The Bitcoin Satoshi Vision (BSV) fork occurred on November 15th, 2018. This momentous event in the world of cryptocurrencies marked the separation of BSV from Bitcoin Cash (BCH), which itself was a hard fork from Bitcoin (BTC) in August 2017.
The main reason behind the BSV fork was a disagreement within the BCH community over the direction and scaling of the blockchain. While some supporters believed in increasing the block size to accommodate more transactions, others, including Craig Wright, the self-proclaimed creator of Bitcoin, argued for a stricter adherence to the original vision of Bitcoin as outlined in Satoshi Nakamoto’s whitepaper.
Thus, the BSV fork aimed to restore what its proponents considered to be the true vision of Bitcoin. It brought about a new blockchain with a larger block size limit of 128 MB, as opposed to BCH’s 32MB, and a return to some of the original Bitcoin protocols and functionalities. Since then, BSV has evolved as an independent cryptocurrency with its own network, community, and development initiatives.
In conclusion, the BSV fork took place on November 15th, 2018, as a result of disagreements within the BCH community over the future of the blockchain. It aimed to restore the original vision of Bitcoin and has since developed into a distinct cryptocurrency with its own features and goals.
Overview of bsv fork
The bsv fork refers to a significant event in the history of the Bitcoin SV (BSV) cryptocurrency. A fork in the world of cryptocurrency occurs when a blockchain splits into two separate paths, each with its own set of rules and features.
The Original Fork
The bsv fork happened on November 15th, 2018, when a group of miners and developers decided to break away from the original Bitcoin Cash (BCH) blockchain. This split was primarily due to differences in opinions and visions for the future of the cryptocurrency.
One side, known as Bitcoin ABC, favored implementing new features and updates to increase scalability and improve transaction processing times. The other side, supported by Craig Wright’s nChain, believed in restoring the original Bitcoin protocol and maintaining its vision as outlined in the whitepaper published by Satoshi Nakamoto in 2008.
Impact and Features
The bsv fork resulted in the creation of the Bitcoin SV (BSV) blockchain, which followed the path supported by nChain. The primary focus of BSV was to create a scalable and user-friendly blockchain network that could handle large transaction volumes and compete with traditional payment systems.
One of the key features introduced by BSV was its larger block size limit. While Bitcoin (BTC) and many other cryptocurrencies have a block size limit of 1MB, BSV increased this limit to 128MB, allowing for more transactions to be included in each block.
BSV also aimed to provide a stable platform for building decentralized applications (dApps) and smart contracts on top of its blockchain. Developers could leverage BSV’s blockchain capabilities to create innovative solutions for various industries, such as finance, supply chain management, and data storage.
In conclusion, the bsv fork was a crucial moment in the history of Bitcoin SV (BSV). It resulted in the creation of a separate blockchain with its own set of features and goals. BSV aimed to create a scalable and user-friendly network while staying true to the original Bitcoin protocol.
History of bsv fork
The Bitcoin SV (BSV) fork occurred on November 15, 2018, as a result of the disagreement within the Bitcoin Cash (BCH) community. The split was primarily driven by the controversial proposal known as the “Bitcoin SV restoration” or “Satoshi Vision” by the self-proclaimed Satoshi Nakamoto, Craig Wright, and entrepreneur Calvin Ayre.
The Bitcoin Cash community was initially formed as a result of a hard fork from the original Bitcoin (BTC) blockchain on August 1, 2017. The main reason behind the Bitcoin Cash fork was the need for a larger block size, which would allow for faster and cheaper transactions compared to Bitcoin’s limited block size. However, internal conflicts regarding the development and implementation of updates eventually led to the splintering of the Bitcoin Cash community and the creation of Bitcoin SV.
Reasons for the BSV Fork
The primary motivation behind the BSV fork was a disagreement over the future direction and scaling of the Bitcoin Cash blockchain. Craig Wright and Calvin Ayre believed that Bitcoin Cash should adhere to the original vision outlined in the Bitcoin whitepaper by Satoshi Nakamoto, which advocated for bigger block sizes and on-chain scaling.
