Since the idea of Bitcoin was first conceptualized, it was known that one thing stood in the way of major adoption for cryptocurrency to be seen as viable alternative to fiat. While major credit card networks and other services, such as PayPal, have networks that can handle tens of thousands of transactions simultaneously, Satoshi Nakamoto recognized that Bitcoin needed to be able to scale greatly to reach those levels. He also understood that on-chain scaling was possible and discussed it in the original Bitcoin white paper. Those that understand the importance of the original Bitcoin vision have ensured that it remains intact, which is why Bitcoin SV (BSV) exists today. In proving that Satoshi was correct, the BSV blockchain has routinely proven that large blocks were possible and that the blockchain is more efficient than is the Bitcoin Core (BTC) blockchain, which now has virtually no similarities with the original Bitcoin.
Bitcoin SV En Español tweeted yesterday, “83000 tx block on BSV, would have taken 28 blocks on BTC chain.” Included in the tweet was a link to the block on Blockchair, showing when the transaction occurred and by whom, svpool.com.
While on-chain scaling and big blocks are possible, certain blockchains, such as BTC, have decided that they knew more than Satoshi and have come up with solutions such as the Lightning Network (LN) to handle transactions. LN settles transactions off the chain, which results in a break in the information consistency of a transaction. It also adds a separate step in the verification process that is neither warranted nor necessary.
BTC has, in fact, discussed reducing the block size, a further example of certain developers believing they are more adept than Satoshi and what was clearly outlined in Bitcoin’s whitepaper. It’s an example of how certain individuals have too much control of a blockchain, which undermines the decentralization that was to be an inherent part of a cryptocurrency network.
BSV continues to innovate, both through its blockchain and its cryptocurrency. It is proving how everything Bitcoin was meant to be is possible and the BSV supporters have shown their determination in helping Bitcoin to succeed. It’s unfortunate that other blockchain projects haven’t been able to maintain a higher ethical compass.