How to buy Bitcoin SV
Where and how to buy and sell Bitcoin Satoshi's Vision (BSV)
Bitcoin Satoshi's Vision (BSV) is a fork of Bitcoin Cash which emerged on 15 November 2018.
The most significant technical difference between BCH and BSV is that the SV variant has a 128MB block size, in contrast to the current 32MB BCH block size.
Read on to find out where and how to buy BSV, and what sets this cryptocurrency apart from others.
How to buy Bitcoin SV
- Register for an account with an exchange like CoinSpot.
- Enable 2-factor authentication.
- Verify your account.
- Click "Deposit AUD".
- Transfer funds into your account.
- Click "Buy/Sell" at the top of the screen.
- Search for bitcoin and click on "Buy BCHSV.
- Enter the amount of BCHSV you want to buy or the amount of AUD you want to spend.
- Review the transaction details.
- Send your payment and receive your BSV.
This is our quick guide to just one way to buy BSV. Compare some other options in the table below.
Exchanges that support BSV
The following exchanges let Australian users buy and sell BSV at the time of writing.
A step-by-step guide to buying BSV
You can buy BSV with fiat currency as well as cryptocurrency.
Buying BSV with fiat currency
Here's an example of one way of buying BSV with Australian dollars.
There are a limited number of places to purchase BSV directly with AUD, and Melbourne-based CoinSpot is one of them. Note that on CoinSpot BSV is referred to as Bitcoin Cash Satoshi's Vision (BCHSV).
Buying BSV with cryptocurrency
You can buy BSV with fiat currencies such as US dollars on a handful of exchanges that accept it, such as Bittrex.
But there are more options with digital currencies.
How to buy BSV with cryptocurrency
How to sell BSV
To sell BSV, the process is similar to the buying process above, except you're buying something else with BSV, rather than buying BSV with something else.
The other fiat and cryptocurrencies you can exchange BSV for will depend on the platform you use, so do your research to find one that suits.
Features of Bitcoin Satoshi's Vision
The first key feature of BSV is its 128MB block size, which can theoretically allow for higher throughput than Bitcoin Cash and bitcoin.
This might allow for some additional features in the future, and in the event of BSV becoming much more widely used than BTC and BCH today, it might allow for higher transaction throughput.
Currently, however, the larger block size has no functional impact on how the coin can be used.
The second key feature is that its developers plan to pursue a more centralised and commercial model for the coin's growth, as it will be dependent on a small handful of large mining firms to handle the demands of its immense block size.
The third key feature of BSV is its claim to be the one true bitcoin. It claims to be led by Craig Wright, whose supporters believe him to be Satoshi Nakamoto. One of the central tenets of BSV is that that BTC and BCH have lost their way and become technologically mangled over time.
As one of the key BSV supporters, CoinGeek's Calvin Ayre, explained:
"Bitcoin was born with a mature economic model and platform developers have consistently tinkered it to death…first by forking to Segwit BTC and now ABC has abandoned Bitcoin's core principles by abandoning Nakamoto consensus (sic) and trust in miners' Proof of Work… Bitcoin SV is the original Bitcoin."
The goal now, according to Ayre, is for market forces to decide which of the three varieties of bitcoin they like best by voting with their money.
Wallets that support BSV
You can use BSV with many of the same wallets that can also hold Bitcoin Cash.
Why Bitcoin SV considers itself the only real bitcoin
To understand Bitcoin SV, it is important to understand three key assumptions that underlie its creation and much of its support.
- The original bitcoin whitepaper written by Satoshi Nakamoto is perfect.
- Any deviations from the whitepaper can only introduce flaws.
- There can only be one true bitcoin, and all others will fail.
As Ayre, Wright and many Bitcoin SV supporters explain, BSV was created specifically because the other coins bearing bitcoin's name – first BTC and then BCH – became flawed after deviating from the bitcoin whitepaper.
As one SV supporter explains:
"In August last year Bitcoin died on the BTC chain with the introduction of Segwit. It survived in the form of Bitcoin Cash until yesterday when it was killed off again by Bitcoin ABC. If Bitcoin SV had not stood it's (sic) ground and preserved the rules of Bitcoin in SV, yesterday would have been the last day Bitcoin existed in this world."
Under this interpretation, the first big deviation occurred when the bitcoin community failed to decisively adopt a larger block size, and instead opted to "tinker it to death" in Ayre's words, by pursuing scaling solutions such as Segwit and the Lightning Network.
It was at this time that Bitcoin Cash is believed to have become the real bitcoin.
But soon Bitcoin Cash also deviated from Satoshi's vision, when its ABC group of developers proposed an update that was thought to violate the rules laid down by the whitepaper. This quickly sparked debates in the community, and the personalities on what has since become the Bitcoin SV side of the fence eventually proposed their own alternative update. There was no clear agreement on which proposal should be the one to pass, and neither side agreed to recant their development roadmap.
This then led to the second major schism. The Bitcoin ABC proposal is now known as Bitcoin Cash, while the whitepaper purists are known as Bitcoin Satoshi's Vision (BSV).
Risks and things to consider
Cryptocurrencies are high-risk assets and BSV is no exception. Some of the particular risks to be aware of with BSV include doubts about whether the goals proposed by the team are technically feasible, or if the team assembled at BSV has the technical acuity to achieve them even if they are.
Several accidental chain re-organisations have given people cause to doubt the capability of the team at BSV.
It should also be noted that BSV mining is currently highly centralised, and is designed to remain so – or to become even more centralised – over time.
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