Operation Data Blast shows Bitcoin SV’s power

On Sunday, thanks to the recent Quasar upgrade on Bitcoin SV (BSV) that raised the block cap to 2 gigabytes (GB), BSV enthusiasts conducted a large initiative to upload data to the blockchain. Not only was it successful, but it reiterated the fact that on-chain scaling of an order of magnitude larger than anyone thought possible on a blockchain is possible and sustainable.

Operation Data Blast, as the event was called, brought “hundreds of Bitcoin Society members” together to “upload meaningful media onto Bitcoin’s public blockchain.” The activity is still underway, as of this writing, and is expected to last through “Monday lunchtime in Asia Pacific.” By providing a large window, BSV and crypto enthusiasts from around the world have an opportunity to participate.

According to Dr. Roy Murphy, who helped organize the event, “Bitcoin isn’t where it should be after a decade. Being usurped by various entities with nefarious intent has created forks of the original protocol and the carefully orchestrated manipulation by these bad actors have destroyed many of the key tenets of Bitcoin, whilst coercing bucket-shop crypto exchanges to capture the trading Tickers of Bitcoin (XBT and BTC) by centrally governed entities whose objective is to command and hobble the Bitcoin protocol via the hostile takeover of protocol development.”

He adds, “With this in mind, ‘Operation Data Blast’ is the swan song, a last hurrah to those who spent so much time and effort into diminishing the integrity and genius of Satoshi Nakamoto’s creation. It’s giving ‘the bird’ to those who restricted Bitcoin to 1MB [megabyte] blocks, servicing a paltry 7 transactions per second to line the pockets of those interests whose only wish was corruption, anonymity, control, destruction and power.”

If anyone expected the large data upload to be a burden for the BSV blockchain (and there were definitely some BTC shills counting on it), they were greatly disappointed it. On the evening of July 28, as pointed out by Derek Moore on Twitter, “Bitcoin SV produced 4 ~250 MB blocks and a plethora of big blocks today during a User-Activated Stress Test (UAST) during which valuable data was archived on-chain, totaling about 2.5 GB of multimedia & hypermedia content.”

The Quasar upgrade on BSV was nothing short of a huge success. When the Large Hadron Collider was preparing to slam two particles together in September 2008, many people thought the world was going to come to an end. When BSV announced it would be raising the block cap to 2GB, many people that the crypto world was going to come to an end. Just like CERN proved them wrong in 2008, BSV has proved everyone wrong in 2019.

Facebook should forget Libra, launch stablecoin on Bitcoin SV

I think Facebook is realizing the obvious — its Libra stablecoin project is never going to properly get off the ground. Several countries have already come forward to say that they will completely ban the digital currency, while others are pushing for a complete and thorough investigation, coupled with regulatory approval, before allowing the project to see the light of days. The social media giant has stated that it is willing to wait as long as it takes regulators to determine the viability of the project, but there is a much simpler, much more accessible alternative: give up the standalone crypto and launch a fully-backed stablecoin on the Bitcoin SV (BSV) blockchain.

Facebook could also go a different route and just let BSV become its currency. With the lowest fees of any crypto and the proven capability of being able to handle a large number of transactions simultaneously, thanks to the Quasar upgrade, Mark Zuckerberg can stop beating his head against the wall and offer a cryptocurrency that meets his Libra goals — a worldwide payment solution that is available to everyone, even those who have no access to banks.

The U.S. government is trying to prevent large tech companies from entering the financial space. A bill has been drafted by the House of Representatives that is aptly called the “Keep Big Tech Out Of Finance Act” bill. It states, in part, “A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System.”

This would preclude the participation in a financial system by companies like Google, Facebook and virtually any large tech entity.

The Tokenized Protocol on BSV is a great way for businesses to tokenize assets and offer those assets to customers. This would be a solution that could be easily integrated and easily implemented by Facebook, saving the company from the hassles it currently faces through global regulatory scrutiny. According to Tokenized founder and CEO James Belding, “That simple truth is that organizations must comply with the laws and regulations of the jurisdiction they reside in. Building the technology around a sensible assessment of these solution requirements allows for a token system that is much more expressive, performant, secure and lower cost than competing solutions.”

