-
- Share
- Explore
- Block Explorer (BSV)
- Blockchair
- WhatsOnChain
- ViaWallet
- BCHSVExplorer
Features of Bitcoin Satoshi’s Vision
The first key feature of BSV is its 128MB block size, which can theoretically allow for higher throughput than Bitcoin Cash and bitcoin.
This might allow for some additional features in the future, and in the event of BSV becoming much more widely used than BTC and BCH today, it might allow for higher transaction throughput.
Currently, however, the larger block size has no functional impact on how the coin can be used.
The second key feature is that its developers plan to pursue a more centralized and commercial model for the coin’s growth, as it will be dependent on a small handful of large mining firms to handle the demands of its immense block size.
The third key feature of BSV is its claim to be the one true bitcoin. It claims to be led by Craig Wright, whose supporters believe him to be Satoshi Nakamoto. One of the central tenets of BSV is that that BTC and BCH have lost their way and become technologically mangled over time.
As one of the key BSV supporters, CoinGeek’s Calvin Ayre, explained:
“Bitcoin was born with a mature economic model and platform developers have consistently tinkered it to death…first by forking to Segwit BTC and now ABC has abandoned Bitcoin’s core principles by abandoning Nakamoto consensus (sic) and trust in miners’ Proof of Work… Bitcoin SV is the original Bitcoin.”
The goal now, according to Ayre, is for market forces to decide which of the three varieties of bitcoin they like best by voting with their money.
Why Bitcoin SV considers itself the only real bitcoin
To understand Bitcoin SV, it’s important to understand three key assumptions that underlie its creation and much of its support.
The original bitcoin whitepaper written by Satoshi Nakamoto is perfect.
Any deviations from the whitepaper can only introduce flaws.
There can only be one true bitcoin, and all others will fail.
As Ayre, Wright and many Bitcoin SV supporters explain, BSV was created specifically because the other coins bearing bitcoin’s name — first BTC and then BCH — became flawed after deviating from the bitcoin whitepaper.
As one SV supporter explains:
“In August last year Bitcoin died on the BTC chain with the introduction of Segwit. It survived in the form of Bitcoin Cash until yesterday when it was killed off again by Bitcoin ABC. If Bitcoin SV had not stood it’s (sic) ground and preserved the rules of Bitcoin in SV, yesterday would have been the last day Bitcoin existed in this world.”
Under this interpretation, the first big deviation occurred when the bitcoin community failed to decisively adopt a larger block size, and instead opted to “tinker it to death” in Ayre’s words, by pursuing scaling solutions such as Segwit and the Lightning Network.
It was at this time that Bitcoin Cash is believed to have become the real bitcoin.
But soon Bitcoin Cash also deviated from Satoshi’s vision, when its ABC group of developers proposed an update that was thought to violate the rules laid down by the whitepaper. This quickly sparked debates in the community, and the personalities on what has since become the Bitcoin SV side of the fence eventually proposed their own alternative update. There was no clear agreement on which proposal should be the one to pass, and neither side agreed to recant their development roadmap.
This then led to the second major schism. The Bitcoin ABC proposal is now known as Bitcoin Cash, while the whitepaper purists are known as Bitcoin Satoshi’s Vision (BSV).
Risks and things to be aware of
Cryptocurrencies are high-risk assets and BSV is no exception. Some of the particular risks to be aware of with BSV include doubts about whether the goals proposed by the team are technically feasible, or if the team assembled at BSV has the technical acuity to achieve them even if they are.
Incidents which have given people cause to doubt the capability of the team at BSV include accidental chain re-organizations and an apparent inability to implement replay protection on the protocol level on their end.
It should also be noted that BSV mining is currently highly centralized, and is designed to remain so — or to become even more centralized — over time.
It’s also worth noting that a lot of the perceived viability of BSV is ideological in nature and dependent on difficult-to-prove assumptions.
FAQs
What's the difference between Bitcoin SV and bitcoin?
Bitcoin SV is a fork of Bitcoin Cash. Bitcoin Cash began life in 2017 as a fork of bitcoin. Bitcoin SV was originally known as Bitcoin Cash SV, but has since dropped “Cash” from the name.
What's the difference between Bitcoin SV and Bitcoin Cash?
Bitcoin SV is a fork of Bitcoin Cash. This means they share the same history up until the date of the fork, which was November 15, 2018. They are now separate blockchains with separate cryptocurrencies.
Is Craig Wright (CSW) Satoshi Nakamoto?
In 2016 Craig Wright (also known as CSW) claimed he was the main individual behind the Satoshi Nakamoto alias. He presented evidence both publicly and privately to support his claim. While the evidence he offered to the public has been largely rejected and heavily scrutinized, a handful of individuals who have been shown evidence in private by Craig Wright support his claim.
