About Bitcoin SV (BSV)
Bitcoin SV (BSV) is a cryptocurrency that emerged from a hard fork of Bitcoin Cash (BCH) in November 2018. It stands for 'Bitcoin Satoshi Vision', as its proponents aim to restore and adhere to the original principles and protocols of Bitcoin as envisioned by its creator, Satoshi Nakamoto. BSV focuses on stability, scalability, security, and safe instant transactions.
Bitcoin SV Frequently Asked Questions (FAQ)
What precipitated the creation of Bitcoin SV (BSV)?
Bitcoin SV (BSV) was created as a result of disagreement within the Bitcoin Cash (BCH) community over proposed updates to the Bitcoin Cash protocol. The faction that split off sought to restore the original Satoshi Nakamoto Bitcoin protocol and enable significant on-chain scaling by raising the block size limit, which led to the hard fork from Bitcoin Cash in November 2018.
How does Bitcoin SV (BSV) aim to maintain low transaction fees?
Bitcoin SV aims to maintain low transaction fees by significantly scaling its block size. Larger blocks enable more transactions to be processed in each block, increasing the network's capacity and efficiency while keeping fees competitive and affordable for users.
Who developed the Bitcoin SV (BSV) node software?
The Bitcoin SV (BSV) node software was developed by nChain developers, with the initiative led by Steve Shadders and Daniel Connolly.
What key differences exist between Bitcoin SV (BSV) and other versions of Bitcoin?
The main differences between Bitcoin SV (BSV) and other versions like Bitcoin (BTC) and Bitcoin Cash (BCH) include block size and the approach to scaling. BSV has substantially larger block sizes, aiming to adhere closely to what BSV developers view as Satoshi Nakamoto's original vision and protocol for Bitcoin, focusing on massive scaling to support higher transaction volumes and lower fees. Additionally, BSV emphasizes restoring and maintaining the original Bitcoin protocol, aiming for stability and targeting enterprise use cases.
What is the maximum supply of Bitcoin SV (BSV) coins?
The maximum supply of Bitcoin SV (BSV) coins is capped at 21 million.
How frequently do Bitcoin SV (BSV) miners receive block rewards?
Bitcoin SV (BSV) miners receive block rewards roughly every 10 minutes, which is the average time it takes to mine a new block on the BSV network.
What consensus mechanism secures the Bitcoin SV network?
The Bitcoin SV network is secured by a Proof of Work (PoW) consensus mechanism, where miners compete to solve complex mathematical problems in order to validate transactions and create new blocks.
How does Bitcoin SV (BSV) ensure scalability for enterprise applications?
Bitcoin SV (BSV) ensures scalability for enterprise applications by consistently working on increasing its block size limit to handle more transactions per block. The BSV network aims to facilitate massive scaling by allowing for blocks significantly larger than those found in other Bitcoin forks. This approach is designed to support higher transaction volumes at a lower cost per transaction, ensuring a more efficient throughput to meet enterprise-level demands.
Who are the notable proponents of Bitcoin SV (BSV)?
Notable proponents of Bitcoin SV include its lead developer, Daniel Connolly, and its main advocate, Craig Wright, who claims to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin. Other key figures include Calvin Ayre, a businessman and entrepreneur, who is a major supporter and financier of BSV-related projects.
What are the long-term goals of the Bitcoin SV (BSV) project in terms of scalability?
The long-term goals of the Bitcoin SV project in terms of scalability are to enable massive scaling by removing block size limits entirely, facilitating significant on-chain capacity increases, and supporting a higher volume of transactions. This aims to transform BSV into a global enterprise blockchain that can handle large-scale applications and near-instantaneous transactions, supporting the original vision of Bitcoin as peer-to-peer electronic cash.