Bitcoin sv from bitcoin cash

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The Coinbase blog has a good post on what forks are. Wikipedia has a list of the larger Bitcoin forks. The biggest fork was the Bitcoin Cash fork on August 1, These are the steps I used to sell my BSV specifically, but the general outline would be used for claiming any fork. Just different software or exchanges might be involved.

The actual private key is a bit number. This will be 12 to 24 words that almost all wallet software will generate for you when setting up a new wallet. My seed phrase then is basically the password needed to spend or move my Bitcoin. After a fork, the same exact seed phrase will work to spend coins on either blockchain.

I used Electron Cash to create a new wallet. I then sent a test transaction from my old wallet to my new wallet, followed by a transaction to send all of my Bitcoin Cash into the new wallet. Once I booted up ElectrumSV, I just chose the options to restore a wallet from my seed phrase and there my coins were. I confirmed my email address, set up Googlel Authenticator, and then I was ready to go. While Bitcoin, Bitcoin Cash, and Bitcoin SV have similar-sounding names, there are key differences between these cryptocurrencies.

Unfortunately, for those new to crypto, these differences may not be immediately obvious. Created by pseudonymous inventor Satoshi Nakamoto, the digital currency launched the age of cryptocurrencies and blockchain technology when it went live on January 3, It is important to note that Nakamoto published a document explaining in great detail the technical specifications of his creation on October 31, , known as the Bitcoin whitepaper.

At p. In the decade that followed, bitcoin grew in popularity, spurring on the development of myriad cryptocurrencies. These new digital currencies came to be known as altcoins — short for alternative coins — because they were introduced into the market with the aim of providing alternatives to Bitcoin. Bitcoin is an open, decentralized, peer-to-peer payment network.

This means that it is possible for anyone with an internet connection to join the Bitcoin network and execute financial transactions on it. Nakamoto designed the network in this manner as it would confer a number of beneficial features to the network.

To join the network and participate as a node, one simply needs an internet connection and sufficient memory to download the blockchain. The fact that anyone can join the network confers it with greater protection in the face of censorship from central authorities, such as governments. Due to the continued robustness of the Bitcoin network over the years, the decentralized, distributed peer-to-peer template has become an accepted standard for creating newer cryptocurrencies, especially if they hope to stand the test of time.

Bitcoin is also the first-ever use case for the blockchain. A blockchain refers to a ledger that is based on sets of data that are linked to each other. Each set of data is linked to the one before it through cryptography. These data sets are called blocks, hence the term blockchain.

In the Bitcoin network, each block contains a cryptographic hash of the block before it, a timestamp, and data on the transactions contained in the block. Distributed networks, such as Bitcoin, face a peculiar problem. They require a tool through which independent parties, in this case, nodes, can come to an agreement over a specific issue.

In cryptography, this problem is referred to as the Byzantine Generals problem. A consensus mechanism is thus, how distributed networks achieve finality on a certain issue. To support the creation of a globally accepted state in the ledger, the Bitcoin network leverages a proof-of-work PoW consensus mechanism.

Proof-of-work is a consensus mechanism that requires nodes to expend energy to solve complex mathematical equations. Nodes will attempt to find the correct value of a random mathematical problem. Only once they have successfully computed the right value, can they add a new block to the ledger.

In the Bitcoin context, nodes that attempt to add new nodes to the ledger are called bitcoin miners. It is important to note that a number of factors in its design are essential to the immutability of the Bitcoin ledger. To begin with, when a new node joins the network, they must download the entire blockchain. Everyone has access to the agreed-upon and verified version of events.

As a result, it is very difficult to roll back the ledger and introduce falsified transactions. Additionally, there is the fact that PoW large amounts of energy. Therefore, for an attacker or malicious party to edit or falsify the ledger, they must have access to a large amount of energy and money to fund this endeavor.

The size and reach of the Bitcoin network make this an almost impossible feat. In exchange for their work in securing and adding new blocks to the ledger, miners are entitled to a certain number of new bitcoin per block. This number changes at pre-specified intervals every four years. This is also the mechanism through which new bitcoin are brought into circulation.