Since the launch of Bitcoin in 2009, there has been remarkable progress in the world of cryptocurrency and blockchain technology as a whole. The goal of Bitcoin was to decentralize financial transactions. With time, there came the Bitcoin SV, which is a more advanced form of cryptocurrency. However, if you buy Bitcoin SV, you will need a Bitcoin SV wallet to hold it so that you can do transactions through them later.
In this article, you will learn about the Bitcoin SV wallet and how it works. Additionally, you will also learn some of the major applications and uses of this application. Then, this article will give you an idea of the types of Bitcoin Satoshi Vision Wallets. Finally, you will also learn about the best BSV wallets, out of which you will be able to choose which one is the best for you to store your BSVs.
What Is A Bitcoin SV Wallet?
Bitcoin Satoshi Vision is a popular block cash network that started in 2018. When you are buying your Bitcoin SV cryptocurrency, you will need to ensure that you have a place to store it. This is where the role of the wallet comes to the fore. A Bitcoin SV wallet is a tool that interacts with the Bitcoin SV blockchain system. Here, it sends, receives, and manages the assigned Bitcoin SVs to their addresses.
Basically, when an individual is sending a Bitcoin SV, they are transferring the storage authority of the coin from one place to another. However, you must also understand here that all the Bitcoin SV wallets do not have any link to the real identity of the Bitcoin SV owner. Here, all the transactions from the wallet are permanently and publicly stored in the Bitcoin SV blockchain. Furthermore, one can trace the user identity and the data in a variety of ways.
When Bitcoin SV started, nChain, a development company, took on the development responsibilities of the blockchain. Furthermore, CoinGeek also provided financial backing in its early days. Meanwhile, in the last few years, Bitcoin SV has reached one of the top cryptos when it comes to market cap. Furthermore, it is also an active community of investors.
Hence, there is a strong need for Bitcoin SV storage. This is where the need for Bitcoin SV wallets arises. However, before you understand Bitcoin SV wallets and their details, do not confuse them with Bitcoin wallets. Therefore, it is important for you to understand the differences between Bitcoin and Bitcoin SV (BSV).
How Does The Bitcoin SV Wallet Work?
In general, cryptos like Bitcoin find their storage in Bitcoin Wallet. Similarly, Bitcoin SV is stored in a crypto wallet.
The Bitcoin SV wallet is a tool with the help of which you can interact with the Bitcoin SV blockchain. By doing so, you will be able to send, receive, and manage Bitcoin, which is assigned to the address. Therefore, when you are sending a Bitcoin SV, you are transferring the possession of the crypto from one address to another.
Basically, crypto wallets store private and public keys that connect and interact with the Bitcoin SV network. It then generates an alphanumeric identifier on the basis of the private and public keys. This identifier is called an “address” because it shows a certain part of the given blockchain. This is the address that you share when you are transacting with someone else using Bitcoin.
The ownership of the public address is with the stored private key. Hence, if you want to complete a Bitcoin transaction, there must be a match between the public and private keys. Here, the sender signs the transaction, and the latter gets recorded on the Bitcoin SV blockchain.
After the storage of the data, the receiver’s balance will increase. On the other hand, the sender’s balance will decrease. However, you must never disclose the private keys. If you do so, your Bitcoin might be stolen. Otherwise, the blockchain is one of the most secure platforms due to its decentralized storage.
As a matter of security, do not receive Bitcoin SV crypto to Bitcoin (BTC) wallet or Bitcoin Cash. However, if you accidentally send Bitcoin SV coins to a non-BSV wallet, you can recover them too. Nevertheless, in some cases, you can lose some coins too.
How To Store Bitcoin SV?
The most obvious place for Bitcoin SV storage is a Bitcoin SV wallet. However, one can also store BSV coins in Hardware Wallets that support Bitcoin SV. However, make sure you do not receive or send Bitcoin SV coins to a non-Bitcoin SV wallet. This may result in a loss of coins, or you might face a situation where you cannot recover the coins.
Basically, choosing hardware wallets is the best option. This is because hardware wallets are the safest way to store any cryptocurrency. Unfortunately, some of the leading hardware brands, like Nano Ledger and Trezor, do not support Bitcoin storage. However, some hardware wallet companies (E.g., Keevo) are supporting Bitcoin SV.
What Are The Types Of Bitcoin SV Wallets?
According to CoinGeek, “The majority of crypto wallets are software-based and come in many forms such as desktop, mobile, web, etc. Software-based wallets are convenient and more comfortable to transact with because by in large, they are connected to the internet.”
Just like any other crypto, you can store Bitcoin SV in a crypto wallet. However, as already discussed, make sure you do not store or send BSV coins to non-BSV wallets. The following are the best wallets where you can store Bitcoin SV:
1. Hardware Wallets
Kaspersky.com explains – “A hardware wallet is a piece of physical technology (sometimes resembling a USB thumb drive) that securely guards a crypto user’s private cryptographic keys in offline or “cold” storage, ready to be used online for completing a crypto transaction of some sort at a later date. Unlike a conventional wallet for physical or fiat currency, a crypto hardware wallet does not contain any of a user’s existing coins.”