BSV understands something that other major crypto projects don’t. Bitcoin wasn’t created to be above the law, nor is it meant to allow users to circumvent the law. On the contrary, it was designed to work within regulated financial frameworks while giving consumers easier access to currency solutions. This is what Libra has professed itself to be and, given that BSV is already a regulation-friendly digital currency, it is fitting that Facebook turn to the real Bitcoin in order to fulfill its goals.

2GB blocks achieved: BSV Quasar upgrade proves to be more than successful

Bitcoin SV (BSV) successfully rolled out the Quasar update on July 24 in an effort to push the block size cap up to 2 gigabytes (GB). Despite assertions by anti-BSV shills that the sky would come crashing down after the upgrade was complete, just the opposite has happened. Not only was the update successful, but several 2GB blocks have already been seen — six in a row, as a matter of fact. 

The blockchain hasn’t crashed, the Bitcoin ecosystem hasn’t come to a grinding halt, and it hasn’t started raining fishes. What has happened, though, is that WhatsOnChain shows consecutive 2GB blocks being mined on the BSV Scaling Test Network (STN). The STN is a live network that is available for businesses to use to test limits for their applications before launching them on the mainnet.   

Shortly after the Quasar update was live, the first 148MB block was seen. This effectively cemented Quasar as the new software for the BSV blockchain. Knowing that 2GB blocks are easily achieved, there is a considerable more amount of development that can take place on the BSV network. 

According to the Bitcoin Association, “The Quasar upgrade represents a key step in BSV’s journey to unlock the massive on-chain scaling power that was always possible with Bitcoin, and enable BSV to become the global enterprise blockchain. BSV can already handle 300+ transactions per second comfortably; this capacity is continually being expanded and is expected to cross 1000+ transactions per second in the coming months after the Quasar network upgrade. This level of capacity can compete with VISA payment network capacity and also supports enterprise applications.”

BSV has now become the first — and only — blockchain to process 2GB blocks on-chain. While virtually everyone else said it couldn’t be done, BSV has proven that Satoshi was correct when he asserted in his early writing that large block sizes were not only possible, but were expected on Bitcoin’s blockchain. Bitcoin Core (BTC) pundits have asserted since the beginning of time that anything larger than 128 megabytes (MB) would cause the blockchain to implode.

With Quasar in place, the next step is the Genesis upgrade. This is planned for next February and is designed to completely remove all block-size caps. If building business solutions on the blockchain is feasible with a 2GB limit, imagine the possibilities with no limit. 

Exodus exchange ready for Quasar; Coinbase turns its back on its customers

The long-anticipated Quasar update to the Bitcoin SV (BSV) blockchain will take place today and the BSV community is anxiously waiting for the results. The network’s block size will be increased to 2 gigabytes (GB), marking the first time any blockchain has achieved this level of capacity and BSV is the only blockchain that has been able to prove that massive scaling on-chain is possible. In preparation for the upgrade, miners and node operators have been notified that they need to upgrade their software and other crypto entities have to be prepared as well. It appears that, while some exchanges are taking the upgrade seriously, others are willing to shrug off their customer responsibilities and not make the necessary preparations.

According to the Bitcoin Association, “Many businesses and individuals run an instance of Bitcoin SV but are not involved in mining. For example, if you operate a wallet or an exchange that supports BSV, you are running an instance of the Bitcoin SV Node software. But unlike miners – who write to the blockchain – other operators of BSV instances are just ‘blockchain listeners.’”

The Exodus exchange announced Tuesday that it was going to temporarily halt BSV trading until after the Quasar update is complete. It said in a Twitter post, “In preparation for the Quasar upgrade, BSV exchanges will be temporarily unavailable beginning July 24th at 12:00 UTC for ~48 hours. Exodus will make the necessary updates and verify all is working well on our end.”

Coinbase, however, isn’t willing to give the upgrade a second thought. According to a tweet by Neil Ford, “Spread the news. Yet again @coinbase is trying to stop #BSV by not updating their node. They signaled with very little time. Not Everyone sits on twitter. I received no email. They must move before the network update. @CoinbaseSupport UPDATE YOUR NODE. BSV is not going away!”

