What is BSV (Bitcoin Satoshi’s Vision) and How is it Superior to Bitcoin?
Few crypto currencies raise so many questions as BitcoinSV, or BSV for short. Its full name is Bitcoin Satoshi’s Vision, which sheds some light on the reason for its existence. Satoshi Nakamoto (for which BSV is named) is the pseudonym for the creator of crypto currency as we know it; the author of the famous Bitcoin Whitepaper (2008).
As that name suggests, BSV is what Satoshi always envisioned for digital currency. Or at least, that’s how the founders of BitcoinSV see it. We’ll explain how BSV differs from the current Bitcoin [BTC] and other popular forks, like Bitcoin Cash [BCH], and why it matters to the crypto community. We’ll also dig deeper into the features of BSV. Within, we’ll explore things like where and how to buy it in Canada, how to exchange CAD for BSV, and where you can play casino games with BSV online.
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What is BSV – Visionary History in the Making
In 2008, an individual, or group of individuals (no one is really certain) under the pseudonym Satoshi Nakamoto wrote this famous whitepaper; Bitcoin: A Peer-to-Peer Electronic Cash System. The mission within that thesis was indubitably clear. Cryptographic coins would provide an electronic, stable, scalable, and wholly secure system for transferring digital funds. As such, digital transfers would be much quicker, if not instant, and monumentally less expensive. It was to be a perfect system, capable of catering to anyone, without need for any central government regulation; a currency for the entire population of earth.
Needless to say, Bitcoin didn’t exactly live up to its creator’s hype. In early years, as more and more Bitcoin adopters took interest, there came more and more discrepancy over how the system should be updated. This resulted in a number of hard forks. Some of the more famous hard forks were Bitcoin XT (2014), Bitcoin Classic (2016), Bitcoin Cash (2017), and of course, Bitcoin Satoshi’s Vision (2018).
It happened in November 2018, when a pair of protocol development communities split Bitcoin Cash into Bitcoin Cash ABC [BCHA] and Bitcoin Satoshi’s Vision [BSV]. Backers of BCHA were intent on maintaining the 32MB block size, thereby upholding existing limitations on the number of system transactions. Alternatively, the BSV camp supported restoration of the original Bitcoin protocol.
Superior Benefits of BitcoinSV Protocol
Satoshi’s original vision for crypto was to establish a stable, scalable system of decentralized coins. Reverting back to that protocol, BSV is able to provide one of the fastest transaction systems available today. BSV’s public ledger can support 50,000+ transactions per second. Powered by Bitcoin Scripting, it is able to host NFT-driven smart contracts, too.
BSV also earns the title of a Green Crypto, alongside other environmentally friendly tokens like EcoBitcoin [BTCE]. Its creators boast greater “CO2 efficiency per transaction and outclass all competitive blockchains on Coin Carbon Cap since its inception,” making it “one of the most environmentally friendly technologies in existence.”
Above all, BSV’s claim to fame is its boundless scalability. Remarkably, a single block can contain one transaction, or a billion transactions. Either way, it will still require the exact same proof-of-work (PoW) to construct. Thus, mining one block requires the same amount of energy as a traditional Bitcoin block. However, but because that block can hold boundless data, it leaves a far less significant energy footprint.
At time of writing, Carbon Coin Cap shows the following energy data for the last 24 hours. BSV transactions cost 287 MWh, compared to Bitcoin 122,081 MWh, Ethereum 46,242 MWH, Dogecoin 8,128 MWh, and Litecoin 7,566 MWh.
Decentralized, but Regulation Ready
Another major selling point for the use of BSV in the industrial world is that it is regulation ready. From its hard-fork inception, the creator’s of BitcoinSV were intent on its sustainability. As such, it was designed from the very beginning to be “100% regulation friendly”.
Why is that important? Because it makes BitcoinSV one of the only public blockchains perfectly suitable for enterprise. Likewise, it makes BSV one of the most uniquely safe options for crypto casino fans; especially the type who enjoy the convenience and cost effective nature of gambling with crypto, but also share a concern for provably legitimate personal and financially security.
How to Buy, Sell & Trade BitcoinSV
BSV is among today’s top-performing digital tokens. As such, Canadians will be happy to know there are a variety of ways to purchase and trade BSV for CAD. We’ll cover those in a moment. But first, before you start buying BSV, make sure you have an appropriate wallet to store it in.
Compatible BSV Wallets
The majority of today’s crypto wallets are built to hold a wide variety of digital tokens, especially major brands like BSV. Here’s a list of all the wallets specifically recommended by the creator’s of BitcoinSV (plus Guarda, which I’ve added due to personal preference).
Bitcoin SV Crypto Exchanges
The most common way to get your hands on Bitcoin Satoshi’s Vision is to buy it directly from an exchange service. There are multiple CEX and DEX platforms that offer it, many of which will let you trade CAD for BSV directly. Our highest recommendation goes to the Binance Exchange, available in all provinces of Canada except Ontario. Please refer to this link if you’re looking to buy crypto from Ontario.
Buy BSV at an ATM?
Unfortunately, of the 2,000+ Bitcoin ATM locations throughout Canada, none of them yet offer BSV for purchase. We’ll be sure to update you if that changes.
Mine Your Own BitcoinSV
Like the original Bitcoin, you can mine your own BSV, provided you have the right equipment. That equipment includes a rather expensive GPU system, dedicated to the mining of SHA-256 crypto. You can learn more about how to mine crypto coins here. If you’re interested, I also suggest reading our guide to joining a profitable mining pool here.
Gambling at BSV Casinos Canada
As mentioned above, BSV is one a unique breed of online casino crypto coins. Its uniqueness comes from the fact that it is, and always has been, regulation friendly. It’s not a privacy coin, therefore cannot offer anonymity. However, it delivers something far more interesting for online gamblers who desire the utmost security.
BSV’s unique build provides a system that regulators – authoritative bodies that thrive on KYC and identity verification to thwart everything from underage gambling and identity theft to terroristic money laundering – can truly appreciate. What this means is that, if and when the world’s most respected regulatory authorities (e.g. UKGC) choose to license crypto casinos, Bitcoin SV betting wil be at the very top of their approval ratings.
Although we haven’t quite achieved this level of trust in iGaming yet, there are a few (very few) crypto casinos that are making the move to accept BSV deposits ahead of the curve. At time of writing, the only reputable, Canadian-facing BSV casino to garner the approval of the BTC Blackjack editorial team is True Flip.
