Its supporters think it most closely align what Bitcoin’s anonymous creator Satoshi Nakamoto envisioned. After all, Craig Wright has said that he is the real Satoshi Nakamoto, although the veracity of this assertion is widely disputed in the cryptocurrency community.
While a Bitcoin-based project, Bitcoin SV has various fundamental changes to its core infrastructure. Most notably, the block size of the original Bitcoin is only 1 MB that was increased to 32 MB through Bitcoin Cash. Bitcoin SV augments block size even further to 128 MB.
This block size has already helped Bitcoin SV to support 9,000 on-chain transactions per second and perhaps unlimited TPS. When compared to its competitors, Bitcoin SV has substantially lower transaction fees, with transactions costing only a few hundredths of a cent.
On the Bitcoin SV network, the standard transaction fee is currently 0.000013 BSV, or around $0.0019 USD. How Does Bitcoin SV work? The other features of BSV are fairly similar to those of Bitcoin. BSV can be used to make regular payments online without requiring a central intermediary.
On the Bitcoin SV network, every transaction are recorded on a decentralized ledger distributed across the world. It uses the Proof-of-Work (PoW) consensus protocol, like BTC and BCH, to validate transactions and protect the platform from malicious users. When miners validate these blocks, the network rewards them with new BSV coins.
On the Bitcoin SV blockchain, each block includes a cryptographic hash of the previous block, which keeps track of a transaction’s time and data. This record is distributed across all nodes, which is accessible to everyone. Like Bitcoin, the supply of Bitcoin SV is capped at 21 million.
Nearly 19 million BSVs have been mined so far by miners. Bitcoin vs. BSV: The key difference As mentioned earlier, the major difference of BSV is its significantly larger block size. While this improves TPS and brings down transaction costs, there are downsides as well.
The cost of running full nodes on the network rises as block size does as well. This will lead to fewer full nodes in operation. Many are worried that control will flow to those who have the resources to run full nodes, thereby undermining the network’s decentralization.