Guarda Wallet was among the very first to support BSV after the hard fork. Now, we release this comprehensive tutorial on Bitcoin SV wallets.
Bitcoin SV – everything you need to know
If you are familiar with the crypto space, you must have heard this story of epic resistance. In November 2018, Bitcoin Cash had a hard fork of the network – a radical upgrade splitting the blockchain in two. Two parties representing each side of the chain clashed in the social media war, possibly leading to the market crash.
The two sides were Bitcoin SV (Bitcoin Satoshi Vision or BSV) and Bitcoin Cash ABC (BCH ABC). BCH ABC, led by Roger Ver a.k.a. The Bitcoin Jesus was sticking to the position of not implementing any radical changes to the Bitcoin Cash blockchain. Bitcoin SV and their leader Craig Wright, on the other hand, were promoting increasing the block size from 32Mb to 128Mb.
After the hard fork, both teams started block generation – each of the sides wanted to produce as many blocks as possible to increase the hash rate. In the end, Bitcoin Cash ABC managed to score more and won this battle. However, the hash war was not over just yet…
These are the stories of the past. What we have now are two blockchains. The holders of BCH have two balances – in BCHABC (now Bitcoin Cash) and Bitcoin SV. We have already released a guide on how to get your post-fork coins in Guarda wallets.
Bitcoin SV now exists as a separate entity with the major exchanges and wallet companies supporting it.
Where to store BSV?
When it comes to popular cryptocurrencies, the market kindly provides us with lots of wallet options to choose from. The abundance of information and choices makes the lives of users a little bit harder, this is why Guarda Wallet team came up with some useful tips on how to find a secure wallet for Bitcoin SV.
Here are your criteria:
- Security. Look for non-custodial cryptocurrency wallets. Custody-free services do not allow companies to store and use your Bitcoin SV wallet information (private keys, backups, passwords), which makes you the only owner of your funds. This, of course, enhances the safety of your BSV coins. Besides making sure your private keys are safe, check if a taken Bitcoin SV wallet gets updated often.
- Support. The ideal Bitcoin SV wallet needs to provide all the necessary information for the users. Check if the social network accounts of your wallet providers are active and the developers take their time to talk to their users/answer their questions. Also, try asking a couple of questions to the support line and check their work efficiency. If you are curious, you should definitely try our, too – Guarda Wallet support is proud to carry the name of one of the fastest helplines on the wallet scene.
- Functionality. After checking the basic security features and the support of your wallet, you might night to think about the functions you would like to see in your new BSV wallet. Depending on your own personal needs, the list might include fiat purchases, exchanges, loans, management features and so on.
- Supported platforms. If you are the kind of person to manage BSV on the run, you might want to get a Mobile Wallet. If you want to use dApps with the help of your multi-currency wallet – you need a Chrome Extension one. So, before making your wallet choice, think about the platforms you need for your daily cryptocurrency management. Guarda wallets can be managed on multiple devices. Our developers want to make the crypto lives of our users as easy as it can be. Due to this, all Guarda wallet versions are equally functional.
How to create a BSV wallet?
If you are about to create a BSV wallet on Guarda, you can use this handy tutorial to help you out a little. There are just very few steps you need to follow:
- Go to the main page of Guarda’s Website and select Create Wallet
- When redirected to the welcome screen, choose to Create a New Wallet again
- Protect your wallet with a password. Make sure the password is strong – you can use our password guide for additional information.
- Download your backup. Backup is the key to your Bitcoin SV coins. Guarda provides non-custodial wallet services, so you need to keep your backup safe and out of the public eye.
- Your Bitcoin SV wallet is ready to use!
We have included our exchange video below for you to unleash the full potential of your Guarda BSV wallet.