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Bitcoin SV was started from a hard fork from Bitcoin Cash which had forked from the BTC blockchain a year earlier in 2017. The aim of the fork was to fulfill the full vision stated in the original Bitcoin whitepaper as written by the founder of Bitcoin Satoshi Nakamoto. The name Bitcoin SV is a nod to that since the SV in the name stands for Satoshi Vision. The Bitcoin SV team focuses on improving the security, stability, and scalability of the cryptocurrency.
History
An upgrade was suggested to the Bitcoin Cash protocol in 2018. The upgrade was to include scaling solutions and an upgrade in the software for smart contracts on the Bitcoin Cash blockchain. This suggestion was met with resistance from the developer nChain and its founder Craig Wright. nChain in turn came up with their own proposal for a software upgrade which they named Bitcoin Cash SV which would honor Satoshi Nakamoto’s version much better and more closely. The blockchain forked to Bitcoin SV on November 15th, 2018.
Biggest Claim to Fame
Bitcoin SV has a larger block size than either the original Bitcoin or Bitcoin Cash. This makes Bitcoin SV better positioned than nearly all of the cryptocurrencies available in the market today to take over from traditional cash for day-to-day use.
Bitcoin SV supports a lot of smaller wallets such as Atomic wallet, Bitpie, Exodus, Electrum, and many more. Most of the larger cryptocurrencies do not consider being hosted by any of the cryptocurrency wallets except the large and well-known ones. Bitcoin SV targets that market of those new to crypto who would like to experience how crypto works.
Biggest Criticism
Bitcoin SV creator Calvin Wright has claimed multiple times to be Bitcoin creator Satoshi Nakamoto. He increased the intensity of the claim after Bitcoin SV came up as a cryptocurrency of its own. Each time he repeated the claim, the price of BVG went up. This caused claims of Wright lying about being Satoshi only for the value of Bitcoin SV to go up to increase dramatically. It was not helped by the fact that he cannot provide concrete proof that he is Satoshi through any of the ways that would prove it without a doubt.
BSV was delisted from all the major crypto exchanges. Calvin Wright was in an argument with a Twitter user who made public posts criticizing him. Wright sent the Twitter user a letter threatening legal action for being a fraud. The reaction it got caused Kraken to delist BSV due to community sentiment. Shapeshift did the same. The CEO of Binance called Wright a fraud and said anyone who believes he is Satoshi should learn about crypto and about the use of a private key. Binance delisted Bitcoin SV after that.
Users have been able to spend the same BSV coins twice on the platform. Cryptocurrency security should have been able to prevent this. The fact that it was not prevented proved that the security system was not well refined. This is risky for cryptocurrency since a weakness as small as that can be leveraged by hackers and could cause a crypto drain which would lead to the collapse of the entire system.
Bitcoin SV does not support innovations like smart contracts or decentralized applications. The fork from Bitcoin Cash happened because Wright did not believe in these inventions and did not think Satoshi would approve of them. They did not meet the standards of true bitcoin according to him. He wanted to go back to the original version of Bitcoin which meant Bitcoin SV only focused on network development, increased transaction speed, and minimized transaction costs.
Team
Bitcoin SV was co-founded by Calvin Wright and Calvin Arye. Calvin Wright is an Australian businessman and computer Scientist in the field of cryptocurrency. He started as a security consultant at Mahandra&Mahandra. He was the CEO of the technology firm Hotwire Preemptive Intelligence Group which had plans to become the world’s first Bitcoin bank. It failed due to regulations from the Australian Tax Office. He is most commonly known for his claim to being Satoshi Nakamoto. He is the founder of nChain which was responsible for the fork on the Bitcoin Cash system that was responsible for the creation of Bitcoin SV.
This is the official HackerNoon wiki for Bitcoin SV. As part of our coin price pages, this living wiki displays on Bitcoin SV crypto price page. If you’d like to suggest edits to our official Bitcoin SV wiki, please submit them in the comment field below, a real human editor will read and review your suggestions for accuracy and publication.