The Bitcoin Vision: Episode 6

The Bitcoin Vision: Episode 6

A laid back Founding President of the Bitcoin Association Jimmy Nguyen brings us this week’s edition of the Bitcoin Vision. But don’t let his demeanor fool you—the excitement continues to build in the Bitcoin SV (BSV) ecosystem as more developments are being rolled out on the Bitcoin blockchain.

This week, we dig into the latest scaling developments from the Bitcoin SV node team, Bitgraph, the new Python BSV wallet SDK, a developer documentation series from the Money Button team, and the latest Wright Vision from nChain Chief Scientist Dr. Craig Wright.

“It’s amazing to see how rapidly this ecosystem is growing as people around the world collaborate to create the world’s new money and global enterprise blockchain,” Nguyen said.

The big news on the Bitcoin SV Scaling Test Network (STN) is the successful test of continuous 128MB blocks over a period of 36 hours. The rest ran from midday on March 7 to midnight of March 8, producing 246 blocks of 128MB in size. The blocks, according to BSV Node lead developer Daniel Connolly, contained 89 million transactions with an average size of 354 bytes each, which is equivalent to 700 direct cash transactions per second over the entire test period.

These results are on a test network for now, but lay important groundwork for future testing on the BSV mainnet to achieve similar results. 

Meanwhile, recent reporting from Coin.dance showed the steady growth of BSV block sizes since OP_RETURN data size limits were lifted.  BSV daily average block sizes surpassed BCHABC two weeks ago, and are catching up to BTC fast.

Speaking of OP_RETURN, the WhatsOnChain team has been tracking statistics about use of the OP_RETURN field, now that it has an increased data size limit. This means that you can now search OP_RETURN transactions and see what services are using OP_RETURN. Check it out here.

Moving on to Bitcoin applications, Bitcoin developer Unwriter recently introduced Bitgraph, an interactive visual graph explorer for Bitcoin. This tool allows users to navigate the entire Bitcoin transaction graph, all the way back to the genesis block.

There’s also the impressive new Pythonbsv wallet SDK and a general Bitcoin SV library. It’s the latest Bitcoin SV project to be added to the BSV/DEVS directory. It features Python’s fastest available implementation, 100x faster than closest library.

Speaking of BSV developer tools, Ryan X. Charles and the Money Button team. Money Button have created a documentation series that details everything you need to know to build apps on Bitcoin SV, with or without Money Button. The first three they rolled out were on Big Numbers, points, and hash functions–another example of the BSV community’s commitment to support the growth of BSV, and show that Bitcoin SV is the clear choice for enterprise adoption.

For this week’s the Wright Vision, nChain Chief Scientist Dr. Craig Wright wrote about “Profiting from Privacy – Social Media Platforms.” He outlines the problems that sites like Facebook and Reddit have with their outdated business model of selling user data as a monetizing strategy.

Watch The Bitcoin Vision: Episode 6.

While you’re at it, also check out the previous episodes of The Bitcoin Vision here.

Unwriter announces Bottle, a Bitcoin browser

Unwriter announces Bottle, a Bitcoin browser

There’s a new way to browse content on the Bitcoin SV (BSV) blockchain. Anonymous developer Unwriter has announced Bottle, a Bitcoin Browser. Available for Mac, Windows, and also available on GitHub, Bottle allows users to surf content on the Bitcoin network.

Announced in a March 21 tweet, Unwriter notes that Bottle is capable of surfing anything saved to the BSV blockchain, including images, texts, HTML, JSON, Javacript and CSS.

He explains why he built it in the following passages:

“HTTP is the protocol for the old world, the server-client based cloud paradigm.

“By moving away from HTTP and authoring everything in a Bitcoin native way (using Bitcoin transaction ids and content hashes) we can build a completely self-contained network of documents which can exist forever on the blockchain.”

Bottle is capable of accessing the B:// and C:// uniform resource identifiers (URIs), which allows it to browse transactions as addresses and content addressed URI schemes based on file contents, respectively.

Much of this can already be accomplished with existing blockchain tools, but Unwriter explains that we need to break away from old mindsets. “Instead of thinking from the old WWW mindset, we should think from a Bitcoin-native mindset,” he wrote.

