Review on Bitcoin SV by Gabriel Medina

Name: Bitcoin SV
Item: Bitcoin SV
Rating: 3

October 04, 2020

A cryptocurrency that will make us reflect on its history full of conflicts

Bitcoin SV arises from the break in the original Bitcoin Cash chain and changes important rules, thus giving distance to the current BTC.

It has several fundamental changes that change the methodology to mine it and store the information in its blockchains. BSV is a decentralized digital currency that only works in the virtual world.

The use of Bitcoin SV is similar to that of any cryptocurrency that is used as digital money. Its decentralized structure makes it a reliable system for carrying out transactions no matter where the participants are, through a philosophy where trust is provided by the same system. Bitcoin SV works under these 4 principles:

Stability: It is based on the restoration of the original design of the Bitcoin protocol through planned changes which will allow innovation and development of a stable model.
Scalability: It has a test network to identify bottlenecks and measure network performance.
Safety: The technical report presents an approach where quality is assured.
Secure and instant transactions: Key priority of the project.

Bitcoin SV can be used to exchange value on the Internet and to trade with different modalities. Also, the BSV cryptocurrency can be mined.

The biggest problem facing the BSV is the exile into which it is falling. In 2019, Binance pulled Bitcoin SV off its platform. This happened after the founder had an altercation with the leaders of the BSV community. However, this would not end here. Later several exchanges and wallets followed the same idea of ​​Binance. Among them were:

Blockchain.com.
Kraken.com.

The only ones that remained neutral were:

OKEx.com.
TradeSatoshi.com.

This still does not reduce the impact that BSV's other health exclusions had.

However, despite the isolation that Bitcoin SV has fallen victim to within the crypto community, there are still several wallets that accept it, such as:

Exodus.
Atomic Wallet.

Bicoin SV is a project that has caused controversy and popularity at the same time. Due to this, it gives us a unique opportunity to reflect on the future of cryptocurrencies since its origin and development is marked by conflict.
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Pros

Mining and scalability applied to miners' commissions.
The network increases its capacity when the size of the blocks increases, becoming scalable.
Similar characteristics to that of Bitcoin.
Its bifurcation was supported by most of the exchanges.

Cons

It does not offer really revolutionary or positive elements even though it is named after Bitcoin.
He has been exposed to several controversies and was excluded in several exchanges in the process.
It is considered a risky investment instrument.