BSV could process billions of daily transactions by 2020
Bitcoin SV (BSV) is already proving itself to be one of the strongest and more versatile blockchains available. Blocks of 64MB have routinely been managed by the network, and even some as large as 103MB have been possible – the first for any blockchain. The result of the continued efforts of the BSV community is a network that is capable of serving a variety of business and financial needs, and which could be processing “billions of transactions” daily as soon as next year.
Recently nChain’s Dr. Craig Wright tweeted, “Bitcoin SV software has run 33 million transactions a day (TPd). Soon, this artificial limit will allow 150 million TPd. By next year, we will process billions of Transactions a day.”
BSV is the only blockchain that adheres to, and develops upon, the original Satoshi Vision, which introduced the world to digital currencies ten years ago. In that vision, which many at the time asserted was already mature in its design, Satoshi stated, “The existing Visa credit card network processes about 15 million Internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost. It never really hits a scaling ceiling.”
The CEO of nChain, Jimmy Nguyen, reiterated that belief when he recently spoke at the Blockchain Convergence Summit Chain Plus conference in Seoul, South Korea. The founding president of bComm Association added that BSV is going to break the 512MB block barrier and will hit 1-2GB blocks within the next couple of years. Ultimately, the goal is to have no upper limit in block sizes.
There have been a number of advances seen with the BSV blockchain since it was introduced as a hard fork of the Bitcoin Cash (BCH) blockchain last November. As many projects seem to be adopting an approach to blockchain development of “let’s throw everything at it and see what sticks,” BSV developers have been methodical and focused on what the network is and where it’s going. It’s because of this that BSV is responsible and mature, and is able to produce results no other blockchain can.
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