Bitcoin SV is a cryptocurrency that runs upon a modified forked version of the Bitcoin blockchain – like any other cryptocurrency, it can be sent and received to other parties in a cryptographically ensured way and demonstrates speed, immutability, and serves as a platform for developers to build on. There is a small possibility, which we’ll explain later in this guide, that you even own Bitcoin SV and don’t even know it. Buying, using, and interacting with cryptocurrencies like Bitcoin SV can be difficult and overly complex in many instances, so this guide will walk you through the ins and outs of buying Bitcoin SV as well as what you can use it for in the long term scheme of the markets.
You can buy Bitcoin SV in a range of different geographical jurisdictions and you can use a wide variety of different methods to make your purchase. Before anything, ensure you have 1.) A valid and accessible email address 2.) A credit card or accessible digital funds (Like pre-purchased cryptocurrency) 3.) A reliable internet connection.
Compare Exchanges to Buy Bitcoin SV (BCHSV)
Bitcoin SV, which is known on the cryptocurrency markets by its ticker symbol “BCHSV”, is a cryptocurrency that runs on a blockchain that can be sent and received by other users to transfer value. BCHSV, Bitcoin, and Ethereum, are all cryptocurrencies and they all use blockchain technology, however, they each run on different blockchains and use their resources in different respective manners.
Bitcoin SV is a forked cryptocurrency and blockchain of the Bitcoin Cash blockchain; this might sound complicated, but all this means is that Bitcoin SV uses the same underlying infrastructure as Bitcoin Cash (Bitcoin Cash is forked from the original $BTC Bitcoin) just with slight modifications in order to accomplish different goals. For example, when someone ‘hard forks’ a cryptocurrency they do this so that they can implement their own wanted features, sometimes for good, sometimes for worse. Bitcoin SV is a forked version of Bitcoin Cash; the founders of Bitcoin SV were previous developers and associates at Bitcoin Cash. They didn’t agree entirely with the team and underlying technical development that was happening for Bitcoin Cash, so they left to formed Bitcoin SV.
The “SV” in Bitcoin SV stands for “Satoshi’s Vision”; this is named after ‘Satoshi Nakamoto’ who is the person who developed and released Bitcoin core over a decade ago. The founders of Bitcoin SV have stated that the reasoning for creating Bitcoin SV and forking from Bitcoin Cash is because they argue Bitcoin Cash is no longer following the initial ‘ideology’ that Satoshi Nakamoto had in plan for widespread adoption of Bitcoin.
Bitcoin SV can be sent, received, and utilized in a variety of ways. It can be used for online payments, accepted by merchants through online stores, and can be maneuvered as a digital currency that maintains a peer to peer structure with very fast confirmation times and sending speeds.
Bitcoin SV can also be used on a global scale. Whether you’re looking to send it to someone in the UK from the US or send it to Australia from Canada, you have the ability to do that with Bitcoin SV. Bitcoin SV works through ‘wallets’, which are virtual representations of storage units. You use these wallets to hold your Bitcoin SV and then you can send Bitcoin SV to and from these wallets.
Since Bitcoin SV is a fork of the Bitcoin Cash cryptocurrency if you were holding Bitcoin Cash at the time of the fork, that you may have Bitcoin Cash that you don’t know about. All this means is that at the specific time of the Bitcoin SV fork, all users who held Bitcoin Cash were also given Bitcoin SV for free. Exchanges such as Coinbase have released tutorials and further references to depict if you have Bitcoin SV that you don’t know about, and if so, how to access it.
BCHSV runs on the ‘PoW’ or Proof of Work consensus mechanism. This is the same mechanism that Bitcoin core (The original Bitcoin) runs off of.[/su_note]
How to buy Bitcoin SV
The easiest and fastest option for buying Bitcoin SV is through the Binance exchange, which is a Malta-based cryptocurrency exchange and platform that enables global users to register and use the site. Binance at the moment exclusively lists cryptocurrencies and also vets the assets that they plan to integrate, which helps a lot in terms of security of an asset.
Binance enables two main ways for purchase of Bitcoin SV – through direct sale after depositing an already owned or pre-purchased cryptocurrency, or by purchasing a Bitcoin SV trading cryptocurrency and using it to swap it for Bitcoin SV on the Binance markets. This might sound complex, but we’re here to guide you through the process. Additionally, Binance does not require verification for your purchase (Only email verification which takes only a few moments to complete), which makes it a very quick option. However, before starting, make sure you either 1.) Have your pre-purchased cryptocurrency ready to send to Binance or 2.) Have a credit card on hand to make a through the exchange.