Whether or not Coinbase likes BSV is irrelevant. It is doing a disservice to its customers, and possibly putting their funds at risk, by not taking the necessary precautions “just in case” something were to happen. Coinbase doesn’t allow trading in BSV, but users still have the ability to withdraw any BSV holdings. However, attempts to make withdrawals in the past day or so have reportedly been unsuccessful, with some Twitter users stating, “I have friends who are unable to send their BSV out as it says ‘Not available for send’” or that there is a “temporary pause on withdrawals.”

If this is how Coinbase treats its customers — even those that it doesn’t like, it doesn’t bode well for the company’s future.

Jimmy Nguyen talks Bitcoin SV and how it’s changing the commerce world

Jimmy Nguyen, the president of the Bitcoin Association, traveled recently to Colombia in order to spread the word on Bitcoin SV (BSV) and how Bitcoin is changing commerce. During one presentation, he went into great detail about the superior strengths of the BSV blockchain, but took things even further, explaining the different ways that using the network can lead to money-making activity. He added that speculation, which is currently the main reason a lot of people have turned to Bitcoin Core (BTC), should be secondary — Bitcoin was created to be used as currency the same way fiat is used. The one major distinction is that using BSV can actually put more money into the consumer’s pocket.

BSV development is being driven by four fundamental principles. It is designed to be stable, scalable, secure and to offer safe instant transactions (7:14). This is being facilitated, in part, by the introduction of bigger blocks, which help big businesses create on the blockchain.

Bitcoin Core (BTC) can only handle three transactions per second (tps) or a maximum of 7tps. This pales in comparison to what Visa handles, which is 2,000 tps and up to 56,000 tps during peak times. BTC has reached up to 50,000 transactions that had to wait in a cue to be confirmed, which increases transaction prices and delays payment processes. On May 29, BTC fees were as much as $4.35.

The upcoming upgrade scheduled for this week for BSV will raise the block size cap to 2GB and, next year, the Genesis upgrade will completely remove the cap. This means, at a block size of 2GB, BSV will be able to handle from 5 million to 8 million transactions and up to 14,036 tps. (15:53) Terabyte-blocks coming with up to 7 million tps. This is real value — not speculative.

The current cost of a BSV transaction is much lower than it is with BTC. On June 20, the average BSV transaction fee was under 1/5 of $0.01 — approximately $0.0017. This is the way it is supposed to be — easy and cheap, making a legitimate fiat alternative that can be used as currency. (17:58)

Lower transaction fees means more money remains in the pocket of the consumer. Instead of spending $10-$15 on an international money transfer, the cost is less than one penny. It also makes it easier to participate in eCommerce. There’s an increase in the ability to earn micropayments, which isn’t possible with a transaction fee of $3-$4 as is seen with BTC. Blog posts, video content, in-game items in video games, social media interactions can all generate revenue streams. The Fivebucks marketplace is a perfect example of a global consumer-driven platform that allows anyone to sell virtually anything and be paid in BSV.

Nguyen concludes, “I’m amazed every day … about the creativity of developers and businesses and young entrepreneurs who have started working on BSV to come up with ideas… More are coming… Earning, sharing, trading, creating more financial power for themselves and changing the world as we know it for the better.”

It’s time for Bitcoin to grow up, CoinGeek Toronto 2019

Bitcoin may have just celebrated its tenth birthday, but the big push didn’t start until only a couple of years ago. As awareness and interest grow, the excitement turns to the realization that cryptocurrency is not just a toy – it’s a legitimate tool that will completely change the global financial ecosystem. In order for this to happen, though, in the words of Bitcoin Association President Jimmy Nguyen, “It’s time for Bitcoin to grow up.”

Nguyen led a discussion at CoinGeek Toronto 2019 with several individuals who understand well both the crypto and finance spaces. Centbee co-founder Angus Brown, nChain CEO David Washburn and co-founder and CEO of FRNT Financial Stephane Ouellette all joined Nguyen on stage to discuss how crypto is impacting the financial world and what changes are coming to make it even better. Before becoming involved with digital currency, all three were deep in the financial industry, so their goals with crypto transcend well beyond the typical crypto boundaries.

