What is Bitcoin SV and Where to Buy it
Bitcoin Satoshi Vision (Bitcoin SV) is a cryptocurrency veiled by great mystery and an infamous creator who claims to be Satoshi Nakamoto. In spite of all the drama over the last couple of years, the project is still alive and well and traded by many investors. But what is Bitcoin SV and where can you buy it?
This article will explain the deep intricacies found in BSV and what it offers. Moreover, I have also written a guide that explains where you can buy the asset if you dare to invest.
While this may sound like another Bitcoin hard fork, some suspect that the situation is far deeper than what most people believe. So buckle up and keep your focus as I am about to present one of the weirdest stories in the history of cryptocurrencies.
What is Bitcoin SV?
Bitcoin SV arrived on the scene in November 2018 after a group of miners split off from the Bitcoin Cash network, a hard fork of Bitcoin. A majority of miners remained in Bitcoin Cash and supported Roger Ver along with Jihan Wu. On the other hand, the minor group led by Craig Wright and Calvin Ayre have made a hard fork of their own, thus creating Bitcoin SV.
The reason why Bitcoin SV is popular is due to its controversial nature. As the full name implies, BSV is ‘Satoshi’s Vision’ of what Bitcoin should have looked like based on the original whitepaper. Even the creator himself, Craig Wright, claims that he is the real Satoshi Nakamoto and that the other versions are scams.
Craig Wright has an equally interesting yet controversial history. He is both a computer scientist and businessman from Australia who still to this day perpetuates to be Satoshi Nakamoto.
Because of his claims, Wright had a lot of trouble not only within the crypto community but in courts as well. His problems with the law are continuing even today, and the ongoing court case may only see an end in 2021.
But to keep this topic pinpointed on Bitcoin SV and not the vast conspiracy theories surrounding it, I will only discuss the protocol and what it offers.
As previously mentioned, BSV seeks to restore the original configuration of the Bitcoin blockchain network as described more than a decade ago. The last two hard forks mainly appeared as Bitcoin developers and enthusiasts could not reach consensus on one thing: block sizes. While one group believes that the existing blockchain network works better with smaller blocks, the new BCH and BSV groups claim that larger blocks are the solution.
Since both BSV and BCH share the same goals, they have coexisted peacefully. However, Wright and his group of miners believe that Bitcoin Cash went too far from the original version proposed by Satoshi Nakamoto. Due to that reason, another split occurred which may have ultimately killed interest for BCH.
But why are block sizes so important? Well, one benefit that they bring is extremely high throughput. Per the BSV team, larger blocks are able to handle more transactions than usual. However, the problem is that the BSV blockchain is not used by many.
Therefore, we do not know if their design actually allows for a higher TPS count. Currently, the hypothesis remains unproven and has no grounds.
Is Bitcoin SV worth investing in?
For some, the community that actively participates in Bitcoin SV is considered to be almost fanatical. Many investors believe that Craig Wright may actually be Satoshi Nakamoto, which gives the protocol a bad reputation due to the claim being controversial.
But all things set aside, is Bitcoin SV worth investing in from a technical and fundamental perspective?
Reviewing the fundamentals first, the situation is not that great. The network is not used by many and has dropped in activity. It is possible that the original mining group that forked from BCH is still the very same entity that participates the most in BSV. Because of that, it may also be troublesome if one small group indeed mines the most coins as it has the potential to control prices.
Taking a look at the chart, you can see that BSV’s price action is not terrible, but that it could do better. At the start of the year, Bitcoin SV reached up to $400 and even more on certain exchanges. The bullish momentum lasted up to February but has dropped ever since.
Since the start of 2020’s bull run, this cryptocurrency has not moved much. For some, this may be an indicator that BSV is lagging. However, there is an equally great argument that there is simply no interest in this digital asset.
The main bullish argument may indeed be scalability. As Bitcoin SV offers a design with larger blocks it could support far more transactions compared to the original Bitcoin network. But as I have pointed out before, this has not been tested yet as BSV did not have enough of a strong demand to test its capacity.
You might also want to invest in this project if you truly believe that Craig Wright is Satoshi Nakamoto. But so far, the claim is nothing more than a rumor and has not been confirmed.
Whatever your choice is, you should think wisely before making a decision. This should be applied not only in the case of BSV but for any other cryptocurrency. And if you are interested, I have written a guide on where to buy Bitcoin SV.
