Frequently asked questions

Useful Information about Bitcoin SV
What is Bitcoin SV?
Bitcoin SV (Satoshi Vision) is a cryptocurrency that was created in 2018 by Dr Craig Wright, an Australian computer scientist who invented Bitcoin, under the pseudonym Satoshi Nakamoto. Dr Wright believes that BTC and BCH forked away from the original Bitcoin protocol by introducing non-standard functionality such as Replace by Fee and SegWit.

Dr Wright and his team of developers aimed to restore the original vision of Bitcoin as outlined in Satoshi Nakamoto's original white paper, hence the name "Satoshi Vision".

Bitcoin SV aims to provide a blockchain that can scale to handle large transaction volumes and low transaction fees, while maintaining the original protocol's stability and security. The BSV blockchain also supports smart contracts, which are self-executing contracts that can be programmed to automatically execute when certain conditions are met.

Since its launch, Bitcoin SV has gained a following among members of the cryptocurrency community who believe in its vision of restoring the original Bitcoin protocol. The BSV community is also focused on the development of applications and use cases for the technology, with a particular emphasis on enterprise-level solutions.

Overall, Bitcoin SV is an attempt to build a blockchain that adheres to the original principles of Bitcoin, while also providing the scalability and functionality necessary for widespread adoption.
10 Technical Differences Between BSV and BTC
Larger block size limit: BSV allows for much larger blocks, with unbounded block size compared to BTC's 1MB limit. This enables BSV to process more transactions per second, making it more scalable.

Lower transaction fees: BSV has much lower transaction fees than BTC, due to its larger block size limit and more efficient use of blockchain space.

Restoration of original Bitcoin protocol: BSV aims to maintain the original Bitcoin protocol as outlined in Satoshi Nakamoto's white paper, while BTC has evolved with various updates and changes.

Turing-complete scripting language: BSV supports the use of a Turing-complete scripting language, enabling more complex and sophisticated smart contracts.

Stable protocol: BSV aims to maintain a stable protocol that remains consistent over time, while BTC's protocol can be subject to changes and updates.

Improved security: BSV has implemented various security enhancements, including the use of merkle proofs and double-spend protection, to prevent malicious attacks.

More efficient data storage: BSV has optimized the way data is stored on the blockchain, resulting in a more efficient use of storage space and faster transaction processing.

Greater transaction throughput: BSV's larger block size limit and more efficient transaction processing enable greater transaction throughput than BTC.

Emphasis on enterprise-level solutions: BSV is focused on providing solutions for enterprise-level use cases, including supply chain management and digital identity verification.

Support for microtransactions: BSV enables microtransactions, allowing for very small amounts of value to be transferred on the blockchain, which could open up new use cases such as pay-per-use content and gaming.
Introduction to Simple Payment Verification and Why It Matters?
BSV (Bitcoin Satoshi Vision) is a cryptocurrency that aims to maintain the original vision of Bitcoin as outlined by its creator, Satoshi Nakamoto. One of the features of BSV is Simplified Payment Verification (SPV), which allows for faster, more efficient, and secure transaction verification.

SPV enables Zero-confirmation transactions, which means that a transaction can be deemed valid and processed without requiring it to be confirmed by the network's consensus protocol, which can take up to several minutes. This is made possible by SPV's ability to verify the validity of a transaction using only a small portion of the blockchain data, without having to download and verify the entire blockchain.

SPV works by using a method called "merkle proofs," which is a cryptographic proof that a particular transaction is included in a block without having to download the entire block. In other words, an SPV node only needs to download a small portion of the blockchain data, which contains the necessary information to verify the transaction.

The process works as follows:When a transaction is broadcast to the BSV network, it is initially considered to be "unconfirmed." However, it is immediately propagated to all nodes in the network. When a node receives a transaction, it checks its validity according to the standard rules of the BSV protocol, such as checking for double-spending, ensuring that the transaction inputs exist, and that the transaction fees areappropriate. If the node determines that the transaction is valid, it will add it to its mempool, which is a list of unconfirmed transactions waiting to be included in a block.

When a miner creates a new block, they will typically include the highest-fee transactions from the mempool. Since miners are incentivized to include high-fee transactions, this means that the transaction with the highest fee is likely to be included in the next block. Once the transaction is included in a block, it is considered "confirmed."

SPV nodes can verify that a transaction has been included in a block by requesting a "merkle proof" from a full node, which is a small amount of data that proves that the transaction is included in the block. This proof can be generated quickly and efficiently, allowing SPV nodes to verify the validity of a transaction without having to download the entire blockchain.

In summary, BSV's Simplified Payment Verification (SPV) enables Zero-confirmation transactions by allowing nodes to verify the validity of a transaction using only a small portion of the blockchain data. This is made possible through the use of merkle proofs, which allow for fast and efficient transaction verification. As a result, BSV's SPV makes Zero-confirmation transactions both possible and secure.
Where to find us