CoinGeek Bitcoin Historian Kurt Wuckert Jr. continued his full-length discussion on the Mapping The Course show, as he sets out the benefits of the BSV enterprise blockchain over any other implementation of blockchain.
Speaking about BTC, he said that there was a fundamental problem with BTC as a store of value that many people simply fail to recognize. If BTC suffers a drop in hash rate, it becomes less secure and less usable—and there’s nothing any individual can do about it. This creates a constant existential threat to the network, where you never know how much of your value you will be able to spend in future. The transaction fees will constantly fluctuate, so value stored in BTC is actually the value of the miner, eventually.
BSV by comparison has a very low hash rate. Large volumes of transactions can happen regardless of the price of the coin. The transaction fee with every transaction with BSV is only a fraction of a penny, vs $15 or more with BTC. Yet with the larger block sizes supported by BSV, this can actually still deliver much bigger fees. As the mining rewards continue to halve in BTC, fees will provide an ever greater incentive for miners, becoming ever more crucial to their viability. This is expected to push BTC fees ever higher, which will ultimately make it unusable for any serious practical use case.
Contrast this with BSV, where you can have a terabyte block with 400 or more Bitcoin as fees. The price of BTC will go up forever and people will have to pay increasing fees, but BSV solves this problem.
On the vision of BSV, Wuckert said it is about rebuilding the internet with Bitcoin, and making it the underlying communication layer of the whole internet.
He said that when Satoshi first implemented bitcoin, it came with a full stack, with loads of opcodes and functionalities—many of which were never used at all. Inside the original protocol were things to build online poker games, or functions to run online chat—many little pieces of code that demonstrated what could be done within the protocol. But as it was launched, people were instantly attracted to the idea of the ‘coin’ side, rather than the bit side, effectively sidelining the technology, and neglecting many of its core features.
As soon as Satoshi set Bitcoin free, Wuckert said people started to get rid of all the other stuff, and began to focus only on the coin. They shut off many of the opcodes, deprecating all of these other cool features. At the time, Wuckert said this was acceptable, because no one wanted to do anything other than send coins on the network. In those early days, no one built anything on top of bitcoin, so their concerns were limited.
In 2014, Wuckert recalls Dr. Craig Wright showed up at a Bitcoin meet-up in Australia. No one knew who he was, but he came with a knowledge and insight that was far beyond current thinking in the space. He gave interviews claiming he was going to rebuild everything on Bitcoin, at a time when everyone else was saying Bitcoin was just digital money. Here Dr. Wright demonstrated the vision of the whole ecosystem, as set out in the whitepaper.
Today, BSV is rebuilding Bitcoin in Satoshi’s original vision, restoring all of the features and functions that were intentionally deprecated over the years. With Dr. Craig Wright determined to bring his vision back to the forefront, BSV enterprise blockchain is the vehicle for taking the technology to the global mainstream.
Watch Part 1 of Kurt Wuckert Jr.’s interview on Mapping The Course:
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.