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Understanding of Bitcoin SV (BSV): take a closer look at the cryptocurrency that shocked the cryptocurrency market
In recent years, the world of cryptocurrencies has increased innovative and ambitious projects that go beyond what is possible. Among these is the Bitcoin SV (BSV), the hard fork of the initial bitcoin protocol, which was in 2018. Waves started in the cryptocurrency market.
What is Bitcoin SV?
Bitcoin SV has been designed by Nick Szabo, one of Bitcoin founders such as Bitcoin Protocol Fork. The BSV was designed to solve the problems of changing reduction and performance problems associated with traditional cryptocurrencies such as Bitcoin. The new protocol was to increase the 128 MB 1 MB lock size limit, allowing a faster operation and lower taxes.
Basic Bitcoin SV properties
Bitcoin SV has some basic characteristics that distinguish it from other cryptocurrencies:
* Scalacting : As mentioned above, the BSV Hard fork has been designed to solve the reduction problems. With the increase in the block limit, the network can now process the operations at greater speed and with lower taxes.
* Intelligent contract functions : Bitcoin SV has introduced intellectual contracts that allow developers to develop decentralized programs (APP) that operate on the blockchain and do not need intermediaries.
* Private operations : BSV supports private operations to allow users to send funds without disseminating all their addresses.
How does Bitcoin SV work?
To understand how BSV works, we immerse ourselves in main technology. Here is a simplified review:
- Blocks : The block is the smallest Bitcoin operating unit.
- Operations : When two users want to send mutual funds, they create surgery and transmit it on the net.
- Inspection : Blockchain controls operations using complex algorithms and encryption.
- Block creation : new blocks are created and added to blockchain to process new operations.
Bitcoin sv carpet in the cryptocurrency market
From its 2018 Bitcoin SV Foundation it is increasingly attracted. Here are some of the main phases that illustrate its growth:
* 2019 in July
* 2020 January : BSV has reached the height of all time for 23,000 USD.
* 2021
Because Bitcoin SV is important in the cryptocurrency market
Bitcoin SV has several reasons to watch:
* Scaling
: Due to its ability to increase the size of the blockade and the processing speed, it is a strong candidate to change the traditional cryptocurrency market.
* Intelligent treatment functions
: The function of the BSV intellectual contract allows developers to develop decentralized programs, which can lead to new flows of use and income.
* Private transactions : the possibility of sending funds privately excludes BSV, with the exception of other cryptocurrencies in support of public operations.
Conclusion
Bitcoin SV is an innovative cryptocurrency that transcends the limits of blockchain technology in the world. With the downsizing functions, the intellectual function of the contract and the possibilities of private operations, BSV can interrupt the traditional cryptocurrency market. Whether you are an investor or a passionate or simply interesting on the cryptocurrency space, it is necessary to understand Bitcoin SV and how it is suitable for a wider landscape.
Refusal of responsibility : This article is only for information purposes and should not be considered as investment advice. Always do your search and consult a financial consultant before making any investment decision.