Joshua Henslee understands the bigger picture when it comes to Bitcoin. This week, he released a video detailing four major businesses he believes Bitcoin will disrupt and why. Watch via the link or read a breakdown of Henslee’s thoughts below.
The first business Henslee aims at is Spotify. He has noted previously how Spotify is vulnerable to disruption by Bitcoin, given that it is subject to political pressure and has shown a willingness to censor controversial material.
With an increased transaction size limit, entire podcasts could be uploaded to the BSV blockchain. They could be monetized through micropayments, paid comments, paywalls, and various other methods.
Of course, this does not permit people to upload illegal material. This could still be removed by legal order. However, it can’t be randomly removed by a corporation just because of political pressure or because the company doesn’t agree with what’s stated. It would go a long way towards protecting freedom of speech and fighting back against cancel culture.
Henslee also notes that it’s unnecessary to upload the audio file to the blockchain. Instead, it could just be the hash. Suppose a service provider decides to ‘nuke’ or censor a podcaster or speaker. In that case, they can just download their material and move to another service provider with all of their data intact.
The ride-hailing app Uber took the world by storm and disrupted the rigid taxi cab industry. However, Henslee believes it’s now time for Uber to be disrupted. He says he has used the service a lot, but he hasn’t done so since 2020.
Why is Henslee frustrated with Uber? For a couple of reasons. First, he believes that it has succumbed to corporate culture and the pressures of being a public company. Second, the cost of fees via traditional fiat payment methods doesn’t allow for short rides. There’s a floor on the fees Uber drivers can charge because of it.
Obviously, Bitcoin SV can fix this since it enables micropayments, opening up the possibility of a driver to take someone a mile down the road for 70 cents or less. It can also allow for split payments and the streaming of money.
Henslee likes the idea behind Patreon, but he sees how Bitcoin could disrupt it. He notes that Patreon is nothing more than a profile page and a feed like Twitter. It has many of the same features, such as liking and sharing buttons which micropayments are ideal for.
However, in this case, Henslee sees the option for a subscription model via a wallet like HandCash. With such small fees, Henslee sees a world where the 12% fee Patreon takes is eliminated, the floor of $3 is removed, and subscriptions of hours or days are possible, thanks to the reduced costs.
Henslee notes that PayPal is an obvious company that Bitcoin should disrupt. He rightly says that the fact that PayPal still exists highlights how little ‘crypto’ has achieved. He finds it to be a joke that PayPal adopted BTC and other altcoins when Bitcoin really should have destroyed it long ago.
He notes that BitPay tried to disrupt PayPal before and even got adopted by Microsoft and others. However, this all fell apart because of the insistence on 1MB blocks and the high fees on the BTC network.
Could HandCash be the one to do it? Henslee hopes so, but some features still need to be implemented to rival PayPal.
“Paypal is a trusted third party that adopted crypto. That tells you everything you need to know,” Henslee says.
The common denominator in all of this:
The only blockchain that can disrupt all of these companies is BSV, and the common thread throughout all of it is micropayments. Sure, Solana and some other chains can facilitate tiny payments, but they’ve repeatedly blown up when tested at scale.
BSV can allow for payments of 1/1,000th of a cent or less, and it already scales to 50,000 transactions per second. It will take massive scaling and extremely low fees (like Satoshi Nakamoto talked about) for Bitcoin to successfully disrupt these giant businesses and others like them.
Hopefully, blockchain developers will soon realize what Bitcoin really is. It was never meant to be a token used purely for speculation. It was always meant to be a disruptive micropayments platform and a global immutable ledger.
Watch: CoinGeek New York panel, Micropayments for the World: APIs, Tokens and Computation
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