Bitcoin Satoshi Vision overview

David Kemp

During the first months of its existence, Bitcoin SV cryptocurrency has created a huge hype. Its appearance is associated with the scandalous hard fork, which resulted in coin’s quick price increase. After the sharp rise the coin faced a gradual value and interest decline. Let's get familiar with Bitcoin SV.

The SV letters in the coins name stand for "Satoshi Vision". Craig Wright, the head of the project, has many times stressed that he was the one who founded bitcoin . Though, such statements look more like a marketing ploy, rather than reality.

Bitcoin SV genesis

Bitcoin Cash has experienced a shock. It resulted in a hardfork that lead to the start of two cryptocurrencies:

  • Bitcoin Cash ABC. Roger Ver is its director. The coin team aims to develop decentralized software and gateways that would be used for transactions between different blockchains. Tokens became the Bitcoin Cash successors.

  • Bitcoin SV. The coin is managed by Craig Wright. Bitcoin Evangelist and Australian scientist put the problem of scalability at the forefront. To do this, he increased the block size to 128 MB. Wright stated that Bitcoin SV is the only real bitcoin that the mysterious Satoshi Nakamoto wanted to create.

Bitcoin SV distinctive features

From the technical point of view, Bitcoin SV remains the same bitcoin cache with the increased block size. The developers set a goal to create a network for safe, fast and reasonable priced payments. Wright does not accept decentralized software and smart contracts. He is sure that the "true bitcoin" concept does not support them.

nChain and CoinGeekMining are the project’s creators and sponsors. The companies’ full-time employees perform technical work. Craig Wright has nothing to do with them. 

During the hard fork, the owners of the BCH token received new coins automatically. The subsequent part of them is mined. They can also be purchased.

Collapse reasons and prospects of Bitcoin SV

Cryptographic currency faces a number of difficulties. The major ones are:

Delisting from well-known exchanges. The news telling that Binance stops working with the altcoin resulted in the rate plunged by 25% . Kraken was the other major platform to remove the coin from its listing.

  • Mining unprofitability. For a long time, miners mined cryptocurrency at a loss. And this is without taking into account expensive equipment. Moreover, expensive equipment is not even taken into account.

  • Controversial attitude of the crypto community. The developers led policy led to number of traders fundamentally refuses using Bitcoin SV. They are dissatisfied as the project is not making progress and Wright mainly puts efforts against Vera and BCHABC.

  • Lack of technical foresight. The block increase to 128 MB is the only coin’s innovation so far. Many experts have strongly criticized this decision. A significant block size increase can simply result in Bitcoin SV not working properly. Even with the increase of the bitcoin block to 8 MB, the crypto community was divided into two large camps. The Bitcoin SV white paper does not provide any specific information and does not contain developers’ clear strategy.

The future of Bitcoin SV is not quite clear. Therefore it is not recommended to attempt making investments in it so far, especially the large ones. It is better to keep track of the situation and observe the events carefully. If Wright's team starts breaking the deadlock some money can be invested. Our portal prepares useful content about events in cryptocurrency world. Read our publications to keep up with the latest news.