The Ultimate Bitcoin SV Frequently Asked Questions List for 2020

  1. What is Bitcoin SV? What does 'Bitcoin SV' mean?
  2. How does Bitcoin SV work?
  3. Who invented Bitcoin SV? How was Bitcoin SV created? Who is behind Bitcoin SV?
  4. What is Bitcoin SV used for?
  5. Why does Bitcoin SV have value?
  6. How many Bitcoin SV coins are there? What is the Bitcoin SV maximum supply?
  7. What is a Bitcoin SV transaction? How do Bitcoin SV transactions work?
  8. Are Bitcoin SV transactions anonymous? Can Bitcoin SV be traced?
  9. What is Bitcoin SV mining? How is Bitcoin SV mined? How does Bitcoin SV mining work?
  10. Can Bitcoin SV be taxed? Are Bitcoin SV gains taxable? Are Bitcoin SV transactions taxable?
  11. How does a Bitcoin SV ATM work? Are Bitcoin SV ATMs safe? Are Bitcoin SV ATMs anonymous?
  12. Can Bitcoin SV scale?
  13. Can Bitcoin SV be stolen?
  14. Can Bitcoin SV be hacked?
  15. Where is Bitcoin SV stored? Where to store Bitcoin SV?
  16. What is a Bitcoin SV wallet? How do Bitcoin SV wallets work?
  17. Who uses Bitcoin SV? Where is Bitcoin SV used?
  18. Who accepts Bitcoin SV? Where is Bitcoin SV accepted?
  19. Why is Bitcoin SV the future?
  20. Can Bitcoin SV crash? Will Bitcoin SV crash?
  21. Is Bitcoin SV a good investment?
  22. Where to buy Bitcoin SV? How to get Bitcoin SV?
  23. Can I buy Bitcoin SV without ID? Is there a way to get Bitcoin SV without SSN?
  24. Can I get Bitcoin SV without KYC? Is it possible to buy Bitcoin SV without verification?
  25. Which Bitcoin to buy? Should I buy Bitcoin or Bitcoin SV? Bitcoin SV vs Bitcoin?
  26. Is Bitcoin SV publicly traded?
  27. Can Bitcoin SV reach 1000? Can Bitcoin SV reach 10000? Can Bitcoin SV reach 1M?
  28. How long is a Bitcoin SV transaction time?
  29. How many confirmations for a Bitcoin SV transaction?
  30. How much is a Bitcoin SV transaction fee? How much does a Bitcoin SV transaction cost?
  1. What is Bitcoin SV? What does 'Bitcoin SV' mean?

  2. Bitcoin SV means 'Satoshi's Vision', although the original 'Satoshi Nakamoto' is not associated with the project. Bitcoin SV is a modified version of the Original Bitcoin, the world's first decentralized cryptocurrency. Cryptocurrency is a medium of exchange backed by cryptography. A decentralized cryptocurrency keeps track of all transactions by all addresses on a peer-to-peer shared record. The main innovation of Bitcoin is the Blockchain, which breaks up the record of transactions into blocks, each one crypographically connected to the previous. Bitcoin SV is traded on bitni.com.

  3. How does Bitcoin SV work?

  4. Blockchain based cryptocurrencies like Bitcoin SV work by grouping transactions together in data blocks, then linking the blocks cryptographically. The blocks on Bitcoin SV are larger than other variants of Bitcoin to fit more transactions. The chain of blocks is stored across a decentralized network of nodes, and distributed as peer-to-peer shared files. Quantities of Bitcoin SV are stored at addresses, cryptographic sequences paired with a private key used to spend the amount at the address. The user's wallet keeps track of all their Bitcoin SV addresses and adds up the balance.

  5. Who invented Bitcoin SV? How was Bitcoin SV created? Who is behind Bitcoin SV?

  6. Bitcoin SV was created from a rift in the Bitcoin / Bitcoin Cash community, between developers who wanted a cryptocurrency that would focus on the Store of Value aspect of money, and developers who wanted to focus on a Medium of Exchange. The inventors of Bitcoin SV are mostly known, whereas the inventor(s) of Bitcoin are unknown. There is no evidence of who really created Bitcoin. 'Satoshi Nakamoto' is just an alias. The real inventor(s) disappeared without a trace. Some have claimed to be the inventor, but they are almost certainly impostors.

