Bitcoin and Bitcoin Cash are likely well-known to crypto enthusiasts and the broader public at this point. In this context of familiarity, the term Bitcoin SV has emerged, and you may be asking what BSV is.
Bitcoin SV, or Bitcoin Satoshi Vision, is a fork of Bitcoin Cash that aims to restore Satoshi Nakamoto’s original vision of Bitcoin as a decentralized, highly scalable peer-to-peer cryptocurrency.
Below, we will explore its main features and whether it’s worth investing in it in 2023.
Defining Bitcoin SV
Bitcoin SV (or BSV) is the 53rd most important cryptocurrency according to market capitalization as of October 2022. This crypto was first developed by nChain employees Steve Shadders and Daniel Connolly, and it launched for the first time on August 16, 2018.
The SV in Bitcoin SV stands for Satoshi Vision, known among the public as the real Bitcoin visionary. It is a fork of Bitcoin Cash (BCH), which was itself a fork of Bitcoin, and aims to restore BTC to its pure form. Craig Wright launched this Bitcoin fork and has repeatedly claimed to be Satoshi Nakatomo himself.
While the Bitcoin SV price has fluctuated significantly in 2022, many expect the asset to break records in the following years.
Origins of BSV
In 2017, there was a lot of debate over Bitcoin vs. BCH Fork. Bitcoin SV’s supporters favored the latter because they believed it was closer to Satoshi Nakamoto’s original vision. However, they quickly discovered that BCH was departing from their original vision, and so BCH was split into two distinct coins: Bitcoin SV, which is team nChain, and Bitcoin Cash, which remained on Bitcoin ABC Fork.
How does BSV work?
While BTC, BCH, and BSV all share the same name, it is essential to know that they are all distinct cryptocurrencies. BTC is the original cryptocurrency. BSV and BCH are altcoins that aim to fill different roles that BTC can not.
However, Bitcoin SV’s logic is very similar to the original Bitcoin. Bitcoin SV has a total limit of 21 million coins or blocks. BSV, in fact, wants to restore what made BTC so famous and aims to return it to Satoshi Nakatomo’s original designs.
Bitcoin SV is a result of a hard fork. But this also raises the question of whether there will be more splits soon. It is hard to believe that anyone would want to invest money in something that keeps rotating and dividing, and if drastic changes do happen, some investors might move to another, more stable vision coin.
Storing the coin
As with all cryptocurrencies, you will need a wallet to store your BSV. Ledger is one of the most popular crypto wallets as it allows you to store your coins offline, protecting them from hackers.
If you want a software wallet, look into the ones supporting Bitcoin. Even if they are online, these wallets are highly secure, and you generally don’t have to worry about a breach.
Price predictions and is it worth investing in
Bitcoin SV’s price history is reasonably sound. In 2019, Bitcoin became the most popular cryptocurrency; it boosted this coin by enabling it to reach an all-time high of $95. At the time we all expected that with minor changes, the development team would be able to keep the rally going. However, Bitcoin SV suffered a significant drop in price in September 2020.
Another reason for such a price milestone was that this sector provided alternative investment options to Bitcoin or other digital assets. At first glance, these three coins, Bitcoin, Bitcoin Cash, and Bitcoin SV, seem the same, but there are some major differences.
For example, while Bitcoin is considered the gold of crypto, BCH is designed to be spent rather than held. Bitcoin SV, on the other hand, gained all of its popularity on the back of constant improvement. Trying hard to achieve the original Bitcoin vision, the development team behind Bitcoin SV constantly produces new updates and expands on the coin’s features.
With the updates, users enjoy a better experience. And as things stand, all cryptocurrencies are recovering from the crash that occurred not long ago. The current price of BSV is around $48, and as experts wait patiently for the bull run to happen, it might be the right time to invest in BSV.
Final thoughts
The Bitcoin SV project was created to restore the original Bitcoin protocol. Nowadays, Bitcoin SV is one of the top 100 most important cryptocurrencies, and we can expect it to reach the “Top 20” list in the future. Keep in mind, however, that the golden rule in the crypto world is to only invest what you can afford to lose.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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