Bitcoin needs to be taken to a level that makes financial institutions and investors comfortable in supporting the ecosystem. Many are hesitant to embrace the technology for a myriad of reasons – old habits, resistance to the connotation of the term “crypto,” volatility and risk management, among others – and overcoming these hesitations are paramount to seeing Bitcoin prevail in the financial world.

FRNT is helping rewrite the script between crypto and finance by offering a platform that allows investors to take advantage of Bitcoin SV (BSV) derivative products. The platform was funded, in part, by Calvin Ayre and his Ayre Group and is changing how Bitcoin is viewed from a financial perspective. (5:03)

One area that could help tear down the barrier between crypto and finance is the introduction of regulations. The BSV community has made it clear, as opposed to most other crypto projects, that regulations are welcome. This is due to the acknowledgement that, for digital currency to work, it has to be regulated. It also stems from the fact that Bitcoin, as provided by Satoshi Nakamoto, was never meant to work outside of legal boundaries the way that many crypto projects have tried to assert.

In order to help facilitate the introduction of regulations, legislators and policymakers need to break down the Bitcoin infrastructure and address different components separately. Exchanges should be better regulated as a whole, especially in terms of crypto-to-fiat activities. Additionally, the introduction of whitelists or blacklists for token projects would help to make the Bitcoin space more mature.

Bitcoin has the capability to do something that no previous technology has ever been able to provide – true risk management and transparent audits. It can almost completely prevent financial fraud and revolutionize the accounting processes for financial audits, and this level of attention is only possible with BSV. While companies have attempted to tackle the processes through other blockchain projects, they have come to realize that those platforms are too slow. However, BSV’s large scalability makes it the perfect solution and it will become the go-to platform for many large businesses.

Hackathon winners feted at the CoinGeek Toronto 2019 conference

The first-ever Bitcoin Association Bitcoin SV (BSV) hackathon was initially announced in the middle of March, prepared to reward 400 BSV to the top three finalists. The project was designed to “inspire the next generation” of developers, with a completely virtual competition taking place May 4-5. The contest was tied into the recent CoinGeek Toronto 2019 conference, which took place at the end of May, where the three winners were announced and the results show how diverse and creative BSV developers are, and how interested they are in bringing real-world use cases to the platform.

There were some incredible projects presented for the hackathon, but not everyone can win. At the end of the CoinGeek Toronto’s main conference day, the top projects were announced, with Polyglot taking third place and 50 BSV, TonicPow taking second and 100 BSV, and UptimeSV being awarded top honors and 250 BSV. At the time of the conference, the prize pool would have been worth around $82,400, but BSV’s continued climb in price would now yield about $85,200. The competition is already proving to provide additional rewards on top of the prize money.

Thirty six projects involving over 200 developers were submitted for the contest. Polyglot is a system designed to be an intuitive method for different Metanet protocols to interact through Python and allows for a simpler method for developers to get involved with BSV. TonicPow allows users to monetize their sites using the platform’s peer-to-peer advertising solution, while earning BSV directly from advertisers. It has the added benefit of being simple, requiring the installation of just a single line of code in a website in order to function.

UptimeSV was developed to help protect the Internet. It provides distributed performance and uptime monitoring for dedicated denial of service (DDoS) enterprise systems to thwart attacks and is powered by BSV. Anyone is able to earn BSV by installing the app and participating in uptime tests for clients. Given the ease with which DDoS attacks can be promulgated, and the number of sites that have fallen victim to the attacks over the years, UptimeSV has the potential to ensure better security and uptime than other solutions.