  7. What is Bitcoin SV used for?

  8. Bitcoin SV is used for anything money is used for - buying, selling, donations. But Bitcoin SV can also be used for even more things than fiat currency: A means of accepting donations or facilitating commerce that cannot be shut down by governments or the banking system. Also storing up wealth that cannot be confiscated.

  9. Why does Bitcoin SV have value?

  10. Bitcoin SV has more value than Fiat Currency because it's more useful: It's anonymous, decentralized, irreversible, cannot be devalued, cannot be confiscated, can be sent over the internet to anywhere in the world in minutes. Things that are very useful and scarce tend to be valuable. One reason Bitcoin SV has value because it fulfills all of the requirements of money: Store of Value, Medium of Exchange, Unit of Account.

  11. How many Bitcoin SV coins are there? What is the Bitcoin SV maximum supply?

  12. The maximum supply of Bitcoin SV is limited to 21 million. The reason is halving - the reward for mining is reduced by half every 4 years. 210,000 transaction blocks are processed every 4 year halving cycle. The first block reward to miners was 50 coins per block, after halving they were 25, then 4 years after that 12.5, and the series keeps reducing by half. All the block rewards that will ever be add up to 100, so 210K times that is 21 million.

  13. What is a Bitcoin SV transaction? How do Bitcoin SV transactions work?

  14. A Bitcoin SV transaction is a transfer of value from one address to another. The transaction spends the outputs of previous transactions as it's input. The entire value of an output is spent, so any remainder may be sent back to the sending address - this is called the "change". A transaction is created by a user on their Bitcoin SV client software, then broadcast out to all the other nodes and becomes part of the Blockchain.

  15. Are Bitcoin SV transactions anonymous? Can Bitcoin SV be traced?

  16. The blockchain is a public record of all transactions by all addresses. However, an address is just a number - it doesn't reveal anything about the identity of the one using it, like a street address can. As long as this number is never linked to an identity, the Bitcoin SV user is safe. There is no way to "trace" a Bitcoin SV address to the person using it - unless they leave clues connecting their Bitcoin SV address to their physical identity. bitni.com has maximum anonymity - we don't ask for personal details.

  17. What is Bitcoin SV mining? How is Bitcoin SV mined? How does Bitcoin SV mining work?

  18. Bitcoin SV mining is the computational process of adding new blocks to the blockchain. New transactions are grouped together in a block. New blocks must cryptographically connect to previous blocks with a proof-of-work hash function. Mining hardware is designed to the hashing function as quickly as possible. Miners are paid a small transaction fee for including new transactions in blocks. Mining also creates new Bitcoin SV coins, which go to the miners.

  19. Can Bitcoin SV be taxed? Are Bitcoin SV gains taxable? Are Bitcoin SV transactions taxable?

  20. Bitcoin SV was not designed to be taxed. If no one reports their Bitcoin SV gains, there is no way an authoritarian regime can know who gained what. However, centralized exchanges with accounts and IDs do report their user's Bitcoin SV balance to tax authorities. If you want privacy from authoritarian regimes, you need an accountless exchange that doesn't ask for your ID - bitni.com is the best exchange in this regard.

  21. How does a Bitcoin SV ATM work? Are Bitcoin SV ATMs safe? Are Bitcoin SV ATMs anonymous?

  22. Bitcoin SV ATMs allow a customer to buy Bitcoin SV by inserting physical cash, like a vending machine, or send Bitcoin SV to receive physical cash. (The former are called "1 way" ATMs and the latter are called "2 way".) If the Bitcoin SV ATM is from a trusted manufacturer and operator, it should be safe to use. Different Bitcoin SV ATMs have differing AML/KYC requirements.

  23. Can Bitcoin SV scale?

  24. Bitcoin SV has scaled to handle millions of transactions per month. Bitcoin SV is software, and it can evolve to scale - the code can be modified with better algorithms and the network then upgrades to the more advanced version. Bitcoin SV was modified from Bitcoin Cash as an attempt to help to solve scaling issues, by increasing the block size from 32mb to 128mb, which fits more transactions into the block. One downside is that the blockchain is much larger and therefore more difficult to share and download.