The browser is powered by Electron, so it already has access to powerful BSV features, as well as the typical browser features you would expect.

Unwriter also noted that he released this new browser earlier than he normally would have with his other works, specifically so that it can grow and evolve to the needs to the community. He’s welcomed feedback through GitHub, and has already responded to questions and cheered on developments on Twitter.

With this new app, Unwriter is making it easier for developers and users to fully embrace the BSV blockchain, and start walking away from the world wide web. It will still take some time to discover what applications this will prove most useful for, and to see the full potential of what developers can do with it, but getting started down that road is an exciting prospect.

Crypto market daily report – June 11, 2019

Crypto market daily report – March 22, 2019

The cryptocurrency markets began a steady decline as of Thursday afternoon with most coins losing a considerable amount of value and the ones that had shown positive movement over the past few days practically erasing all their gains. It seems that the markets are destined to remain stuck for a long period with no real recovery on the horizon. Bitcoin Core (BTC) dropped below the $4,000 mark and was trading at around $3970 at press time on Friday on vastly increased turnover indicating a possible sell off. Bitcoin SV (BSV) was also down by around 1.5% to just over the $65 mark.

Ethereum (ETH) was also down although by just under 3% to the $135 level having dropped even below that mark at press time on Friday after which it staged a small recovery. Other coins also saw declines with Ripple (XRP) finally ceding the $0.31 level and EOS also dropping down by around 4% to the $3.60 mark. One of the few outliers in this sea of red was Cardano (ADA) which saw its stock increase by around 5% to the $0.056 level. Conversely BCHABC was down by around 5% to the $151 level having lost almost 10% over the past few days.

Other larger cap currencies also saw their stock decline with Stellar Lumens (XLM) dropping by another 5% on the back of Thursday’s 7% slide to settle at the $0.105 mark. Litecoin (LTC) was down by 3% to the $58 level whilst NEO was down by a similar amount to just below the $9 mark. IOTA also showed positive movement up by around 5% to the $0.311 mark, no doubt on the back of a recent development where the cryptocurrency can be used to pay at major coffee shops.

Smaller market cap currencies had a mixed performance with Ethereum Classic (ETC) continuing a steady rise to the $4.85 level—another 3% increase. Other currencies saw considerable declines with ONT down 9%, FET down 7%, BTT down 5% and ICX down 6% overall.

Money Button CEO: How to upload large files to Bitcoin SV blockchain

Money Button CEO: How to upload large files to Bitcoin SV blockchain

When Steve Shadders and his team unleashed OP_RETURN, increasing its maximum size to 100KB, the Bitcoin SV (BSV) community took advantage and started uploading a torrent of image files using services like Bitstagram. Even though that has allowed users to do so much already, Money Button CEO Ryan X Charles is now ready to show us how we can upload even better pictures to the BSV blockchain.

On March 21, Charles tweeted that there’s now a more reliable method to upload large files, including pictures, to the blockchain. He links to a BitPaste article, which shows 12 examples of large image files uploaded to the blockchain, and a link to a YouTube video that explains how the process works.

The process works by uploading multiple files, which will then be combined to create the larger upload. Each upload to the blockchain incurs a transaction cost. Uploading a 100KB file or image costs roughly $0.07 at the moment, so as Charles explains, a 5MB image or file will cost roughly $3.50.

The Money Button team has created a new tool to accomplish UTXO splits, called ‘Raise Speed Limit.’ This allows the user to sign hundreds of transactions at once, which will then allow writing to the blockchain. In Charles’ demonstration, the tool signs 250 transactions in 45 seconds.

Once the transactions are confirmed and a new block is created on the blockchain, the user can upload their file using the add.bico.media site. After the file is dragged to the screen, money buttons are created, which can be swiped to put each piece of the file on the network.

Then, using bico.media, the user can find their file. The 5MB file that Charles uploaded in his YouTube video can be found here.

The Money Button CEO notes that the BSV blockchain is reserved for high quality images that are worth the cost of uploading, which is an important point to make. The blockchain is immutable, storing files indefinitely, so you want to make sure that whatever you are putting there is worthy of the BSV blockchain, and worth the cost.

