Bitcoin SV (BSV) is a digital currency that emerged in 2018 as a result of a hard fork from the Bitcoin Cash (BCH) blockchain. It is intended to be a more scalable and efficient version of Bitcoin, featuring a bigger block size and quicker transaction speeds.
What is Bitcoin SV
As a fork of Bitcoin Cash, Bitcoin SV boasts a block size of 2 gigabytes, significantly surpassing Bitcoin's 1-megabyte block size. Its increased transaction processing capacity enables it to achieve greater scalability.
Bitcoin SV team
The team behind Bitcoin SV comprises developers, entrepreneurs, and advocates dedicated to enhancing the scalability, efficiency, and eco-friendliness of the BSV cryptocurrency. Craig Wright, an Australian computer scientist, leads the team at Bitcoin SV.
How does BSV work
- BSV transactions are processed only on the BSV blockchain. The BSV blockchain is a decentralized ledger that a group of miners upholds.
- Miners on the BSV blockchain receive BSV tokens as a reward for validating transactions. Mining is the term used to describe the process of verifying transactions.
- The BSV blockchain is secured through a Proof of Work (PoW) consensus mechanism. The Proof of Work system is designed to guarantee that only legitimate transactions are included in the blockchain.
- BSV tokens can be securely stored in wallets. Wallets are software programs that enable users to store, send, and receive cryptocurrency.
BSV utility token
The name of the utility token for Bitcoin SV is BSV. BSV is intended to be a more scalable and efficient iteration of Bitcoin, featuring a greater block size and quicker transaction speeds.
BSV tokenomics
BSV has a total supply of 21 million tokens, just like Bitcoin. Each block rewards 6.25 BSV tokens and has a block time of 6 seconds, and transaction fees are usually very low.
How to stake BSV
To stake BSV, you must first select a staking service. Users can stake BSV on OKX Earn, which provides an estimated one percent APY on flexible terms for staking. You can begin earning rewards immediately and have the option to unstake your BSV at any time.
Distribution of BSV
- 18.4 million BSV tokens were initially distributed to Bitcoin (BTC) holders who had kept their BTC on the Bitcoin Cash chain before the hard fork on November 15, 2018.
- BSV tokens are generated through a process known as mining. The BSV blockchain rewards miners with BSV for their efforts in verifying transactions.
- BSV can be earned through staking as well. Staking involves locking up BSV to participate in the consensus mechanism that safeguards the BSV blockchain.
Bitcoin SV's future expansion plans
- Bitcoin SV is striving to enhance its adoption among businesses and individuals. This involves collaborating with companies to facilitate the acceptance of BSV as a mode of payment and with individuals to impart knowledge about BSV and its possibilities.
- They're also focused on expanding the BSV ecosystem. This involves the creation of novel applications and services that utilize BSV and collaborating with other businesses to incorporate BSV into their offerings.
