. What is Bitcoin SV (BSV)? Here is the Cryptocurrency BSV in All Details
In this article, What is Bitcoin SV? We will try to answer the question and provide detailed information about the project.
In this article, What is Bitcoin SV? We will try to answer the question and provide detailed information about the project.
What is Bitcoin SV?
On November 15, one of the most controversial hard forks to date occurred in crypto: Bitcoin Cash was forked and Bitcoin SV was born.
The “SV” in Bitcoin SV stands for “Satoshi Vision”, which represents the central question at the heart of not only the latest Bitcoin Cash fork, but also the 2017 Bitcoin fork that first created Bitcoin Cash: What type of cryptocurrency is the original Bitcoin whitepaper? really predicted and do modern cryptocurrencies embody this vision?
Micro Civil Wars and Interpretative Turmoil
The history of Bitcoin SV and Bitcoin Cash before it is like a miniature Civil War.
Imagine a particular faction in a country believing that the government of the country misinterpreted the meaning of its constitution and led to a society that did not reflect what the country’s founders envisioned. If the group is determined to live up to the founders’ original vision, they have a few options:
They can create a new country from scratch on a fresh patch of land.
They can try to leave the country by turning the opposition factions of the country into a completely new country.
They may try to force the country to adopt – by force if necessary – as they see the “correct” meaning of the constitution.
Roughly speaking, this is the range of options available to groups in a blockchain community who feel that the blockchain has somehow failed to fulfill its mission: [1] they can create a new blockchain from scratch (the most resource-intensive option)), [2] make the existing blockchain harder and apply the desired changes on the forked chain, or [3] Force the blockchain to somehow adopt the desired changes.
The August 2017 fork that created Bitcoin Cash [2] The community behind Bitcoin Cash believed that Bitcoin was deviating from the goal of generating efficient, peer-to-peer, digital cash, and therefore, create a version of Bitcoin that more specifically focused on that purpose.
At first glance, Bitcoin SV may seem like a fork of the same kind; however, in its early stages, the community was more [3] He pretended to be: trying to enforce his preferred vision.
When NChain and CoinGeek claimed that Bitcoin Cash had implemented so many protocol changes and moved away from the original vision of what Bitcoin should be, their followers decided it was time for Bitcoin Cash to fork. But when this fork happened and Bitcoin SV was born, they didn’t just revert these changes and call it a day: for about a week, they made aggressive, open attempts to effectively eliminate Bitcoin Cash by taking all its hashes.
The hash war ended when BCH and BSV applied protection again and were permanently separated from each other, showing that each had a sufficient community to sustain themselves without destroying each other – but given the beginning of the chain, it will be interesting to see how Bitcoin fared.
To get the latest news To our Telegram channel, To our Twitter page and To our Facebook page You can subscribe.
