Despite being a fork of Bitcoin Core and Bitcoin Cash, Bitcoin SV isn’t available for mining in the usual sense of the word. You can acquire this coin through many legitimate means, but the primary one amongst them is by purchasing BSV on a reputable exchange like Beaxy..
Since the currency circulates more or less freely on the market, you can do your purchasing on a lot of platforms. Here you can also learn what to do with the currency once you purchased it.
It has its uses, but it’s not at all as widely accepted as Bitcoin. Despite having one creator and springing from the same idea, BSV never really gained as much popularity. And it also affects its value, though it’s not as low as you could think.
Regardless, the actual purchasing process is incredibly simple. You need to set up your BSV Wallet, which means basically just creating an account on Beaxy Exchange. You can fund your account with fiat currency, crypto currency, or a credit or debit card.
Once you’ve agreed to purchase some amount of coins, they’ll be transferred to your Wallet and the funds will be deducted from your associated account. After that, you can store them wherever you want, but a few notable possibilities include:
● Storing them on one of the online crypto wallet for future usage, these are the apps and platforms specifically created for multi-coin storage
● Storing them on your bank account, which can be accessed through the very same crypto wallet of your choice
● Storing them on an exchange like Beaxy so you can trade them later
There’s really no use storing your money in the BSV Wallet itself. You can’t use them inside the BSV system as transaction currency (they use Bitcoin for that). Instead, they propose you to spend them in a number of platforms where these coins are accepted. But even then, you’ll probably have to transfer them with the help of a wallet.
Bitcoin SV value and price
Now, BSV sells its currency at more or less the market price. The actual market price as of October 2020 is about $160. Bitcoin itself costs more than $11.000, while Bitcoin Cash, the fork from which Bitcoin SV forked in its turn, costs $250.
However, it’s not really a factor. You can purchase ten thousand coins each worth $1 or one coin worth $10.000. It won’t make any difference in what shape your savings lay. Liquidity and current price trend are the factors that change the game.
And the price of Bitcoin SV has previously moved very favorably. Over the course of its existence (since 2018) BSV mostly experienced a positive trend – the price usually rose. It’s no surprise – Bitcoin SV uses the same architecture as Bitcoin Core, and the value of the former is very much tied to the value of the latter.
The value is a different concept from the price, as you may know. The price of an individual Bitcoin SV may be fairly high for an altcoin, but its value as a means of payment isn’t very noticeable. Both the price and the value are tied to the value of Bitcoin exactly because the two coins are very similar and also because the price of BSV reflects the well-being of the BSV system, which is powered by Bitcoin, not BSV.
In short, as long as Bitcoin grows, BSV can remain strongl. That’s why BSV is moderately expensive and also valuable. Nevertheless, it still has a lot smaller value compared to Bitcoin because the latter is pretty much accepted throughout the Internet as a means of payment, unlike the former. And yet, you can use BSV as a very reliable instrument in trading and investing. So, it’s far from worthless.
Bitcoin SV advantages and disadvantages
Some cryptocurrencies are obviously more beneficial to have than others. It does not only imply high or low prices, as you might’ve guessed. Cryptocurrencies, much like regular currencies, usually have uses outside of simple monetary exchange. You can invest them or use them as a fuel for your projects and so on. The possibilities depend on the issuers and the type of the currency.
For instance, tokens are a sub-type of cryptocurrency. They have all the same characteristics when it comes to trading mechanisms, but the tokens have specific and narrow purpose. They are issued by some company as compensation to investors who put their money into some project. They are also continually given out as a bonus or incentive to long-time users, and so on.
Bitcoin SV isn’t a token exactly, though it’s sometimes described as such. Though BSV is issued by a company and it is used as an inner currency on some platforms associated with BSV, it’s not a token.
It can be used as a sort of token in some partner platforms, the full list of which can be found of the official website of BSV. It is an apparent advantage, if you visit these platforms frequently. There aren’t much of them, and here you come across a disadvantage.
The most evident disadvantage is a lack of acceptability. BSV has a problem with acceptability exactly because it is a fork of a more old and widely-accepted Bitcoin Cash. Most exchanges and platforms (either crypto-related or simply crypto-accepting) decided to stick with BCH instead of switching to BSV. There’s something of a war going on between the two.
However, BSV does have a card up its sleeve – after being separated, the BSV team inherited most of the BCH computer power, which means they have more means to expand, and they do, but not as fast as they hoped. The community still has more trust in Bitcoin Cash, although it may change in the future.
BCH loses ground, while BSV more or less keeps growing. It may very well be that BSV will expand beyond its small pocket of partner platforms. Bitcoin SV has large potential, and if you think you can benefit from it, you can buy it now and just wait. However, if you want to, you should better contact a professional and ask if it’s a good idea to do so at the time when you’re reading this.
Best Bitcoin SV wallet – how to choose
Again, your Bitcoin SV Wallet is a standard cryptocurrency wallet like any othert. Crypto wallets are designed to store your coins in a perfectly accessible place (often in the shape of an app), and you can send your money around from and to it with ease. Bitcoin SV Wallet is pretty much just another name for your BSV account, for everyone concerned.
From the BSV Wallet, which is just an initial storage place, you can withdraw the money to all the available wallets (there are quite a few widely-known apps). You can send your funds to any of them, but BSV recommends you to use one of the wallets that treat BSV as one of the primary currencies. This will guarantee that you’ll be able to store them there without issues and that you’ll be able to send them around with ease.
The list of these apps is fairly short. It only includes apps like: Centbee, ElectrumSV, HandCash, MoneyButton, and RelayX. Some of them were constructed specifically for BSV storage, as you can see.
You can pick either one of the widely-available apps or a featured one. The difference is miniscule – you’ll be able to send the funds further into your bank account or onto your credit card. The usual apps may have more possible types of currency to store, which is a nice feature.