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Bitcoin SV (BSV) is a smart contract platform similar to Bitcoin. However, it has various fundamental changes to its core infrastructure. Most notably, the block size of Bitcoin SV is 4GB while Bitcoin’s is only 1 MB. 

It is one of the fastest blockchains that can process up to 10,000 transactions per second. Moreover, transaction fees on the network are also substantially lower than its competitors, with transactions costing only a fraction of a cent. The current transaction cost on the network is around $0.0006.

The Bitcoin SV ecosystem consists of about 1500+ developers with over 265 dApps built on the network. The blockchain has achieved CO2 efficiency per transaction and has outperformed all competitors on Coin Carbon Cap.

BSV is the native cryptocurrency of the platform, usable for the following cases:

• Payments: BSV is used to make payments across the network.

• Transactions: all transactions within the blockchain are settled in BSV. Even dApps built on Bitcoin SV use BSV tokens for native transactions.

• Mining Rewards: BSV tokens are distributed as mining rewards for users mining the tokens.

The maximum supply of BSV coins is 21 million, of which about 19 million are already in circulation. 

Bitcoin SV (BSV) works similarly to Bitcoin. The smart contract platform employs a Proof-of-Work (PoW) consensus mechanism to validate transactions and secure the network. The network pays miners with native BSV tokens to validate blocks. 

Each block on the Bitcoin SV blockchain comprises a cryptographic hash of the preceding block, which records the time and date of a transaction. This record is replicated across all nodes. Moreover, Bitcoin SV also works as a digital payment system where you can easily transfer funds across the network. 

Bitcoin SV (BSV) emerged in November 2018. It was co-founded and created by Craig Wright. The blockchain was created to overcome Bitcoin Cash’s scalability issues and to meet Bitcoin’s “original” goal. The project came into the spotlight when Bitcoin suffered an attack back in 2017. 

In August 2021, the platform made it to the news for facing a massive 51% attack on its blockchain. 

In June 2022, the platform opened the door for Ethereum developers to convert its code for Bitcoin SV. 

Bitcoin SV (BSV) employs proof-of-work consensus and the same mining algorithm as Bitcoin but with a fraction of the mining power. As a result, the platform is not very secure and is susceptible to 51% attacks. However, the blockchain has partnered with VeriBlock to integrate its proof-of-proof (PoP) security technology. If implemented, Bitcoin SV users would be able to confirm BSV transactions with the same security guarantee as Bitcoin transactions.

But even if BSV does in fact undergo security improvements, users must exercise caution, adopt safe practices, and adequately secure their private keys. Mostly because hackers can still target online crypto wallets on BSV. 

Using cold (hardware) wallets is necessary for optimal security. They store private keys offline, putting them at a safe distance from hackers. Ledger’s hardware wallets serve this purpose well and make BSV fully secure for its users. 

Bitcoin SV (BSV) is available on several centralized (CEXs) and decentralized (DEXs) exchanges globally. The problem with CEXs, however, is that they don’t provide complete ownership to users, retaining control over their private keys. Moreover, CEXs usually implement strict KYC policies that can compromise users’ privacy. 

DEXs are ideal for those seeking private ways of buying BSV. But as mentioned above, there are considerable security risks on account of online, hot wallets. 

You can use Ledger hardware wallets to store BSV securely and transact it using Ledger Live. Follow these simple steps:

1. Get a Ledger hardware wallet.
2. Set up Ledger Live on desktop or mobile.
3. Connect Ledger Live with your hardware wallet
4. Install the Bitcoin SV application 
5. Send/receive the BSV tokens