It’s still not perfect. Charles admits that the user experience could be friendlier, but considering we’re only a couple of months into the new age of increased OP_RETURN file sizes, the amount of app development seen has been astounding.

Canadian Billionaire Calvin Ayre Brings Popular CoinGeek Conference on Cryptocurrency to Toronto May 29-30

Have BSV, will travel – to Toronto

CoinGeek’s Toronto conference in May is offering an amazing deal. Pay in Bitcoin SV (BSV) and save yourself enough for a night on the town. Yes, there’s a discount of more than a third of the price – CAD$150 off the CAD$399 ticket – just for paying in the original Bitcoin.

And CoinGeek has made it easy to pay. Just register your details as you head for the checkout, to take advantage of this special bonus offer. When you’re paying, instead of the usual credit card option, just pick the button for BitcoinSV via CoinGate.

When you’ve agreed to the terms and conditions and clicked Place order, you’ll find that, with a little help from our friends at CoinGate, you’re given the price in BSV – currently an absolute bargain at only 2.763289 BSV.

Then comes the crypto magic: use the QR code or copy the address to send your payment. It’s as simple as that. You’re saving money, transaction fees and time – you won’t have to wait for your next credit card statement.

The Toronto conference will be celebrating the achievements and the incredible potential of Bitcoin SV, so it wouldn’t make sense for its organisers not to “eat their own dog food”, as they used to say in the world of Internet startups.

So whether you’re a BSV newbie or an old hand, take advantage of your access to BSV, to save some money – and prepare yourself for the future.

Sydney Bitcoin SV meetup goes international

Sydney Bitcoin SV meetup goes international

The second Bitcoin SV (BSV) meetup in Sydney, Australia, was held on March 17 to a backdrop of extreme rain. The weather kept some from attending, but overall it was a successful event, according to its organizer, Jeff Guy. Guy took the opportunity to introduce a new idea to BSV meetups and he is hopeful that it gain traction with similar meetups around the world. 

Guy has created a #BitcoinBuddy system between different BSV meetups through which different meetups team up, much the same way certain cities have “sister cities.” I reached out to Guy to get more details and this is what he shared.  

The “Sydney Bitcoin SV meetup (Australia) group & Haarlem Bitcoin SV meetup (Netherlands) group are the first to team up to be motivational and inspirational for each other and the whole Bitcoin ecosystem.” 

Guy adds, “I first posted on Twitter a business (Bar Wolkers)/in the Netherlands was accepting BSV & then others in the Bitcoin space saw this & decided to go there for coffee. Eric (@eolio76) & Donald (@disco_donald) & Alex (@alex_fauvel) then formed the Haarlem Bitcoin SV meetup (@BSV_Haarlem), I proposed the system to them & it went from there.”

The Sydney BSV meetup is relatively young—only two meetings have been held so far. Both have been successful, despite the foul weather at the most recently-organized meeting. However, the idea is grabbing hold around the world and new BSV meetup groups are constantly being introduced. There are now a number of cities where the meetups are held and the #BitcoinBuddy system would be a great way for all of them to interact and spread the BSV message even further.

At both meetups, the HandCash POP payment device, a mobile solution that facilitates BSV payment transactions, was on hand and was put to good use. Guy explains, “The POP system is still in development but works smoothly and transactions are instant from the customer via the device to the default HandCash wallet set up on the device.”

Guy maintains a blog at www.bitcoinmeetup.net/sydney so interested BSV fans in the area can see what’s going on and make plans to attend future meetups. They meetups are a great way to understand what is going on in the BSV ecosystem and see what new and exciting developments are being introduced. 

IPayYou embraces Bitcoin SV

IPayYou embraces Bitcoin SV

While many retailers are still reluctant to embrace cryptocurrencies directly, there are a number of methods that allow crypto fans to use their holdings to make purchases. One of these is IPayYou, which facilitates the purchase of gift cards with merchants such as Amazon through crypto and the platform announced earlier this week that it has now added support for Bitcoin SV (BSV). 