Investing in Bitcoin SV on Coinuma
When doing my research about Bitcoin SV I was wondering where to buy it. The cryptocurrency may be popular and within the top 20 list, but it is hard to find the perfect exchange that supports it. During my investigation, I have discovered that a lot of trading platforms feature BSV, but not that many are reputable.
After stumbling on one specific website I have realized that I finally found the perfect option, with all my years of experience I can safely recommend Coinuma as the best option for buying Bitcoin SV.
Coinuma is a unique exchange from Europe which offers numerous cryptocurrencies, focusing specifically on altcoins. The reason why I recommend Coinuma is that they have a lightweight design that allows for effortless investing. Creating an account only took a few minutes of my time and after depositing my crypto I was already prepared to make my first trace.
In fact, the exchange is so good that I can pinpoint four great features: Security, anonymity, fees, and simplicity. Not only is Coinuma incredibly secure and protects your funds at all costs, but it also enables you to trade anonymously.
While they may have KYC, the amount of information that you provide is incredibly small. Furthermore, they offer extremely low fees and even reward you with fees if you bring liquidity to the platform.
And as previously mentioned, the exchange is really simple to use. To prove that, I have created a guide that shows you how to invest in Bitcoin SV on Coinuma. Do not worry if this is your first time investing on a crypto exchange, I promise that the process is straightforward and requires almost no effort!
Creating an account
You can go right ahead and open an account on Coinuma as registration takes no more than a few minutes. On the exchange’s homepage, you will find a button called ‘Start Now’ through which you can open an account. After being redirected to the registration page, simply enter basic information such as a valid username and password.
Following this moment, you will be asked to verify your account through an email sent by the platform. Additionally, Coinuma may request certain KYC information. But as I already told you, the platform will never ask for extremely private information that is critical for your security.
By this moment you have already registered your account and are ready to trade. But before you do that, you might want to fund your account first.
Depositing cryptocurrencies
Before you trade, you first need funds. Since Coinuma does not currently support fiat currencies, you will need to deposit cryptocurrencies. The list of accepted digital assets is large so there is no need to worry. However, I do recommend that you deposit either Bitcoin or USDT as it makes the entire process easier.
Why? Because all cryptocurrencies on Coinuma are tied with a BTC or USDT trading pair. If you have something other than these two assets, you will have to convert it first.
To fund your account with cryptocurrencies, simply click the ‘Deposit’ button next to any crypto-asset and copy the address provided by Coinuma. From your personal wallet, withdraw your digital assets and transfer them to the Coinuma wallet.
After 10 to 30 minutes, the transfer will be confirmed by the network. As soon as you see your crypto in the balance tab, you are ready to take a look at the next section.
Buying Bitcoin SV on Coinuma
You have finally arrived at the last stage. Here, you will have the chance to invest in Bitcoin SV through the main exchange page on Coinuma. The page may seem like it has a lot of things going on, but the situation is rather simple.
On your left, you will encounter a list of trading pairs that are supported by Coinuma. By typing BSV in the search bar above it you will find two trading pairs: BSV/BTC and BSV/USDT. Make sure to select the correct pair based on the assets that you have!
After clicking on a trading pair, a trading screen will pop up along with the asset’s chart. Here, you can track the price of Bitcoin SV denominated in either BTC or USDT. If you are ready to invest now, all you have to do is look towards the bottom left and find the section for creating orders.
If you wish to buy instantly select a ‘Market’ order and input the number of tokens that you wish to spend. Coinuma will show you how much BSV you can receive from this order. If the sum seems acceptable, confirm the order by clicking the buy button.
Coinuma will instantly execute the order and in the Finances section, you will be able to find your newly bought Bitcoin SV. You can keep this asset on Coinuma, but you can also withdraw it to your personal wallet anytime that you want.
Conclusion
BSV might be an incredibly controversial asset with a deep history, but its potential scalability leaves room for bullish thoughts. Whatever the case may be, the cryptocurrency is hanging onto its top-20 leaderboard spot for many years and has at certain times even entered the top 5. On that account, it is possible to conclude that there is definitely interest left for BSV.
In this article, I have showcased what Bitcoin SV is and where to buy it. For me, Coinuma is clearly the best option for investing in not only BSV but other cryptocurrencies as well. With a team focused on security, simplicity, and anonymity, it is difficult not to at least give the exchange a try.
In my opinion, Coinuma is interesting for its innovation. It is one of the first centralized exchanges to think of inverse fees as a way to attract liquidity. With large volume trades, it would be crazy to trade on an exchange that charges you with heavy fees. Instead, I recommend that traders visit Coinuma and earn fees just by trading instead.
