Bitcoin SV stands for Bitcoin Satoshi Vision. It is a breakoff of Bitcoin Cash, a diehard “cult following” of Craig Wright.
Craig Wright claims to be Satoshi Nakamoto, the true inventor of Bitcoin. Investing in Bitcoin SV is placing a bet that Craig Wright really did invent Bitcoin, and will one day offer the proof, which is to spend Satoshi Nakamto’s Bitcoins.
If this is true, the value could skyrocket. But so far Craig Wright has refused to offer the proof, even in court.
Its aim is to fulfill the supposed real vision of Satoshi Nakamoto, that is to create one blockchain for the world.
That blockchain will be capable of doing three things:
1- allow developers to use script, a simpler way to code, for designing and executing smart contracts
2- allow businesses to charge customers as little as a fraction of a cent in real time instead
3- provide all merchant services that could be set up in minutes
It claims that these are possible because Bitcoin SV has a bigger block size.
Why did it create a bigger block size? Because of the demand.
During Bitcoin’s early stages of development, the network was more than capable of managing the transaction load of a small niche community, primarily composed of developers and cryptography enthusiasts.
But as Bitcoin’s popularity grew, the network started to get bogged down with an increasing volume of transactions, eventually resulting in a drastic impact on processing times. Many became concerned that eventually, Bitcoin transactions might take days or weeks to clear if nothing was done to address the issue.
The Bitcoin Cash community wanted the block size to remain at 32 MB while the Bitcoin SV camp wanted it to increase to 132 MB. These differences proved irreconcilable. That’s why Bitcoin SV broke away from Bitcoin.
Primarily, supporters of Bitcoin SV believe that the original Bitcoin protocol has too many errors and restrictions to a point where they don’t see the point of continuing with its blockchain.
However, they also believe that the implementation of upgrades SegWit, the Lightning Network, and other modifications represent a threat to the stability and validity of the original Bitcoin protocol.
Bitcoin SV supporters claim that Satoshi’s only intended scalability-oriented change to Bitcoin’s original protocol was to increase block sizes.
And that’s exactly what they did. They increased the block size.
However, many believe that investing Bitcoin SV is essentially an expression of belief that Wright is in fact Nakamoto.
Like you, I am dying of curiosity about who Nakomoto is. If Wright wants to prove he is Nakomoto, the only way to do it is by spending Nakamoto’s Bitcoin. Until then, proceed with caution. Stick to the technology. If you believe in it and the capability of the developers, including Wright, invest in it. If not, don’t.