After the CoinGeek conference was held in October 2020, Bitcoin SV (BSV) being “the one chain that can lead the world” became trending in the cryptocurrency circle. But for those who were not able to attend the conference in New York, what does this actually mean? Is it relevant only to the crypto world? Why should other global industries be excited, too? This article will briefly yet directly answer these questions.
BSV: The Original Bitcoin
November 15, 2018 marks Bitcoin Independence Day and it was called such because Bitcoin as it originally was and all its potential were freed from the constraints imposed upon it by Bitcoin Core (BTC) and Bitcoin Cash (BCH). Bitcoin SV stands for Satoshi Vision and the goal is to bring back Bitcoin creator Dr. Craig Wright a.k.a. Satoshi Nakamoto’s original design in order to unleash its full power, not just as an electronic peer-to-peer payment system, but a blockchain that can host big data and upon which innumerable platforms can be built.
Bitcoin SV has continued to massively scale since then, and in less than 15 months has officially uncapped its block sizes and restored the original and fixed Bitcoin protocol with the Genesis Upgrade. In layman’s terms, sky’s the limit with BSV data blocks and a stable and unchanging Bitcoin protocol enables countless applications to be built upon it.
Through the Genesis Upgrade released in February 2020, Bitcoin SV has also improved its security and implemented a regulation-friendly mindset, meaning all Bitcoin SV transactions are valid and legal in whatever region they were made. Bitcoin SV has now become the “honest money” that Dr. Wright has always envisioned. It must also be clear that Dr. Wright fully supports Bitcoin SV, something that he did not do for BTC and BCH.
Bitcoin SV: The Future as the Global Chain
BTC and BCH has stagnated and has become a pathway to unprofitability, with the former only being able to process up to seven transactions per second with 1MB blocks and the latter able to accommodate a maximum of 60 transactions per second with 32MB blocks. Bitcoin SV, on the other hand, can now process thousands of transactions per second with the goal of increasing it to 50,000in 2021.
This makes possible low-cost microtransactions that can only drive BSV miners’ revenues higher in the coming years. Furthermore, developers from all industries, not only those in cryptocurrency, can create platforms and applications on the set-in-stone Bitcoin SV protocol—similar to how it was done with the Internet protocol. Real estate, online gaming, social media and healthcare are only a few of the industries that will benefit from having real-time access to consolidated global data.
Bitcoin SV has given value to data on the blockchain; and where the Internet has made it possible for everything to be online, Bitcoin SV will make everything be on-chain in the future.