On September 3, 2019, OKCoin launched their Let’s Build Bitcoin Together campaign, allowing users to vote on the Bitcoin project they feel should receive development funding. Not only has this been a great chance for the Bitcoin community to support the projects they admire, but it’s also allowed OKCoin to spread awareness about the benefits of each. On September 20, they were joined by Bitcoin Association Founding President Jimmy Nguyen for their podcast OK Let’s Chat, where he explained the philosophy of Bitcoin SV (BSV).
After getting a personal biography out of the way, Nguyen told host Alex Feinberg about how he came to the Bitcoin space through his clients and then nChain, and then came to his current role as President of the Bitcoin Association.
When it comes to the current state of Bitcoin and other cryptocurrencies though, he still views them as a speculative asset for the most part because forks like BTC haven’t followed the original whitepaper. “Bitcoin was born to be a peer-to-peer electronic cash system,” he tells Feinberg. “But because of the scaling restrictions, the artificial crippling of the Bitcoin network that were placed on the block size … the BTC chain has never grown to fulfill [this dream.] It’s not fast, it’s not cheap to transact, and it’s not used as daily cash.”
BSV, due to it’s massive blockchain scaling, is the only asset Nguyen sees as having a chance to carry the world forward with Satoshi’s vision. “I think that is exactly why Bitcoin SV is necessary to restore the original Satoshi vision of a massively-scaled blockchain that allows for fast, instant transactions that are super-cheap to produce so that people can use the system as electronic cash on a daily basis,” he said.
Nguyen notes that the early days of the internet were seen as a type of wild west, with unsavory websites and annoying pop-up adds. Much like that then, Bitcoin needs to evolve past its early routes and embrace a more professional regulatory friendly nature to attain wide adoption, as the internet eventually did. “It is the pursuit by many crypto camps of more anonymity in cryptocurrency that I think is going to most inhibit cryptocurrency’s growth,” Nguyen stated. “That’s why in the Bitcoin SV world, we’re not going for that.”
If you agree with Nguyen, time is running out to show your support for BSV in the Let’s Build Bitcoin Together campaign. Users will have their last chance to vote on their preferred Bitcoin fork on September 27.
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.