- Bitcoin, since 2009, inspired a wave of altcoins to address limitations.
- Bitcoin Cash (BCH) forked in 2017, aiming to enhance scalability.
- Bitcoin SV (BSV) emerged in 2018, continuing the pursuit of Bitcoin’s original vision.
History Leading Up to Bitcoin SV
Bitcoin’s early success led to scalability challenges as its popularity grew. Concerns about transaction delays and increased fees prompted the creation of Bitcoin Cash (BCH) in 2017, focusing on scalability through a larger block size. However, this was just the beginning.
Bitcoin SV Ideology
Bitcoin SV proponents view the original Bitcoin protocol as flawed, rejecting modifications like SegWit. They assert that Satoshi Nakamoto’s intended scalability solution was a block size increase, considering other changes deviations from the original design.
Protocol Technical Structure
Bitcoin SV, emerging from the Bitcoin Cash fork in 2018, maintains early BTC rules with a significantly increased block size. With a default block size of 128MB and a later upgrade to 2GB, BSV aims to process more transactions, relying on a consensus-driven adjustable block size. This approach seeks to sustain miners’ incentives as block rewards decrease over time.
The Controversy (Craig Wright)
The identity of Bitcoin’s creator, Satoshi Nakamoto, remains unknown, but Craig Wright claims to be Nakamoto. Despite public assertions, Wright has not provided verifiable evidence, leading to skepticism and controversies within the crypto space.
Conclusion: Bitcoin SV’s Unique Trajectory
The journey reflects the dynamic nature of the crypto landscape. As it strives to adhere to Bitcoin’s original vision, emphasizing scalability and stability, the controversy surrounding Craig Wright adds an extra layer of intrigue. Whether Bitcoin SV becomes a lasting contender or remains a contentious chapter in crypto history, its development underscores the ongoing evolution of blockchain technology.