Bitcoin SV is one of the official Bitcoin forks in the market. ‘Fork’ is a currency that shares both the purpose and architecture from some other independent currency. For instance, Bitcoin SV is a hard fork of Bitcoin Cash. And yet they are independent from each other.
Regardless, there are some differences between the two of them. They are minor, and yet a knowledgeable investor can make use of them. For example, the system behind Bitcoin SV allows commercial projects to more easily build their own protocols and other software on the basis of their own blockchain nodes provided by the BSV team.
The difference is largely practical. The price of the Bitcoin SV is more or less safe from crashes because of its ties to Bitcoin. The ties are very tangible, in fact. For instance, the Bitcoin SV system itself doesn’t use its namesake currency for inner dealings. For all intents and purposes, the transactions and operations are made with Bitcoin. Or rather, with the currency that represents a fraction of BTC value, the so-called ‘satoshis’.
Additionally, you can invest your time into some platform that cooperates with BSV and earn some amount of BTC or even BSV from there.
The bottom line: Bitcoin SV is not BTC, but it uses a large portion of BTC architecture as well as its brand and principles. BSV is an official fork because the creator of the original BTC is one of the key developers. But for all these similarities, they are still independent currencies, and you can even convert BSV to BTC on an exchange like Beaxy.
For that, you need to create your free account on Beaxy Exchange and fund it with fiat, crypto, or your credit card. Once your account is funded you can acquire BSV directly with BTC or USD that is held in your Beaxy account.
Regardless, you can send your money into any wallet supported by BSV system. There are even several online wallets recommended by said system, all of which are made partly or wholly to accommodate BSV before all else.
When hold BSV in an external wallet, you can withdraw them to a wallet of your choice. After they arrive you can use these funds in any manner that you choose.,That’s how the conversion works. Most of the effort is about sending your money to Beaxy Exchange for the conversion. It’s the primary way, anyhow. Doubtless, there are more of them.
Convert Bitcoin SV to other currencies
With other cryptocurrencies, the conversion works virtually the same way. The real difference is the conversion rate (the price) and the fact that you don’t convert your BSV savings into Bitcoin. And that means, in turn, that the coin you’re looking for may not be available on the platform.
These ‘other currencies’ are actually widely known as ‘altcoins’ in the industry. ‘Alt’ stands for ‘alternative’, which means ‘something other than Bitcoin’, pretty much. Every coin that you encounter and that isn’t Bitcoin is altcoin, save only for tokens, tokens are different in some sense.
The most popular, and also the worthiest altcoin is of course Ethereum. That’s why most crypto exchanges include this altcoin – in case people will want to trade in something other than Bitcoin. Beaxy, for instance, allows people to trade their Bitcoin SV to Ethereum. You could do that if you wanted to acquire a sum of altcoins for your needs.
The needs may be different. Ethereum can be more flexible in certain scenarios, for instance. Some platforms only accept Ethereum or have a larger variety of goods for ETH-holders.
Generally, BSV can only be traded for these two types of currency: ETH and BTC. This selection is quickly growing as more exchanges adopt Bitcoin SV and add support for it.
In short, conversion for altcoins go similarly: you send your BSV to your Beaxy Exchange wallet, which is backed by Curv’s custody protection, and from there you can exchange your Bitcoin SV for fiat currency or dozens of other cryptocurrencies.
About Bitcoin SV
Now that you know how to convert your Bitcoin SV supply into additional cryptocurrencies or fiat currency, let’s discuss a few nuances about Bitcoin SV and name a few reasons why you might just keep your BSV and not convert them.
You already know that BSV is a system and also a currency. The system generally doesn’t use the coin as a currency for inner operations (like transactions between the nodes), nor is it mineable as Bitcoin. But there are uses for the Bitcoin SV.
BSV itself is a manifestation of the value of BSV blockchains. The more wealth comes through these nodes, the more value BSV coin accumulates. Given that the only currency that goes through the nodes is Bitcoin (a fraction of it) BSV is can experience a steady growth, or it can mitigate sudden drops in price.
So, holding onto the BSV coins may increase your wealth over time. The benefit of it is that you don’t even need to purchase BSV or mine it. Even mining requires some monetary investments, Bitcoin SV, on another hand, can be acquired without such investments.
As mentioned, you can get it without investments (barring the time) from the platforms in partnership with BSV team. They usually give you some amount of BSV for some trivial tasks, like data monitoring or participating in platform activities (watching videos, streams, etc.)
And you can actually spend them right away, not only in the apps and platforms associated with bitcoinsv.com, but also in shops, stores and other commercial projects, both online and offline. As you can see, you can even buy your groceries with this currency, if you live in the right place.
But frankly, the selection isn’t that wide. You can’t live off BSV by earning them on the side and spending them right there and then. The size of the operation doesn’t really allow such a lifestyle. However, if you find yourself in the possession of BSV or if you know the way to earn these coins, they’ll be anything but worthless.
And the currency itself isn’t worthless in terms of price. During the large part of its existence, the value of BSV moved in the range between 150 and 170. It may not be as rich as Bitcoin, Ethereum and even Bitcoin Cash, but it’s still a solid price and guarantees liquidity.