Tom Lee of Fundstrat recently sat down with nChain’s chief scientist and the man most know as Satoshi Nakamoto, Dr. Craig Wright, and Bitcoin Association Founding President Jimmy Nguyen to get a clear picture on what’s happening in the Bitcoin ecosystem, as well as, specifically, the major role Bitcoin SV (BSV) has in blockchain adoption globally. In the interview, the topics covered the entire spectrum of activity for which Bitcoin is known—both the good and the bad—and provided valuable insight into what the future of business holds thanks to cryptocurrency.
All three of the participants discussed how many crypto assets, such as BTC, have seen their prices rise and fall for no real reason. Nguyen pointed out that these swings are based on a false narrative and added that Bitcoin—the true Bitcoin—can be used to give crypto organic value, which is fundamental for it to be used as it was originally intended. Lee added that speculation, like that seen with BTC, is a large component of many digital currencies, adding that creating intrinsic value will help spur more adoption.
That intrinsic value will come through BSV’s massively-scaled blockchain. BSV is the only one working on this goal and the only one to have achieved huge block sizes, which will continue to facilitate more growth and more enterprise adoption. As Wright asserted, BSV will make it easier to create better, more efficient systems for micropayments, data usage and more, and will also create more intrinsic value. Read Fundstrat’s report on “big block” BSV.
Lee emphasizes that individuals trust businesses more than they trust governments, which makes the creating of an enterprise-centered solution valuable. This is something that Bitcoin expected to inherently include from the beginning, despite the detour made by BTC developers, and Wright added, “BSV can reduce the cost of business on multiple levels,” which is why it is a huge cost-saving alternative that is already being adopted by businesses across the globe.
Over the next three to five years, there will be a lot of development in blockchain technology, as well as in blockchain adoption, and most of it will be led by big enterprises. With larger blocks and no block size cap beginning February 2020 through BSV’s Genesis upgrade, businesses will start to realize the benefits of micropayment solutions.
This will also be made possible by BSV’s ability to integrate with traditional financial solutions. Wright points out that the false narrative created with BTC has destroyed the capability for traditional finance to accept crypto; however, the truth is emerging and the real value of Bitcoin is being realized.
Lee highlighted an interesting fact that many consumers may not realize. Because of how financial transactions and entities work, consumers essentially “work” 3.5 weeks a year for the banks. Around 6% of all economic activity is retained by the financial industry. With the transition to Bitcoin, there is the possibility to have a much larger commercial infrastructure, which will ultimately benefit both the banks and the consumers, leading to a lower financial impact on the end-user.
If BSV were to list any of its major threats, the list would be very short. Competing crypto projects are only mildy concerning, since they can’t offer the transaction capabilities BSV can offer, and BSV is the only crypto that recognizes the fact that, no matter what happens, digital currency has to work in conjunction with governments and regulators. About the only threat currently is infrastructure, just like with any blockchain project, but BSV is already lightyears ahead of the rest in what is being developed.
Any business can benefit from BSV adoption—finance, shipping, data exchange, media; the list literally doesn’t end. If banks are given the choice between SWIFT and a payments solution that is cheaper and more efficient, like is the case with BSV, they will logically make the switch. By storing all the data on the blockchain—manifests, customs forms, insurance data, etc.—and making it instantaneously accessible, the shipping industry can cut out a major amount of downtime and become more efficient, leading to greater revenue. As Wright put it when asked what industries could benefit from Bitcoin adoption, “Anything that can be done more efficiently, cheaper.”
Lee wrapped up by stating that Bitcoin is “Clearly a positive direction for the world.” This is why people like Nguyen and Wright are working so diligently to spread the word and increase development, and Nguyen added, “Our job is to deliver the highway, the infrastructure and let the developers and enterprises of the world come build on it.” Wright provided an addendum to Nguyen’s assertion, and stated, “We want to open things for business. We want to make everyone able to do whatever they want without having to ask permission from us.”
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.