In general, hardware wallets ensure the private keys of the user are safe. Basically, private keys are the ones with the help of which users can access their coins on the blockchain network. Moreover, most hardware wallets are able to work simultaneously with multiple blockchains. Hence, a user is able to manage different types of coins from many crypto exchanges on a single device.
One of the most popular examples of hardware wallets is Keevo, which is a product of Bitkey Bank, Inc.
2. Software Wallets
According to Investopedia, “Unlike financial securities, such as stocks and bonds, digital assets aren’t typically held with online brokers upon purchase. […] Cryptocurrency software wallets allow crypto investors to safeguard their assets. Additionally, most leading crypto wallets also enable users to buy, sell, swap, and earn crypto directly within the app, providing a one-stop shop for crypto investors.”
As compared to hardware wallets, crypto software wallets are an excellent alternative to storing your crypto assets like Bitcoin SV. These wallets (also called hot wallets) take the form of downloadable apps on your mobile phone, computers, and tablets to put more emphasis on accessibility and ease of use for crypto users. Some of the most common software Bitcoin SV wallets are Coinomi, Centbee, Atomic, Handcash, and more.
3. Desktop Wallets
Desktop wallets have comparatively good security as compared to software Bitcoin SV wallets. Furthermore, users can also benefit from a better user interface and a wide variety of altcoins (in some cases). Some of the major desktop wallets that support Bitcoin SV are Coinomi, Exodus, and Electrum SV.
What Are The Best Bitcoin SV Wallets?
Bitcoin SV is a part of Bitcoin Cash, which is also a part of Bitcoin. However, there are some wallets that adapted well with he Bitcoin code base. Hence, there is an increase in the need for many third-party multicurrency wallets that offer support to Bitcoin SV. These wallets are secure, easy to use, are in continuous development, and have community support as well.
The following are some of the major Bitcoin SV wallets that you must consider using to store your Bitcoin SV coins:
1. Electrum SV (Desktop Wallet)
This is a part of the Bitcoin Electrum Wallet and is widely known. This wallet has the ability to create a hierarchical structure of private and public addresses. Hence, it is called a Hierarchical Deterministic (HD) wallet. It means that if you want to use a new public address to deal with Bitcoin SV, you will be able to use one standard master seed to generate the address. Basically, you will not need to create a new private-public key combination.
On the other hand, Electrum SV also has a coin-splitting characteristic. Here, you will be able to split a BSV safely from the original Bitcoin Cash chain. Apart from that, Electrum SV also has support from some of the major hardware wallets like KeepKey, Ledger, and Trezor. Such factors make Electrum SV one of the most secure wallets.
2. Coinomi (Software And Desktop Wallet)
Launched in 2014, Coinomi supports more than 380 coins, including Bitcoin SV. Here, the major benefit of the wallet is its privacy. Basically, when you are sending a Bitcoin SV using this wallet, it hides your IP address, with the help of which you are connecting to their servers.
Furthermore, Coinomi also integrated well with Changelly and Shapeshift. This allows you to swap your Bitcoin SV for other tokens and coins. However, since the app is not open-source, you cannot make sure that it is fully above board.
3. Exodus (Software And Desktop Wallet)
Exodus also supports Bitcoin SV, and lets you store your other crypto assets on the Wallet as well. It not only supports storage on desktops but also on mobile phones. Hence, if you want to access BSV on the go, this is one of the best applications to check out. One of the best things about Exodus is that it has a built-in exchange function that lets you exchange Bitcoin SV with other coins or tokens.
4. Edge Wallet (Software Wallet)
Edge Wallet is also a cryptocurrency wallet for mobiles. However, it is a multicurrency wallet, which means that in addition to Bitcoin SV, you can also store other types of tokens and coins. Moreover, in terms of usage, it is one of the best wallets and also lets you send and receive transactions from your main portfolio. Apart from that, with the help of the exchange function, you will be able to swap your Bitcoin SV for other coins (the ones that Edge Wallet supports).
5. CentBee (Software Wallet)
This is an exclusive wallet for Bitcoin SV and is a software-based wallet, which one can access through mobile. Furthermore, it has a quick and easy payment system. As a result, CentBee is helping to take the BSV to the masses.
Companies like AyreVenture and CoinGeek offer support to CentBee. Apart from that, the app also has ease of use and high functionality. It also offers you the option to send Bitcoin SV to your family and friends at relatively low costs.
6. Guarda Wallet (Multiple Devices)
Guarda is an open-source wallet. This one, too, supports a variety of coins and tokens. Here, you have an exchange function with the help of which you can swap Bitcoin SV crypto with other cryptocurrencies like coins and fiat. On the other hand, you can also use the fiat exchange to buy Bitcoin SV on your Guarda wallet.
Guarda consists of web wallets, software wallets, desktop wallets, and even a Chrome extension. Furthermore, Guarda also has helpful and proactive customer service.
Wrapping Up
Hope this article was helpful for you to get a better understanding of Bitcoin SV wallets. You can see that there are many wallet options for Bitcoin SV. However, make sure you are manually creating your Bitcoin SV wallet address. Furthermore, you must also make sure that you do not use a non-BSV wallet to deal with Bitcoin SV. It might lead to big losses.
Do you have more information to add to Bitcoin SV wallets? Consider using the comments section below to give your ideas and opinions.
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