Jimmy Nguyen talks future of payments with experts at CoinGeek Toronto 2019

CoinGeek Toronto 2019 was probably the most successful Bitcoin conference so far this year. It brought together experts working to continuously improve the blockchain and bring it closer to mainstream adoption, as well as thousands of attendees anxious to hear what’s in store for cryptocurrency’s future. One of the presentations targeted the very heart of what digital currency is all about – the subject of an alternative to fiat – and included a trio of individuals helping to shape the future of Bitcoin SV (BSV) in the payments realm. They took the stage with Bitcoin Association President Jimmy Nguyen and shared their thoughts on where we are and where we’re going. 

One of the panelists was Alex Agut of HandCash. The CEO explained that, while HandCash began as a BSV wallet, the company has moved well past its initial offering. In addition to having created the POP! app to speed up payments for merchants, HandCash has already launched another important app, Cashport. Cashport is a relatively simple application that allows anyone to incorporate a BSV payment method to their Android or iOS app or web platform. It allows users to connect their HandCash account directly to the platform in order to create a revenue stream that can be used for purchases, subscriptions, tips, “likes” and virtually anything for which the user wants to receive payments.

Agut points out that much more is in the works. There will be additions that make accessibility for developers and businesses much easier and which will help spread mainstream BSV adoption across the globe.

Elizabeth White, founder and CEO of The White Company, was on stage, as well. The company’s White Wallet is the first to allow crypto enthusiasts to use their holdings to make purchases on platforms such as Amazon, Steam and Uber, among others, but The White Company is much more than just a crypto wallet provider. It has created a platform that is now used by companies such as Playboy for its subscription service, Kodak for its digital rights management and many others. It is even working with 2020 Democratic presidential candidate hopeful Eric Swalwell in order to develop a platform that would allow for campaign donations to be registered and tracked to ensure regulatory compliance. 

White added that the company may offer support for various digital currencies, but that it has a preference for BSV. This is due to two simple reasons – BSV transaction costs are significantly lower – sometimes 1000% lower – than those of Bitcoin Core (BTC), and BTC transactions sometimes get held up for three days before they can be reconciled. 

The third panelist to participate in the discussion is Harvard-educated Zdravko Loborec. Loborec is the founder of REM Loyalty, a global rewards program that can be used by any entity in any industry, anywhere in the world. The program helps to build brand loyalty and, because of BSV’s global reach and easy onboarding, makes it the perfect solution to increase a company’s customer base. Among many others, one of REM Loyalty’s customers is Canada-based RentPerks, which allows both landlords and tenants to be rewarded for achieving certain goals in the program. 

All of the panelists agree that BSV, and crypto in general, has one major characteristic that sets it apart from all other currency types. Crypto is the only truly global monetary solution. If someone from the US visits France, for example, and pays with a US-based credit card, any currency fluctuations from the time the card is swiped to the time the bank reconciles the payment could cause the cardholder to pay more. However, in that same scenario, a crypto payment is instantaneous and not subject to changes in the foreign exchange markets. 

Developer Unwriter and his tools explained at CoinGeek Toronto 2019

The CoinGeek Toronto 2019 conference held last month was an incredible opportunity to truly understand what is happening with Bitcoin SV (BSV) and some of the awesome advances seen with the real Bitcoin. One developer who understands all too well the value of coding on the blockchain for real-world value is the mysterious “unwriter,” who has repeatedly introduced solutions that prove the viability of blockchain applications. Joshua Henslee, an ERP consultant and co-founder of the BSV Meetup in San Francisco, spoke at CoinGeek Toronto, where he discussed many of unwriter’s developments, as well as gave a hint about the coder’s possible real identity. 

The massive scaling allowed with BSV, coupled with the flexibility of the platform, has already allowed for a great number of real-world use cases on why transitioning to blockchain is an important decision for any business, as well as one that will eventually have to happen.  Unwriter is responsible for some of the most powerful tools on BSV. They always come with excellent documentation and aren’t difficult to understand. The tools don’t require a lot of code, but have proven to be powerful. However, developers have to have experience with software implementation, best practices and extensible solutions in order to properly interact with the applications.  (2:16)

Because of unwriter’s work, as well as that of other developers, APIs, web stores, etc. are all possible on the blockchain. A perfect example was unwriter’s publishing of “Alice in Bitcoinland,” a serverless website that was completely contained in a single BSV transaction. This demonstrates how data can be put back in users’ hands and monetized, providing a verifiable source for the data, as well as solid revenue streams. 