  25. Can Bitcoin SV be stolen?

  26. Anyone who knows the private key can move the coins from an address. If the private key is not known, it's not possible to spend the coins at an address. Bitcoin SV stored in the wallets of a centralized exchange can be stolen - it happens all the time. At a Non-custodial exchange like bitni.com, you are in charge of your wallet at all times.

  27. Can Bitcoin SV be hacked?

  28. If the Bitcoin SV network could be hacked, it would have already happened. The blockchain is decentralized across thousands of independent nodes - the more nodes on the network, the higher the security. If any one node is compromised, it will not compromise the others. However, centralized Bitcoin SV exchanges are hacked all the time! That's why you need a non-custodial exchange like bitni.com.

  29. Where is Bitcoin SV stored? Where to store Bitcoin SV?

  30. The data of all Bitcoin SV transactions is stored in a public ledger (blockchain) distributed as peer-to-peer shared files. Each node has a complete copy of all transactions ever made - the blockchain. So the blockchain is stored in the cloud - not on a centralized server, but on thousands of independent nodes. Each user's Bitcoin SV balance is also kept track of in their wallet.

  31. What is a Bitcoin SV wallet? How do Bitcoin SV wallets work?

  32. A Bitcoin SV wallet stores all of the user's Bitcoin SV addresses. The sum value of all of the addresses in a wallet is automatically added up - this is the total balance of a wallet. Centralized exchanges store the user's wallet, which is risky. Non-custodial exchanges like bitni.com do NOT store user's wallets, which is much safer.

  33. Who uses Bitcoin SV? Where is Bitcoin SV used?

  34. Millions of people everywhere in the world use Bitcoin SV for all the same things as any other money is used for - buying, selling, and donations - and the number of users is growing rapidly. Anyone needing to transfer wealth internationally, especially outside the grasp of authoritarian regimes, for ridiculously low cost, will find Bitcoin SV useful if they are not already using it. Bitcoin SV is also used as an investment and a hedge against inflation.

  35. Who accepts Bitcoin SV? Where is Bitcoin SV accepted?

  36. Many merchants, especially online, accept cryptocurrencies as payment. Charities like Wikipedia accept donations in crypto. Web Hosts and Domain registrars often accept crypto. Large brick and mortar stores are starting to accept crypto payment. Some local restaurants are also coming on board. bitni.com accepts Bitcoin SV to convert to other currencies, of course.

  37. Why is Bitcoin SV the future?

  38. The reason why a cryptocurrency is the future can be summed up in 3 words: Because it's better. Bitcoin SV is a huge improvement over fiat currency. It is also an improvement over precious metals - they can't be wired over the internet. If central banks continue destroying the value of fiat currencies, cryptocurrencies will become even more important to the future of money.

  39. Can Bitcoin SV crash? Will Bitcoin SV crash?

  40. If Bitcoin SV were going to crash to zero, it would have probably done it already. There have been wild price swings - because it's new and there's a lot of speculation, like the internet when it first came out. But there are wild price swings with other commodities like oil. Bitcoin SV's low after it's all-time high of several hundred dollars is still over a hundred dollars. For Bitcoin SV to crash to $0, demand would need to be zero or supply would need to be infinite - a highly unlikely scenerio.

  41. Is Bitcoin SV a good investment?

  42. The Original Bitcoin has gone from pennies to thousands and thousands of dollars in less than a decade, utterly blown away the stock market, even gold and other precious metals, and far outperformed pretty much any other investment. While Bitcoin SV has not reached Bitcoin's high, it has performed relatively well, going from a few dollars to several hundred dollars at it's high - a pretty good investment.

  43. Where to buy Bitcoin SV? How to get Bitcoin SV?

  44. Exchanges are where Bitcoin SV is bought and sold, however there are several types: Centralized Exchanges store the user's coins like a bank and require ID. Decentralized Exchanges (DEX) facilitate peer-to-peer buying and selling between users - and these can be done locally in-person or online. Non-Custodial exchanges like bitni.com are a quick and easy way of swapping cryptocurrencies without signing up.

