In this series, we interview actual users of Bitcoin SV (BSV) applications to understand which applications they use, their pain points, and what is needed moving forward to scale and reach mass adoption. This series intends to learn the thoughts of those with “boots on the ground” instead of just entrepreneurs and developers.
What is your favorite application built on Bitcoin, and why?
Mageta: Narrowing it down to a favorite is rough, but I think I’d go with what the team behind Haste Arcade has built. The idea of an arcade that pays out its top players is such a cool idea. I’ve explained it to a few friends and family, and it always piques their interest. I really think they’re on to something over there.
What application(s) do you use on a daily basis and why?
Mageta: Probably Twetch. Trying to do more with LaMint and RealWorldPodcasts. Each of these offers a way of monetizing your content, and it’s something I’ve found to be pretty unique with BSV. I had used Twitter and Instagram, and YouTube for years and never made a dime. These services, however, are turning those business models on their heads, and it’s something I’ve been actively exploring.
How long have you been a digital currency user?
Mageta: I started using BSV once I started earning it. Pretty sure this was at/around November 2021 (when I made the Mageta Twitter account). Never really used it before that. I thought cryptocurrencies were more like stocks until I saw BSV in action.
What other digital currencies do you use, if applicable?
Mageta: I’ve dabbled in other currencies here and there, but I’m only using BSV.
What do you think the Bitcoin SV space needs the most?
Mageta: Offramps and more ways to use the currency. 100%.
Are you still bullish on the BSV price?
Mageta: Honestly, price isn’t really a factor for me. I mean, yeah… I’d be happy if what I had doubled overnight, but I find myself using BSV at $44 just the same as I did when it was $88.
What overall impact (positive, negative, neutral) do you feel that Craig Wright and Calvin Ayre have on the space?
Mageta: I really don’t pay much attention to these two.
Do you believe BSV needs better marketing? If so, why?
Mageta: Better marketing will always help, sure, but better marketing isn’t what I think is needed right now. We need products/services that simply keep building no matter what the price is, or what the market is saying, or what is/isn’t being hyped (think Twetch, HandCash, Haste Arcade, RealWorldPodcasts, etc.). The grit and perseverance behind these teams is admirable and is something better than marketing. Without them, what is there to market?
What are your pain points and frustrations when it comes to using applications that integrate Bitcoin SV?
Mageta: I think my biggest frustration is the need to have a different wallet for nearly everything. A new person wanting to sell their NFTs will have to use services like RelayX, TakeIt, and/or FabriikX to mint their stuff. Each of these requires a different wallet. Then, if you want a Twetch/Rare Candy NFT, you’ll need to get the Twetch wallet. I’ve been around so I pretty much just accept this, but when trying to onboard new people, people who are more familiar with being able to log in to everything with their email address… the need for 2 or 3 or more wallets is kind of a bummer.
What is the biggest risk, in your opinion, to Bitcoin achieving mass adoption?
Mageta: I think many people are still looking at crypto as a pseudo stock market in lieu of digital currency. People want to get rich quick and take that ‘rocket to the moon,’ so they buy low to sell high. Mass adoption of BSV—to me—doesn’t mean I’m now rich. It means I can spend this currency in many more places than I used to, and it’s even easier than before. I think people are still stuck in that “get rich quick” mentality, and until that changes en masse, Bitcoin won’t be achieving mass adoption.
What is a hot take you have on the space?
Mageta: People will start to see the beauty in using bitcoin for everyday services. The price won’t rocket but it will stabilize as more and more businesses offer to take BSV as payment. These businesses can cash out into the currency of their choice. HandCash will have a big part to play in this.
Why did you choose BSV to mint NFTs for your artwork vs. Ethereum or Solana, or another blockchain?
Mageta: I was introduced to the community by someone already in the BSV space. I was hesitant to even get started, but he showed me how I could make money with art and how it simply just worked. I was pretty enthralled by it and jumped in. I’m having fun in BSV and not really interested in trying anything different just yet.
Thank you, Mageta, for taking the time to answer my questions. I hope the readers understood more about the space from a daily users’ perspective.
This article was lightly edited for grammatical purposes.
Watch: The BSV Global Blockchain Convention presentation, Buzzmint: Elevating NFTs
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.