The CoinGeek Seoul conference started off with plenty of energy, as Bitcoin Association Founding President Jimmy Nguyen took the stage to deliver the opening speech, “Bitcoin SV: It’s Time to Build.” Attendees were treated to a quick summary of what Bitcoin SV (BSV) is all about, and an inspiring call to action to start the day.
Nguyen began his introduction by welcoming the crowd, and outlining what everyone was there to do. “Thank you for joining us here in the electric city of Seoul, as we gather to continue building the future of money, the future of blockchain, and the future of digital technology, all made possible by Bitcoin’s original design and protocol back finally in the form of Bitcoin SV, BSV,” he began.
After running through the impressive accomplishments of humanity over the ages, Nguyen turned to the ingenious invention of Bitcoin. But the custodians of that technology failed it for so long, he told the crowd, because BTC’s network “artificially crippled, artificially limited, literally, the blocksize and data capacity of the network so that Bitcoin could not fulfil its true potential to become the world’s data ledger for all enterprises.”
But as BSV has returned the original vision of Bitcoin to the world, the crowd in Seoul have the task to build out innovations only made possible by Satoshi’s vision. “That’s what we’re going to be building on Bitcoin SV, the very best blockchain for miners, developers, enterprises, merchants and everyone.”
The barrier to this vision, as the Bitcoin Association President explained, have been tiny blocks, incapable of handling the number of transactions the world’s businesses need. “So the Satoshi Vision, and what we have in Bitcoin SV is really simple, really simple my friends: Unlimited scaling! Big blocks!”
Nguyen continued to break down the problems with BTC, keeping it from being the Bitcoin the world needs. Fees are too high, transactions become congested, and it’s incapable of being anything other than a store of value, all because of its insistence on small blocks.
He then turned to Ethereum, which hoped to be a better data system, but also can’t handle the volume the world requires.
But because of a belief in Satoshi’s vision, Nguyen is confident Bitcoin is the solution. “We believe in the original design of Bitcoin and what it’s capable of doing, and one of the best things it’s capable of doing is enabling micropayments and micro transactions.”
He then discussed Bitcoin’s path, from its November 2018 hard fork to its current block limit of 2GB. Users and businesses are responding by using that space, with large blocks becoming a “non-event,” they’ve become so routine.
The future, Nguyen explained, is an unlimited scaling capacity, with the only limits being decided by what miners are willing to take in. This will mean better rewards for miners, who will reap the transaction fees loaded in to every block. Block reward halvenings will no longer pose a significant risk to mining income. “We want a network, a monetary system of Bitcoin SV which is stable. Which has true value, based on true utility, not speculative trading, and it requires organic growth.”
Nguyen then outlined the reasons BSV is proving to be the most attractive blockchain for enterprise application. It’s ability to scale, provide transparency, consistently low fees, global distribution, regulative approach, and many other reasons, make it far superior in every way to the alternatives.
He also touched on the MetaNet, which promises to make BSV the new data carrier network of the world. As Nguyen explained, Bitcoin is made up of two root words: Bit, for data, and coin, for money. “So Bitcoin is simply data with monetary value.”
Before wrapping up, Nguyen then talked about all of the amazing development already happening on the BSV blockchain. Hundreds of companies are building with BSV, many of which were in attendance and ready to speak at CoinGeek Seoul.
Many of those companies are helping to embody the “earn and use” mantra of BSV. Rather than become a store of value, BSV is exemplifying the spirit of Satoshi’s whitepaper by fostering real utility for digital currency.
Nguyen wrapped up with a motivational call to action as CoinGeek Seoul really kicked off:
It’s part of our human condition, and our human experience to always want to build something bigger, better, that improves us. That changes the nature of who we are and what we can do. Humans have always had that need to create and build.
We build monuments to the sky. We build walls to protect. We build places to gather. We build gifts to friends. We build statues of liberty. We build metropolises. We build bridges and highways to transport us. We build towers of business. We build escalating marketplaces. We build architecture that inspires, and then we build technology.
We build new ways to compute. We build a medium to broadcast. We build new methods to communicate and transmit information. We build a truly global online network. We build new value to data. We build new ways to handle money, new ways to pay, new ways to shop, a whole new world of ecommerce. We build new systems to interact with the environment around us. And we build a dazzling array of digital services that connect the entire globe.
And then one day, someone ingenious builds something truly amazing. A new peer to peer electronic cash system: Bitcoin, blockchain, a technology platform to build everything. And Bitcoin’s original design, Satoshi Vision, is back here on fire with Bitcoin SV. It’s time to build. What will you build?”
If you’re not at CoinGeek Seoul but want to watch the action, don’t forget that CoinGeek is offering a livestream of the event so you don’t miss any of the speakers or big announcements.
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.