  45. Can I buy Bitcoin SV without ID? Is there a way to get Bitcoin SV without SSN?

  46. Many Centralized exchanges have rigorous requirements for identification, such as uploading a scan of passport or other government documents. Decentralized exchanges usually have less stringent requirements for identification, especially if the transaction is in-person. Non-custodial exchange bitni.com does not require identification for crypto-to-crypto swaps. If you want Bitcoin SV without SSN, you've come to the right place.

  47. Can I get Bitcoin SV without KYC? Is it possible to buy Bitcoin SV without verification?

  48. KYC stands for Know Your Customer. Many regimes have become increasingly authoritarian towards cryptocurrency and seek to crack down on anonymous trading, by requiring the customer to upload documents proving their identity. Many exchanges have caved in to the pressure and now have KYC policies. Centralized exchanges almost always have KYC, some Decentralized exchanges do as well. bitni.com does not require KYC for crypto-to-crypto swaps.

  49. Which Bitcoin to buy? Should I buy Bitcoin or Bitcoin SV? Bitcoin SV vs Bitcoin?

  50. Probably the original Bitcoin for now. Bitcoin SV has yet to prove itself in the long run like the Original Bitcoin has. Bitcoin SV has lower transaction fees because of the larger block size which can fit more transactions. However, a larger block size means the entire blockchain is harder to download because it's a much larger filesize, which makes the network less secure because there are less nodes.

  51. Is Bitcoin SV publicly traded?

  52. Most Bitcoin SV trading is done by buying and selling coins directly by individual investors. However, there are cryptocurrency funds listed on stock markets. A Cryptocurrency Exchange Traded Fund (ETF) holds assets in single cryptocurrencies or a basket of them. It may be more convenient to buy into one basket fund instead of manually managing dozens of different cryptos and their respective wallets. In the case of Bitcoin SV, it is probable some Cryptocurrency ETFs are holding it.

  53. Can Bitcoin SV reach 1000? Can Bitcoin SV reach 10000? Can Bitcoin SV reach 1M?

  54. Thousands, tens of thousands, or even millions for a Bitcoin SV coin may seem speculative, but Bitcoin SV's high is already several thousand dollars. Bitcoin SV started out at less than a hundred dollars and rose in a parabolic curve to it's high five times higher than the starting price. $1000 is only a few times higher than the all time high. If the long term trend continues, Bitcoin SV could reach new highs orders of magnitude greater.

  55. How long is a Bitcoin SV transaction time?

  56. A new block on the Bitcoin SV blockchain is added every 10 minutes. The number of transactions in each block is limited to millions, although in practice it is thousands. Transactions paying higher fees are given priority over those paying lower fees, which must sometimes wait to be included in future blocks instead of the current one. A Bitcoin SV transaction time can be as short as the generation of one block in 10 minutes. However, 20-40 levels of blocks is needed for irreversibility, thus the safe transaction time is 200-400 minutes.

  57. How many confirmations for a Bitcoin SV transaction?

  58. A Bitcoin SV transaction can be tentatively completed in as little as 1 confirmation in 10 minutes. However, the latest blocks in the blockchain are changeable until more blocks are added after them. For irreversibility, 20-40 levels of blocks and thus 20-40 confirmations are needed. The latest block in the process of being added to the blockchain is changeable. Not till several more blocks have been added after it is that part of the blockchain considered immutable.

  59. How much is a Bitcoin SV transaction fee? How much does a Bitcoin SV transaction cost?

  60. A Bitcoin SV transaction fee is the cost of having transaction data included in blocks added to the blockchain permanent record, which fluctuates under market supply and demand. The highest fees are equivalent in Satoshis to a little less than a dollar, the lowest are fractions of pennies. Lots of factors affect Bitcoin SV transaction fees, such as the cost of electricity, the hardware capacity and competition between miners, the number of simultaneous transactions competing to be included in a block.

Start trading Bitcoin SV instantly and anonymously here on bitni.com - no signup required!