BSV breaking new transaction records is becoming a common occurrence. We’ve reported several times this past year how BSV reached two million daily transactions and even four million in a single day.
Millions of daily transactions are becoming the norm on BSV. The days when a million seemed like a big deal are long gone. These days, BSV is already capable of 50,000 transactions per second. With Teranode on the horizon, even that will seem small by comparison.
What’s driving BSV’s massive transaction volume?
Despite what BSV’s loudest critics say, the chain is far from a forgotten fork of Bitcoin. As the ever-growing daily transaction count shows, there’s lots of development happening on the original Bitcoin protocol. Applications such as games, trading platforms, and others that make use of BSVs’ micropayment capabilities are generating millions of daily transactions.
To take a random day from around a week ago as an example, BSV transactions were made up of:
- The star of the show right now, CryptoFights, was responsible for over three million transactions. This game just keeps going from strength to strength.
- PeerGame, BSVs first on-chain casino, accounted for almost 5,000 transactions. Peer Game has recently released several new BSV casino games.
- RelayX, BSVs leading NFT and token platform, saw over 5,000 daily transactions. Unlike on other chains, BSV NFTs are actually stored on-chain in an immutable way.
All of this is exciting, but it’s only the beginning. BSV is currently doing an average of 116,453 transactions per hour, according to Bitinfocharts.com, but the reality is it’s capable of 50,000 transactions per second and growing. That means that the current transactions on BSV per hour could be handled in around three seconds, and even that’s just scratching the surface of what BSV is capable of scaling to.
TAAL upgrades infrastructure to prepare for 4GB blocks
One way to gain clues as to the direction a blockchain is going is to watch the actions of the biggest players in the ecosystem. After all, they’re best positioned to know what’s coming and to invest (or not) in preparation for it.
TAAL (CSE:TAAL | FWB:9SQ1 | OTC: TAALF), BSVs biggest transaction processor, upgraded its maximum block size limit to 4GB. As with everything else happening on BSV, this shows a trend towards larger data capacity. This will go some way towards unleashing BSV’s true data management capabilities.
Increasing block size limits will allow more transactions inside blocks, which means more fees. Last year, we saw blocks with more value in fees than block subsidies, and bigger blocks will only make that more frequent.
This upgrade indicates that TAAL is preparing for many more transactions than we’re currently seeing. Soon, a few million daily transactions will look insignificant as BSV scales to meet real enterprise demand. TAAL also recently invested in a new 60,000 sq/ft facility. This signals that it is thinking long term.
BSV just keeps scaling and proving the critics wrong
Since Satoshi Nakamoto told them Bitcoin scales almost infinitely as originally designed, critics have been saying he was wrong. That big blocks would fall over, crash the network, and would turn Bitcoin into a corporate-controlled (centralized) system.
Yet, Satoshi told them it would end up in data centers, and he told them it scaled to Visa transaction levels and beyond on release. BSV is proving Satoshi right, and that’s no surprise since he’s a leading figure in BSV today.
In the not too distant future, BSVs critics will fall silent as it scales to tens of millions and then hundreds of millions of daily transactions. They said 2GB and 4GB blocks could never work, and they were wrong. They’ll be wrong again with whatever objections they throw up next.
Developers who are tired of the false promises on Ethereum and the technical issues on Solana should take a step back and realize the truth: the original Bitcoin does it all and then some.
Watch: CoinGeek New York presentation, BSV Blockchain: It’s About Time
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