Another example is Datapay, which is a JavaScript library used to build and broadcast data transactions to the blockchain. Datapay is only four lines of code and is a great place for beginners to start. It allows for easy entry into blockchain development because of its simplicity. (5:30)

Planaria is another incredible advance for Bitcoin. It is an API that is powered by the blockchain and contained as an API microservice so only JavaScript knowledge is needed for development. The growing list of solutions also includes Bitpipe, which can broadcast Bitcoin transactions based on HTTP requests and leverages Datapay. 

Henslee admits that he isn’t a professional developer, although he does have a little bit of experience. However, this limitation didn’t prevent him from creating One Page Checkout, an eCommerce payment solution that “Leverages Money Button and Bitcom.” It can prevent fraud and improves transparency and combines six different payment processes into a single transaction. This not only improves the customer experience on the retail platform, but also completely eliminates fraud and improves transparency

If anyone wants to know who the elusive unwriter is, Henslee thinks he has the answer. He recommends that curious minds was the Bitcoin Doco interview with Dr. Craig Wright from 2014 and “then watch the Crypto Black Pill video back to back for the best theory.”  (25:50)

CREA CTO Matej Trampuš talks Nakasendo SDK at CoinGeek Toronto 2019

One of the many large projects that has made its way to the Bitcoin SV (BSV) ecosystem is Nakasendo. It is an interesting solution to using cryptocurrency as a true alternative to fiat in an easy system with a wealth of possibilities. Matej Trampuš, the co-founder and chief technology officer of the CREA Bitcoin development team, was one of the many crypto experts to participate in May’s CoinGeek Toronto 2019 conference, where he gave developers an in-depth look at how far Nakasendo has come and what’s in store for the future.

Nakasendo is a Software Development Kit (SDK) for accelerating development of Bitcoin applications and consists of low- and high-level application programming interfaces (API). It makes use of advanced techniques and ideas that have been developed by the research team at nChain in order to facilitate its rollout and implementation. (1:24)

Version 1 introduced in May 2018. That version implemented a secret store with metadata, private/public keys, signing and encryption, secure key splitting and common secret derivation in order to facilitate its goals and was designed for either Java or C++ coders.

Version 2 is still in the works and will include big numbers library, symmetric encryption/decryption, hashing, BSV Adapter, two types of atomic swaps, threshold signatures and more. It will also expand on the coding languages it supports, bringing in JavaScript and Python support.

One of the many applications possible with Nakasendo is allowing cross-chain transactions, or atomic swaps. Some digital currencies, such as Ethereum (ETH) or Litecoin (LTC), use private keys that, if exposed, would counter their security. Nakasendo can allow someone to send BSV to a LTC or ETH user using a special lock script that indirectly exposes that private key without actually letting it be known. (14:00)

Nakasendo was created to allow a centralized solution for developing on the BSV blockchain. It provides a mechanism for coders from different specialties to use in order to provide solutions that adhere to certain criteria, while facilitating a faster development process to launch applications on the blockchain quicker. It allows for consistent experiences when using an application, regardless of the core language in which the application was developed.

Centbee CEO explains BSV’s real value during CoinGeek Toronto Conference 2019

Centbee CEO explains BSV’s real value at CoinGeek Toronto Conference 2019

The CoinGeek Toronto conference was bigger than many had anticipated, but showed how important Bitcoin SV (BSV) has become. Experts in cryptocurrency and blockchain technology were on hand to discuss what’s happening in the Bitcoin ecosystem and what the future holds, and one of the speakers on the main day of the conference was Lorien Gamaroff, founder and CEO of the Centbee BSV wallet. His presentation brings home the importance of BSV as a currency, showing how his company is working to ensure that it’s available for everyone, everywhere.

Centbee has its roots in South Africa, where it has become extremely popular. Gamaroff and Centbee are working to make it easier to acquire and easier to spend, working with commercial entities across not only South Africa, but the entire continent (1:34). The company has already established a number of relationships with the largest retailers in Africa, including Picknpay Hypermarket, Shoprite, Checkers, Builders Warehouse, Dion Wired, Ackermans, Pep and more.

