A Beginner's Guide To Investing In Bitcoin Sv

Bitcoin SV (BSV) is a cryptocurrency that emerged as a fork of Bitcoin Cash on November 15, 2018. The most notable technical difference between Bitcoin Cash and BSV is the block size — BSV has a 128MB block size, compared to Bitcoin Cash's 32MB. BSV can be purchased on a variety of exchanges, and there are several steps you can follow to invest in it. First, you need to download a BSV wallet, such as Centbee, HandCash, or RelayX. Next, sign up for a cryptocurrency exchange like Float SV, CoinSquare, Coinify, or CoinGate, and verify your identity. After that, exchange your fiat currency for BSV using a payment method of your choice. Finally, transfer your purchased BSV to your BSV wallet.

Choosing a crypto exchange

• Supported assets: If you are looking to invest in Bitcoin SV, make sure the exchange you choose supports this cryptocurrency. Some exchanges offer a wide range of cryptocurrencies, while others may only support a few.
• Payment methods: Consider the payment methods available on the exchange. Most exchanges accept wire transfers, but if you prefer to use a credit or debit card, make sure the exchange supports that option.
• Fees: Research the fees charged by the exchange, including trading fees and withdrawal fees. High fees can eat into your investment returns, so it's important to compare fees across different platforms.
• Security: As crypto exchanges are a prime target for hackers, choose an exchange with strong security measures in place. Look for features such as two-factor authentication, identity verification, and SOC-2 certification.
• Customer service: If you are new to crypto investing, consider choosing an exchange with excellent customer support. This can be helpful if you have questions or need assistance during the investment process.
• Reputation: Research the exchange's reputation by reading customer reviews, checking its history, and staying up-to-date with any news or regulatory issues related to the exchange.

Some popular crypto exchanges that offer Bitcoin SV include MEXC, BingX, Bitget, and Changelly. Compare the features and fees of each exchange to make an informed decision that aligns with your investment goals and risk tolerance.

Setting up an account

Step 1: Choose a Crypto Exchange

First, you will need to select a cryptocurrency exchange to buy Bitcoin SV. Some popular options include Float SV, CoinSquare, Coinify, and CoinGate. Compare the features offered by each exchange, such as fees, payment methods, and user reviews, to find the one that best suits your needs.

Step 2: Sign Up and Verify Your Account

Once you have chosen an exchange, sign up by creating an account. This usually involves providing your email address and setting up a password. You may also need to verify your email address and identity by providing photo ID and a phone number. This process can take up to 72 hours, so it is important to be prepared and patient.

Step 3: Deposit Funds

After your account is verified, you can deposit funds into your account. Most exchanges accept fiat currencies (USD, EUR, GBP, etc.) and offer multiple payment methods, including credit/debit cards, bank transfers, and cryptocurrency transfers. Choose the payment method that suits you best and follow the instructions to deposit the desired amount.

Step 4: Purchase Bitcoin SV (BSV)

Now that you have funds in your account, you can purchase Bitcoin SV. On most exchanges, this is a simple process of entering the amount of BSV you want to buy or the amount of fiat currency you wish to spend. Review the details of your purchase, including the price and any associated fees, before finalizing the transaction.

Step 5: Transfer BSV to Your Wallet (Optional)

Once you have purchased Bitcoin SV, consider transferring it to a personal crypto wallet for added security. You can download a BSV-compatible wallet, such as Centbee, HandCash, or RelayX. Then, simply connect your wallet address to the exchange and transfer your BSV to the wallet. This adds an extra layer of protection for your investment.

Remember to do your research, understand the risks, and only invest what you can afford to lose, as cryptocurrencies like Bitcoin SV are highly volatile and subject to significant price fluctuations.

