In November of 2018, a group of Bitcoin developers announced a new fork of the Bitcoin protocol called Bitcoin SV (BSV). The fork was created in response to the Segwit2x hard fork which was cancelled.
Segwit2x would have increased the block size to 2MB and implemented segwit, but the cancellation of the fork led to a split in the community. BSV is an attempt to restore the original Bitcoin protocol as specified in the Satoshi white paper.
The main difference between BSV and other forks is its larger block size. BSV blocks can be up to 128MB in size, which allows for more transactions to be processed per block.
Segwit2x would have only increased the block size to 2MB, so BSV blocks are 64 times larger. This increase in block size means that BSV can handle more transactions per second than other cryptocurrencies.
BSV also contains several other changes from the original Bitcoin protocol. These changes are meant to improve scalability and make it easier for businesses to use BSV for real-world applications.
One change is that BSV uses a new transaction format called UTXO commitment. This format allows for more data to be stored in each transaction, which reduces the amount of data that needs to be stored on the blockchain.
NOTE: WARNING: Bitcoin forks are a potentially risky form of cryptocurrency trading. It is important to do your research and understand the process before engaging in any type of trading involving Bitcoin forks. Investing in a new Bitcoin fork can be especially risky, as there is no guarantee that the fork will be successful or even exist. Be aware of potential scams and other fraudulent activities related to Bitcoin forks. Never invest more than you can afford to lose and always use caution when engaging in any type of cryptocurrency trading.
This makes it possible for businesses to use BSV for smart contracts and other applications that require large amounts of data.
Another change is that BSV uses a new script called OP_CHECKDATASIGVERIFY (OP_CSV). This script allows businesses to create digital signatures that can be verified by anyone on the network.
This makes it possible to create tamper-proof documents and contracts on the blockchain.
BSV also includes several changes that make it compatible with existing Bitcoin software and wallets. This means that users will not need to upgrade their software or wallets when they switch to BSV.
The goal of BSV is to provide a scalable and user-friendly blockchain that can be used by businesses for real-world applications. The large block size and new features make it possible for businesses to use BSV in ways that were not possible with other cryptocurrencies.
Only time will tell if BSV will succeed in its goal, but it is an exciting project that has the potential to revolutionize blockchain technology.
9 Related Question Answers Found
The Bitcoin protocol is set to undergo its most significant change since its inception, with a hard fork scheduled for November of this year. This change, known as the Segregated Witness (SegWit) hard fork, has been highly anticipated by the Bitcoin community for over a year now. SegWit is a soft fork that was first proposed by Bitcoin Core developer Pieter Wuille in 2015.
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
When it comes to money, we all know there are two types: fiat currency and cryptocurrency. Fiat currency is the government-issued kind that’s legal tender, like dollars, euros, and yen. Cryptocurrency is the digital or virtual kind that uses cryptography for security.
When it comes to Bitcoin, forks are a common occurrence. In fact, there have been over two dozen Bitcoin forks since the original blockchain was created back in 2009. While some of these forks are more well-known than others, they all share one common goal: to create a new, improved version of Bitcoin.
The Bitcoin network is powered by a decentralized network of computers around the world that keep track of all Bitcoin transactions. Transactions are then verified and collected into blocks by miners. Miners are rewarded with newly created bitcoins and transaction fees for their work.
Bitcoin wallets are software programs that store your Bitcoin balance and allow you to transact with other users. They come in many forms, including desktop, mobile, web, and hardware wallets. Some wallets are designed for general use, while others are designed for more specific purposes, such as securing your Bitcoin holdings in cold storage.
When it comes to Bitcoin, forks have become quite the norm. In fact, there have been multiple Bitcoin forks in the past, and there are sure to be more in the future. So, the question is, will there be a Bitcoin fork?
Bitcoin is a digital or virtual currency that uses peer-to-peer technology to facilitate instant payments. It is a decentralized currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
What is Bitcoin? Bitcoin is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008. Bitcoin is decentralized, meaning it is not subject to government or financial institution control.
