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article imageBitcoin SV (BSV) surges as Dr. Craig Wright files for patents

By Ken Hanly     May 21, 2019 in Technology
The cryptocoin Bitcoin SV (BSV) the eleventh largest cryptocoin by market cap for a short while was at one point today up over 200 percent on some exchanges during trading sessions, although it has since dropped back considerably.
BSV's rise
The price movements of BSV today are reported by Sam Ouimet on CoinDesk. The article was last updated at 20:52 UTC. At 13:15 UTC the price of BSV reached a 24-hour high of $139.31 a figure that was 120 percent higher than its opening price of $62.99 according to CoinMarketCap data.
On a few exchanges the sudden surge in BSV's price was even more drastic to reach $195 on the Singapore-based exchange Huobi. This was a rise of 214 percent.
A main cause of the leap
Dr. Craig Wright has registered copyright claims on the Bitcoin Whitepaper and the original Bitcoin code produced by Satoshi Nakamoto the mysterious original creator of Bitcoin. Wright has claimed that he is actually Nakamoto. Many think that Wright's claims are not valid and even that they are a scam. The issue and other possible identities of Nakamoto are discussed in the Wikipedia article on Nakomoto which describes Nakamoto as follows: "Satoshi Nakamoto is the name used by the unknown person or group of people who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin's original reference implementation.[1] As part of the implementation, they also devised the first blockchain database.[2] In the process, they were the first to solve the double-spending problem for digital currency using a peer-to-peer network. They were active in the development of bitcoin up until December 2010."
Wright has promised to revert the copyright to the Bitcoin Association. The Bitcoin Association is a global industry organization for Bitcoin businesses. It owns Bitcoin SV client software and supports BSV
BSV and Bitcoin Cash
BSV or Bitcoin Satoshi Vision resulted from a hard fork of the bitcoin cash block chain. The split is described in a Wikipedia article on Bitcoin Cash which is itself the result of a hard fork in Bitcoin: "In November 2018, a hard-fork chain split of Bitcoin Cash occurred between two rival factions called Bitcoin ABC and Bitcoin SV.[19] On 15 November 2018 Bitcoin Cash ABC traded at about $289 and Bitcoin SV traded at about $96.50, down from $425.01 on 14 November for the un-split Bitcoin Cash.[5] The split originated from what was described as a "civil war" in two competing bitcoin cash camps.[20][21] The first camp, led by entrepreneur Roger Ver and Jihan Wu of Bitmain, promoted the software entitled Bitcoin ABC (short for Adjustable Blocksize Cap) which would maintain the block size at 32MB.[21] The second camp led by Craig Steven Wright and billionaire Calvin Ayre put forth a competing software version Bitcoin SV, short for "Bitcoin Satoshi's Vision," that would increase the blocksize to 128MB."
Because many consider Wright's claim about being Satoshi are fraudulent some well known exchanges such as Binance, Kraken and Shapeshift have decided to delist Bitcoin SV. The volume on exchanges where BSV trades has been high today.
Present situation
At around 22:00 Central Daylight time BSV was at $116.69 up over 83 percent from its open 24 hours ago according to CoinDesk data that is an average of prices from a number of exchanges. This is down quite a bit from its high but still a hefty gain over a day. The present price of BSV with a chart can be found at CoinMarketCap.
More about BSV, Dr Craig Wright, hard forks
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