To get enterprise level buy in to Bitcoin, you have to go to where big businesses are paying attention. Doing just that, Bitcoin Association Founding President Jimmy Nguyen recently went on Nasdaq’s Trade Talks show with Jill Malandrino and explained how the power of Bitcoin has been unleashed with Bitcoin SV (BSV).
As Malandrino noted, scaling is now the catchphrase when it comes to Bitcoin. Nguyen explained, “Bitcoin has never been allowed to scale the way it was always envisioned to do by Satoshi Nakamoto.” (0:30)
Malandrino then confused block size limits for the limited supply of Bitcoin, which Nguyen quickly corrected, but then went on to explain that block sizes being limited only holds the blockchain back. With no limit on block size, as BSV has now taken on as its driving strategy, there’s no limit on the number of transactions that can be processed, but also the added options to have tokens, smart contracts, bandwidth for the internet of things, supply chain management, and so much more. Nguyen explained the grand vision:
“All of the world of enterprise applications can be done on what we believe should be the single global public blockchain. Just like we operate on a single global public internet, it makes more sense to have one global public blockchain, Bitcoin and Bitcoin SV, rather than a world of 1,000 blockchains, which makes no sense.” (2:05)
The interview then turned to regulation, an important dividing point in the cryptocurrency world. Nguyen told Malandrino that BSV is the regulation friendly Bitcoin. Everyone wants to avoid another potential QuadrigaCX scandal, so a proper application of existing laws, and new laws where necessary, can help the industry improve a lot.
He also pointed to areas where additional regulation is being craved by the industry. Many cryptocurrency businesses have had difficulty getting bank accounts due to bad perceptions created by SegWitCoin (BTC). Regulation that can encourage banks to help legitimate businesses is craved for.
Malandrino then asked why we even need a public blockchain like Bitcoin when existing payment options work. Simply, the world needs greater transparency, Nguyen answered. The public, businesses, banks and government are all better served by a system that can allow for the information the blockchain can serve up, and it can help root out criminality and corruption, if we let it.
So of all the public blockchains, why BSV? Scaling is the answer, Nguyen responded. Only BSV offers blocksizes as big as 128MB, with plans to completely remove limits at some point down the road. He then listed off the number of projects who’ve already benefited from the increased limits on blocks, like weather data for insurance purposes, smart contracts for travel insurance, land title registries and voting certification.
The challenges to BSV, as Nguyen told Malandrino, are in two areas. First, the perception of Bitcoin has been sullied by the criminality that came to BTC when it deviated from Satoshi’s vision. He’s working very hard to change that perception now that BSV is pursuing a regulatory friendly strategy.
Secondly, onboarding new developers needs to be easier, and Nguyen shared some examples of how that’s getting better, like Unwriter’s recent developments, which will allow new developers to jump in and not have to figure out every bit of code for themselves.
Overall, Nguyen developed a compelling message that with BSV, enterprises now have a solid option to build their business plans on for a blockchain future.
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.