Bitcoin SV (BSV)

What Bitcoin SV is

Bitcoin SV is a proof of work blockchain using the utxo model, positioned around unbounded block size and enterprise data use. Its documentation describes the project's aims as "stability, scalability, and security for business success" (source: BSV Skills Center documentation, read September 2026). The characteristic that most distinguishes it from other Bitcoin forks is not technical, though: it is the Network Access Rules, a contract between node operators and the BSV Association.

Those rules make BSV the rare public blockchain whose governing body publishes an enforcement mechanism and describes node operation as an agreement rather than a permissionless act. Anyone evaluating BSV should read that first, because it changes what the network is.

How it works

Consensus is proof of work and transactions are UTXO-based, as on Bitcoin. The divergence is in the limits.

The Genesis upgrade removed default maximum block size limits and made block size "a mandatory consensus parameter," while adding a further mandatory consensus parameter for "maximum script memory usage," configured as maxstackmemoryusageconsensus. Rather than a protocol-level cap, each node sets excessiveblocksize, above which "the node will not retrieve or validate blocks," and typically sets blockmaxsize lower to avoid producing oversized blocks itself.

Fees are quoted per unit of data. The documentation describes the default fee model as "satoshis per kilobyte (sats/KB)," with the minimum rate for block inclusion set by each miner's minminingtxfee. A transaction fee is defined as "the difference between input amounts and output amounts," with the remainder going to the miner who solves the block.

Teranode is the software intended to make very large blocks practical. The documentation calls it "the next-generation node software for the BSV Blockchain, designed to achieve massive scalability through a distributed microservices architecture," breaking validation, block assembly, mempool management and state persistence into components that scale horizontally across servers. It states Teranode can "process millions of transactions per second." The source code has been released publicly and the network operates a dedicated test network for it.

Supply and tokenomics

BSV's own documentation does not publish a supply cap, a block subsidy figure or a halving schedule. Asked directly, the documentation's own answer is that it "cannot find information about BSV total supply, the block subsidy amount, or any halving schedule in the docs available to me."

Fee revenue is the documented miner income. With the subsidy unaddressed in the documentation, transaction fees per kilobyte are the earning mechanism the project describes, which fits a design premised on very large blocks carrying large volumes of low-value transactions.

History

The Network Access Rules are the defining governance artifact. The documentation describes them as "the set of rules regulating the relationship between the BSV Association and the nodes on BSV," issued by the BSV Association, with version 1 uploaded on 15 February 2024 and minor corrections added on 27 February 2024. The document is structured in five parts covering master rules, general rules, enforcement rules, dispute resolution rules and interpretive rules.

Membership is not optional in the way it is on most networks. The documentation states that "acceptance of the contract is implicit, established by the very act of a node joining and engaging in relevant activities within the BSV ecosystem." Node operators are described as agreeing to operate under the original Bitcoin protocol, to ensure compliance with relevant laws, and to respond to directives from the Alert System.

Court orders are addressed explicitly. The documentation states that "the BSVA facilitates network compliance with relevant court orders, thereby aligning the BSV network with relevant legal standards and regulatory requirements," and gives the example of a node being directed to "invalidate a specific block that includes a transaction that transfers funds which have a freeze order against them."

Enforcement carries consequences. The documentation lists "blocks being invalidated, losing connections as an eligible peer, or other enforcement actions," and notes that a miner whose block is invalidated forfeits the reward and must find alternative proof of work. It also states that enforcement must stay "within the confines of the restrictions on the BSV Association's powers set out in the Network Access Rules."

Risks and what to watch

Censorship resistance is therefore a different proposition here than on networks with no comparable mechanism. Whether the arrangement is a feature or a flaw depends on what you want a blockchain for, but it should not be a surprise.

Governance concentration follows from the same design. A single association issues the rules, operates the Alert System and applies enforcement. The rules constrain its powers, and the rules are its own document.

Supply opacity is a practical problem. A holder cannot verify issuance or a cap from the project's documentation, which is unusual for a proof-of-work chain and makes long-run dilution unverifiable from a primary source.

Mining economics are the open technical question. Unbounded blocks paid for in satoshis per kilobyte require very high transaction volume to sustain security, and Teranode's throughput claims come from the project rather than from measured mainnet load.

Exchange availability is narrower than for the larger proof-of-work assets, and several major venues have delisted BSV in the past. Check current availability in your jurisdiction rather than assuming it.

Frequently asked questions

What is the block size limit on Bitcoin SV?

There is no protocol default. The Genesis upgrade removed default maximum block size limits and made block size a mandatory consensus parameter set per node through excessiveblocksize.

What are the Network Access Rules?

A contract between the BSV Association and node operators, first published on 15 February 2024, covering master rules, general rules, enforcement, dispute resolution and interpretation. Acceptance is implicit in running a node.

Can BSV coins be frozen?

The documentation states that the BSV Association facilitates network compliance with relevant court orders, and gives the example of directing a node to invalidate a block containing a transfer of funds subject to a freeze order.

What is the total supply of BSV?

The project's own documentation does not publish a supply figure, block subsidy or halving schedule.

Where can you buy Bitcoin SV?

Availability varies more than for other proof-of-work assets. See where to buy Bitcoin SV for the venues serving your jurisdiction and Exchanges to compare them.