Step 1: Register An Account
Prior to buying Bitcoin SV on Binance, we first need to create an account which will be our gateway to our held funds, trades, positions, and more. To do this, head to Binance’s homepage and at the top-right of the navigation bar you should see the two options “Log In/Register” buttons; click on this, and then click the ‘Register An Account’ button. We’ll then have to input our email address (Make sure it’s a legitimate one that you can access) as well as a password. The following image demonstrates the input field you should be looking at this stage in your purchase:
Ensure that your password is secure that you do not show it to anyone else; this password will essentially be access to all of your funds, so make sure it’s a complex password and that you keep it in a secure space. Enter in the information that’s required, complete, the captcha, and head over to your email account for the email you just input. You should see the verification email that was sent to you; open it, and click the link and login to your account using the same credentials you signed up with. You should now have a preliminary Binance account.
Step 1.5 (Optional): Adding Security for Your Account
The next step here is optional but highly recommended; here, we’ll have to add an additional layer of security to our Binance account. What this will do is essentially protect us in a case of a third party database hack, a phishing attempt, or identity theft. These concepts might sound complex at first, but we highly recommend instantiating a layer of security as we’ll demonstrate now.
To start, go to your account page which you can access by clicking on the profile account or ‘Account’ link at the top-right of the Binance screen. From here, if you scroll down you will see a warning sign with an indicator saying you should enable 2FA (If you don’t see this warning sign, then simply go to Account –> Settings –> Security). Clicking on this will then ask you to enable the authenticator via Google’s 2FA. We can do this by switching the tab to ‘green’ and as a result, the following page will appear:Credit: Binance Support
Leave this page open, and retrieve your phone. Next, open your phone and use the app store to find the ‘Authenticator App’ by Google, and don’t worry, the app is available on all platforms. Download the application and open it, you should now see a blank canvas with different icons. Click on the “+” icon at the top-right of the application. A camera will appear asking you to scan a ‘QR Code’ – simply use the camera to scan the QR code that is generated for you on the Binance page on your computer. It will look different than the QR code in the image above, we’ve whited this out for tutorial purposes.
Next, you should then see that ‘Binance’ has been added to your list of supported Authenticator outlets. Next to the label, will be a 6 digit code that will refresh approximately every 10 seconds; the most recent code as generated in the app will be the 2FA code you’ll use to login, withdraw, or execute large trades on the markets.
If done successfully, congrats! Your account is now much more secure. The next step is to get actual funds onto Binance.
Step 2: Depositing Funds
In order to buy Bitcoin SV on Binance, we first need to deposit funds of our own that we can then exchange for Bitcoin SV. As explained before, Binance has two funding methods: via credit card or via direct cryptocurrency deposit. If you already own Bitcoin, Ethereum, or any other cryptocurrency, you can skip this and deposit your cryptocurrency directly on Binance. To do this, first hover over the ‘Funds’ tab at the top-right of the navigation bar and select ‘Deposits’ from the drop-down. Then, select which cryptocurrency you want to deposit to the site; doing this will generate a new unique address for your to send your crypto to. After the appropriate confirmations, you’ll then be able to see your account balance is updated. You can skip this step if this is the case.
In any other instance, we’ll need to first purchase a cryptocurrency is base-paired to Bitcoin SV on the Binance markets. We can figure out which ones these are by searching BCHSV into the Binance search bar. The most common base currency is Bitcoin, so therefore, we’ll need to buy Bitcoin using a credit card on Binance. To do this, hover over the ‘Funds’ tab on your navigation bar, and from the drop-down menu, select ‘Buy with Credit Card’ as is highlighted in red below:
A new page will pop up – this is where you’re going to enter in your credit card information and then select which asset to purchase. As we figured out before, we want to buy Bitcoin with a credit card or you preferred method. first so we can exchange it to Bitcoin SV, so as a result, select ‘Bitcoin’ from the drop-down menu. Enter in your credit card information and specify the quantity of Bitcoin you want to purchase (We recommend a $250 minimum deposit to start).
In the image below, we’re going to specify we only want to purchase $192 worth of Bitcoin, and Binance will automatically convert how much Bitcoin we can afford with this. If you’re satisfied with the amount, click ‘Buy Now’ and complete the disclaimers/disclosures.
After processing, wait for the confirmations to complete, and as a result you’ll now have Bitcoin in your account that we can use to buy Bitcoin SV. The next step is finally purchasing Bitcoin SV.