Another significant point of contention was the implementation of canonical transaction ordering (CTOR), which reordered transactions within blocks for greater efficiency. Craig Wright and his supporters were opposed to this change, claiming that it deviated from the original Bitcoin protocol and was disruptive to existing applications and services built on Bitcoin Cash.
Outcome of the BSV Fork
Following the BSV fork on November 15, 2018, two separate chains were created: Bitcoin Cash ABC (BCH ABC) and Bitcoin SV (BSV). Bitcoin Cash ABC, led by Roger Ver and Jihan Wu, continued with the original Bitcoin Cash approach, including the implementation of CTOR and other updates.
On the other hand, Bitcoin SV, led by Craig Wright and Calvin Ayre, aimed to restore the original Bitcoin protocol by increasing the block size to 128MB and removing certain limits on transaction scripting. They claimed that these changes would enable greater scalability, security, and usability for the blockchain.
Since the fork, Bitcoin SV and Bitcoin Cash ABC have operated as separate cryptocurrencies with their own communities, development teams, and blockchain networks.
- Bitcoin SV (BSV) focuses on the original vision of Satoshi Nakamoto, emphasizing larger block sizes and scaling on-chain.
- Bitcoin Cash ABC (BCH ABC) continues with the original Bitcoin Cash approach, implementing various updates and improvements.
Timeline of bsv fork
November 15, 2018: Bitcoin Cash (BCH) underwent a contentious hard fork, resulting in the creation of Bitcoin SV (BSV). The main motivation for the split was a disagreement between two factions within the Bitcoin Cash community over the block size limit.
February 4, 2020: Bitcoin SV (BSV) underwent its own hard fork, known as the “Genesis” upgrade. This upgrade aimed to restore the original design of Bitcoin as outlined in the Bitcoin whitepaper. It introduced several changes, including a new block size limit and the rebranding of BSV as the “original Bitcoin.”
July 24, 2020: Bitcoin SV (BSV) experienced another hard fork called the “Quasar” upgrade. This upgrade aimed to further enhance the performance and scalability of the BSV network. It included changes such as an increased default hard cap for the block size and improvements to the stability and security of the system.
November 15, 2020: Bitcoin SV (BSV) underwent another hard fork called the “Genesis” hard fork. This upgrade was intended to remove the “Genesis” upgrade’s block-size limit and introduce new opcodes to improve the functionality of the BSV blockchain. It also marked the second anniversary of the initial Bitcoin Cash (BCH) hard fork that led to the creation of BSV.
It is important to note that hard forks are significant events in the development of blockchain projects as they often result in the creation of new cryptocurrencies with distinct features and goals.
Impact of BSV Fork
The BSV fork, which occurred on November 15, 2018, had a significant impact on the cryptocurrency industry.
First and foremost, the fork led to a split in the BSV community, creating two distinct factions. One faction, led by Craig Wright, supported the fork and the larger block size it introduced, while the other faction, led by proponents of Bitcoin ABC, opposed the fork and believed in the importance of decentralization and scalability through second-layer solutions.
The fork resulted in a contentious and highly publicized battle for dominance between the two factions. This led to a significant increase in market volatility, as investors and traders reacted to the uncertainty surrounding the future of BSV and its potential as a viable cryptocurrency.
In addition, the fork had implications for the overall credibility and reputation of BSV. The split and subsequent rivalry between the factions caused a division within the cryptocurrency community, with critics arguing that the fork undermined the integrity and stability of BSV as a project. This led to a decrease in trust from both investors and the broader cryptocurrency community.
Furthermore, the event highlighted the broader issue of governance within the cryptocurrency space. The BSV fork demonstrated the challenges associated with decision-making and consensus-building in decentralized systems. It served as a reminder that disagreements and differing visions can lead to contentious forks, potentially causing fragmentation and uncertainty within the cryptocurrency industry.
Overall, the BSV fork had a profound impact on the cryptocurrency industry, leading to a split in the BSV community, increased market volatility, a decrease in trust, and highlighting the challenges of governance in decentralized systems.
