Bitcoin influencer Joshua Henslee recently released a video describing one potential path to success for BTC. While many in the Bitcoin SV (BSV) ecosystem claim victory is already in the bag, Henslee warns us not to be complacent and outlines how BTC could still win.
How could BTC defeat BSV when it is inferior technology?
Henslee begins by saying that he thinks BSV will ultimately win out, but nonetheless, he wants to describe BTC’s potential path to victory. It’s not over yet, he reminds us, and there’s still lots of work to do to ensure BSV reaches its full potential and relegates BTC to the history books.
The first issue is related to BSV, Henslee says. Relatively speaking, it’s hard to build on; the tools aren’t as great as they are on some other blockchains, and most importantly, time is running out.
Henslee believes it is arrogant to believe BSV will win because it is better technology. While nChain has lots of patents, it hasn’t enforced them yet, and there are examples in history of the so-called superior tech that lost out because a competitor offered an easier, more convenient user experience. The classic example is Betamax vs. VHS.
Bitcoin’s enemies are organized and capitalized
The biggest potential reason BTC could end up winning is that its supporters, the enemies of the original peer-to-peer electronic cash system Satoshi designed, are well-organized and capitalized. This includes companies like Block (NASDAQ: SQ), PayPal, and Blockstream.
These firms know Bitcoin will destroy them and have tried to gain control of it. Rather than building on the protocol, they have made Bitcoin a feature of apps they control. They run a few Lightning Network‘ watchtowers’ in the background, using decades-old payments technology to move text files around and make it seem like users are sending and receiving Bitcoin. In reality, they are just creating a version of the old banking system with digits on a screen changing while actual Bitcoin transactions aren’t necessarily occurring.
That said, Henslee warns that most users don’t care. They want slick apps like Cash App and couldn’t care less what the underlying technology is. This is the danger and is one way BTC could ultimately win out.
Of course, to make BTC last for a longer timeframe, devs will have to add inflation to keep the block subsidy going. While this will shatter the ‘only 21 million coins’ narrative that has carried BTC this far, the narrative has changed many times before, so they might be able to pull it off again.
BSV will ultimately win
All of this said, Henslee still believes BSV is going to win the long game. While he notes much negativity in the ecosystem currently, he reminds us that it hasn’t always been this way, and there are brighter days ahead.
What will flip the narrative? He believes it will be a viral app, most probably a game like CryptoFights, that brings an influx of new users who drown out the current noise. Henslee has said this many times before and is sticking to his guns.
Key takeaways from this video
- Henslee believes it is foolish to believe BSV has it in the bag. He reminds us that so-called superior tech has lost battles before.
- He outlines a potential path to victory for BTC: big firms that control apps with millions of users convince them they are using Bitcoin when they aren’t truly doing so. Users won’t care as long as the apps work.
- BTC devs will ultimately have to add inflation into the mix to make things work, but they have dramatically altered the narrative before, so it’s not beyond them to do it again.
- In the end, Henslee still thinks BSV will win. A viral app such as a game will likely flip the script. That said, he reminds us not to be complacent and to keep building.
Watch: The BSV Global Blockchain Convention presentation, BSV Blockchain: A World of Good
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