You may be up to date on how to buy Bitcoin (BTC), but you know everything you need to know about Bitcoin SV (BSV) – the Bitcoin-inspired cryptocurrency that has recently caught the attention of some savvy traders Has? If not, you’re in luck – this guide will show you how to buy Bitcoin SV in 2020.
Compare where to buy Bitcoin SV and open an account
Read on to learn more about Bitcoin SV or check out our step-by-step guide for shoppers when you’re ready to invest and buy Bitcoin SV.
Key Features
Huge selection of cryptocurrencies
Key Features
Huge selection of cryptocurrencies
Payment Methods
Cryptocurrencies
Binance has grown exponentially since its inception in 2017 and is now one of the largest cryptocurrency exchanges on the market.
Key Features
A wide range of altcoin trading
Key Features
A wide range of altcoin trading
BC Bitcoin is a professional, bespoke cryptocurrency broker based in the UK. Our traders have more than 30 years of combined trading experience and use this experience to buy the maximum number of coins for your money.
Key Features
Supports multiple altcoins
Key Features
Supports multiple altcoins
KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. KuCoin was launched in September 2017 and has become one of the most popular crypto exchanges. It already has over 5 million registered users from over 200 countries and regions. According to the Alexa Traffic Ranking, KuCoin’s monthly individual visit is among the top 5 worldwide.
What is Bitcoin SV?
Bitcoin SV (or ‘Bitcoin Satoshi’s Vision’ to give it its full name) was created in 2018. So it’s a pretty new coin, but that doesn’t mean it hasn’t sparked a lot of interest in the cryptocurrency community.
Starting from a hard fork of Bitcoin Cash (BCH), led by Craig Wright (a somewhat controversial character on the scene thanks to his claiming to be Satoshi Nakamoto, the founder of Bitcoin), the idea behind BSV was the original vision of Emulating Bitcoin also enables rapid scalability.
How does Bitcoin SV work?
If you understand Bitcoin, you already have a pretty good idea of how Bitcoin SV works, as they are almost identical. BSV has a dedicated blockchain that has been forked from Bitcoin Cash, which in turn has been forked directly from Bitcoin. Just like bitcoins are mined, Bitcoin SV miners use computer processing power to solve and solve complex math problems.
How to buy Bitcoin SV online – step-by-step guide
Step 1. Obtain a suitable wallet
As you’d expect from a coin so closely related to Bitcoin, there are plenty of reputable and trustworthy wallets to choose from. To save you time and narrow your search, we have selected a few wallets that we like for our BSV:
- Coinomi Wallet: If you’re looking for a safe place to keep your cryptocurrency, you can’t go wrong with a Coinomi wallet. It’s one of the most widely used wallets and it’s easy to see why. Coinomi offers a wide variety of features, multi-coin compatibility, and a solid track record for security.
- Exodus Wallet: Another great option for saving BSV is Exodus. This desktop client is easy to use and has a great user interface.
- Edge wallet: If you are looking for a mobile wallet, Edge is one of our top spots as it is compatible with Android and iOS and quite easy to set up.
Step 2. Find a Bitcoin SV exchange
Bitcoin SV is easy to get hold of these days as it is supported by a wide variety of exchanges. Here are some of our favorite places to buy Bitcoin SV:
- Changelly: If you want to buy your BSV quickly and at a great price, visit Changelly for a user-friendly exchange that is quick and easy. The fees are 0.5%, which is a touch higher than many exchanges, but that fee doesn’t feel like extortionate given the quality of the platform.
- Bittrex: If Changelly doesn’t float your boat, head to Bittrex for an equally user-friendly interface and fast transaction times.
Step 3. Unplug your Bitcoin SV
Once you have your funds, we strongly recommend that you do not leave it on the exchange and instead transfer it to your wallet as soon as possible. It doesn’t take long (usually just a few clicks and you’re done), but it gives you extra peace of mind.
How to trade Bitcoin SV – step-by-step guide
Just thinking about BSV doesn’t require you to set up a wallet as you are speculating on the price of the cryptocurrency you choose instead of buying it outright.
Step 1. Find a broker
There are many reputable brokers out there, but it is a good idea to do some homework and find the one that best suits your needs. We like eToro and Plus500 as they are well established and easy to get to grips with.
Step 2. Deposit money
You need to make a deposit before you can start trading. You should find that the minimum deposit is pretty low so you don’t have to start with a large bankroll.
Step 3. Decide how you want to act
Trading in cryptocurrencies is mainly done via spread bets or CFDs (contract for difference). Both methods require traders to take a position on whether they believe the value of their chosen cryptocurrency will rise or fall over a set period of time. If you are new to the game and don’t know which method is best for you, then it is worth digging deeper into spreads and CFDs
Step 4. Start trading
Most reputable crypto brokers allow you to set up a practice account before trading real money. We recommend that you spend some time on the demo so that you get a good feel for the platform when you start real trading.
Trading crypto is pretty straightforward – you can go long (“buy”) if you think a cryptocurrency is going to appreciate or short (“sell”) if you think it will go down. It sounds simple and in many ways it is. However, cryptocurrencies are volatile, which means that it is very easy to make or lose money very quickly.
Trading also gives you the option to use leverage to add significant value to a trade. When you use leverage, you are wagering a fraction of the trade value while the broker does the rest. Needless to say, this is a risky move and not for the inexperienced or faint of heart. Savvy traders use stop-loss orders to limit potential losses.
Still undecided?
advantages
- As a fork of Bitcoin (via Bitcoin Cash), BSV is well understood by investors
- BSV is particularly volatile and therefore interesting for traders. Especially while the team behind it remains controversial
- Bitcoin SV is easy to buy and sell
- BSV’s increased block size means that it is much more scalable than Bitcoin
disadvantage
- An outspoken chain leader could do more harm than good
- Aside from the increased block size, it’s easy to argue that BSV doesn’t offer much more than BTC
- BSV has some great supporters but remains relatively unpopular when compared to other similar coins forked out of Bitcoin
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