The Founding President of the Bitcoin Association, Jimmy Nguyen, recently made an appearance on Nasdaq’s Trade Talks. Jimmy explained to the show’s host, Jill Malandrino, why SegWitCoin (BTC) has failed to fulfill Satoshi Nakamoto’s original vision for Bitcoin and why Bitcoin SV (BSV) is the only Bitcoin project that has the scaling ability needed to create a global payments system.
— TradeTalks (@TradeTalks) August 16, 2019
“So Bitcoin Core (BTC) essentially artificially crippled the network. That is why Bitcoin SV emerged to reclaim the vision for Bitcoin to be an electronic payments system,” he stated.
Jimmy explained the crippling challenges that BTC has been unable to address, one of which is its high transaction fees. “Just today I checked, it’s about $1.40. At the end of May it was about $4. At peak periods, it’s hit $40. You can’t have an electronic cash system, no one will use it, if it costs that much,” he explained.
BSV enables micro-transactions by ensuring that it has the lowest fees in the crypto industry. With fees below 1/5 of a cent, users can make day-to-day transactions conveniently.
Jimmy also explained how BSV is reclaiming Satoshi’s original vision, with scaling being one of the biggest differentiators. While SegWitCoin has continued to cap its block sizes at 1 MB, BSV recently underwent the Quasar protocol upgrade which lifted the block size hard cap to 2 GB. This enables massive scaling, which is a necessity for any project that seeks to rival the legacy systems such as Visa and Mastercard.
“That means, right now, we’re having blocks that allow about 1000 transactions per second comfortably, and at the full 2 gigabytes, 9,000 to 14,000 transactions per second. Next February, we’re lifting the cap entirely and letting the network decide what is necessary for block size for market forces.”
And while some crypto enthusiasts have described this as the end of the established financial system, Jimmy believes that banks and payment services providers still have a role to play in payment processing.
Further, Jimmy highlighted the emergence of broad use cases of the BSV blockchain beyond just payments. Due to its ability to scale and low fees, plenty of developers have been creating applications that rely on the BSV blockchain as a data ledger. This is one big difference between BSV and other Bitcoin projects which are only good as stores of value. Some of the outstanding applications currently running on the BSV blockchain include social media app Twetch and UptimeSV, a platform that allows users to earn BSV by contributing their computing power to test website uptime and downtime. UptimeSV was the winner of the inaugural BSV Virtual Hackathon.
This wasn’t Jimmy’s first time on Trade Talks. In June, he appeared on the show and explained the power of BSV’s scaling as well as the need for clear regulation.
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