Bitcoin Satoshi Vision (BSV) is a cryptocurrency that was created by Craig Wright, an Australian computer scientist and businessman. He claims to be the creator of Bitcoin, using the pseudonym Satoshi Nakamoto. The name "Satoshi Vision" is a tribute to the anonymous creator of Bitcoin.
BSV was created on November 15, 2018, as a result of a hard fork of the Bitcoin Cash (BCH) blockchain. The fork was contentious, and it was driven by a disagreement between two factions within the BCH community. Craig Wright and his supporters wanted to increase the block size limit from 32MB to 128MB, while the other faction, led by Roger Ver and Jihan Wu, wanted to maintain the existing block size limit.
BSV aims to restore the original vision of Bitcoin, as outlined in the Bitcoin whitepaper by Satoshi Nakamoto. The primary goal of BSV is to create a global payment system that is fast, secure, and low-cost. BSV proponents believe that Bitcoin should be used as a medium of exchange, rather than as a store of value or a speculative investment.
BSV can be used for peer-to-peer transactions, online purchases, and other forms of payment. BSV transactions are processed on the blockchain, which is a decentralized ledger that records all transactions. The BSV blockchain can handle up to 2GB blocks, which allows for faster and more efficient transaction processing.
The BSV network is secured by a proof-of-work consensus algorithm, which is the same algorithm used by Bitcoin and many other cryptocurrencies. The proof-of-work algorithm requires miners to solve complex mathematical problems to add new blocks to the blockchain. This process ensures that the network is secure and that transactions are processed in a decentralized manner.
One of the unique features of BSV is its focus on scaling. BSV proponents believe that increasing the block size limit is the best way to improve scalability and increase transaction throughput. Another unique feature of BSV is its commitment to regulatory compliance. BSV supporters believe that cryptocurrencies should operate within existing legal frameworks and comply with anti-money laundering and other financial regulations.
Like many other cryptocurrencies, BSV requires a significant amount of energy to maintain its network. Critics of BSV argue that its large block size and focus on scaling may result in even higher energy consumption than other cryptocurrencies. However, BSV supporters argue that the benefits of faster and more efficient transactions outweigh the environmental costs.
Bitcoin Satoshi Vision (BSV) is a cryptocurrency that aims to restore the original vision of Bitcoin as a global payment system. BSV is unique in its focus on scaling and regulatory compliance, and its network is secured by a proof-of-work consensus algorithm. While BSV has attracted a dedicated following, it remains controversial within the broader cryptocurrency community.