Bitcoin Association Founding President Jimmy Nguyen joined Fundstrat Global Advisors Managing Partner Tom Lee and Director of Digital Asset Strategy David Grider at the “Fundstrat and Bitcoin SV Webinar: Business Use Cases of the BSV Blockchain,” where they explored Bitcoin SV, the companies built on Bitcoin, and why BSV is uniquely positioned to excel in the market.
What is Bitcoin?
Jimmy opened up by telling the audience what Bitcoin is—the fusion of data and money. When you bring together both data and money that you are presented with limitless business applications, he noted. Beyond being a peer-to-peer electronic cash system, the very first business application proposed for Bitcoin in the Bitcoin whitepaper, Bitcoin as a network protocol allows for major technological advancements that will improve the world.
Companies to watch
There are already a plethora of Bitcoin businesses that have built applications and services that are changing the way the world does business. Jimmy mentioned a few companies using Bitcoin so that the audience could have an idea of how Bitcoin is being used across a variety of industries. Some of the businesses that Jimmy mentioned were:
BitBoss, a company using Bitcoin to create cashless casinos, allows individuals to use Bitcoin mobile wallets to play casino games rather than using physical chips. Ever since COVID-19 pandemic struck, BitBoss’s cashless solution has been in high demand.
UNISOT is a company that tracks supply chains via the Bitcoin blockchain. Any industry that needs a permanent, non-editable record that is timestamped, verifiable, and secure, can benefit from Bitcoin, which makes BSV a great fit for logistics industries. UNISOT lets its users view all of the data regarding a product’s route in real-time without requiring them to interact with multiple data systems. UNISOT’s first market test was called SeafoodChain, a specialized version of UNISOT specifically for the seafood industry.
EHR Data is a company using the Bitcoin blockchain to reduce the damage being done by the opioid crisis. EHR data uses the Bitcoin blockchain to make any data related to the crisis readily available to all medical participants—rather than that data being kept in separate databases and guarded by third-party intermediaries. EHR Data’s long term vision is to be the company that is processing all prescriptions and doing it via the Bitcoin blockchain so that a patient’s prescription data can easily be accessed by health care professionals around the world.
Jimmy also explained why these revolutionary companies choose Bitcoin SV, rather than a blockchain like Ethereum, to build their business; and that’s because BSV is the only blockchain that has unbounded scaling and no pre-set limitations.
We are seeing an abundance of enterprises build on Bitcoin because it is stable, scalable, secure, and has instant transactions with low transaction fees. These features of Bitcoin allow enterprises to plan and build their businesses with confidence; which is not possible on a hobby platform like Ethereum that can only process up to 15 transactions per second, suffers from transaction fees that exceed $2, and has major protocol changes planned for the future that have the potential to nullify the code and businesses previously created on its chain.
When it comes to building an enterprise level blockchain based solution, the goal should be to increase efficiency and reduce costs; the only blockchain that lets businesses do that at scale is Bitcoin, which is why companies as well as global banks and payment solution providers have been looking to learn more about 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.