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)
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How to buy Bitcoin SV
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
Buying
- 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.
Trading
- 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.
How to trade Bitcoin SV with a trading robot?
Bitcoin SV can be traded with a Bitcoin robot, and while you can potentially make a legitimate profit from doing this, there are a plethora of scams and schemes out there looking to just take your money, so as a result you should maneuver these waters carefully. Trading robots are programs that can essentially trade and move through the markets automatically without anyone manually opening and closing certain positions. They theoretically enable you to ‘make money while you sleep’, however, this is never a finite and one-way bet where you are automatically guaranteed a set amount of profit per day or guaranteed anything for that matter. Cryptocurrency trading via robots is very high risk, so be cautious.
To trade Bitcoin SV with a trading robot, you’ll first need a cryptocurrency trading robot at your disposal that enables you to select and deselect certain trading pairs to trade. For example, let’s say you have a trading robot that will automatically trade based on technical indicators while you sleep, navigate to that robots ‘Traded Pairs’ section (If you’re running it through a program, change the traded pairs to any of BCHSV’s pairs including BCHSV/BTC, BCHSV/ETH, etc). Then, apply the proper algorithms that you’d like to impose and you’ll be good to go. These algorithms will vary, and these are what really determine your profit or not.
As stated, you can absolute trade Bitcoin SV using a trading robot, but it’s fairly complex, and we recommend that if you are going to pursue this route for trading Bitcoin SV, that you complete a very thorough due diligence beforehand. This will in the longterm save you a lot of money.
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.
How to sell Bitcoin SV (BCHSV)?
If you were able to successfully buy Bitcoin SV using our tutorial, you obviously want to know how to sell the acquired asset just in case. To sell Bitcoin SV, you first need an account on an exchange that supports BCHSV trading and then you’ll have to find a BCHSV trading pair relative to whichever asset you want to sell. Let’s say we want to sell Bitcoin SV back into Bitcoin; we can do this on Binance.
First, ensure you have Bitcoin SV deposited to your Binance account. Then, head over to the homepage of Binance and go to ‘Exchange’ and on the options that appear, click ‘Basic’. Clicking this will open a preliminary market page. On the right side, where the markets are listed, search for the ticker symbol of ‘BCHSV/BTC’ underneath the Bitcoin markets tab. Once the ticker appears, click on it and a new price chart will load up. Underneath this chart, on the right-column that is shown, click on ‘Sell BCHSV’ and click on the ‘Market Order’ tab. You should see the following:
Enter in the quantity of BCHSV that you want to sell in relations to your deposit, and then click the ‘Sell BCHSV’ button; this will place your order in a queue. Upon execution, which shouldn’t take a lot of time, you’ll see that you successfully sold BCHSV for Bitcoin.
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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FAQ
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.