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Understanding of Bitcoin SV (BSV): a look more attentive to the cryptocurrency that is shaking the cryptocurrency market
In recent years, the world of cryptocurrency has seen an increase in innovative and ambitious projects that are pushing the boundaries of what is possible. Among these is Bitcoin Sv (BSV), a difficult fork of the original Bitcoin protocol that has made waves in the cryptocurrency market since its launch in 2018.
What is Bitcoin SV?
Bitcoin SV was created by Nick Szabo, one of the co-founders of Bitcoin, as a fork of the Bitcoin protocol. BSV was designed to deal with scalability problems and performance problems associated with traditional cryptocurrencies such as Bitcoin. The new protocol aimed to increase the limit of the 1 MB to 128 MB block size, allowing faster transactions and lower commissions.
Key features of Bitcoin SV
Bitcoin SV has different key features that distinguish it from other cryptocurrencies:
* Scalability : As mentioned above, BSV’s Hard Fork has been designed to deal with scalability problems. With an increase in the limit of the block size, the network is now able to process transactions at higher speeds and with lower commissions.
* Intelligent contractual function : Bitcoin SV has introduced intelligent contracts, which allow developers to create decentralized applications (DAPPS) that work on the blockchain without the need for intermediaries.
* Private transactions
: BSV supports private transactions, allowing users to send funds without revealing their complete addresses.
How does Bitcoin SV work?
To understand how BSV works, let’s dive into its underlying technology. Here is a simplified overview:
- Blocks
: A block is the smaller unit of a bitcoin transaction.
- Transactions : When two users want to send funds to each other, they create a transaction and transmit it to the network.
- Check : The blockchain checks transactions using complex algorithms and encryption.
- Creation of blocks : new blocks are created and added to the blockchain, allowing the processing of new transactions.
Bitcoin SV ascent in the cryptocurrency market
Bitcoin SV has gained traction since its launch in 2018. Here are some key milestones that illustrate its growth:
* July 2019 : BSV was difficult to bifurcate from Bitcoin Gold (BTG), an in competition cryptocurrency.
* January 2020 : BSV has reached a historical maximum of $ 23,000.
* May 2021 : The BSV community has announced its intention to unite the network with the Blockchain Ethereum (Ethereum is currently being transitioned, known as “POS transition”).
Because Bitcoin SV is important in the cryptocurrency market
Bitcoin SV has several reasons why it is worth keeping an eye on:
* Scalability : its ability to increase the size of the blocking and the processing speeds makes it a strong candidate to resize the traditional cryptocurrency market.
* Functionality of the intelligent contract : The functionality of the BSV intelligent contract allows developers to create decentralized applications, which could lead to new cases of use and revenue flows.
* Private transactions : the possibility of sending funds privately distinguishes BSV from the other cryptocurrencies that support public transactions.
Conclusion
Bitcoin SV is a pioneering cryptocurrency that is pushing the boundaries of what is possible in the world of blockchain technology. With its characteristics of scalability, intelligent contractual functionality and private transaction capacity, BSV has the potential to interrupt the traditional cryptocurrency market. Whether or not you are an investor, a passionate or simply curious of the cryptographic space, it is essential to understand Bitcoin SV and how it adapts to the largest landscape.
Disclaimer : This article is only for information purposes and should not be considered investment advice. Always conduct your research and consult a financial consultant before making any investment decision.