By now, everyone knows Bitcoin SV successfully mined a 64 MB block, the largest ever on a public blockchain. It could mine a substantially bigger one if not distracted by the wasteful Hash war Bitmain and Bitcoin.com forced on the industry because they forked away from Bitcoin to their new ABC coin. This proves that Bitcoin SV scales today as we have promised for a while now.
Why is this important to miners? The reason is the Bitcoin block reward will halve again in just over a year (from 12.5 to 6.25 coins for each block), and then halve again every several years after that. As this happens, if transaction fees do not replace the reduced block reward, Bitcoin mining will not remain profitable. We also want to ensure individual transaction fees remain low so the Bitcoin network can work for an electronic cash system and to support advanced technical features. The only way to increase overall revenue from transaction fees is for the blockchain to massively scale, and to enable huge volumes of low cost microtransactions. This is the only way to drive both Miner revenues and market demand for mining hardware. Therefore, if miners do not support Bitcoin SV and its scaling roadmap, they would be following a path that ends in their own destruction.
Bitcoin SV is the only cryptocurrency with a blockchain that massively scales, the only that has utility value, and the only one that can do it all. BSV will most likely take over and replace all other non-scaling platforms. This will then also grow real utility value in BSV.
But it is important to understand that value in a chain which has no utilitarian use is fake value, and the current dump we are seeing is the market coming to realize that the current alt-coins are all worthless.
I personally look forward to a future where there is only one chain, Bitcoin SV, and this one chain does it all. But it all starts and ends with scaling. Because of this, I believe Bitcoin SV is the only token you can retreat to and have any hope of retaining your value in the current market correction.
Everyone should come to CoinGeek Week this week in London, where thought leaders in this space will be discussing the power of original Bitcoin in Bitcoin SV.
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.