In a tweet from March 18, the company announced the support, stating, “@iPayYouWallet is the first and only #BitcoinSV wallet that allows you to transfer your #BSV value to http://Amazon.com with a simple, easy click-of-a-button. Brought to you by the former executive of http://Amazon.com – https://wallet.iPayYou.io/bsv/direct #MakingBitcoinSimple.”

Users can add funds to their IPayYou wallet and use the funds to purchase gift cards to retailers such as Amazon, Best Buy, Starbucks, eBay and more. There is also an option to purchase a Virtual Private Network (VPN) for added security when traveling on the Internet. 

Users can also earn money by purchasing gift cards and selling them to the site. Additionally, the company will eagerly purchase any unused gift cards currently in someone’s possession. IPayYou announced last week that it “just added a new option to monetize your Amazon gift-card balance with Earn Bitcoin – *Physical Cards*! You may now send us Physical or Digital gift-cards and we pay you #BTC #BCH #BSV – same day! Same terrific service with fast payments. https://wallet.iPayYou.io/earn.”

According to the company’s website, it offers the first crypto wallet with an integrated shopping feature. It explains, “iPayYou is the first digital currency wallet that has integrated shopping in order to make your Bitcoin useful to you. Bitcoin is meant to be earned and then spent in ways that improves your life. We help you accomplish both. No more looking throughout the web to find merchants that accept Bitcoin. No more trying to figure out how to copy-and-paste addresses and amounts. We make shopping easy and fun – the way Bitcoin was designed to be spent.”

Only Bitcoin Core (BTC), Bitcoin Cash (BCHABC) and BSV are supported. The inclusion of BSV shows its increased popularity and continued position as the true legitimate Bitcoin. It is the only digital currency that still follows the original Satoshi Vision and complies with all the criteria to be rightfully considered as a digital alternative to fiat. 

Crypto market daily report – June 11, 2019

Crypto market daily report – March 21, 2019

The cryptocurrency markets remained on a relatively stable footing on Thursday morning at press time, although there were a few notable exceptions. Bitcoin Core (BTC) was constant at just over the $4,000 mark and seemed to be holding well at that level. Ethereum (ETH) was also up by around 1% and was close to the $139 mark, appearing to make a push towards the psychologically significant $140 price range where it could be in for another substantial increase.

Other coins with larger market caps also had relatively positive trading over the past 24 hours. Ripple (XRP) was minutely up to the $0.316 level having even gone over the $0.32 mark at one point on Wednesday afternoon, but the price did not hold and it slipped back once again. EOS was stable at the $3.70 mark, whilst Litecoin (LTC) once again started flirting with the $60 level having gained around 1.5% to trade at $59.80 at press time.

Cardano (ADA) was up by 3.6% to the $0.532 level and appears to have consolidated considerably at that mark as it was looking to begin attacking the $0.06 level—a price not seen in months. Stellar (XLM) was basically the only negative mover in the top 10 as it was down by 1.5% to just below the $0.11 level. NEO was up by 2.5% to the $9.28 mark, whilst IOTA rose a small 0.6% to the $0.296 level.

Bitcoin SV (BSV) was stable at the $66 price level, whilst BCHABC was slightly up to the $158 level. Of those currencies with smaller market caps, there was a huge jump on the part of ONT which rose by a massive 25% to the $1.36 level on the back of a considerable rise in turnover. Other coins which also saw considerable jumps included ONG, which was up by 6%; VET was up by 4.5% and Ethereum Classic (ETC) which saw a more modest 2.5% increase to the $4.71 level. WAVES, BAT and NULS were also up by around 2-3% overall.

Michael Hudson: Money is just a measure of someone’s time and skill

Michael Hudson: Money is just a measure of someone’s time and skill

Michael Hudson says he founded Bitstocks in 2014 to help the “everyday investor” understand cryptocurrencies. That meant trying to “get rid of all these nerdy, geeky terms” and offering advice to people who want to gain access to crypto markets.

This year he’s launching Gravity, Bitstocks’ own “holistic ecosystem”, which is the company’s next step in making the crypto world easy to use for experts and non-specialists alike. Gravity is “a modern interpretation of what banking should look like in a new Bitcoin world.”