Step 3: Place An Order to Purchase Bitcoin SV
Lastly, we need to actually make the purchase of Bitcoin SV, in other words, we’re finally going to physically be buying Bitcoin SV. For this, head back to the homepage of Binance. In the left-hand corner of the Binance navigation bar you should see the button that says ‘Exchange’. Hover over this, and from the drop-down that it gives you, select ‘Basic’. This will load up a simple exchange view for you to manuever (Keep in mind, you’re free to use the advanced exchange UI as well, however, if you’re a beginner, it’s best to stick to the Basic layout).
On this new page, go to the right side of the screen where you should see a list of ‘Markets’. Click on the ‘BTC’ markets and then in the search bar (Which should be an input field) type in BCHSV (This is Bitcoin SV’s ticker symbol on Binance and is verified as legitimate). You should see the BCHSV/BTC trading pair as is shown here:
Click on this and as a result, the Bitcoin SV price chart will load up. Below this, on the left half of the two columns, you should see the ‘Buy BCHSV’ box. From this box, select the ‘Market’ option (This is an order type that will simply execute at the next best possible price). Then, in the same box, specify the quantity worth of Bitcoin SV that you want to purchase.
As shown in the above image, Binance also has a fund converter which will essentially allow you to drag a slider to make a purchase worth of BCHSV relative to your Bitcoin balance. Once you’ve decided on a quantity, press ‘Buy BCHSV’ that is in the green box and then wait for the order to process. Wait for order execution; once completed, you’ve successfully purchased Bitcoin SV using Binance!
Coinbase is a cryptocurrency exchange and retail service provider headquartered in San Francisco that is best known for maintaining such a high-emphasis and level of regulatory abidance with the sales of cryptocurrencies and other assets. The exchange maintains it’s retail ‘Coinbase’ service, and then additionally hosts ‘Coinbase Pro’ which is essentially a trading platform with a range of different assets listed. At this time, Coinbase does not support the purchase, sale, or trading of Bitcoin SV. However, Coinbase DOES in fact offer hard fork support for Bitcoin SV.
Essentially, if you were holding Bitcoin Cash during the time that Bitcoin SV hard-forked, you’re able to withdraw the cryptocurrency from your Coinbase wallet. The only way you’re able to do this is if you held Bitcoin during the time of the hard fork (Which was in November 2018) on the Coinbase exchange. If that’s the case, you can move the BCHSV to a different exchange or wallet. At the moment, Coinbase does not support BCHSV purchases, however; only withdrawals for users who were given it during the fork.
Plus500 is a CFD provider that provides CFD brokerage (the purchases and sales of contracts for difference, which are essentially contracts linked to an underlying asset). Plus500 took the initiative within the past year to start listing and heavily pursuing the trading of cryptocurrency CFDs, so as a result, you can now trade Bitcoin and Ethereum CFDs on Plus500 now. However, Plus500 does not at the moment support Bitcoin SV purchases, trading, or sales.
A Bitcoin SV listing on Plus500 is definitely possible; there’s a lot of hype surrounding the coin at the moment, and Plus500 has clearly been paying attention to prospective investments within the community. At this time though, if you’re looking to buy Bitcoin SV on Plus500, you’re out of luck. Keep your eyes peeled for a new listing, though. Plus500 has made a plethora of asset and trading pair listings.
Buying Bitcoin SV in Your Country
You’re able to buy Bitcoin SV in the UK through Binance or HitBTC as you wish; currently, there are no restrictions placed on the purchase or sale of Bitcoin SV in the UK, however, it’s important to stay up to date on any potentially changing landscapes or regulator frameworks. Binance does not require verification; HitBTC is a good option for buying BCHSV in the UK but the liquidity is fairly limited when being compared to Binance.
As is publicized quite often, the US and Canada are rapidly changing laws pertaining to cryptocurrency and blockchain; however, cryptocurrency is in fact considered legal tender in both the UK and Canada at this time. If you’re in the US or Canada, you’re free to sign up for a Binance account and start depositing funds right away without any other preliminary verification. This makes Binance one of the better options as it doesn’t take an extensive amount of time to get started. You can use Binance in the US as well as Canada currently to link a credit card and make a purchase for a base crypto like Ethereum. Then, you can swap that purchased base crypto for BCHSV on the Binance markets.
You can buy Bitcoin SV in Australia through Binance. Currently, Binance seems to be the most trusted and reputable exchange for Australian residents to utilize for their purchase of Bitcoin SV. This is for a number of reasons; namely, Binance is transparent and enables high security, and also lets you buy cryptocurrency using a credit card. You can purchase Bitcoin or Ethereum directly on Binance and then exchange that crypto for BCHSV. Keep in mind, you can also utilize HitBTC as an exchange for the purchase of Bitcoin SV if you’re in Australia. Either one works at this time, and it more up to preference.
