What Is Bitcoin Satoshi Vision? Everything You Need To Know
The first cryptocurrency in the World, Bitcoin, was developed by Satoshi Nakamoto. From what is known, Satoshi Nakamoto is an anonymous name and no one owns the name, whether a person or group of people. In 2008, Satoshi Nakamoto released the Bitcoin white paper in which he shared his vision on a digital money system. Now, Satoshi’s dream for a peer-to-peer electronic cash system has taken over the world. However, there are possibilities that there have been just adjustments to the original information Satoshi provided regarding the Bitcoin.
This is why we have the Bitcoin Satoshi Vision (BSV). BSV is recognized as the first and original bitcoin and we’ll be discussing that in this post.
What Is Bitcoin Satoshi Vision (BSV)?
BSV is a cryptocurrency, just like Bitcoin itself, but one that follows the original vision of Satoshi regarding an electronic peer-to-peer electronic cash system. Satoshi’s primary reason for wanting to develop a P2P electronic cash system was to allow people to send and receive money without needing financial institutions. Hence, no third parties are involved except the sender and receiver.
Without discrediting the capability of financial institutions, the Bitcoin creator sited some major issues with financial institutions: The first is trust. It is clear that not many people trust financial institutions to handle their money. Anything can happen to these institutions at any time.
Next is the problem of reversible transactions. Almost every transaction made using banks can be reversed to manage mediating disputes. Satoshi proposed an e-payment system based on cryptography and that’s how Bitcoin was introduced. With cryptographic proof, people can carry out transactions without needing a trusted third party and since they are not readily reversible, there’ll be less cases of fraud.
In the Bitcoin white paper, the name was Satoshi Nakamoto but the website was Bitcoin.org. Hence, it tells us that there was an organization behind the Bitcoin Satoshi vision, although Satoshi is believed to be a particular individual. However, Satoshi left the organization in 2010 and gradually, some key concepts in the original white paper were replaced with new ones. With Satoshi’s exit, the bitcoin community was divided, which some people pioneered the Bitcoin (BTC), others pioneered the Bitcoin Cash (BCH).
The BTC was the cryptocurrency closest to Satoshi's original vision for Bitcoin. It wasn’t until late 2018 that the BSV was introduced, based entirely on Satoshi’s original concept, most especially, proof of work. The BSV was split from BCH, just like the BCH was split from BTC. So relatively, it is a new cryptocurrency even if its concept is older than other cryptocurrency.
BSV VS BTC
The question lingering now would be what is the difference between the BTC and BSV. Well, it’s quite simple. The BTC is not in accordance with what was laid out by Satoshi Nakamoto in the white paper, unlike the BSV. BTC has a block size of just 1MB, while the BSV has a larger block size of 128MB. As a result, there can be more BSV in circulation than BTC. Already, there are more BSV in supply than there is BTC.
Not to mention, BSV was forked from the BCH following seemingly disagreements with technical upgrades to the BCH blockchain. Similarly how the BCH was forked from BTC following disagreements with the new concepts. Hence, BTC and BSV are different but since the BSV is a fork from the BTC (from BCH), they are also similar.
In April 2020, BSV went through its first halving, just a year and about six months after its launch. The event was shared with BCH which was launched over a year before BSV, 2017. On the other hand, the BTC has been halved three times already, in 2012, 2016, and 2020.
As at September 2020, the BSV has a price slightly lower than $200 with a market cap of about $3.16 billion. For a relatively new cryptocurrency, this is impressive compared to the BCH which has a price slightly higher than $200, about $220 and a market cap of $4.22 billion.
However, it is miles far off the BTC which is trading at over $10,000 and with a market cap of close to $200 million. Well, Bitcoin has been the leading cryptocurrency since the advent of cryptocurrencies so it isn’t surprising. From the price history, the BSV has reached an all time high price of $441 while the BTC has surpassed $20,000.
The Bitcoin Satoshi Version (BSV) was launched solely to bring back the original idea of Satoshi Nakamoto. Some people sometimes get confused about BTC, BCH, and BSV, considering they all bear ‘bitcoin’, but it’s not difficult to understand the difference between these cryptocurrencies. In view of Satoshi Nakamoto’s original vision for a P2P e-payment system; BTC was far from it, BCH was close to it, and BSV is the real deal.
As a BCH fork in late 2018, it’s not surprising that the BSV price is very low, much lower than BCH, talkmore of the BTC. However, there are huge possibilities for this “new” cryptocurrency in coming years - it’s the original stuff.