Big blocks are becoming an everyday affair for the Bitcoin SV (BSV) blockchain. After the world saw the first 128MB block mined on March 30, several more big blocks have been mined, proving again and again that when Bitcoin was unleashed, it provided possibilities the world was waiting for.
On March 31, at 7:41 p.m. UTC, another 128MB block was mined, this time by CoinGeek Mining. It held 1,398 transactions, and came with an award of 1.27 BSV, higher than the regular block award. That’s crucial, as it demonstrates scaling to allow more transactions in a block, and thus higher fees for the miner, provides a new economic model for miners to pursue for profitability, and allow Bitcoin’s success in the long term.
This block size isn’t a fluke either. The blockchain also saw an 87MB block and a 101MB block on March 31. BSV is proving that the Bitcoin Core (BTC) crowd couldn’t have been more wrong when they said big blocks couldn’t be done. It’s also proving that Bitcoin Cash ABC’s (BCHABC) path of instability and protocol changes drove users and developers away. Instead, they came to BSV, the only crypto using Bitcoin’s original whitepaper as intended, because of the stability it guarantees, and the limitless on-chain possibilities it’s creating from massive scaling.
The long term profitability created by these big blocks, and all the transaction fees they net for miners, can’t be emphasized enough. This is what Bitcoin’s business model was always meant to be, to ensure miners always had a reason to focus their efforts on the blockchain, gaining transaction fees for their work when block rewards dry up.
Instead, the BTC developers who hijacked its protocol and development sold fairy tales of the “Lightning Network.” That model simply isn’t Bitcoin anymore, doesn’t benefit miners, and would only help to enrich the few involved with its creation.
Thankfully, the BSV team has stuck to its convictions, and we’re now seeing the fruits of their labor. The business community has recognized that and come along for the ride too, making these big blocks possible.
Many of these recent record breaking blocks can be credited to the work of Ryan X. Charles and his Money Button team. Their creation of BitPaste, and the new “parallel swipe Money Button,” allowed Charles to fill at least three of these record setting blocks with transactions. He also showed the world how you can use the blockchain to its fullest potential (at least until it scales further) with tools already available to the public.
All of this proves that Satoshi’s original vision, now followed by BSV, has saved Bitcoin. The path championed by Dr. Craig Wright, Bitcoin Association Founding President Jimmy Nguyen, and well supported by Ryan X. Charles, is creating a world of new possibilities, and for miners, revenue streams. The conditions that created a nightmare for BTC in late 2017, namely a high volume of transactions, is creating rich possibilities with BSV.
BTC proved that without scaling, Bitcoin will die. BSV is now proving that when you unleash the blockchain, Bitcoin thrives.
If you want to celebrate the renewed life of Bitcoin, and the development of Bitcoin SV, what better way than to join the CoinGeek Toronto scaling conference. It’s easy to register, and use the world’s new money to register, and get a discount, by using BitcoinSV via Coingate.
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.