Bitcoin is widely credited as the most important invention of a generation. It is already having a transformative effect on business and industries, and it’s only just getting started.
CoinGeek’s Chief Bitcoin Historian Kurt Wuckert Jr. caught up with Moran Pober in a recent interview, to give his thoughts on Bitcoin and the role of digital currency in shaping the next era of innovation in entrepreneurship.
Wuckert started by describing how Bitcoin differs from the Internet. While the two have some similarities, particularly as regards their transformational impact on the global economy and society, there are distinct differences that make Bitcoin, in Wuckert’s view, a more significant technology.
With digital currency, all interactions are permanent and need to be paid for, and thereby less disposable than the Internet. While the Internet will remain a useful tool, the Bitcoin economy means we are all customers and vendors, which makes things very different, changing the nature of the relationship between different parties. Wuckert noted that people will treat others differently when there is an economic connection to the relationship, versus on the Internet, where there is often no exchange of value.
According to Wuckert, Bitcoin is the future of all human connection and global economics, and the most important technology you can learn about for the future. Especially for entrepreneurs, the opportunities posed by BSV enterprise blockchain change the game, redefining what’s possible.
Entrepreneurs primarily stand to benefit from reduced payment friction and increased data integrity through greater use of blockchain and BSV. Rather than relying on trust, the BSV blockchain provides a wholly transparent platform on which to transact data and otherwise do business.
Wuckert gives the example of selling anything, where trust currently plays a role. A used car, for example, relies on trust from the vendor, and from previous owners about its condition, service history and other aspects of the vehicle’s previous life.
With the BSV blockchain however, these scenarios are overhauled, replaced by completely transparent chains of ownership, with transaction data written to the blockchain. This means there is no trust requirement at any stage of the process, making transactions more honest and transparent.
The BSV enterprise blockchain in particular is the optimum platform for building new developments, outperforming any of the other public blockchains in terms of technology. Firstly, it’s a ready to go platform, with no further tech updates or advancements needed—Wuckert says there are no obstacles to building world-defining solutions on BSV right now.
He says there are developers ready and waiting right now to get going—all they need is a whitepaper and a business plan.
Noting that the BSV token has underperformed in recent months, Wuckert says this is irrelevant. While speculators chase after BTC and keep it in a locked box on fears of losing their money, innovators and entrepreneurs are already using BSV to build apps and solve problems, because the platform is there and ready to use for businesses, and with enterprise scale capacity.
Wuckert notes that by contrast, BTC as a token does nothing. Its only value comes from simple payment transactions, but even still, they have to be sizable to justify the potentially huge fees, and can’t be needed quickly, on account of the long turnaround times for BTC transactions. He also points out that it is impossible to build a business model around a variable fee structure that presents the chance of 10x fluctuations—in Wuckert’s view, BTC is extremely overvalued.
As for ETH, he agrees the platform is much more flexible, and a much more robust development environment than BTC. However, ETH is a fundamentally broken network with no scale capacity for micropayments, and isn’t even robust enough to handle usage volumes from the blockchain community, let alone from global adoption.
Only BSV is capable of handling the scale needed for global enterprise use. It is 3000-4000x more efficient than BTC, good for about 50,000 transactions per second. Every test that has been done on the network at scale shows fees go down as volume goes up. BSV blockchain frequently writes blocks of over 100Mb already, with 2000-3000 transactions per second handled in single spikes without difficulty. It is this that makes BSV the platform of choice for entrepreneurs and developers.
Wuckert also noted the use case for governments in adopting BSV enterprise blockchain for their systems, allowing them to reduce administrative costs and improve performance across their economies. He predicted this would see significant uptake, firstly among emerging economies, before ultimately coming round to more established economies in the U.S. and Europe. By reducing costs of doing business over borders, BSV allows countries to focus more on building exports, to the benefit of their economies and societies.
Probed on possible business models of the future via BSV, Wuckert said anything with identity and data verification at its core has massive opportunities for benefiting from BSV blockchain.
He gave the example of the control of medical records, where individuals can choose who gets access to their own encrypted, private blockchain data. The cryptographic keys can be given to anyone who needs access on a short-term basis, and the tools exist to set different levels of access.
With multiple industries ripe for optimization through BSV, Wuckert says it’s now up to entrepreneurs to get their act together, and to get building solutions on the platform for the future, to take advantage of the emerging BSV revolution.
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.