What is Bitcoin SV? BSV

hello crypto nation i'm chris with exodus.io and welcome to the exodus channel we're going to take a look at bitcoin sv also known as bitcoin satoshi vision or simply bsv we know there's a lot of passion behind each bitcoin fork supplies bitcoin btc bitcoin cash bch bitcoin sv bsv and others our objective here isn't to convince you which is the real bitcoin or which one you should use we simply want to provide the facts as we understand them there's a free market of cryptocurrencies out there and whichever you decide to use whichever you feel best meets your expectations and needs is ultimately your choice hopefully we can provide some of the information that will allow you to make an informed decision and just don't take our word for it we can't fit everything in a short video but we'll do our best to provide a comprehensive and easy to understand overview so what is bitcoin sv and what makes it different from bitcoin or bitcoin cash to understand the answers to these questions we're going to have to do a bit of a history lesson and it all starts with the bitcoin white cash paper written by none other than satoshi nakamoto the anonymous crypto revolutionary or plural revolutionaries we're unable to say without a doubt whether satoshi nakamoto is one person have tried or a out who's behind the world renowned pseudonym the likely suspects include developers who were involved with bitcoin in its earliest days such as gavin andreessen finney nick sagio and adam back to name a few all of whom have denied being satoshi there is one individual who stands out because he has vorsifierously claimed to be satoshi himself and this man's name is craig now we're not here to question who is or who isn't satoshi nakamoto the only reason we mention craig wright is because he happens to be the known founder of bitcoin sv and for those who believe craig wright is satoshi well they likely also believe that bitcoin sv is the true bitcoin this is important because bitcoin sv proponents and craig wright claim that bsv is the true bitcoin maintaining the original vision of satoshi nakamoto okay so now that we've made a connection between bsv it's founder craig wright and the bitcoin white paper let's get back to the bitcoin white paper which states in the title that bitcoin is electronic cash the idea that bitcoin is electronic cash is fundamental to the creation of bsv or what some would say is the restoration of bitcoin to the original protocol is bitcoin btc electronic cash i think most would say that if it is it's not the most cost efficient way to transact when the network gets busy during the height of the bitcoin bull market fees for sending btc went through the roof well then let's raise the roof and some of the transactions were stuck for days due to the limits of what the bitcoin network could handle at the time these kinds of issues stand in the way of bitcoin becoming electronic cash of course if you disagree let us know in the comments why bitcoin is the best money for day-to-day spending we would love to hear your thoughts now to understand what happened we have to understand the limits of bitcoin's blocks a bitcoin block contains all the new btc transaction data these transactions take up space and bitcoin block can only hold one megabyte worth of data when a lot of transactions are trying to get through at the same time they all can't fit into a block they have to compete by paying fees users sending btc with high fees are prioritized and accepted into the next block btc sent with low fees will end up waiting for well who knows how long it will ultimately depend on network traffic so when the bitcoin network isn't so busy transaction fees can be really low and anyone can send when the network is congested fees for sending go really high this is known as the bitcoin scalability problem without getting into the bitcoin politics of 2017 we're going to quickly go over how a group known as big blockers wanted to upgrade the original bitcoin code to accommodate an increase in the bitcoin block size at the time bitcoin core developers who are working on the original bitcoin code wanted to keep blocks where they were at one megabyte in size however as bitcoin became more popular its one megabyte block size became more limiting which led to high transaction costs the big blockers wanted to increase the block size to eight megabytes which would allow the network to process more transactions per block and help keep transaction fees low this they said would help bitcoin scale as mass adoption ensued it would help bitcoin be exactly what the white paper had laid out electronic cash the two groups couldn't agree and it led to the creation of bitcoin cash bitcoin cash split from bitcoin on august 1 2017.

This is significant because it was the very first contentious hard fork of the bitcoin network we could understand a hard fork the same way we understand an update the miners who agreed with the bigger block update moved over to the updated version of the bitcoin software on the bitcoin cash network okay so now we know that there's bitcoin and a scalability problem and that a group addressed the scalability problem by splitting the bitcoin code and forming bitcoin cash which came with bigger block sizes today bitcoin cash's block size is 32 megabytes so where does bitcoin sv fit in bsv was created from bitcoin cash on november 15 2018 basically the same way that bitcoin cash split from bitcoin bitcoin sv split from bitcoin cash and again the primary issue was scalability bitcoin sv split from bch and increased the block size to a 128 megabytes and later on july 24th 2019 the first bsv protocol update called quasar increased the block size cap default to a massive 2 000 megabytes that's 2 000 times bigger than btc but it didn't stop there in february of 2020 a protocol upgrade called genesis removed the default hard cap for block sizes making transaction capacity theoretically infinite setting the stage for enterprise use high volume transactions that can compete with the likes of visa and mastercard and the ability to build large-scale applications on top of the bsv blockchain bsv is serious about creating a global payment system where merchants can accept and instantly confirm transactions at a low cost right now merchants who accept credit card payments must pay fee of around two to three percent per transaction in addition it takes one to three days for the funds to actually hit the merchant's account transactions on the bsv blockchain are less than half a cent remove the middlemen such as credit card processors and the funds can land in the merchant's account in around 10 minutes the time it takes for the network to confirm a block according to bitcoin sv's creators bsv is a return to the original vision of bitcoin creator satoshi nakamoto like bitcoin bsv is a proof-of-work algorithm that produces new bsv coins as rewards for miners that process transactions and validate new blocks every bsv block contains a cryptographic hash of the previous block as well as the transaction data for the new transactions affordable and fast transactions despite tons of network traffic are possible with bsv making it an efficient peer-to-peer electronic cash system many will agree that this is a nod back to the original bitcoin white paper which labeled bitcoin a peer-to-peer electronic cash system do you think bitcoin sv fulfills the cash roll a lot better than btc and bch let us know your preferred cryptocurrency for payments in the comments below and if you want to get your hands on some bitcoin sv download the bsv wallet by clicking the link above you can instantly exchange bitcoin bitcoin cash and many other cryptocurrencies for bsv directly inside your exodus wallet to see more videos about bsv bitcoin and crypto in general like this video and subscribe to the channel until next time hold on

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