Facebook is having serious difficulties getting its Libra stablecoin to be accepted as a legitimate financial solution. Part of the problem is the social media company’s jaded past, but there are also issues regarding how Libra is being implemented. There is still a lot of uncertainty about how the digital currency is supposed to work and the fact that it will introduce an entirely new protocol is just as disconcerting—there’s no way to know whether or not the protocol will work properly or allow the type of scaling needed. However, Facebook has the solution to all of their issues—regulatory and otherwise—staring it right in the face. Libra should be built on Bitcoin SV (BSV).
Ryan X. Charles, the founder and CEO of Money Button, prepared a short video that offers a brief history of Bitcoin—the real Bitcoin—and why BSV would be the optimal solution. Mark Zuckerberg and David Marcus need to check it out.
Bitcoin was laid out very well by Satoshi Nakamoto in its original whitepaper. The original Bitcoin was designed to be an entirely inclusive economic system and had all of the different components properly included. Scaling to a level needed to operate as a financial alternative was natively built into Bitcoin before BTC developers, either through lack of understanding or lack of knowledge, twisted things around and created a new protocol.
That new protocol doesn’t work, which is why BTC has had to include off-chain solutions such as Lightning Network to manage transactions. Those developers incorrectly assumed that large blocks wouldn’t be possible on-chain, which BSV has already proven to be false. Simply put, BTC is everything Bitcoin isn’t and will never be capable of being used as an economic solution.
Instead of trying to implement a new digital currency with a new protocol and a new set of rules, Facebook and Libra could simply build their solution on the established BSV blockchain, which is capable of massive, unlimited scaling and which offers everything needed for an economic solution, encapsulated in a way that has proven effective and functional.
BSV would be able to solve all of Facebook’s problems. It wouldn’t have to try to figure things out as it moves forward, such as changing how it will operate midstream or how to allow for large amounts of simultaneous transactions. BSV is also regulation-friendly, which means that Libra could have conceivably already been up and running, with nothing more than a requisite filing in one jurisdiction or another to be able to move forward.
It’s not too late, though. Since Libra’s launch has been delayed for what could be at least a year, Zuckerberg and Marcus could still consider building their solution on BSV and be better prepared to fulfill the goal they intend with Libra—to offer a digital currency solution that works anywhere and everywhere.
Watch Ryan X. Charles’ video explaining why Facebook should use BSV below.
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
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