CoinGeek’s resident Bitcoin historian Kurt Wuckert Jr. flew out to Miami, ahead of the BTC conference in Wynwood. In his short film, Wuckert walks around talking to people who are there taking part in the event, all about the “giant Frankenstein monster” that is BTC.
The first person he meets explains that while BTC has seen a strong 12 months, at least in terms of its speculative value, it still falls flat as a digital currency anyone would actually want to use. In the interview, he tells Wuckert that there is no entrepreneurship in BTC, pointing instead to the benefits of the original design for Bitcoin at scale—Bitcoin SV.
He explains that the BSV enterprise blockchain is the only chain where people can become entrepreneurs with Bitcoin, using miners as the backend of the business. In the midst of the BTC community, the comments are a sign that more people may be waking up to the superior value and utility of the BSV chain.
In his second on-street interview, Wuckert speaks to a man who claims that because BTC is decentralized, it cannot be controlled or confiscated by governments. Wuckert corrects this fallacy, highlighting that 90% of the nodes for BTC are actually controlled by eight companies, all of which are based in either U.K. or U.S.-owned territory. So contrary to this view, governments actually could—very easily—shut down BTC, which doesn’t have the freedom as a store of value or payment method so many still believe it does.
Wuckert caught up with venture capitalist Tim Draper, who owns a lot of BTC through his fund. According to Draper, he first saw “Bitcoin” as a universal opportunity for digital money. However, he’s actually referring to BTC, and appears to demonstrate some confusion as to how it works, and its key limitations.
Draper said BTC is all about freedom and trust—the freedom to make a living, and trust in the system, knowing that value can be stored. He gives the example of an entrepreneur in Argentina—building something of value there could quickly see depreciation of 70% a year. However, with BTC, he argues this delivers complete trust, and works effectively around the world.
Wuckert later highlights several flaws in the thinking, and suggests that many of the benefits Draper sees in BTC don’t actually exist—instead, the value of the technology is better represented by Bitcoin SV as a protocol.
Digital tacos and pizza via Omniscape
Wuckert then gets the chance to eat for free, thanks to an on-chain digital taco NFT at Coyotacos. After downloading the Omniscape app, he clicks on a floating taco in augmented reality to claim a voucher, which he then redeems for free actual tacos. He then enjoys the same process with a free slice of pizza, demonstrating how NFTs and tokens can work in a practical setting for promotions and customer incentives.
The demo shows how it could be possible for restaurants and other businesses to use tokens for giveaways. They could offer free food for customers who download the app and find NFTs in augmented reality scenarios, building customer loyalty from the very start with the help of this new tech—a cool way of building customer goodwill and launching new products or businesses, via the blockchain.
Summing up his day in Miami, Wuckert says a lot of people he spoke to love the ideas and concepts embodied by BSV, but still fail to understand why their blockchain of choice, BTC, can never deliver them. He says business always wins eventually, but BSV still needs people to do the business development to make it happen—to explain the technology, and the power that comes from 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.