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What is Bitcoin SV? – New Zealand’s Bitcoin SV Overview

Home Learn New Zealand What is Bitcoin SV? – New Zealand’s Bitcoin SV Overview

Bitcoin cash SV satoshi vision logo with dragon on blue blockchain background

What is Bitcoin SV? | The Definitive NZ Bitcoin SV Guide

Bitcoin SV is the world’s newest clone of Bitcoin. However, Bitcoin SV (BSV) also has a lot of New Zealand investors scratching their heads.

At the time of writing, there are three Bitcoin versions which all profess to be the one true Bitcoin. This can result in confusion among cryptocurrency investors. Here in our Bitcoin SV Wiki, we’ll address this issue, by clarifying the differences between Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin SV (BSV) once and for all.

Bitcoin NZ logo with horsemen about to clash with swords

Understanding the Bitcoin and Bitcoin SV Backstory

Bitcoin (BTC) was released in 2009, by a person using the pseudonym, Satoshi Nakamoto. At this time, the person using the Satoshi Nakamoto pseudonym made Bitcoin opensource. Because Bitcoin is opensource, anyone can legally copy, change, and reuse, some or all of the software which Bitcoin uses to operate.

Shortly after Bitcoin’s release, Satoshi Nakamoto disappeared. He did so without leaving guidance concerning how Bitcoin should be developed further. Independent developers, therefore, began only implementing changes to Bitcoin’s core software, when all were in unanimous agreement that changes would be beneficial.

Bitcoin Sv history chain with Bitcoin graphic

Bitcoin Forking

In 2017, some developers wished to see changes made to Bitcoin. However, they failed to gain unanimous approval among the Bitcoin development community to implement these.

To address this problem, developers who wished to implement changes cloned the opensource Bitcoin codebase. They then released a copy of Bitcoin called Bitcoin Cash (BCH) with the upgrades which they believed were necessary.

In 2018, a group of developers led by a man claiming to be Satoshi Nakamoto made a new copy of Bitcoin. This group argues that neither Bitcoin nor Bitcoin Cash is what Satoshi Nakamoto intended for Bitcoin. Their copy of Bitcoin is, therefore, known today as Bitcoin Satoshi’s Vision (Bitcoin SV).

You can learn more about the Bitcoin cash fork here.

Black Background with a bunch of people holding up a golden bitcoin

Is Bitcoin SV The Real Bitcoin?

Bitcoin (BTC) is the version of Bitcoin which appeared on the cryptocurrency market in 2009.

By comparison, Bitcoin Satoshis Vision and Bitcoin Cash have only been in circulation for one and two years respectively. The Bitcoin Cash and Bitcoin Satoshis vision price is, therefore, lower than that of Bitcoin. Bitcoin is also the most dominant cryptocurrency in terms of real-world acceptance by businesses and payment merchants.

What gives Bitcoin Sv value image with person putting a coin on a stack of coins

A Brief Bitcoin SV Wiki – Why Does Bitcoin SV Have Value?

Bitcoin Satoshis Vision is the most controversial cryptocurrency currently on the market. This controversy centres on the fact that Bitcoin SV claims to be developed by Satoshi Nakamoto himself. However, several researchers believe that this is not the case.

Several inconsistencies surround narrative that BSV’s lead developer really is Satoshi Nakamoto. For a full overview of these, click here.

Because of controversy surrounding Bitcoin Satoshis Vision, the BSV price performed poorly between November 2018 and April 2019. However, in May, BSV prices started making significant gains.

Bitcoin SV price since december 2018
  • Craig Wight, the person assuming the pseudonym Satoshi Nakamoto, filed a copyright claim on the original Bitcoin White Paper with the U.S. Patents Office.
  • Bitcoin SV developers and promoters have accused Bitcoin and altcoin developers of fraud, by using the Bitcoin codebase without the express permission of Craig Wright.
  • News stories which have suggested that Craig Wright has been officially recognized as Satoshi Nakamoto, have resulted in Bitcoin SV price rises.

The controversy surrounding BSV makes some investors cautious when deciding whether to add BSV to their portfolio. However, Bitcoin Satoshis Vision has made upward of 450% gains during 2019. For this reason, some may consider it logical to buy BSV today, in anticipation of potential future price gains.

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