Bitcoin BSV | BSV Features, Use Cases and More
Oct 13, 20223 min read
Bitcoin is not an ideal tool, but it remains the benchmark and the main “locomotive” of the digital coin market. Due to such success, many developers are trying to create a similar asset that will have all the strengths of BTC but, simultaneously, will be devoid of its shortcomings. The Bitcoin SV cryptocurrency appeared in 2018 and has made a lot of noise since its release. Read on about what kind of cryptocurrency it is and its prospects.
What Is Bitcoin SV?
The full name of Bitcoin SV is Bitcoin Satoshi Vision. The developers are sure that Bitcoin SV is the true form of Bitcoin. In simple words: the team made a rollback of Bitcoin Cash to the classic Bitcoin so that Satoshi’s idea continued to realize itself fully. But at the same time, it was necessary to achieve the main function: scaling to conduct fast and cheap transactions so that the network became global and interesting even to an ordinary person. Thus, the main difference between the cryptocurrency and the original Bitcoin is the increased block size, which is why the coin network can cope with many transactions and loads. Programmers have also added several more functions to the blockchain. One of the main ones is the transfer between different networks. Moreover, Bitcoin SV is one of the few hard forks allowing developers to build highly scalable decentralized applications.
Bitcoin SV Features
BSV cryptocurrency has the following features:
- Return to the original protocol. Developers who support Bitcoin have been making changes for many years and have already deviated quite a lot from the original vision. Bitcoin SV allows developers to perform complex mathematical calculations more efficiently and conduct high-speed microtransactions. In addition, the Bitcoin SV team canceled the Pay to Hash Script (P2HS) function, thereby increasing the confidentiality of transactions.
- From a technical point of view, Bitcoin Satoshi Vision is an old BCH client used before the hard fork. Moreover, the hard fork occurred precisely because BSV supporters refused to accept the update.
- The inverse correlation of the Bitcoin SV rate to the original Bitcoin. Analysts have observed this phenomenon several times. In short: when the price of BTC decreases, the cost of BSV increases, and vice versa.
- Unstable price of Bitcoin SV. For comparison, the BCH rate is quite stable. It gradually decreases while not making sudden drops. But the price of BSV is much more unpredictable.
- A complete solution to the scalability problem by removing the block size limits. The transactional capacity of Bitcoin SV is infinite, miners themselves can adjust the block sizes and network bandwidth.
- Support for smart contracts. Bitcoin SV allows developers to create decentralized applications using the high-level smart contract language sCrypt. In addition, users can mint NFTs.
Bitcoin SV Use Cases
After analyzing this cryptocurrency, we can conclude that Bitcoin SV is a highly scalable, fast, and cost-effective blockchain platform that has the following use cases:
- Making almost instant and low-fee transactions. Bitcoin SV supports about 10,000 TPS on the mainnet and more than 50,000 TPS on the testnet. Bitcoin SV also has an incredible 4 GB block size, which allows for high scalability. At the same time, Bitcoin SV transaction fees are about $0.0006. All this makes BSV a convenient coin for commercial use, remittances, fast and cost-effective money transfer, and even charity.
- Building decentralized applications and releasing NFTs. Bitcoin SV supports the creation of dApps and the issue of NFTs in both Layer 1 and Layer 2. The project team has implemented several protocols that allow developers to take advantage of Bitcoin SV, the most popular are:
- Run Network. Allows you to build L2 tokens, smart contracts, games, and much more on top of the Bitcoin SV blockchain.
- STAS protocol. Allows building L1 tokens and NFTs based on smart contracts.
- Sensitive contract. Allows to create smart contracts and issue tokens using the sCrypt programming language.
- On top of Bitcoin SV, you can create protected content and endow it with locking properties. Simply put, content creators can only open access to users who wish or pay.
- Bitcoin SV allows you to verify and certify data and create documents that cannot be changed. In addition, the Bitcoin SV blockchain is 100% regulation-friendly.
The Bitcoin SV team promotes the idea of developing a single global network within which the fastest, cheapest, and safest payments take place. BSV cryptocurrency has a powerful and large community that continues to use and support the project despite its controversies. Useful improvements that developers regularly implement increase the demand for Bitcoin SV and strengthen its position. While Bitcoin is more of an investment tool and poorly suited for everyday transactions, Bitcoin SV allows you to make almost instant and extremely cost-effective peer-to-peer payments. In addition, Bitcoin SV is one of the few forks that allow you to build decentralized applications and mint NFTs.