Recently, it’s become clear to those who understand it that BSV is winning the battle for Bitcoin. While the current market price of various tokens might suggest otherwise, a neutral analysis of the data shows that BSV is winning by the number of daily transactions, block sizes, and frequently miner profitability.
On September 3, the BSV blockchain officially hit double the size of BTC. It’s only going to keep growing from here. Let’s take a look at why BSV is growing and what it means.
Why is the BSV blockchain growing?
If you’re not familiar with the difference in approach between BSV and BTC and why the BSV blockchain growth is a good thing, consider the following:
- BSV follows the original Bitcoin whitepaper and scales without limits. This allows for data to be stored on the BSV blockchain.
- BTC developers have deliberately limited the block sizes and stripped out as much data as possible, including the digital signatures that make Bitcoin transactions legal.
BSV’s approach comes from a fundamental understanding of what Bitcoin is; a data management system and a stable protocol upon which developers can build, while BTC centralized protocol devs continue to promote and live by the false narrative of digital gold/store of value.
As of September 3, the total data stored on the BSV blockchain was 711.17GB, while the data stored on BTC was 368.14GB. This gap will only widen as the future unfolds and the BSV business model takes shape.
— @BSVINTERNATIONAL🌷🌎👍 (@BSVINTNATIONAL) September 3, 2021
What has data got to do with Bitcoin?
If you take the time to listen to Bitcoin’s inventor, Dr. Craig Wright, you’ll learn much about what Bitcoin really is: the fusion of data and money.
Bitcoin allows users to pay to store data on an immutable ledger. Since BSV has no limits on its block size, there’s no limit to how much data can be contained in each block, and because people are paying to send this data, it provides ongoing miner revenue long after the block subsidy runs out. This last point is important, because it’s what makes Bitcoin economically sustainable.
Looking at the big picture, this provides virtually unlimited use cases for businesses and innovators across an array of industries. These include payments, data storage, uploading media content, creating timestamped records, and much more. Dr. Wright has explained multiple times that he intended Bitcoin to be nothing short of a commercial replacement for the internet based on micropayments, or in his infamous words, “the internet becomes a side chain.”
Grasping this bigger picture is important if you want to understand what Bitcoin ultimately is, how the digital currency market will take shape in the future, and why BSV will thrive in the future as the current speculative frenzy gives way to utility. Right now, very few participants in the digital currency industry grasp what Bitcoin really is, so it’s worth taking the time to learn.
Watch Dr. Wright explain the Metanet and the larger picture for Bitcoin…
Bitcoin scales, and it always did
The doubling in the size of the BSV network as compared to BTC, the recent 2GB+ blocks with miner rewards made up mostly of fees, and the sheer number of transactions on BSV blockchain as applications like CryptoFights take off all prove that Bitcoin scales and always did.
For years, the BTC camp has been telling the world that Bitcoin doesn’t scale on-chain, that it requires complex off-chain solutions like Lightning, and that its use should be limited to a store of value.
BSV proves all of this wrong. And you have to wonder…if BTC promoters were wrong about that, what else are they wrong about?
Here are a few of the implications of all of this:
- Eventually, BSV transactions will be so numerous and the fees so bountiful that miners will switch chains as the BTC block subsidy diminishes. It already does over a million daily transactions and is growing.
- BSV will be the only version of Bitcoin that complies with the law, given that it is the only one that includes the essential digital signatures that have been stripped out of BTC via SegWit.
- As Satoshi said, nodes will consolidate into data centers. This will mean they have to comply with laws and regulations such as AML/KYC checks and will have the ability to freeze wallets, seize funds, reverse transactions, etc.
- BSV will become the base layer protocol for an entirely new internet. In fact, it’s already one, but the building of apps has just begun, and the big picture is only now becoming clear as developers realize that competing blockchains don’t scale.
- As the only public utility blockchain that scales infinitely, businesses will begin to dream up and build new use cases on BSV. At first, these will be obvious ones like blockchain games like CryptoFights, but later they’ll include everything from supply chain management apps to data integrity systems.
Where BSV and Bitcoin is headed
BSV ignites the power of data and threatens the current middlemen who harvest it, manipulate it, and sell it for a profit. Once fully understood, its implications are staggering and will transform almost every element of society.
The BSV enterprise blockchain becoming double the size of BTC is only the beginning. It’s going to get much, much bigger in time. The current growth is only scratching the surface of the Bitcoin world that lies ahead.
Watch: Teranode Live Demo Showing 50K TPS on BSV Blockchain
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.