Michael has thought deeply about the theory of money – the intellectual framework through which the power of crypto can be explained: “money is just a measure of someone’s time and their skill. The more skill someone has, the less time it takes to perform a task. The more money you have, the more people you can hire with the skill, reducing the time. Money is a time measurement: the more you have, the more you condense time”.

Having been in crypto for five years – an eternity! – Bitstocks has experienced the rollercoaster ride of successive bull and bear markets. But Michael admits that the current downturn, stretching all the way back to the start of 2018, is different.

That’s because for the first time, there’s a level of “regulatory oversight” that’s never been part of the crypto world before. With more than 4000 cryptocurrencies out there, Michael predicts that “99 per cent of them are going to fall on the wrong side of regulation. So we see this as massively clearing up the market”.

In fact, Michael thinks that when it comes to the various competing cryptocurrencies, eventually “it’s inevitable that there’s only going to be one” – and Michael believes that will be Bitcoin SV (BSV). Success for BSV is all about encouraging more transactions, or “building density” in order to strengthen the network. BSV’s commitment to a stable protocol makes it the best candidate for that leading role: “you have to lock down the foundation, and then I’ll build my house on it”. All the other blockchains are “built on quicksand”.

Michael’s hopes for cryptocurrency extend way beyond London’s financial sector, and into the developing world: “Africa is a huge agenda for us here at Bitstocks”. Despite Western preconceptions, Michael says, African countries already have “the necessary prerequisites that allow them to step into modern banking”. For instance, with smartphones, you have “the hive mind of the world in the palm of your hand”.

The unique value of crypto as the basis of an economy is that “in crypto, there’s nobody to distort the value.” That’s partly because of the limited supply, for instance on the Bitcoin blockchain. That means that “as long as I’m measuring and weighting my time and skill in Bitcoin, over time, I know I’m always going to get a better return – because the value that I took initially, will be worth more four years down the road”.

Listen to more from Michael Hudson on this week’s CoinGeek Conversations podcast:

Please subscribe to CoinGeek Conversations – this is episode 9 of a weekly podcast series. Just search for “CoinGeek Conversations” wherever you get your podcasts, subscribe on iTunes, listen on Spotify or visit the CoinGeek Conversations website.

Coincheck to sell BSV holdings, pay users in Japanese yen

Coincheck to sell BSV holdings, pay users in Japanese yen

Japan-based cryptocurrency exchange Coincheck has decided that it won’t support Bitcoin SV (BSV). The platform first made the announcement after the Bitcoin Cash (BCH) hard fork last year, but is now moving forward with payouts of any BSV holdings. Those payouts will be made in Japanese yen.

According to a statement by the company, “Regarding the date and time of the planned event, there is a possibility that the [BSV] market price may be subject to manipulation, so we do not make a public date announcement.” It added that it will make a report on payments after they have been made.

The move by the exchange indicates that all users who held BSV in their Coincheck accounts at the time of the hard fork—November 16, 2018—will see those assets automatically converted to yen. Coincheck adds that users who held BCH in their “trading account” or “lending virtual currency account” will not see any conversion, and that the amount of yen delivered might be lower than the market price of the coin. Coincheck also expects to assess a fee for any yen withdrawals. 

The decision has already caused friction in the crypto community. “PaidSockPuppet” said on Reddit, “So, they’re either selling the BSV on the market and then giving the customers fiat, which means the exchange is deciding when and how to sell their customer’s property, or they are buying up their customer’s BSV with no chance for the customers to choose. Either way, it sounds like a pretty shitty deal for the customers. They should get to choose.”

On Twitter, “Mitsuki Yoshizawa” offered, “I feel that there is no credibility of Coincheck anywhere to dispose of human property.”

Coincheck hasn’t had what could be considered a solid history with the crypto community. It was hacked in January 2018, losing 523 million NEM tokens in the process. That made it the largest exchange hack at the time, even bigger than the Mt. Gox scandal. It also decided late last year to remove Dash, Zcash, Monero and Augur from the platform, even though these assets have remained popular. It also reported significant losses in the third quarter of last year and, despite receiving approval by Japan’s Financial Services Agency (FSA) for an operating license, has still struggled to stabilize its operations. The decision to remove support for yet another digital asset won’t do much to improve the company’s image.

