Why we are locking our bitcoins, Joshua Henslee speaks his mind

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Locking bitcoins has been a hot topic in the BSV blockchain recently. On September 12, Bitcoin thought leader and developer Joshua Henslee released his second video on the subject, voicing full-throated support for the notion. In this video, Henslee explains why he thinks locking coins is a good idea and what tool he’s using to do so.

HODlocker

Henslee notes that this is his second video on the subject of locking coins. However, unlike last time, there’s now a live application that allows him and others who wish to lock some coins up to do so—HODlocker.com

With this app, there’s a leaderboard so people can see who has locked the most coins. However, there’s a temporary 21-coin limit right now, Henslee explains.

The RelayX Wallet is supported, but theoretically, any wallet could be used. There’s a feed on the homepage where users can post when they lock up their coins. This gives the app a social element. Henslee predicts this will get even more interesting once images are introduced.

While some people will say this is nothing new, Henslee disagrees. Saving money in a public forum like this has never been done as far as he is aware, and it’s generating interest from outside the BSV blockchain, such as in the BCH community.

“Nobody can get rugged,” Henslee says. As long as the person locking up the coins is in possession of their own keys, they are in control, and they determine the block height at which their coins will be released.

Open, interoperable protocols are important

Henslee then talks a little about the main topic of Dr. Craig Wright’s Bitcoin Masterclasses #7—that anything built on Bitcoin must be open and interoperable.

Private chains make no sense, Henslee rightly says. There’s nothing they can do that a SQL database couldn’t do better, and the whole point of Bitcoin is that it’s open and interoperable.

HODlocker is only possible on the BSV blockchain. Due to stripping out the script, it won’t work on BTC or BCH. Henslee predicts there will soon be other apps like it, but for now, it’s leading the way and generating lots of interest. He expects that when the 21 million coin cap is launched, many people will lock up more coins.

Will this app take us out of the rut we’ve been in and give BSV blockchain some momentum? Henslee doesn’t know, but he’s excited. He calls it the most interesting thing to happen in a long time, and by the number of coins being locked, clearly, more than a few people agree.

Will the HODlocker drive the price of the BSV token up? Henslee thinks so, and he reiterates his stance that this is a good thing. He doesn’t buy the theory that a low BSV token price doesn’t matter—price generates interest, and more people will come and use BSV blockchain apps and services once they discover the ecosystem by buying the coin.

Henslee wraps up by saying the best is yet to come. He believes we’ll see a huge influx once the 21-coin cap is lifted and images can be posted to the feed.

Roundup of this Joshua Henslee video

• Locking coins as a costly signal has been an ongoing debate within the BSV blockchain community. Some are for it, and some are against it. Henslee is very much for it.
• Henslee tells us that HODlocker.com is now live. This is an app that allows those who want to lock their coins up to do so until a specific block height is reached.
• The app is generating lots of interest despite some temporary limitations. Users remain entirely in control, and as long as they have their keys, they can’t be rugged.
• Henslee thinks this is the most exciting thing to happen in the BSV blockchain for a long time. He predicts it will get bigger, which will cause the BSV token price to appreciate due to demand.

Watch: CoinGeek Roundtable Episode 4 – Open Social Protocols