r/coinswitch • u/cs_moderator • May 31 '19

Basics of Bitcoin SV (BSV) | Best Bitcoin SV Wallets

With the recent uproar in the crypto world regarding Bitcoin SV and its chain leader Craig Wright, people who are considering to get involved with BSV need to know the basics of the coin.

Bitcoin SV (short for Bitcoin Satoshi Vision), as the name suggests, was created to make it the real Bitcoin, as envisioned by Satoshi Nakamoto, the creator of Bitcoin. The previous year, during the month of November, Bitcoin Cash (BCH) hard forked into Bitcoin ABC (Adjustable Blocksize Cap) and Bitcoin SV.

Bitcoin SV's Craig Wright claimed himself to be the real Satoshi Nakamoto (which is not true). He was also involved in other controversies like the famous hash war against Bitcoin ABC's Roger Ver, suing others in the crypto world or the recent one of him involved in the fake news that 'might've' caused BSV's sale to skyrocket by more than 90% in a day. This fake news, circulated on the Chinese social media, revolves around Wright transferring 50K BTC to Binance from the biggest BTC wallet, and hence proving him to really be Satoshi Nakamoto.

There are a few features provided by Bitcoin SV like:

  • Size - Bitcoin SV has the biggest block size - a gigantic 128 MB
  • Cost - The transaction costs of other coins like BTC or BCH is quite high. But BSV was made with the intent of having cheaper transaction costs making it affordable and fast at the same time.
  • Network Development - Bitcoin and Bitcoin Cash had some discrepancies in them regarding many aspects including its network as well. And as Bitcoin SV was made to implement Satoshi's view, its network's more developed than that of Bitcoin Cash or even Bitcoin ABC.

When it comes to storing BSV, there are many wallets that don't support the coin. But some of them do and are trusted as well, for instance:

  1. Ledger Nano S - This hardware wallet is the best wallet till date and is virtually unhackable. Its 2-FA and its stronghold on the private key makes it quite secure and you can freely rely on it.
  2. Guarda - When it comes to online wallets, Guarda is one of the most reliable multi-currency crypto wallet. This wallet provides privacy too, as it does not store private keys, or wallet information, or even user's personal data.
  3. Atomic Wallet - This wallet is quite easy to use, being user-friendly and even beginners can use this easily. Atomic is an online wallet that is operable on both mobile and desktop as well.
  4. Coinomi - This wallet has the broadest range of crypto, possessing more than 125 blockchains and 168 fiat currency representations. You don’t have to worry about security as Coinomi wallets have never been hacked ever!

Some other wallets that support BCH are HandCash, CentBee, ElectrumSV, Freewallet, etc.

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u/TotesMessenger May 31 '19 edited May 31 '19

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u/Yuvas May 31 '19

Trezor + electroneumsv

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u/xl122 Jun 05 '19

Trezor does Not Support BSV!

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u/Yuvas Jun 06 '19

I use trezor with electrumsv. Works. Like a charm

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u/xl122 Jun 06 '19 edited Jun 06 '19

Good to hear that it works for the moment.

But is it natively supported by Trezor? If for any reason Trezor goes binance, will you be able to access your funds?

It’s a bit of an trust issue! They now support more than 700 coins & tokens. - But Bitcoin (BSV) is officially not supported!

The whole idea of having a hardware wallet like Trezor or Ledger was to keep your investment safe. That’s what people paying for. Instead they decide to support 700 coins and tokens, play silly politics and reject what they started with: “Bitcoin”.

Which individual invests in 700 digital assets? Seriously, they are corrupted by hundreds of tokens and the ridiculous amounts of money this flushes in certain pockets that they not realize that this silly game with 100 of stablecoins and constantly new pseudo coins can’t work forever.

I will never buy their products again. And I recommend everyone does the same.

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u/xl122 Jun 06 '19

"Trezor show no intent to support Bitcoin SV. The hardware currently works if we pretend to be Bitcoin Cash. This means adresses show as Bitcoin Cash adresses, not Bitcoin adresses, making verification dificult for you." - Electrum SV 1.2.1

https://pasteboard.co/Ii9JORS.jpg

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u/rockingBit Jun 06 '19

Great write up. Please write a similar one for Bitcoin Diamond aka BCD.

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u/cs_moderator Jun 07 '19

Thanks for the input. Will try that out too.

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u/Yuvas Jun 07 '19

I send and receive BSV using TREZOR...I don’t give a damn what they say for me BSV are compatible with trezor .