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Bitcoin Satoshi Vision
Denominations
Symbol₿
CodeBSV
Precision10^-8
Development
Original author(s)Satoshi Nakamoto
Project fork ofBitcoin Cash
Ledger
Timestamping schemeProof-of-work
Block reward3.125 BSV
Block time10 minutes
Circulating supply18,874,300 BSV (2021-10-20)
Supply limit21,000,000
Website
Websitewww.bitcoinsv.com

Bitcoin Satoshi Vision (BSV) is a cryptocurrency that is a hard fork of Bitcoin Cash[1] as a result of a failed takeover attempt by a group led by discredited Craig Steven Wright.[2][3]

History

[edit]

On 15 November 2018, a hard fork of Bitcoin Cash occurred as a result of a failed takeover attempt by a group lead by discredited Craig Wright. In orchestrating the attack, Wright threatened "There is no split. You split, we bankrupt you."[4] The BCH community, supported by entrepreneur Roger Ver and Jihan Wu of Bitmain, mustered sufficient hash power to orphan Wright's attack chain and locked in the first block with a rolling checkpointing scheme. Craig Steven Wright backed by billionaire Calvin Ayre continued to mine the fork calling the new coin Bitcoin Satoshi Vision. On 15 November 2018 Bitcoin Cash traded at about $289, and Bitcoin SV traded at about $96.50, down from $425.01 on 14 November before the hard fork.[5]


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Bitcoin Satoshi Vision (BSV) is a cryptocurrency that is a hard fork of Bitcoin Cash.[1] Bitcoin Satoshi Vision is a knockoff of bitcoin,[6] which was created in November 2018 by a group of individuals led by Craig Steven Wright,[7] who has claimed since 2015 to be Satoshi Nakamoto, the creator of the original Bitcoin. In March 2024, Mr Justice James Mellor in the British High Court ruled that Wright is not Satoshi Nakamoto.[8][9] In July 2024, a British High Court judge referred Craig Wright to UK prosecutors for alleged perjury related to his claims of being Satoshi Nakamoto.[10][11][12]

History

[edit]

2018 Split from Bitcoin Cash

[edit]

On 15 November 2018, a hard fork chain split of Bitcoin Cash occurred between two rival factions called Bitcoin Cash and Bitcoin SV.[13][14] On 15 November 2018 Bitcoin Cash traded at about $289, and Bitcoin SV traded at about $96.50, down from $425.01 on 14 November for the un-split Bitcoin Cash.[5]

The split originated from what was described as a "civil war" in two competing Bitcoin Cash camps.[15][4] The first camp, supported by entrepreneur Roger Ver and Jihan Wu of Bitmain, promoted the software entitled Bitcoin ABC (short for Adjustable Blocksize Cap), which would maintain the block size at 32 MB.[4] The second camp led by Craig Steven Wright and billionaire Calvin Ayre put forth a competing software version Bitcoin SV, short for "Bitcoin Satoshi Vision", which would increase the block size limit to 128 MB.[13][4]

2019 De-Listing from Binance

[edit]

In April 2019, an online feud broke out between those who supported the claims of Bitcoin SV founder Craig Wright that he was in fact Satoshi Nakamoto, and those who did not.[16] The feud resulted in cryptocurrency exchange Binance de-listing Bitcoin SV from their platform, stating that

"At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all of our users.

When we conduct these reviews, we consider a variety of factors. Here are some that drive whether we decide to delist a digital asset:

- Commitment of team to project - Level and quality of development activity - Network / smart contract stability - Level of public communication - Responsiveness to our periodic due diligence requests - Evidence of unethical / fraudulent conduct - Contribution to a healthy and sustainable crypto ecosystem"[16]

2021 Network Attack

[edit]

In August 2021, Bitcoin SV suffered a 51% attack, after previously suffering attacks in June and July of the same year.[1] Such an attack involves cryptocurrency miners gaining control of more than half of a network's computing power; these kinds of network attacks have the goal of preventing new transactions from gaining confirmations, allowing the attackers to double-spend coins. Adam James, senior editor at OKEx Insights claimed that "In the intermediate term, the attack has seemingly somewhat-negligible impact on its current price action," however "Faith in [Bitcoin SV] will likely be reduced following the incident."[1]

References

[edit]
  1. ^ a b c d Ossinger, Joanna. "Crypto Coin Bitcoin SV Appears to Have Faced a '51% Attack'". Bloomberg. Retrieved 19 September 2024.
  2. ^ Hern, Alex (14 March 2024). "Australian computer scientist is not bitcoin creator Satoshi Nakamoto, high court rules". The Guardian. Retrieved 14 March 2024.
  3. ^ Tobin, Sam (2024-03-14). "Self-proclaimed bitcoin inventor is not 'Satoshi Nakamoto', UK judge rules". Reuters. Retrieved 2024-09-07.{{cite news}}: CS1 maint: url-status (link)
  4. ^ a b c d Huang, Zheping (15 November 2018). "Bitcoin cash "hard fork": everything you need to know about the latest cryptocurrency civil war". South China Morning Post. Archived from the original on 18 November 2018. Retrieved 18 November 2018.
  5. ^ a b Kharif, Olga (15 November 2018). "Bitcoin Cash Fork Hits Investors' Pocketbooks as Two Coins Slip". Bloomberg. Archived from the original on 19 November 2018. Retrieved 18 November 2018.
  6. ^ Roberts, Jeff. "End of the road for Craig 'Fake Satoshi' Wright, who conned the media with claim he invented Bitcoin". Fortune. Retrieved 19 September 2024.
  7. ^ "Bitcoin vs Bitcoin SV: difference explained". CNBC. Retrieved 19 September 2024.
  8. ^ Hern, Alex (14 March 2024). "Australian computer scientist is not bitcoin creator Satoshi Nakamoto, high court rules". The Guardian. Retrieved 14 March 2024.
  9. ^ Tobin, Sam (2024-03-14). "Self-proclaimed bitcoin inventor is not 'Satoshi Nakamoto', UK judge rules". Reuters. Retrieved 2024-09-07.{{cite news}}: CS1 maint: url-status (link)
  10. ^ Browne, Ryan (2024-07-16). "Man who claimed to be inventor of bitcoin referred to UK prosecutors for alleged perjury". CNBC. Retrieved 2024-07-18.
  11. ^ Jowitt, Tom (2024-07-17). "Bitcoin 'Creator' Craig Wright Not Satoshi Nakamoto". Silicon UK. Retrieved 2024-07-18.
  12. ^ Ligon, Cheyenne (2024-07-16). "After Court Order, Craig Wright Updates Website With Admission He Is Not Bitcoin Creator Satoshi". www.coindesk.com. Retrieved 2024-07-18.
  13. ^ a b Kharif, Olga (17 November 2018). "Bitcoin Cash Clash Is Costing Billions With No End in Sight". Bloomberg. Archived from the original on 17 November 2018. Retrieved 18 November 2018.
  14. ^ Kharif, Olga (23 November 2018). "Bitcoin Cash Wars End With No Relief for Biggest Cryptocurrency". Bloomberg. Archived from the original on 3 August 2019. Retrieved 7 December 2018.
  15. ^ Clifford, Tyler (14 November 2018). "'Crypto civil war' slams bitcoin, but it won't last, says BKCM's Brian Kelly". CNBC. Archived from the original on 18 November 2018. Retrieved 18 November 2018.
  16. ^ a b Jemima, Kelly. "Binance delists Craig Wright's "Bitcoin Satoshi's Vision"". Financial Times. Retrieved 25 September 2024.
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