How does Bitcoin SV work?
Bitcoin SV (BSV) is a cryptocurrency that was created as a result of a hard fork of the Bitcoin Cash (BCH) blockchain in November 2018.
The hard fork was initiated by Craig Wright, the self-proclaimed Satoshi Nakamoto, and his company nChain. Bitcoin SV is based on the original Bitcoin protocol and seeks to restore the original Bitcoin protocol as closely as possible. It is designed to be a more secure, stable, and scalable version of Bitcoin Cash.
The main difference between Bitcoin SV and other cryptocurrencies is its use of larger block sizes. This allows for more transactions to be processed at once, which increases scalability and reduces transaction fees. Additionally, Bitcoin SV uses a new consensus algorithm called “Schnorr Signatures” which allows for faster transaction verification times.
In addition to these technical changes, Bitcoin SV also has an active development team that works on improving the protocol and developing new features. These include new privacy features such as CoinJoin and Schnorr signatures, as well as other features such as support for smart contracts and decentralized applications (dApps). Overall, Bitcoin SV seeks to provide users with a secure, stable, and scalable version of the original Bitcoin protocol that can handle large volumes of transactions without sacrificing security or decentralization.