Differences Between Buying and Trading Bitcoin SV
- When you buy Bitcoin SV, you own the actual Bitcoin SV and can use it for whatever you like, including online purchases, sending it to friends, etc.
- Buying the underlying asset, in this case for Bitcoin SV usually adheres to more fundamental regard of the cryptocurrency, whether it be for usage, for mining, or technical development.
- You can only use Bitcoin SV as a form of currency if you buy the underlying asset, you cannot use it for transactions if you just own a representation of the asset in the case of trading.
- Buying cryptocurrencies such as Bitcoin SV are traditionally associated with longer-term incentives or outlooks on either price or usability.
- If you’re trading Bitcoin SV (BCHSV), you do not own the underlying asset, rather just a representation of it; in other cases, your intention is not for using the underlying asset, rather just the price of the asset.
- Trading BCHSV is associated strictly with price movement. Trading is done through semi-rapid buying and selling of a certain asset for the purpose of profit through these ‘trades’. As a result, there’s no use for the underlying asset.
- If you’re looking to trade Bitcoin SV, you can’t/won’t use it for development or payment-related purposes, rather just price speculation.
- Trading Bitcoin SV can in many cases imply margin, which is borrowed funds from a broker or exchange. In these cases, you’re adding an additional layer of risk in your position.
Alternative Methods to Buy Bitcoin SV (BCHSV)
Buying Bitcoin SV using a credit card can be done fast and easily using Binance, which is at the moment the best and safest option as far as exchanges to link a credit card too. Binance purchases can be completed via credit card by first registering for an account; then, navigate to the top-right of the exchange homepage under ‘Funds’ and you’ll see the option to ‘Buy with a Credit Card’ (Should be the last option in the drop-down list). Clicking on this will bring you to a new page where you’ll need to enter in your credit card information and then select which asset you want to purchase. In this case, since we want to buy Bitcoin SV, and since this isn’t a directly purchasable asset with a credit card, we’ll need to buy an asset that can be exchanged for BCHSV. In this case, the most liquid asset paired to BCHSV is Bitcoin, so we’ll choose Bitcoin from the drop-down list of assets to buy with our credit card. Specify the quantity for how much Bitcoin SV you want to purchase, and your amount should update in the user interface. Once you’re set, press ‘Buy Now’ and follow the onscreen instructions which will just ask you to confirm the terms and conditions.
After the transaction has been processed and confirmed you can now navigate back to your account via ‘Funds’ and see that your account balance has updated to the amount you’ve purchased with a credit card. Now, navigate to the ‘Exchange’ section as previously instructed. Using the Binance market search bar, find the ‘BCHSV’ listing relative to whichever base cryptocurrency you purchased (In our case we purchased Bitcoin). Click on this, and then a new buy panel will appear. Here, you’ll simply enter in portion of funds that you deposited via credit card on a BCHSV purchase. Click ‘Buy BCHSV’ and as a result, upon execution, you’ll then be able to see in your account that your Bitcoin SV balance has now updated.
In terms of buying Bitcoin SV using PayPal, you have a few options, however, the basis is that while there is no direct purchase for Bitcoin SV using PayPal, right now you can instead buy Bitcoin using PayPal, transfer the Bitcoin to an exchange that supports BCHSV/BTC trading (Such as Binance), and then swap the Bitcoin for Bitcoin SV. You can follow our in-depth guide on how to buy Bitcoin with PayPal here which details the best and most efficient methods for buying Bitcoin using PayPal. Once purchased, you can then withdraw the Bitcoin from whichever broker you’ve used directly to Binance or any other supported exchange. Then just place an order for Bitcoin SV relative to Bitcoin and upon execution, you’ll successfully have purchased Bitcoin SV using PayPal.
Right now as there is no direct purchase available for Bitcoin SV, there can potentially be scammers; make sure to use a trusted third party and increase your knowledge as much as possible when it comes to purchases such as this, because it’s very easy to make a mistake in this case.
Buying Bitcoin SV using Bitcoin is straightforward. To do so, you’ll need to have pre-purchased Bitcoin from either an inclusive exchange that also supports Bitcoin SV trading, or from an external retail-like exchange such as Coinbase. Once you’ve purchased your Bitcoin, your job is to then withdraw it/transfer it to an exchange that supports Bitcoin SV trading relative to Bitcoin. The best and safest option at the moment is Binance for this. Additionally, you can buy Bitcoin inclusively on Binance and then use it to purchase Bitcoin SV as we instructed previously in this guide.