Those relationships bring together a point-of-sale system (POS) offered by a company called Flash that allows users to purchase BSV directly through the POS or a kiosk. This is helping to facilitate BSV adoption by making it extremely easy to purchase and, ultimately, spend the cryptocurrency. With BSV’s extremely low transaction fees—fractions of a dollar compared to other crypto and fiat—it is becoming a way to pay for goods without losing income.

Centbee includes know-your-customer requirements (5:15) that meet local guidelines related to anti-money-laundering policies. Users in South Africa have to include their first and last name, as well as their ID number. In addition, BSV purchases have daily and monthly limits, in accordance with financial guidelines. Larger purchases are possible, but require users to supply more data.

During his presentation, Gamaroff included two real-world use cases, provided directly from BSV users. “Laura” and “Bill” shared their stories of why they have turned to BSV, as opposed to fiat, and how much it has improved their lives. Both are independent workers who constantly ran into trouble receiving payments for their work due to different reasons, but BSV has helped completely overcome those obstacles.

One commonality between them was the previous necessity of having to rely on bank transfers for their payments. These transfers would usually be delayed about a week or so, and result in fees being deducted from the amount as the transaction made its way from the sender to the recipient. After switching to BSV, payments are received in just a matter of minutes, and the fee is negligible—nothing more than a blip that’s hardly noticed. As Bill states, “[BSV] is the natural progression of where transactions should go.” (14:12)

Web developer provides compelling case for BSV

Web developer provides compelling case for BSV

Bitcoin Core (BTC) is a sinking ship. This is the position of Philipp Elhaus, an IT project manager and Scrum Master, who penned a long blog post on the merits of Bitcoin SV (BSV). The article is a good read for anyone in the crypto industry, even those who adamantly (and perhaps a little naively) oppose BSV. As the only blockchain that has proven on-chain scaling is feasible and can be integrated without any complications, BSV continues to show that the original Bitcoin white paper was accurate and that it didn’t need to be manipulated the way it has been by other crypto projects.

Elhaus points out that BTC can only survive if it is attractive to miners, those individuals that maintain the network by verifying transactions. If those miners leave, however, the network becomes unstable. He explains, “As BTC’s block reward reduces over time, continuously more and more miners compete for an ever decreasing slice of that cake. The other income miners gain are transaction fees: Yet these are limited for BTC as the block size is fixed. This means there is a finite maximum amount of transactions ever possible per block. While the block reward shrinks, either transaction fees need to rise or the price of BTC altogether [sic]. It is to be expected that above a certain threshold, even at global adoption, the amount of people who are willing to pay fees that are 50,- USD per transaction or higher diminishes.”

The computer whiz asserts that BTC could be degraded in as few as five years, or as many as 13 years, depending on whether or not it can attract more money. However, “BTC will unlikely grow beyond the age of 25.”

The reason that this is going to happen is because BTC decided that the blockchain couldn’t scale on-chain, which is part of the reason the Lightning Network was created. However, it is more of a “band-aid” fix than a permanent solution—despite having become a permanent attempt at scaling.

Elhaus adds that the Lightning Network will never survive the test of governments, explaining, “Lightning enables Money Laundering, Terror Financing and Tax Evasion. It is a 2nd-layer tech that is based upon TOR’s onion layer principle. It doesn’t keep records and offers not pseudonymity or privacy but complete anonymity” and that running a Lightning Node could ultimately lead to the operator facing jail time.

This is where BSV comes in. In spite of a certain amount of negativity based on uncorroborated stories, it is in a position to deliver. Elhaus states, “As it’s a rather new fork and not established, BSV transaction volume is low and its supporting ecosystem very small… Yet the idea that proposes one global blockchain that sustains miners and itself through an ever increasing [sic] efficiency at confirming [transactions], and therefore making use of economies of scale, seems sound and not like a technological dead end. Therefore it can be stated that BSV’s utility is higher than those of BTC’s with a potential to increase that even more in the future.”