoin Cash blockchain from 2018, which was in turn forked from Bitcoin blockchain the prior year.

Overview

Bitcoin SV (BSV) emerged following a hard fork of the Bitcoin Cash (BCH) blockchain in 2018, which had in turn forked from the BTC blockchain a year earlier. According to the founders, Bitcoin SV fork was established to fulfill the original vision of the Bitcoin protocol and design, as described by Satoshi Nakamoto's original whitepaper. This includes offering a peer-to-peer electronic cash system and a distributed data network capable of supporting enterprise-level blockchain applications. The SV in Bitcoin SV stands for Satoshi Vision, in reference to the anonymous Bitcoin creator, Satoshi Nakamoto, and Bitcoin SV's commitment to the ideas and principles from Satoshi Nakamoto's whitepaper. The team focuses on improving scalability, stability, and security.

To achieve the above ends, BSV removed artificial block size limits and re-enabled Script command and other technical capabilities, which had previously been restricted by the protocol developers of the BTC blockchain. These changes allow the network to process tens of thousands of transactions per second while maintaining low transaction fees for micropayments. Capabilities include tokens, smart contracts, computation, and other data use cases.

The BSV node software was developed by nChain, which has also regularly delivered protocol updates to work toward restoring the functionality of the original Bitcoin protocol. nChain provides the Bitcoin SV infrastructure team, which advances the node software and other infrastructure tools for the network. nChain chief scientist Craig Wright has been a vocal supporter of BSV since the fork from BCH in 2018. In the past, Craig Wright has claimed to be Satoshi Nakamoto, although he has failed to provide conclusive proof of this claim.

Price

Since the token's fork from Bitcoin Cash, BSV tokens were distributed to Bitcoin Cash holders at a ratio of 1:1. BSV's price roughly doubled until November of 2021, when it reached a market capitalization of $3.1 billion. However, during BSV's history, the price has been subject to sharp price increases and decreases. For example, in the first six days of trading, the price rose 383 percent to $260, before falling 84 percent over the following nine days. Since then, especially between 2020 and 2021, the price traded sideways, with brief periods of it cresting $400 before falling again.

Part of the price fluctuation has been a series of attacks that have targeted Bitcoin SV, and these attacks have shaken the confidence in the network's security. For example, in August of 2021, the Bitcoin SV network suffered a "51 percent attack" when miners took control of a majority of the blockchain's hash power, with some analysts concluding the attack wiped out 570,000 transactions and sowed confusion.

Timeline

2018
Bitcoin SV was founded by Calvin Ayre and Craig Wright.

Patents

Further Resources

Title
Author
Link
Type
Date

Bitcoin SV

Web

undefined 4, 9011

BSV: What is Bitcoin SV? Alleged Satoshi's Fork | Gemini

Web

What is Bitcoin SV? BSV

Web

May 22, 2020

References

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