Bitcoin SV shows potential to restore the original version of Bitcoin: Sydney IferganDecember 14, 2019
The launch of Bitcoin SV is undoubtedly a landmark chapter in the journey of Bitcoin. BTC was initially developed with the vision of a wonder coin that can make payments and money transactions faster and more affordable worldwide. But somehow, Bitcoin started to lose out on its prospects needed to reach its full potential over time. It started to significantly steer away from its original ethos as stated in the legendary whitepaper drafted by Satoshi Nakamoto himself. And this is where BSV came to the rescue.
Well, if you ask me, BSV launch was the need of the hour. It’s the only coin that will be able to restore the original mission and vision of the Bitcoin whitepaper and help Bitcoin protocol to reach its full potential. Not only Bitcoin but Bitcoin Cash too has failed to live up to the vision of Bitcoin whitepaper which led to BCH split in November, 2018, led by eminent computer scientist Craig S Wright & business tycoon Calvin Ayre. The moot point of the split was to form a new coin (Bitcoin Satoshi Version) that will actually uphold the original mission of Bitcoin.
How does BSV show promise?
It represents the BTC protocol
As per Nakamoto’s statement, the protocol or core design of Bitcoin was “set in stone” for lifetime with the launch of its first version. If the protocol is changed, the coin will lose out on its potential to be a credible system for financial payments & blockchain applications. There are two things to note here- protocols and ticker symbol. Protocols carry more weightage than ticker symbols. It’s the protocols that steer the economic value and determine technical superiority in between diverse blockchains. Ticker symbols can’t determine technical superiority or economic value. It can only help to identify the original Bitcoin on exchanges. BTC has kept its original ticker symbol and the name but it has deviated from its original protocol.
Protocol developers using BTC ticker symbol forked off of original BTC protocol and took their ticker symbol while integrating Segregated Witness into their node software on 1st August, 2017. It’s the very date when BCH was officially launched. No wonder, BCH has ceased to be able to restore the original version of BTC.
But BSV was a protocol fork and not a ticker one. In reality, BSV is the only coin which duly represents the legacy of both the Bitcoin protocol and the original Bitcoin.
True enterprise blockchain
According to nChain CEO Jimmy Nguyen, Bitcoin SV represents the true enterprise blockchain. According to original Bitcoin whitepaper, to realize its optimum potential, Bitcoin needs to be supremely scalable and be able to facilitate billions of transactions per second. And that’s only possible if enterprise solutions can be built on BTC blockchain. But Bitcoin got stuck to a very limited block size (1 MB) which dampened Nakamoto’s vision of superior scalability.
On the other hand, Bitcoin SV currently sports a massive 2 GB block size and will soon graduate to no-limit block size in 2020 to encourage further scalability. At present, it allows 400-800+ transactions per second compared to BCH’s 150-160 and Bitcoin’s 3-7.
Versatile use cases
The superior salability donned by BSV automatically shows the prospect of massive and faster transactions at affordable rates- the main essence of original BTC protocol. All these attributes make it a perfect tool for an easy P2P electronic cash system which Nakamoto envisioned about Bitcoin. BTC is hardly a regular payment coin today and has turned into mostly a reserved currency. But Bitcoin SV will help to fill the gap here.
But BSV’s use is not just limited to being an everyday payment system. For example, it can also be used to make the supply-chain management system more transparent, traceable and secured thanks to its decentralized ledger. Then, it can be deployed in chain of title in real estate dealings. Its transparent public blockchain will help you to keep better track on title searches. And there are many more possibilities to explore with Bitcoin SV.
Bright future in coming years
At present, Bitcoin SV is the 9th largest cryptocurrency with a fast rising price structure. The current price of the coin is $92.880 and its about to cross $160 within a year. The coming years show promise and you may expect to a witness a whopping +330.98% rise in the next 5 years with a five-year investment plan in the coin.
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