How to scale Bitcoin? First of all, Bitcoin is already scaling massively. Secondly, scaling Bitcoin is not solely about technology.
In 2009, Satoshi Nakamoto said that Bitcoin can already scale much larger than VISA for a fraction of the cost. This statement was made concerning 2009 hardware.
In 2022, Satoshi Nakamoto is publicly known as Dr. Craig Wright especially after the outcome of the Kleiman v Wright court case, and we have the privilege to study Bitcoin creator’s newly published works concerning scaling blockchains. Dr. Wright recently wrote an article titled “Defining Scaling,” in which he shows that attempts of scaling Bitcoin by implementing side networks are futile and have sinister motives.
The deception of scaling Bitcoin by second layer technology
BTC supporters are fascinated by the so-called BTC Lightning Network and similar endeavors of scaling BTC or other blockchain systems. By utilizing another network that runs off-chain “to assist” BTC in scaling matters, BTC is weakened and even develops into a non-law abiding system.
In “Defining Scaling,” Dr. Wright explains:
By definition, any blockchain presents a system that collects and processes a set of transactions by building them into a block that a set of paid and funded node operators process through a competitive process such as proof of work, whereby they subsequently publish a verification that other nodes may check for validity.
The keyword here is “publish.” Blockchains are not private databases but the opposite. Scaling Bitcoin can be understood as publishing more transactional data over time. When Bitcoin grows, we simultaneously see more transactions.
Concerning technology, Bitcoin is the technology, it allows block size increase without utilizing side networks. As soon as blockchains make use of side networks, they are not blockchains anymore. They start becoming private databases.
We already have private databases. They work fine until someone keeps separate sets of books. Hence why Joel Dalais from the MetaNet ICU and myself have discussed the history of accounting with Dr. Craig Wright:
Dr. Wright was an accountant himself. In the video, we have mentioned the benefits of triple entry ledger applications using Bitcoin. At the CoinGeek Zurich conference in 2021, a whole panel discussed Bitcoin and accounting. Attempts to scale Bitcoin by draining it of on-chain transactional data is not scaling but enabling a system of little to no public bookkeeping.
What is Bitcoin without published transactions?
In his article “Defining Scaling,” Dr. Wright states:
Every transaction processed in a system such as Bitcoin is public. It is the same publicity that some individuals seek to remove. The argument presented by those opposing scaling is touted as being related to scaling, yet represents an effort to find methodologies of removing the ability to trace every transaction within Bitcoin.
Now, this is where we have to pay attention. We understand that Bitcoin means public transactions. Entities that want “to scale Bitcoin” by getting rid of the transactional history are not actually trying to scale Bitcoin but are trying to cover their tracks.
We are seeing attempts to implement side networks to BTC that enable it to transact without leaving a trace on the BTC blockchain. Such is the method money launderers, and perpetrators of other criminal acts need in order to not be tracked down eventually.
On the BSV blockchain—also called Bitcoin SV— transactions are not hidden in side chains, side networks, or side deals. Users of the BSV blockchain transact and are doing so publicly. This is what Satoshi Nakamoto invented. It is almost a joke that after more than a decade, we have to point out these essentials of Bitcoin. The fact that we are still trying to explain the basics of the Bitcoin white paper hints at how impactful the true Bitcoin actually is. It changes the world in a way never seen before, and the rise of information capitalism has opponents of deep influence.
Dr. Wright even published a paper called “Bitcoin: the most law-abiding system ever created.” But still, there is a lot of social media hatred for Dr. Craig Wright coming from within the so-called digital currency markets. If someone is attacked for advocating a law-abiding system, what does that tell us about the attackers?
BTC is not scaling Bitcoin, as BTC is not Bitcoin—but Bitcoin is alive in BSV
In “Defining Scaling,” Dr. Wright does not call BTC the name Bitcoin. He literally says “the BTC system,” as BTC is falsely claiming to be Bitcoin and passing off as such in a fraudulent way. Bitcoin is bound under contract, and the Bitcoin of that original Bitcoin contract is nowadays found in the BSV blockchain.
Famous economist George Gilder supports Dr. Wright and the original Satoshi Nakamoto vision of Bitcoin. Gilder passionately stated:
Bitcoin SV is the epitome of information economy!
In his speech at the CoinGeek Conference in New York in 2021, Gilder pointed out that Bitcoin SV, as in the BSV blockchain, has more transactions and more activity than BTC. So any attempt by BTC developers and BTC financiers to put transactions off-chain via second layer technologies will widen the utility gap between BSV and BTC even more.
Increasing the number of transactions on Bitcoin, not aside from it, is the only way to scale Bitcoin. Second layer technologies for blockchains are meant to hide transactions, hiding money, data, interactions. Whenever you hear public figures of BTC claiming that large blocks give Bitcoin users or miners difficulties due to allegedly hardware troubles, you may take it as listening to professional money launderers and worse.
In “Defining Scaling,” Dr. Wright concludes:
In other words, the Orwellian doublespeak means referring to scaling when the argument should really be about the nature of a blockchain and the requirement that the system provides complete traceability of all transactions.
Learn the truth about Bitcoin by listening to its creator Dr. Craig Wright:
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.