Verifying your identity

• Choose a Reputable Exchange: Select a well-known and trusted cryptocurrency exchange, such as Changelly, that offers BSV trading. These platforms will typically have robust identity verification processes in place to protect their users.
• Sign Up and Provide Basic Information: Create an account on the chosen exchange by providing your email address and setting up a password. You may also be asked for additional information, such as your full name, date of birth, and country of residence.
• Prepare Required Documents: You will likely need to provide proof of identity and proof of address. Accepted documents may vary by platform and region, but typically include a government-issued ID (such as a driver's license or passport) and a recent utility bill or bank statement with your name and address.
• Submit Documents for Verification: Follow the platform's instructions to submit your documents for verification. This may involve uploading clear scans or photos of the required documents. Some exchanges may also require a selfie or a video call for additional verification.
• Enable Two-Factor Authentication: After successful verification, consider enabling two-factor authentication (2FA) on your account. This adds an extra layer of security, protecting your account and funds from unauthorized access.
• Deposit Funds: Once your identity is verified, you can deposit funds into your account using the payment method of your choice, such as a bank transfer, credit/debit card, or another cryptocurrency.
• Purchase Bitcoin SV: With your verified account and deposited funds, you are now ready to purchase Bitcoin SV. Simply follow the exchange's instructions to place a buy order for BSV.

Remember that the specific steps and requirements may vary depending on the exchange you choose, so be sure to carefully review their instructions and requirements for identity verification.

Depositing funds

To deposit funds to invest in Bitcoin SV, you'll need to follow a few steps. Firstly, you'll need to choose a cryptocurrency exchange that offers BSV. Compare different exchanges to find one that suits your needs, considering factors such as fees, ease of use, payment methods, and customer support. Some popular exchanges that offer BSV include Binance, Bybit, and OKX.

Once you've selected an exchange, you'll need to create an account and verify your identity. Have your email address, phone number, and photo ID ready for this process. After your account is verified, you can deposit funds into your account using your preferred payment method. Cryptocurrency, bank transfers, and card payments are commonly accepted.

It's important to note that some exchanges may have different minimum and maximum deposit amounts, as well as varying fees for different payment methods. Be sure to review the deposit requirements and fees before proceeding.

Additionally, keep in mind that depositing funds may take some time, especially for bank transfers. Once your deposit is processed and your funds are available in your account, you can proceed to purchase Bitcoin SV on the exchange.

Buying and storing Bitcoin SV

Bitcoin SV (BSV) is a fork of Bitcoin Cash that emerged on 15 November 2018. It has a 128MB block size, in contrast to Bitcoin Cash's 32MB. BSV is highly volatile and capable of major price swings in a single day.

Before buying BSV, it is important to understand the unique risks associated with this cryptocurrency, as well as its legal, regulatory, and tax status.

Buying Bitcoin SV

The easiest way to buy BSV is from a cryptocurrency exchange. When choosing an exchange, consider factors such as fees, the range of cryptos available, payment methods, customer support, user reviews, and ease of use.

• Compare crypto exchanges and choose one that suits your needs.
• Create an account on the exchange by verifying your email address and identity.
• Deposit funds into your account using a payment method accepted by the exchange, such as a bank account, credit/debit card, or another cryptocurrency.
• Exchange your funds for BSV. On beginner-friendly exchanges, this can be done by simply entering the amount of USD or BSV you want to buy and clicking "buy".

Storing Bitcoin SV

It is recommended to transfer your BSV from the exchange to a personal crypto wallet to protect against risks such as hacks, scams, or platform bankruptcy.

There are two main types of crypto wallets:

• Hardware wallets (cold wallets): These are considered the most secure option for storing crypto assets. However, as of June 2023, only the Keevo hardware wallet supports BSV out of the box.
• Software wallets (hot wallets): These are downloadable apps on your mobile phone, tablet, or computer that emphasize accessibility and ease of use. Examples of app wallets that support BSV include Coinomi (for Desktop) and Centbee.

When setting up a BSV wallet, it is important to manually create a new Bitcoin SV wallet address, as most wallets default to a Bitcoin (BTC) wallet address. Additionally, be sure to back up your wallet by generating and securely storing a 12-word security passphrase.

Frequently asked questions