How to Buy Bitcoin SV (BSV) Right Now • Benzinga

Want to jump straight to the answer? You can buy Bitcoin SV on Robinhood and Changelly.

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

  1. 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.

  2. 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.

  3. 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

1 Minute Review

Robinhood is the broker for traders who want a simple, easy-to-understand layout without all the bells and whistles other brokers offer. Though its trading options and account types are limited, even an absolute beginner can quickly master Robinhood’s intuitive and streamlined platform. On the other hand, more advanced traders might be frustrated by Robinhood’s lack of technical analysis tools, a feature that’s now nearly universal across other platforms.

Best For
  • Beginner traders
  • Mobile traders
  • Streamlined, easy-to-understand interface
  • Mobile app with full capabilities
  • Can buy and sell cryptocurrency
  • Almost no trading analysis tools available
  • Only taxable brokerage accounts available
  • No option to open a retirement account
  • No access to mutual funds, forex or futures trading
  • Limited customer service

Best For

Instant exchanges

1 Minute Review

Changelly Crypto is a cryptocurrency exchange platform that allows users to swap, buy and sell more than 170 cryptocurrencies. 

With an intuitive and straightforward platform, tools that allow you to find the best exchange rate quickly and multiple forms of currencies and payment methods accepted, Changelly offers a wide range of benefits over its competitors. 

Though we’d love to see Changelly expand its educational offerings and consider adding phone support to its customer service repertoire, the platform is a solid choice for both new and experienced traders alike.

Best For
  • New cryptocurrency investors
  • Investors looking to invest in cryptocurrency using a non-major fiat currency
  • Investors who value high-level customer support options
  • Selection of more than 170 cryptocurrencies to buy, sell and exchange
  • Simple and straightforward platform is easy enough for beginners
  • Pro platform is ideal for advanced users
  • 24/7 live chat support is responsive and proactive
  • Currently no option for phone support

Best Wallets for Bitcoin SV

Consider both our favorite hardware and software options for your BSV coins.