Last Update: July 21st, 2021

Bitcoin Cash SV, or Bitcoin SV, is a cryptocurrency, which was created in 2018. The reason behind its formation could be attributed to the Bitcoin Cash (BCH) hard fork. When the Bitcoin (BTC) netsplit occurred, the new cryptocurrency team was not in agreement on its further development.

It is worth recalling that two opposing groups were formed around Bitcoin Cash. One of them followed the same policies that applied to BCH from the start; the second group wanted a different set of agreement rules for Bitcoin Cash. This was seen as one of the biggest reasons for a further netsplit on November 15, 2018, from which Bitcoin SV emerged, due to Bitcoin Cash SV (BCHSV).

Main principles of Bitcoin SV:

The Bitcoin SV (BSV)’s primary purpose is to become the most famous and most commonly used cryptocurrency in the world. Moreover, the aim is for it to be fully decentralized; however, it’s difficult to discuss the topic, as the company that owns Bitcoin SV is a private one. It is also worth mentioning that nearly 80% of the computing powers of the BSV net lie within 3-mining pools that belong to the promoters and the creator of the cryptocurrency.

Thereby, the vision of the BSV cryptocurrency concentrates on four-elements: scalability, safety, a stable protocol and secure spot transactions.

Scalability:

If Bitcoin SV (BSV) wants to function as a global financial platform, it must prove that it is ready to process the required transaction volume. That’s why BSV concentrates on increasing the size of its blocks and improving its productivity rate. However, the mass scalability is seen as a key factor that allows Bitcoin SV blockchain to manage more transactions and increase the miners’ transaction fees. Scalability should also urge companies to use BSV in applications based on blockchain, and that needs large blocks and a high capacity.

Safety:

To become an international currency, the Bitcoin SV (BSV) must ensure a safety level that corresponds with the global financial system. In this way, Bitcoin SV concentrates on the high-quality standards of its mining software. Firstly, it follows specialized external knowledge in the field of quality control. This project also cooperates with audit companies. Moreover, the Bitcoin SV also has a facilitating bonus scheme, which rewards users for any bugs detected, with the aim of motivating and mobilizing the safety controllers to make an effort to search for and report any security breaches.

Stable protocol:

According to the BSV Team, the target of the cryptocurrency is to ensure stability with the limited and well-known set of changes, which attempts to bring back the original Bitcoin protocol and allow for innovations based on a stable primary protocol.

Secure spot transactions:

BSV considers the security of spot transactions to be its top priority

Differences Between Bitcoin SV & Bitcoin Cash:

There are many differences between Bitcoin SV & Bitcoin Cash, although, one of the essential differences could be the maximum capacity of a transaction block. In Bitcoin SV, it’s 128 MB (the plan is to increase it to 512 MB in the future); in Bitcoin Cash, it’s just 32 MB (initially, it was 8 MB).

Another leading difference between BCH and BSV could be that the first cryptocurrency has an operational code called OP_CHECKDATASIG. It was designed to confirm information from outside the blockchain. It is related to improving functionality in smart contracts. Bitcoin SV has ensured that they do not require such a solution.