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What You Need To Know About Bitcoin SV

Bitcoin is regarded as the father of all cryptocurrencies which had lookalikes that tends to cement a place in the crypto world.

Several cryptos have been introduced after the creation of Bitcoin which are all known as ‘Altcoins’. Out of these coins that have more of Bitcoin’s features are Bitcoin Cash and Bitcoin SV.

In this article, we’ll focus on Bitcoin SV and learn more about the digital asset.

What is Bitcoin SV?

The ‘SV’ in Bitcoin SV stands for ‘Satoshi Version’ which tends to show more of the work of Bitcoin’s creator, Satoshi Nakamoto.

Bitcoin SV was introduced after Bitcoin Cash (BCH) was launched via the Bitcoin miners’ hand fork process. This is to solve the scalability issues with earlier created BTC.

Bitcoin SV is a result of yet another hand fork of BTC, this time from the Bitcoin Cash (BCH) blockchain. As of December 2021, there are 18,925,620 BSV in circulation.

Bitcoin SV
Bitcoin SV

What is the Difference Between BTC, BCH & Bitcoin SV?

Although Bitcoin, Bitcoin Cash & Bitcoin SV were created using Satoshi Nakamoto’s white paper, they still have a crucial difference.

When it comes to BTC vs Bitcoin SV – or BCH vs BSV – a crucial difference is the block size, which at launch purported to be 128 times greater than BTC’s paltry 1MB.

BSV claims it can “replace every payment system in the world with a better user experience, a cheaper merchant cost and a safer level of security”.

Data suggests that transacting on Bitcoin is almost 11,000 times more expensive than through Bitcoin SV – and this could be a crucial deciding factor for those who want to slash their costs.

There is a big difference in the price of BTC and Bitcoin SV. As of December 17, 2021, the price of a Bitcoin is $47842.26 to Bitcoin SV’s $123.28. This means it would cost about 373 BSV shares to get your hands on a single Bitcoin share.

Is It Safe To Invest In Bitcoin SV?

Cryptocurrency in general is still regarded as a very high-risk investment compared to all other forms of investment. This token is however not different and has had tougher times compared to BTC & BCH.

Bitcoin SV’s founder is Craig Wright has sparked controversy after repeatedly claiming that he is Satoshi Nakamoto, Bitcoin’s pseudonymous inventor.

He’s been accused of being a fraud – and whereas BCH is available from major crypto exchanges, platforms including Binance have taken the extraordinary step of delisting BSV altogether.

In 2019, the company said Bitcoin SV didn’t meet the high standard it expected, adding that trading pairs were being suspended to protect users.

Conclusion

Averse risk-takers have not left out Bitcoin SV in their portfolio even though BTC is still the number crypto to have in a wallet.

Bitcoin is the bigger of the cryptocurrencies, by a country mile – and it doesn’t seem likely that BCH or BSV will pose much of a threat to its standing.

Also Read: Bitcoin VS Bitcoin Cash- What is the Difference?

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