When buying Bitcoin SV with Bitcoin, you need to pay attention to the trading pairs; the main one you need to find is ‘BCHSV/BTC’ – this is the universal market ticker for Bitcoin SV exchanged for Bitcoin core (The original Bitcoin). As long as you have deposited Bitcoin to your account and have it available for disposal in your funding wallet, you can then use it to buy Bitcoin SV as long as its on an exchange that supports it.
Bitcoin SV is a complex asset, and like the rest of all cryptocurrencies, can be confusing to get the hang of at first glance. Buying and selling Bitcoin SV for a beginner might seem like gibberish, littered with terminology that you’re unfamiliar with; reviewing this guide as well as contacting us with any prospective questions you might have about buying Bitcoin SV (BCHSV) will definitely ease the learning curve for not only getting started with Bitcoin SV but with blockchain technology as a whole.
Buying cryptocurrencies is a process that you get better at with practice and time. Catch up on the rest of our guides and tutorials to ensure that you’re making the best decisions when seeking out profit in the cryptocurrency market.
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Are Bitcoin and Bitcoin SV the same?
Bitcoin, represented on the markets by the ticker symbol 'BTC' is a completely different asset and cryptocurrency from Bitcoin SV which is represented on the markets as 'BCHSV'. Although there are some exchanges, wallets, and providers that enable you to send and receive Bitcoin and Bitcoin SV interchangeably to the same wallet, in most cases, you cannot send Bitcoin to a Bitcoin SV address and vice versa. Bitcoin and Bitcoin SV maintain their own separate blockchains with respective advantages; this means that transactions for Bitcoin will not show up on Bitcoin SV.The names 'Bitcoin' and 'Bitcoin SV' sound awfully similar, however, they're completely different. Bitcoin SV is a fork of Bitcoin Cash. This means from a very basic point of view, the code for Bitcoin was duplicated and modified for a new blockchain which was aimed at overall improvement in speed and sustainability with a growing network.
I've never bought Bitcoin SV before but it's in my wallet; why?
As stated, Bitcoin SV is a fork of Bitcoin Cash. In terms of ownership, this means that if you owned Bitcoin Cash at the time of Bitcoin SV hard fork which was in November 2018 (This event was essentially when Bitcoin SV split off from Bitcoin Cash), then you were deemed a 'holder' of Bitcoin SV. As a result, you were given Bitcoin SV to your wallet for holding Bitcoin Cash for free, since Bitcoin SV is a fork from Bitcoin Cash. The same exact thing happened when Bitcoin Cash forked from Bitcoin. Exchanges like Coinbase supported this transfer, and therefore, if you owned Bitcoin Cash on Coinbase at the time of the fork, you were able to withdraw the Bitcoin SV to your own BCHSV wallet and do with it as you want. Essentially, it was theoretically 'free money', however, not all forks end up as successful free money as BCHSV did.
What is the best way to Bitcoin SV?
Arguably, the best way to buy Bitcoin SV is through Binance and this is particularly because of its cost efficiency, speed in getting set up with a preliminary account, and the trust it's garnered in the community as far as safety, fund security, and regulatory abidance. You also have multiple ways to purchase Bitcoin SV on Binance as opposed to static methods on other exchanges. With Binance, you can deposit a base cryptocurrency and then use that to exchange it for Bitcoin SV, or you can link a credit card and purchase a cryptocurrency that you can swap for Bitcoin SV. These options open up a lot for Bitcoin SV. Especially for someone who wants to purchase Bitcoin SV as fast as possible, Binance is most likely your best bet here since you don't need to verify your account through documentation, etc, through their platform.
Is Bitcoin SV Legal to Use?
Bitcoin SV is a cryptocurrency, and in almost all jurisdictions, it is classified as legal tender, which means that determining whether or not Bitcoin SV is legal is dependent on where you're located. In the US, Canada, UK, and Australia, yes, Bitcoin SV is definitely legal and is taxed individually/uniquely in each of the previously mentioned areas. However, if the country you live in has explicitly prohibited the purchase and use of cryptocurrency, in that case, not only would Bitcoin SV be considered illegal, but all cryptocurrencies would as well. There isn't a singular or individual classification as far as law goes that prohibits Bitcoin SV from being used at this time. However, cryptocurrency and blockchain laws are constantly evolving and adapting, so always stay up to date on these just in case.
Can I get rich with Bitcoin SV?
If you owned Bitcoin Cash at the time of the Bitcoin SV fork, you would have been given Bitcoin SV on a 1:1 basis - this would have made you a lot of money. Determining what 'rich' means in terms of investment is very speculative, and depends on your own singular investment amount, and what not. Bitcoin SV has in fact shown volatile price movements, so sharp increases in price are not unordinary. Factually, yes, people have gotten rich with Bitcoin SV, however, each person's account is represented individually.