Bitcoin, as it was originally developed by Satoshi Nakamoto, was born to be the world’s global public blockchain. Now that Bitcoin has been reborn as Bitcoin SV (BSV), it’s set to deliver on that destiny. That’s the message Jimmy Nguyen, Founding President of the bComm Association, delivered at the Pause Fest in Melbourne recently.
Nguyen opened his presentation by explaining that, because of how he grew up, as a gay immigrant, he learned to be proud of being “born this way.” Much in the same way, Bitcoin was born to be a certain way, and that was perfect from the start. It’s meant to be peer to peer cash, and also a data ledger for enterprise applications, as the global public blockchain of the future.
He then discussed how Bitcoin Core (BTC) developers hijacked that original vision. Satoshi built Bitcoin to rival the Visa payments network, which handles as many as 56,000 transactions per second. By keeping BTC block sizes limited to 1MB, Bitcoin could only handle 7 transactions per second. This limiting forced massive congestion in late 2017, with prices of $60 per transaction.
Now that Bitcoin has been reborn in BSV, it has already achieved block sizes of 103MB, with plans to get to 1-2GB blocks by next year, and 1TB blocks in the future.
Finally, the bComm Association Founding President laid out the stable roadmap for BSV, and how enterprises can use it for the next wave of application development. BSV has returned to the original Bitcoin protocol, restored Satoshi’s op codes, removed artificial limits, and raised the maximum block size to 128MB. “And after that, Leave it alone,” he declared. “No more experimenting, no more changes to the protocol, and that creates more certainty for all the users of the Bitcoin network, from the enterprises to the app developers to miners.”
There’s no shortage of possibilities for enterprise development with this roadmap. As an example, using Handcash’s Cashport, Nguyen describes:
“I post a picture of Nike shoes and it gets shared by my friends and every time it gets shared or comment upon, maybe the advertiser, the brand, pays me in little bits of Bitcoin micropayments. That can be done with Cashport.“
Nguyen concludes with the limitless potential of BSV. Letting it be what it was born to be will unlock so many opportunities for enterprises, and as a result, the world. He ends by saying, “The creativity, the potential is boundless, if we just believe in Bitcoin, the way Satoshi designed it. Bitcoin, it’s born this way.”
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.