Bitcoin SV (BSV) claims to provide users with a more secure and efficient way to use the technology behind Bitcoin. If you’d like to learn more about how to buy Bitcoin SV, our guide is an excellent place to start.
What is Bitcoin SV?
Bitcoin Satoshi’s Vision (Bitcoin SV) is a store-of-value coin that operates on its own blockchain that began as a fork of Bitcoin Cash. Bitcoin SV claims that it can solve the scalability issue using a larger block size that can process and encode more data per block using a proof-of-work consensus mechanism. BSV creators claim that the coin has the potential to “replace every payment system in the world with a better user experience, a cheaper merchant cost and a safer level of security.”
Brief History of Bitcoin SV
In 2017, Bitcoin suffered a hard fork that split the network and created a new altcoin called “Bitcoin Cash.” A year later, in 2018, Bitcoin Cash suffered a hard fork that split its network and Bitcoin SV was created. The goal of Bitcoin SV is to stay true to the original vision of Bitcoin while implementing security and efficiency measures that make the network more scalable for payment solutions. Bitcoin SV recently reached an all-time high price of $491.64 on April 16, 2021.
How to Buy Bitcoin SV
- Open an online account.
The first step to buying Bitcoin SV (or any major cryptocurrency) is opening an account with a crypto broker that supports BSV trading. If you’ve ever opened an account with a stockbroker, you’ll likely already be familiar with what a cryptocurrency broker does and how these companies operate.
After opening your account and submitting a bit of personal information, your cryptocurrency broker will provide you with a trading platform that you can use to place buy and sell orders. In exchange for filling your orders, most brokers charge a small percentage-based fee.
There are multiple cryptocurrency brokers supporting BSV trading. Some of the factors that you might want to consider when choosing a broker may include:
Local availability: Many crypto brokers offer BSV trading — but not every broker is available to U.S. residents. Be sure that your crypto broker of choice offers account support in your area before you begin the process of opening an account.
Security: With a new exchange hack or Bitcoin extortion scheme appearing in the news seemingly every day, it’s now more important than ever to choose an exchange that’s transparent with its security. Look for an exchange that uses 2-factor authentication and SSL protection to ensure that only you have access to your personal information.
Coin and token selection: If you’re only interested in buying and selling BSV, you can specifically look for an exchange that supports BSV trading. However, if you’re interested in investing in other projects, you should look for an exchange that supports everything you want to trade.
Most exchanges provide a transparent list of supported coins and tokens you can invest in through their platform. It can be helpful to create a list of all of the crypto projects you’re interested in investing in to ensure that the trading platform you open an account with provides you with a one-stop shop for all of your cryptocurrency investing needs.
- Buy a wallet (optional).
If you plan on holding your cryptocurrency investments long term, it’s best to hold your crypto in a private wallet. A private wallet provides you with a personal set of keys that you can use to store your cryptocurrency investments in off-exchange storage. There are 2 major types of cryptocurrency wallets.
Hardware wallets: Hardware wallets are physical devices that store your coins and tokens using offline “cold storage.” Though these wallets are more expensive than software options, they provide you with the highest possible level of security for your cryptocurrency investments.
Software wallets: Software wallets are phone or desktop applications that store your coins and tokens using a set of online private keys. Unlike hardware wallets, software wallets must be connected to the internet in order to access your investment information. Though software wallets are usually considered less secure than hardware options, they provide you with a free alternative to on-exchange storage.
- Make your purchase.
After you’ve opened your wallet and decided where you want to invest, it’s time to place your buy order through your brokerage platform. Though the specific process that you’ll go through will vary depending on the broker that you use, here’s what you can expect when you place your first buy order.
Link a payment method. Most brokers will require you to link a payment method to fund your cryptocurrency purchase shortly after opening your account. Depending on your broker, you may be able to fund your account with a direct bank link, a credit card or a third-party payment service like PayPal.
Locate Bitcoin SV. Search for Bitcoin SV’s ticker (BSV) using your exchange. Take a look at the current price that BSV is trading at and use that number to calculate how much you want to invest. If you can’t afford to buy an entire coin, don’t worry — your broker will allow you to purchase a fraction of a coin.
Place your buy order. After deciding how much you want to invest you can finally place your buy order. There are multiple types of buy orders, and the buy order type you choose will influence when your order is filled and how much you’ll pay for your investment. Once your order is complete, you’ll see your investment in your brokerage account.
Best Online Accounts for Bitcoin SV
Best Wallets for Bitcoin SV
Consider both our favorite hardware and software options for your BSV coins.
Best Hardware Wallet: Ledger Nano S
The Ledger Nano S is one of the world’s most popular options for cryptocurrency cold storage, storing everything from Bitcoin to Ethereum and a wide range of altcoins. Though the Ledger Live application doesn’t currently support BSV, you can easily customize your Ledger Nano S device using Electrum SV, a free downloadable app that extends the functionality of your wallet. With a range of crypto apps available, support for a variety of coins and tokens and a price point of less than $100, the Ledger Nano S provides you with an affordable and comprehensive option to store your cryptocurrency offline.
Best Software Wallet: Atomic Wallet
Atomic Wallet is a comprehensive and free software wallet that supports more than 300 individual cryptocurrencies. In addition to storing your coins and tokens off-exchange, you can also buy and sell assets like Bitcoin, Ethereum and more directly from your wallet. This makes transferring and storing your cryptocurrency easier and more streamlined.
In addition to buying, selling and storing, you can also instantly convert between 60 individual cryptocurrency pairs to earn cash-back on your swaps. Atomic Wallet has even introduced staking for interest. Staking select cryptocurrencies allows you to earn interest on the assets in your wallet, putting your cryptocurrency to work.
Trade, sell or Convert your Bitcoin SV
Though enthusiasm for Bitcoin SV was once high, a lack of partnership and innovation announcements have caused the cryptocurrency to steadily decrease in total market capitalization when compared to other cryptocurrencies. If you do decide to invest in Bitcoin SV, be sure to do your research and never invest more money than you can afford to lose.
Once your broker closes out your order, you need to then decide how you want to earn a return on your investment. Most cryptocurrency investors earn a return on their money in 1 of 3 ways.
- Trade: Traders strategically convert their BSV to a stablecoin (like Tether or USDC) when the price is high and convert their stablecoin back to BSV when the price of BSV falls. Traders can then cash out their excess BSV when they decide to take profits.
- Sell: Investors who believe that Bitcoin SV will increase in value over the long term will hold onto their coins until a sufficient profit margin is reached. If you plan on holding long term, it’s a good idea to transfer your coins to a private wallet until you plan to sell.
- Convert: If you’re looking for a more obscure cryptocurrency, you may want to use a software wallet with swapping capabilities (like Atomic Wallet) to instantly convert between 2 cryptocurrencies. Though this is more common with ERC-20 tokens, it is possible with select wallets and exchanges.
Current Crypto Prices
The cryptocurrency market is constantly changing — and the value of BSV can be influenced by how other coins and tokens are moving in value. Learn more about today’s market movements using the chart below.
Is Bitcoin SV a Good Investment?
Dr. Craig Wright, the founder of Bitcoin SV, has claimed to be the original developer of Bitcoin, Satoshi Nakamoto. However, this claim is widely disputed within the cryptocurrency community. This controversy makes it even more important to do your own research using third-party research before you purchase and hold BSV. Most cryptocurrency investors do not believe that Craig Wright is Nakamoto, and prefer to invest in Bitcoin.
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