Interviews 13 March 2019CoinGeek
Jimmy Nguyen: With Bitcoin SV, fees are decided on ‘transparent, auditable’ open market
Despite experiencing difficulties in dealing with centralized payment systems, the e-commerce sector is still heavily reliant on traditional card payment processors. But that’s about to change. In January, payment processing giant Mastercard was fined €570 million ($640 million) over charges that it obstructed merchants from accessing lower fees for cross-border payments, contrary to European Union (EU) laws.
The fine is the product of EU Commission investigations into Mastercard dating back to 2013. It’s also the latest blow for the legacy payments industry, as a growing number of merchants has turned their attention to crypto payments.
He explains, “This fine that the European Union imposed upon Mastercard exemplifies exactly why we have to move to a Bitcoin world, without a central payment processing credit card authority there. The whole issue there was that merchants didn’t get the benefit of the lowest possible fees that were available to them across a single marketplace which the EU is supposed to be, and instead they got imposed with fees that were higher for their particular local marketplace.”
By following Satoshi’s original plan of keeping a stable protocol and pursuing massive on-chain scaling, BSV is on track towards becoming the world’s new money, fulfilling the vision set out in the original Bitcoin white paper—that of a peer-to-peer electronic cash system.
“If you have a world of Bitcoin, where there is no central payment processing authority or credit card payment system in the middle determining what your fees are, and it’s just decided on the open market with miners, you don’t have that problem,” Nguyen said. “You have a free-flowing, global system of peer-to-peer electronic cash where you don’t have to depend on a wire transfer company, a credit card payment system, a payment processing company to set the fees. It’s set on an open market that’s transparent, auditable, verifiable, that’s the global public blockchain of Bitcoin SV.”
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
Interviews 21 March 2019
Could the tech giants be under threat from blockchain?
Fintech and blockchain corporate development specialist Ian Dowson believes that increasing volumes being transacted on blockchains every day “illustrate an increasing robustness” in the sector.
Interviews 21 March 2019
Michael Hudson: Money is just a measure of someone’s time and skill
Bitstocks founder Michael Hudson is making a huge step in helping the world understand crypto for experts and non-specialists alike by launching Gravity.
Interviews 14 March 2019
Jimmy Nguyen: Why nChain has filed so many patent applications
The founding President of the Bitcoin Association Jimmy Nguyen elaborates the nChain position in filing patent applications and what the future holds for Bitcoin SV ecosystem.