Bitcoin Satoshi Vision (BSV) was born through a hard fork from Bitcoin Cash in 2018 (BCH itself being the result of a hard fork from Bitcoin in 2017). BSV was created by Craig Wright, who claims to be Satoshi Nakamoto. While Bitcoin is seen much more as a reserve asset, Bitcoin SV wants to replace all payment systems in the world by supplying a better UX, lower transaction fees, and a higher level of security. BSV aims to be the cryptocurrency that Satoshi Nakamoto envisaged.
Bitcoin Cash (BCH) is the result of a fork with Bitcoin Core (BTC) which took place on 1st August 2017 in the face of the community’s impasse on the future developments of the project. Then, on 15th November 2018, it was Bitcoin Cash’s turn to split into two separate entities, Bitcoin Cash ABC (which kept the name Bitcoin Cash / BCH) and Bitcoin Satoshi Vision (BSV).
Behind the staunch defenders of Bitcoin SV is the controversial Craig Wright, who is a rather infamous figure in the world of cryptocurrencies. This individual has repeatedly claimed to be the famous Satoshi Nakamoto, without ever having managed to prove it decisively.
In addition, during the fork between BCH and the BSV, the discussions descended into a merciless war, where BSV went all out on BCH and promised the death of Bitcoin. To do so, the project attempted to monopolise all the computing power of the network (at the time shared between BCH and BSV), in order to make sure that only empty blocks would be mined on BCH.
This resulted in a crash of the cryptocurrency market that did not really please the community and tarnished the image of the industry, because it proved that a single, highly-motivated person could crash the price of all other digital currencies.
Bitcoin has seen many forks throughout its history, each time because the community were at loggerheads over a certain question. In the case of Bitcoin Satoshi Vision, as the name suggests, the goal was to restore Satoshi Nakamoto’s initial vision of Bitcoin.
However, what Satoshi Nakamoto thought of the evolution of Bitcoin is locked away in his head, and no one is able to really know what he wanted to accomplish with this digital asset, except from getting rid of the international financial system that plunged the world into the crisis of 2008.
As with every fork, its proponents promise to improve the basic operation of the project by filling the gaps of the project. In the case of Bitcoin SV, since it was a cryptocurrency that served as a means of payment or reserve of value, the basic idea was to improve transaction efficiency by increasing the size of the blocks more significantly than BCH.
On paper, Bitcoin Satoshi Vision was therefore more efficient than the BCH but, unfortunately, the majority of the community preferred to stay on the first version of the most famous fork of the BTC. Most people do not see it as Satoshi’s Vision, rather as Craig-toshi’s Vision.
Moreover, in the face of Craig Wright’s stubbornness, acting against the overall interest of the cryptocurrency industry by crashing crypto prices during his war with BCH, many exchanges have distanced themselves from Bitcoin SV by withdrawing this digital currency from those that can be exchanged on their platform.
In terms of the usefulness of the BSV, it is identical to that of BTC or BCH, i.e. to serve as a reserve of value or to allow money transfers between individuals in a decentralised manner. The token does not give access to any other specific rights (e.g. governance) as is the case on some projects operating in the world of the blockchain.
Unlike its big brother the BCH, it is almost impossible to buy BSV directly on an exchange platform for fiat currencies (pounds, dollars, etc.). It is usually necessary to go through the purchase of an intermediate digital asset which will then have to be exchanged for BSV.
However, on the back of Craig Wright’s outbursts, many popular trading sites like Binance decided to remove BSV. This is also the case for most large exchanges, with a few exceptions. You will have to go to another platform to get BSV. However, be careful not to register on any old exchange site, because it is possible to come across a dodgy one that will prevent you from withdrawing the money you deposited on their platform.
To purchase Bitcoin Satoshi Vision, we advise you to take a look at our list of reliable exchange sites (insert link) to check whether or not it is possible to buy BSV on it. Please note that it will be mandatory for you to have another cryptocurrency, such as ETH or BTC, to be able to obtain BSV.
Our opinion on Bitcoin SV is probably very similar to that of the crypto community at large: quite mixed. Because of Craig Wright’s escapades, we can never know what new adventure awaits us with this digital asset.
In addition, there are already many other projects that want to serve as a reserve of value or as a means of payment, including BTC, which is arguably the safest digital asset that can fulfill this function. This is because it is the oldest and most recognised, not only within the crypto community, but also among a few financiers and institutions, who are now more seriously interested in it.
We don’t usually like to denigrate a crypto project, especially when it has such a large capitalisation, but BSV is probably the exception that confirms the rule. All the same, if you would like to learn more about this crypto project, please consult our full guide on the subject.
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