Crypto market daily report – June 11, 2019

Crypto market daily report – March 20, 2019

The cryptocurrency markets entered into their third successive day of stability with some slight upward movement in the Bitcoin Core (BTC) price that pushed it over the $4,000 mark for the first time this month. Turnover was up considerably over the past 24 hours and reached the $84 million level on Binance, although it was still way below the highs of around $200 million that were seen over the last few months.

Ethereum (ETH) remained stuck at the $138 level and there does not seem to be much momentum either way with the second largest cryptocurrency by market cap remaining at this level for over a week now. Ripple (XRP) was also stuck at the $0.31 level and the third largest cryptocurrency seems to have settled at this level now without any hopes of any major upwards movement. After the last few days surge, Bitcoin Cash (BCHABC) seems to have settled at the $158 level with very little movement either way although it was down on 24-hour volume.

Of the other currencies with large market caps, Litecoin (LTC) remained static at the $59 mark, whilst EOS saw a slight decline where it dropped below the $3.70 level albeit with minuscule movement overall. Cardano (ADA) was the only currency which showed some positive shift where it rose by around 5% to well over the $0.0511 level. Stellar Lumens (XLM) continued shedding the gains it made over the past week where it was down by 2.6% to the $0.111 mark.

Currencies with smaller market caps also had somewhat mixed fortunes with the notable exception of Ethereum Classic (ETC) which was up by a considerable 6% to the $4.60 level, whilst NEO was also up although by a much more conservative 1% to the $9.09 level. Bitcoin SV (BSV) also showed some positive movement and inched towards the $66 level, whilst TRON remained basically static at the $0.0226 level or a rise of $0.5%. ONT, VET, HOT, ZIL and XMR also saw positive movements ranging from 2% to 4%.

Swiss online retail giant Digitec now accepting Bitcoin SV, other cryptos

Swiss online retail giant Digitec now accepting Bitcoin SV, other cryptos

Swiss online retail giant Digitec Galaxus has enabled cryptocurrency payments through its platforms, including Bitcoin SV (BSV).

The retailer, which owns Switzerland’s most prominent online store, digitec.ch, announced the decision on Tuesday. Customers will now be able to pay for transactions over CHF200 (approximately $200) in cryptocurrency like BSV, in addition to the range of other payment methods supported by the retailer.

The decision comes in response to growing customer demand for crypto payment options, and will enable consumers in Switzerland to purchase everything from “shoehorns to wheat beer to gaming PCs” with Bitcoin. Other accepted cryptos include Bitcoin Core (BTC), Bitcoin Cash ABC (BCHABC), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Litecoin (LTC), TRON, NEO, and OmiseGO.

The new payments facility was developed in partnership with Swiss payments firm Datatrans and crypto payments company Coinify. Customers are provided with a 15-minute timeframe after checkout to complete payment, with fees of just 1.5% charged for transactions through the facility.

As part of the move, Digitec has also incorporated a crypto wallet into its platforms, which will allow customers to keep track of the transactions and available balances.

Despite the vote of confidence in Bitcoin, Chief Innovation Officer at Digitec Oliver Herren said he doesn’t yet appreciate the transformative power of blockchain technology, admitting he may not fully understand the technology.

In a blog post, Herren noted, “…maybe I just haven’t invested enough time in fully understanding how the blockchain ecosystem works.”

Nevertheless, in response to strong demand from its customers, the $261-million revenue retailer confirmed crypto support would be effective immediately.

The onboarding is the latest example of a retailer announcing support for BSV. With fast processing times and low transactions costs, BSV is perfectly suited to consumer payments, as intended in the original bitcoin whitepaper.

Other retailers have taken similar steps towards onboarding crypto payments, including Overstock, while Rakuten and Canadian platform Bunz Trading Zone have gone a stage further in introducing their own platform-specific tokens.

It comes at a time of increasing adoption of cryptocurrencies like BSV among consumers globally, as digital currency continues to challenges card and cash payments as a more efficient, cost-effective payment method.