Bitcoin SV

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Bitcoin SV

Bitcoin SV (''Bitcoin Satoshi Vision'', short ''BSV'') is a full-node implementation and will maintain the vision of Bitcoin set out by Satoshi Nakamo in 2008: Bitcoin: A Peer-to-Peer Electronic Cash System ^[1]

Bitcoin SV was created at the request of a leading mining enterprise CoinGeek and other miners with development work initiated by nChain ^[3]. BSV is intended to provide a clear implementation choice for miners to allow businesses to build applications and services on it reliably.

BSV restores the original vision to ignite the future of Bitcoin:

Unlike other Bitcoin projects, Bitcoin SV has the plan for a stable protocol and plan for massive on-chain scaling to become the world’s new money and the global public blockchain for enterprise.

This is critical to ignite the future of bCommerce and create a profitable ecosystem for all Bitcoin industry participants.

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

The project is also owned by the Antiguan-based Bitcoin Association on behalf of the global BSV community, and the Bitcoin SV code is made available under the open source MIT license.

The Separation of Bitcoin

The inventor and original lead developer of Bitcoin, 'Satoshi Nakamoto', added a block size limit of 1Megabyte (MB) to the reference implementation in 2010.^[4]

This limited the number of transactions to about seven transactions per second.

The limit was introduced as a temporary measure to prevent congestion attacks on the network with many large blocks in the initial phase.

Satoshi Nakamoto had recommended that the block size limit be raised later and dynamically increased as needed with minor code changes.^[5]

Due to the growing acceptance of Bitcoins from 2013/2014 and the increasing spread of mobile Bitcoin Wallets^[6]^[7] this artificial border became increasingly disturbing. The space in the transaction blocks became a scarce resource.^[8] The refusal of some Bitcoin developers to dynamically increase the block size, as proposed by Satoshi, led to disputes within the developer community. Instead, controversial changes have been introduced into the program code that only append the highest paying transactions to the next block and block chain and reject all further transactions.^[9] This change, called "RBF" or "Replace-by-fee", results in higher and permanently fluctuating transaction fees and longer, unpredictable waiting times for payment confirmation. The "congestion" of unconfirmed transactions can be recognized by the size of the mempool.^[8]

Only those who pay high fees for the notary will get their own transaction certified quickly.

Small credit balances become worthless and the micro-transactions envisaged by Satoshi become impossible, as the fee for a transaction exceeds the transaction amount.

List of Exchanges:

Huobi, Float SV, OKEx, Bithump, Gate.io, UPbit, Bitcoin.de, Changelly, Bitbay, Poloniex, Bittrex, Digifinex, Bitfinex

Bitcoin Mining:

Bitcoin mining is the process where groups of computers compete with each other to order and validate transactions in exchange for earning payment in Bitcoin.

These groups of computers are called also nodes.