The first key feature of BSV is its 128MB block size, which can theoretically allow for higher throughput than Bitcoin Cash and bitcoin.
This might allow for some additional features in the future, and in the event of BSV becoming much more widely used than BTC and BCH today, it might allow for higher transaction throughput.
Currently, however, the larger block size has no functional impact on how the coin can be used.
The second key feature is that its developers plan to pursue a more centralized and commercial model for the coin’s growth, as it will be dependent on a small handful of large mining firms to handle the demands of its immense block size.
The third key feature of BSV is its claim to be the one true bitcoin. It claims to be led by Craig Wright, whose supporters believe him to be Satoshi Nakamoto. One of the central tenets of BSV is that that BTC and BCH have lost their way and become technologically mangled over time.
As one of the key BSV supporters, CoinGeek’s Calvin Ayre, explained:
“Bitcoin was born with a mature economic model and platform developers have consistently tinkered it to death…first by forking to Segwit BTC and now ABC has abandoned Bitcoin’s core principles by abandoning Nakamoto consensus (sic) and trust in miners’ Proof of Work… Bitcoin SV is the original Bitcoin.”
The goal now, according to Ayre, is for market forces to decide which of the three varieties of bitcoin they like best by voting with their money.
Why Bitcoin SV considers itself the only real bitcoin
To understand Bitcoin SV, it’s important to understand three key assumptions that underlie its creation and much of its support.
The original bitcoin whitepaper written by Satoshi Nakamoto is perfect.
Any deviations from the whitepaper can only introduce flaws.
There can only be one true bitcoin, and all others will fail.
As Ayre, Wright and many Bitcoin SV supporters explain, BSV was created specifically because the other coins bearing bitcoin’s name — first BTC and then BCH — became flawed after deviating from the bitcoin whitepaper.
As one SV supporter explains:
“In August last year Bitcoin died on the BTC chain with the introduction of Segwit. It survived in the form of Bitcoin Cash until yesterday when it was killed off again by Bitcoin ABC. If Bitcoin SV had not stood it’s (sic) ground and preserved the rules of Bitcoin in SV, yesterday would have been the last day Bitcoin existed in this world.”
Under this interpretation, the first big deviation occurred when the bitcoin community failed to decisively adopt a larger block size, and instead opted to “tinker it to death” in Ayre’s words, by pursuing scaling solutions such as Segwit and the Lightning Network.
It was at this time that Bitcoin Cash is believed to have become the real bitcoin.
But soon Bitcoin Cash also deviated from Satoshi’s vision, when its ABC group of developers proposed an update that was thought to violate the rules laid down by the whitepaper. This quickly sparked debates in the community, and the personalities on what has since become the Bitcoin SV side of the fence eventually proposed their own alternative update. There was no clear agreement on which proposal should be the one to pass, and neither side agreed to recant their development roadmap.
This then led to the second major schism. The Bitcoin ABC proposal is now known as Bitcoin Cash, while the whitepaper purists are known as Bitcoin Satoshi’s Vision (BSV).
Risks and things to be aware of
Cryptocurrencies are high-risk assets and BSV is no exception. Some of the particular risks to be aware of with BSV include doubts about whether the goals proposed by the team are technically feasible, or if the team assembled at BSV has the technical acuity to achieve them even if they are.
Incidents which have given people cause to doubt the capability of the team at BSV include accidental chain re-organizations and an apparent inability to implement replay protection on the protocol level on their end.
It should also be noted that BSV mining is currently highly centralized, and is designed to remain so — or to become even more centralized — over time.
It’s also worth noting that a lot of the perceived viability of BSV is ideological in nature and dependent on difficult-to-prove assumptions.
FAQs
What's the difference between Bitcoin SV and bitcoin?
Bitcoin SV is a fork of Bitcoin Cash. Bitcoin Cash began life in 2017 as a fork of bitcoin. Bitcoin SV was originally known as Bitcoin Cash SV, but has since dropped “Cash” from the name.
What's the difference between Bitcoin SV and Bitcoin Cash?
Bitcoin SV is a fork of Bitcoin Cash. This means they share the same history up until the date of the fork, which was November 15, 2018. They are now separate blockchains with separate cryptocurrencies.
Is Craig Wright (CSW) Satoshi Nakamoto?
In 2016 Craig Wright (also known as CSW) claimed he was the main individual behind the Satoshi Nakamoto alias. He presented evidence both publicly and privately to support his claim. While the evidence he offered to the public has been largely rejected and heavily scrutinized, a handful of individuals who have been shown evidence in private by Craig Wright support his claim.
