This resource aims to provide comprehensive information on blockchain
technology, with a focus on Bitcoin SV (BSV). It is designed to educate
readers about the fundamentals of blockchain, the significance of
Bitcoin SV, and the essential features and benefits it offers for secure
and scalable transactions.
Timeline of Key Events
8th January 2009: Bitcoin white paper released by Dr.
Craig S. Wright (as Satoshi Nakamoto) titled “Bitcoin: A Peer to Peer
Electronic Cash System”. The open-source Bitcoin client software is
released four months later.
December 2010: Dr. Wright expresses concerns about
the misuse of Bitcoin by anonymous developers and criminals, as well
as its association with projects like WikiLeaks. Disturbed by the
deviation from his vision, he decides to take a sabbatical to explore
more complex ideas like the Metanet.
August 1st, 2017: BCH remains true to Satoshi's
protocol as Bitcoin while BTC forks away due to the introduction of
“Segregated Witness” (SegWit), which rendered BTC non-compliant with
the original Bitcoin protocol.
November 15th, 2018: BSV becomes the only remaining
implementation of Satoshi's original Bitcoin Protocol, as BCH forks
away, introducing features non-compliant with the original Bitcoin
February 2020: The Genesis upgrade is implemented,
restoring the original Bitcoin Protocol and providing stability for
developers and enterprises.
2022 Onwards: Bitcoin SV sets multiple world records,
including largest blocks, largest NFT, and lowest environmental impact
of any PoW chain.
BSV is the only public blockchain offering security, scalability,
stability, and support for safe, instant transactions - crucial
characteristics for a global data ledger utilized by enterprises and
governments. The BSV blockchain scales dynamically, offering fixed low
transaction costs while being data and cost-efficient. Its protocol is
stable and locked down, providing a reliable foundation for applications
and services developed by businesses and government entities.
BSV's Transaction Efficiency
BSV is designed to handle a massive volume of transactions per second,
with each transaction having a minimal environmental impact compared to
traditional systems like Visa. As the network usage and transaction
volume grow, the energy cost per transaction decreases, making BSV a
sustainable choice for transactions.
ASIC (Application-Specific Integrated Circuit)
A specialized computer chip designed specifically for cryptocurrency
mining, offering efficient performance for transaction verification.
A package of data containing multiple transactions, which is
permanently recorded on the blockchain.
A digital ledger technology where transactions are securely recorded
across a decentralized network of computers. Transactions are grouped
into "blocks" and each new block is cryptographically linked to the
previous one, forming a "chain" of blocks. This structure ensures data
integrity and immutability, as altering information in a block would
require recalculating the cryptographic links for all subsequent
blocks. With Bitcoin SV (BSV), the blockchain operates on a
peer-to-peer network using a Proof of Work (PoW) consensus algorithm
to validate transactions and secure the network. BSV's blockchain is
distinguished by its commitment to unlimited block sizes, enabling
scalability to handle a large volume of transactions efficiently, and
its protocol stability, providing a reliable foundation for building
The reward miners receive for verifying and recording transactions on
the blockchain, consisting of newly created bitcoin and transaction
A protocol used by network nodes to agree on the state of the
blockchain, with common types being Proof of Work (PoW) and Proof of
A characteristic of blockchain where control and governance are
distributed across network participants rather than centralized in a
A measure reflecting the computational effort required to mine a new
block, adjusting dynamically to maintain a consistent block creation
A cryptographic function that converts input data into a fixed-length
string of characters, used for data integrity verification.
The computing power of a network, measured in the number of hash
operations performed per second.
An individual or entity that uses computational power to verify and
record transactions on the blockchain, as well as compete in proof of
work to receive an opportunity to publish a block of transactios and
receive a block reward in return.
A computer connected to the blockchain network, which supports the
network by maintaining a copy of the blockchain and, in some cases,
validating transactions. *Note: Only miners produce new blocks.
A decentralized network, used in blockchain and digital asset
contexts, where participants interact directly without intermediaries.
A secret cryptographic key that allows the holder to access and manage
their bitcoin or other digital assets holdings.
A cryptographic key that is derived from a private key, allowing
others to send bitcoin or other digital assets to the key's holder
without compromising security.
A self-executing contract with terms written into code, which
automatically enforces and executes contract terms when predefined
conditions are met.
A fee paid to miners as compensation for processing and recording a
bitcoin or other digital transactions on the blockchain.
A digital tool that allows users to store, receive, and send bitcoin
or other digital assets, secured by cryptographic keys.
Refers to the capability of a blockchain network to handle a growing
amount of work and its potential to be enlarged to accommodate that
growth. In the context of Bitcoin SV (BSV), scalability ensures that
the network can process high transaction volumes efficiently to meet
the demands of global enterprise usage.
In blockchain, sustainability refers to the ability of the network to
operate and secure itself in a way that is environmentally friendly
and economically viable over the long term. BSV aims to achieve
sustainability by optimizing energy usage and enabling miners to earn
sufficient transaction fees as block rewards decrease over time.
Refers to a block with no fixed limit on its size. BSV's protocol
allows for unbounded blocks, which means that the network can handle a
virtually unlimited number of transactions. This characteristic is
crucial for on-chain scaling, as it allows the BSV network to
accommodate large transaction volumes without requiring off-chain or
BSV (Bitcoin SV)
Bitcoin Satoshi Vision (SV) is a cryptocurrency that emerged from a
Bitcoin Cash hard fork. It aims to closely align with the original
vision for Bitcoin, as outlined by Satoshi Nakamoto, with a focus on
scalability, stability, and security. BSV enables fast, low-fee
transactions and aims to be a global currency used by billions of
The number of transactions occurring over a particular period of time
on a blockchain network. High transaction volume can be an indicator
of a network's utility and adoption, and networks like BSV that can
handle large volumes are well-suited to serve as global payment
An upgrade to the BSV network implemented in February 2020. The
Genesis upgrade removed the block size limit entirely, allowing for
unbounded blocks, and restored a set of original Bitcoin opcodes and
functionalities to enable more sophisticated scripting. This upgrade
aimed to unleash the full potential of BSV as a platform for building
A characteristic of a blockchain network where the core protocol does
not undergo frequent changes. Protocol stability is crucial for
businesses and developers as it provides a reliable foundation upon
which they can build applications and services, knowing that their
work won't be made obsolete by future protocol changes. BSV is
committed to keeping its protocol stable to support enterprise
Very small financial transactions that are made possible by the low
fees associated with a cryptocurrency like BSV. Microtransactions are
crucial for enabling new business models, including instant
micropayments for online content and services.