Bitcoin SV all you need to know

Bitcoin SV all you need to know

On 15th of November in 2018, one of the most controversial digital currencies to date occurred in the cryptocurrency world and Bitcoin SV was born. “SV” stands for “Satoshi Vision”, which raises the key question at the heart of not only the newest bitcoin hard-fork but also primer fork of 2017, known as Bitcoin Cash. The digital currency came into the realm of currency, backed by two CoinGeek and nChain entities.

The question is what kind of crypto is able to resemble real bitcoin whitepapaer (Bitcoin: a point-to-point digital currency system), and can modern cryptocurrencies have that insight? To get the right answer, this article is dedicated to bitcoin SV.

Bitcoin Community Internal Conflicts

The first step in getting to know bitcoin SV is to know the internal struggles of the bitcoin community. The history of Bitcoin SV and more recently Bitcoin Cash is a bit like a miniature civil war. Imagine a particular faction inside the country believing that the government of that country was not properly implementing its constitution. If this faction protests the main position of law enforcers, there will be several options in theory. They can create a new country from scratch on a piece of land, or they can leave the country and move their entourage to a newly established country. In addition, they can force the executors of the country to implement the constitution correctly.

Imagine the same example for factions within the blockchain society who feel that that blockchain has somehow failed to fulfill its mission. In that case, they can [1] start creating a new blockchain from scratch, [2] branch off the existing blockchain and make their own changes to the fork chain, or [3] try to convince the original owners of the network to make your own changes. The August 2017 fork that created BCH was an example of the second option. They believed that bitcoin had overlooked the primary goal of making efficient counterpart money to the digital counterpart, so they were able to split a copy of bitcoin during a hard fork. The same is true for Bitcoin SV. In the early stages, they tried to persuade the elders to make the change, but they failed and gave up the fork.

Bitcoin sv Community Internal Conflicts

Just two years away, these two forks made their fans do their best to stop each other’s work. Craig Wright of nChain warns that BCH will only survive if they change their proof-of-work algorithm. On the other side of the controversy, Ceyhan Wu of Bitmain has publicly speculated when he will be able to market his £ 1m BSV, which is likely to tank BSV. After months of conflict, the war was finally stopped and the BCH and BSV were permanently separated.

Possible future risks

In the second step of getting acquainted with Bitcoin SV, we examine the possible risks of the future of the digital currency market. There is an interesting point in the development approach of blockchain societies like Bitcoin SV and Bitcoin Cash, and that is trying to create a special perspective on money. The main reason for the digital community’s insistence is that bitcoin should be based on Satoshi’s ideals and argue for a “realistic view” of what bitcoin is and should be, because bitcoin is by far the main digital currency of the market and more responsible. It accounts for half of the total market. This means that bitcoin is not only the most influential factor in the modern market, but also the most widely used and recognized.

For these reasons, many are concerned about whether or not Bitcoin is a good reflection of the point made. This is what has made the Bitcoin SV community literally “Satoshi Vision”. The interesting thing about these efforts to derive and create real bitcoin is that such societies have promised real bitcoin. But the continuation of this trend makes bitcoin fragmented and shaky. We have seen over the past year that the bitcoin community can be scattered so that it loses some of its power as a key entry point for newcomers to the cryptographic field. If such fragmentation becomes too severe, new branch chains such as bitcoin SV will weaken and collapse.

Possible future risks

Conclusion

In this article, we introduced bitcoin SV and discussed the issue of its emergence. At present, Bitcoin SV has established itself as a separate currency in the digital currency community and is among the top 10 in the world. The currency is priced at $ 108 and its market size is $ 1.9 billion. Time will tell what the future holds for this digital currency and its distinctive view of point-to-point communications.

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