Bitcoin SV – More than the Result of Another Hard Fork

Nov 22, 2021 | Blockchain, Digital Finance

What is Bitcoin SV (BSV)? 

Bitcoin (BTC) was the first cryptocurrency created by the pseudonymous Satoshi Nakamoto with the “Genesis” block back in 2009. Bitcoin SV (BSV) was created to continue as the original Bitcoin, following Bitcoin Cash forking away from the protocol in November 2018, to more accurately reflect Satoshi’s vision for Bitcoin. BSV stands for Bitcoin Satoshi Vision. 

So… What’s a Bitcoin Hard Fork? 

Bitcoin forks occur when updates need to be made to the chain. Most are based on the original protocol but with technical modifications (or forks).  

Soft forks are intentionally created to add new features to a blockchain to incentivize network activity, such as to improve speed, reverse the effects of hacking, or fix technical glitches. As with all aspects of a decentralized network, forks require consensus to be resolved or a permanent split or new branch of the blockchain protocol is formed – known as a hard fork. 

This forking process is what has led to a variety of cryptos with similar names, such as Bitcoin Cash, which remained as Bitcoin after BTC forked away from the original protocol in 2017.  

BSV is the Original Bitcoin Protocol 

On 15 November 2018 Bitcoin SV (BSV) was created. This date is known as Bitcoin Independence Day by members of the BSV community. Ironically, three years on  almost to the day  and the largest intellectual property lawsuit case – Kleiman Vs Wright – is underway in Florida, over the ownership of digital assets (worth around $66B) and intellectual property rights, from the creation of Bitcoin. In question is whether Bitcoin was co-created, and the initial coins were jointly owned between Dave Kleiman and Dr. Craig Wright, or the property of Dr. Craig Wright as the sole creator of Bitcoin. 

The Enigma of Bitcoin’s Creator 

On 31 October 2008, someone using the pseudonym, Satoshi Nakamoto, sent a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” to a group of cryptographers explaining a system that would allow people to exchange value without the need for a bank or trusted third party. This paper is the original ‘blueprint’ for Bitcoin and led to the first release of the currency a couple of months later. The identity of Satoshi Nakamoto had been a much-debated enigma of cryptocurrency’s invention. Even translation of the meaning of the words has sparked global discussion – some people believing it stems from the Japanese words for ‘clear thinking, wise’ and ‘origin,’ others suggesting it translates to ‘central intelligence.’ 

Satoshi’s Vision 

Bitcoin SV (BSV) is more than the result of another Bitcoin ‘hard fork’. BSV was created to restore Satoshi’s vision, as defined by Satoshi in his white paper. It is believed that Bitcoin SV is the only blockchain that can fulfill Satoshi’s vision for ‘only one global chain’ (much like today there’s just one global Internet), built for enterprise and capable of becoming the world’s ‘new money.’   

The vision is based on four principles: 

  • Stability: a stable base protocol  
  • Scalability: of an unbounded network 
  • Security: that comes from following best practices and external monitoring and auditing of its QA processes  
  • Safe Instant Transactions: the key to unlocking the merchant market to enable new business models for micropayments and nanosystems.  

There’s no “I” in Ecosystem! 

The Bitcoin Association is a global not-for-profit organization that supports BSV as the original Bitcoin. The Association brings together enterprises, developers, start-up ventures – such as Fabriik – merchants, blockchain transaction processors (miners), and other key parties in the BSV ecosystem for the sole purpose of advancing regulation-friendly BSV adoption and innovation. 

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