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Is Bitcoin Satoshi Vision (BSV) What Satoshi Envisioned?
Exploring Bitcoin SV’s Technical Details and Its Alignment with Satoshi’s Vision
Overview
Bitcoin, since its 2009 inception, has seen significant progress in both its blockchain network and the underlying cryptocurrency, bitcoin (BTC). It aimed to democratize the global monetary system and has inspired the creation of numerous alternative cryptocurrencies or "altcoins." Many of these altcoins seek to address perceived limitations in the Bitcoin protocol.
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Bitcoin Cash (BCH), a notable example, forked from Bitcoin in 2017 to improve transaction speed and overall throughput, enhancing scalability for broader blockchain and cryptocurrency adoption. A subsequent hard fork in 2018 led to the creation of the Bitcoin SV blockchain and its coin, BSV. Bitcoin SV aims to advance the original Bitcoin protocol, focusing on faster transactions and enhanced scalability, aligning with the vision of Bitcoin's pseudonymous founder, Satoshi Nakamoto. Interestingly, Craig Wright, Bitcoin SV's creator, claims to be Satoshi Nakamoto.
History Leading Up to Bitcoin SV
In the competitive blockchain industry, projects strive to offer unique, innovative, and practical solutions. Many altcoins aim to expand on Bitcoin's original concept, introducing new features like anonymity, decentralized apps, or smart contracts. Others, like Bitcoin Cash, aim to fix perceived flaws in Bitcoin, such as scalability issues.
Bitcoin Cash was the first major fork of Bitcoin, increasing the block size to facilitate more transactions per second. Transaction speed is crucial for scalability and adoption. For example, Bitcoin processes seven transactions per second, while Bitcoin Cash can handle around 116. However, Bitcoin Cash's protocol changes led to further forks, including Bitcoin SV.
Bitcoin SV Ideology
Bitcoin SV proponents argue that the original Bitcoin protocol was flawed and that changes like SegWit and the Lightning Network deviate from Satoshi's vision. They believe Satoshi's only intended change for scalability was increasing block sizes. Therefore, they see Bitcoin SV as the true continuation of Bitcoin's original protocol, emphasizing large blocks for scalability.
By this logic, Bitcoin Cash initially adhered to the original protocol by only increasing block sizes. However, subsequent protocol changes led to Bitcoin SV's creation, as its community believes it maintains the original Bitcoin vision.
Bitcoin SV Protocol Technical Structure
BSV, Bitcoin SV's cryptocurrency, operates under early BTC rules, with a significantly larger block size. Bitcoin SV allows for adjustable block sizes based on network consensus, aiming to process more transactions and generate higher fees for miners.
Bitcoin SV reports impressive transaction speeds, with 300 transactions per second on average and peak capacity of 2,800 transactions per second. This scalability is achieved through larger blocks, though this approach sacrifices some decentralization and security.
The Controversy of Bitcoin SV (Craig Wright)
The identity of Bitcoin's creator, Satoshi Nakamoto, remains a mystery. Craig Wright, creator of Bitcoin SV, claims to be Nakamoto but has not provided conclusive evidence. This claim, along with other controversies, has sparked debate and skepticism within the crypto community.
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