This Bitcoin SV review has revealed that Bitcoin SV also known as BSV offers higher levels of protection and competes with giants such as PayPal, Visa, and Mastercard.
Choose your quick section of our Bitcoin SV review below.
A Quick Overview of our Bitcoin SV Review:
Bitcoin SV is more stable and has a clear vision where scalability and usability is concerned.
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What is Bitcoin SV?
Bitcoin SV (Satoshi Version) is the result of Bitcoin Cash (BCH) experiencing a hard fork. It aims to return the values and the technology that the original Bitcoin intended such as decentralisation and aims to use BSV for payments, trading, and elevation of the network capacity.
Key Features and Takeaways of Bitcoin SV
Bitcoin SV is parallel to both Bitcoin as well as Bitcoin Cash and there are similarities in name as well as blockchain protocols. However, there are distinct features and differences that must be noted, including:
- BSV is more stable and has a clear vision where scalability and usability is concerned.
- BSV developers are pursuing scalability by increasing block size.
- Developers also aim to have a blockchain which allows for businesses to build their applications on it.
- BSV offers higher levels of protection and competes with giants such as PayPal, Visa, and Mastercard.
- BSV offers lower commission charges and fast transactions.
Bitcoin SV Mining
Bitcoin SV, like Bitcoin, makes use of a SHA256 algorithm for mining coins and it is supported by several Bitcoin rigs. The best rigs are application-specific integrated circuits (ASICs) to use to mine Bitcoin SV in a profitable manner.
In addition to this, to mine Bitcoin SV, the following is needed:
- A mining pool – to increase chances of receiving a block reward. Considerations for a good mining pool include decent fees, a high hash rate, and a good reputation.
- BSV Wallet – to mine BSV, a compatible and secure cryptocurrency wallet is a necessity.
- Electricity considerations – mining Bitcoin and subsequently, Bitcoin SV takes a significant amount of computational power, which will mean that electricity is an expense to consider.
- Stable internet connection – to ensure that Bitcoin SV can be mined without any interruptions.
- Mining software – which is needed either if you mine on your own or if your mining pool does not have specific software that it uses. Ensure that the ASIC mining rig and the software are compatible with one another.
- Location and other considerations – ASIC mining rigs are noisy, and they can run hot, for this reason, it is crucial to ensure that you mine in a location where noise is not an issue and where there is enough ventilation.
Setting up a Mining Rig
ASIC mining rigs are bound to have an instruction manual included on how the rig must be set up. Once it has been done, and connected to the internet and electricity source, you can search for, and join, a mining pool.
Once a mining pool has been joined, you can configure your ASIC mining rig and connect it to the mining pool. Next, you must use the indicated server settings, provide your BSV wallet address, and start mining BSV with your mining pool.
How to calculate profitability
Mining Bitcoin SV cannot be done without having an idea of the expenses you will face as opposed to the profits you can expect to gain. To do this, you must consider the following:
- The cost of electricity and how much you will use during mining operations.
- Whether your mining rig has efficient power consumption.
- Whether your ASIC mining rig and your mining pool has a high hash rate.
In addition, Bitcoin SV’s mining difficulty, the price, block reward, and mining pool fees must be considered as well as they will affect your profits.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Improved scalability with a block size of 128mb | Competitive field |
| Scalability allows for more transactions | Larger blocks may lead to more hard forks |
| Transaction costs are lower at a larger scale | |
Transaction Fees
| 💰 Type of Fee | ℹ️ Information |
|---|---|
| Deposit Fees | 0% |
| Trading Fees | 0.08% - 0.75% |
| Withdrawal Fees | 0.00005 BSV – 0.001 BSV |
Should you buy Bitcoin SV?
Bitcoin technology is revolutionary, and it has given birth to new cryptocurrencies around the world, with the blockchain technology used bringing new and innovative ideas to make life easier.
Bitcoin SV, which came as a result of a hard fork in Bitcoin Cash in 2018, has remained in the top 20 cryptocurrencies by market capitalisation since it started circulating. According to its many supporters, Bitcoin SV is the original Bitcoin as it embraces the original vision with which Bitcoin was created and it works to restore the aim for a peer-to-peer electronic cash system.
Bitcoin SV is focused on stability, scalability, security, and safe instant transactions. Bitcoin SV has re-enabled the op_nodes that Satoshi implemented, providing it with the potential methods that are needed for smart contracts, tokenization, and other advanced functions.
In the past few years, BSV has seen a significant amount of surges and plunges, and the current price is 5 041.77 ZAR at the time of writing, with many analysts claiming that it is a good investment option, with potential for further increases in price.
How to buy Bitcoin SV (BSV)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Bitcoin SV/BSV and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the above mentioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
BSV can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading BSV.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading BSV, select the option from the “Trade” Menu. Enter “BSV” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select BSV_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair BSV/USDT.
Here, you will see that you have the option to buy or sell BSV either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy BSV through via Limit Order
To buy BSV and create a limit order for it, you can enter the amount of BSV you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell BSV through via Limit Order
To sell BSV, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, BSV that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
Frequently Asked Questions
When was Bitcoin SV first launched?
Bitcoin SV was created in November 2018 when the hard fork in Bitcoin Cash occurred as a result of differences in viewpoints of the community in how Bitcoin must evolve.
Who founded Bitcoin SV?
Bitcoin SV came as the result of a hard fork in Bitcoin Cash and is led by Craig Wright.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Bitcoin SV’s ICO and how much did it raise?
Bitcoin SV did not have an ICO.
Is Bitcoin SV legit?
Yes, Bitcoin SV is legit.
What is Bitcoin SV’s total supply?
There is a maximum supply of 21 million BSV.
What is the purpose of Bitcoin SV?
To offer a clearer vision of how Bitcoin must evolve to allow for improved scalability and more usage by businesses.
On which blockchain is Bitcoin SV based?
Bitcoin SV is based on the Bitcoin blockchain.
Does Bitcoin SV work with smart contracts?
There are plans to add more advanced technical functions which will include smart contracts as well as tokenization.
Does Bitcoin SV have potential to become more valuable?
Yes, there were a few instances where BSV topped Bitcoin Cash in the market, with more plans to develop BSV according to the initial vision that Satoshi Nakamoto had.
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