Bitcoin SV Vision: Episode 24

The Bitcoin SV (BSV) community has never been busier, with developers, merchants and consumers turning to BSV in increasing numbers. In the latest episode of Bitcoin Vision, founding president of the Bitcoin Association Jimmy Nguyen discussed some of the most exciting developments in the world of BSV, including an important update on the 2nd Bitcoin SV Virtual Hackathon.

Run virtually in August, the Hackathon was organized by blockchain research firm nChain, and sponsored by CoinGeek. The response to the event was overwhelming, with applications from teams spanning no fewer than 35 countries globally.

Of those, Nguyen reported that 18 made it to the finish line with qualifying submissions, which were then filtered by the judging panel to leave the final three.

The theme of the event was “the use of bitcoin,” with teams tasked with developing apps that offer meaningful ways for ordinary people to engage with BSV micropayments.

The first finalist is BitQ&A, a question and answer application that allows users to ask questions and receive answers, incentivized by BSV rewards. Hailed as an effective incentive model for growing knowledge in the BSV community, the app is seen as a potentially valuable resource for BSV developers in future.

The second finalist is Codugh, which allows developers to monetize API calls in BSV. Consumers spend bitcoin when they call APIs, which solves a currently difficult-to-monetize yet crucial development activity.

They are joined by Hive, an app for organizing knowledge through BSV. Hive organizes data into beehive structures by topic, which can be linked to other hives in order to create a more coherent pool of information — akin to structuring the Internet in a more user-friendly way, with the help of BSV.

A rep from each team will be flown to the CoinGeek Seoul Conference 2019, taking place at the Le Meridien Hotel on October 1-2, where the judges will consider and unveil the winning team.

The episode also explores RateSV, a platform which allows users to earn BSV by investing in a real-time financial data channel. Channels can earn through API requests or by hosting ads, with rewards paid in BSV. Version 2.0 is expected to launch this month.

Crypto exchange OKEx, the world’s 12th largest by volume, has announced a daily settlement option for BSV futures, down from the currently once-per-week settlement. Designed to deliver an optimized trading experience, the move comes after a little over seven months of support for BSV.

Jimmy Nguyen: BSV supporters believe in its technical fundamentals, scaling ability

When he’s not busy working on the Bitcoin SV network, you can find Jimmy Nguyen promoting the only massively scalable Bitcoin project on international conferences, in the media and even in leading learning institutions. This time, the Founding President of the Bitcoin Association spoke to 8BTC, a Chinese cryptocurrency news site. Nguyen went to great detail explaining why Bitcoin SV is superior to all the other projects, and why it’s the only project that follows Satoshi’s original vision.

Asked about what effect recent legal proceedings with Dr. Craig Wright have on the BSV ecosystem, Nguyen pointed out that BSV is bigger than any one individual. BSV is about the creation of a global P2P electronic cash system as well as becoming a global blockchain to support enterprise applications used by billions across the world.

We don’t ask people to support BSV or build on BSV because of Craig Wright or anyone else. People should – and do – support BSV because they believe in its technical fundamentals and its roadmap to be the only massively scalable blockchain. At the end of the day, nothing else matters.

Nguyen also sought to correct the interviewer who implied that BSV forked from Bitcoin ABC (BCH), saying, “And by the way, BSV did not fork away from BCH. BSV is the only Bitcoin project that continues the original Bitcoin protocol and design. BTC forked away from Bitcoin when Bitcoin Core added SegWit in 2017. And the BCH-ABC camp forked away from Bitcoin, yet again, with the protocol changes it added to the Bitcoin ABC implementation in November 2018.”

SegWitCoin’s (BTC) failure to raise the block size hard cap from 1MB is the reason Bitcoin hasn’t become the universal public ledger yet, Jimmy went on. This has also been the reason other smaller competing blockchains have emerged. While many enterprises would want to build on the blockchain, they struggled to find one that scales to fit their needs. Ethereum is a good example of this, with its founder Vitalik Buterin recently acknowledging that the Ethereum blockchain is almost full and it’s inhibiting its ability to on-board new businesses.

These are some of the problems that BSV emerged to solve.

Bitcoin was always meant to scale, Jimmy pointed out. As far back as 2009, Satoshi Nakamoto sent an email to Mike Hearn telling him that Bitcoin never really hits a scale ceiling. Nakamoto was confident that Bitcoin could scale to handle more transactions than Visa does.

BSV has upheld Nakamoto’s vision and with the Quasar protocol upgrade, and the expected Genesis upgrade, the network’s ability to scale is unquestioned.

In the future, the BSV community should be excited about the Genesis upgrade, slated for February 4, 2020. The upgrade will remove the default hard cap for block size, leaving it to be determined by market forces and economic incentives, not the protocol developers.

He concluded, “In addition, we are seeing an explosion of exciting new applications being built on BSV. Expect to see more projects emerge, and transaction volume on the BSV chain to continue its organic growth in the coming months. In the coming years, expect to see enterprise use of the BSV blockchain. It’s an exciting time, and we invite developers and businesses of the world to come build on BSV.”

The Bitcoin Vision: Episode 21

Founding President of the Bitcoin Association Jimmy Nguyen returns with this week’s episode of The Bitcoin Vision, highlighting the major developments in the Bitcoin SV (BSV) ecosystem.

This week’s episode kicks off with the biggest news in the BSV ecosystem in recent times: the Quasar protocol upgrade. The upgrade increased the block size hard cap from 128MB to 2GB, marking a key milestone on the return to Bitcoin’s original Satoshi Vision. With the upgrade, Bitcoin SV will be able to increase the number of transactions it can handle per second from the current 300+ to 1,000+. This will enable enterprises to develop more ambitious business applications with BSV as the data ledger. Miners will also get to earn more in transaction fees to compensate for the block reward which is set to halve in 2020.

RelayX has emerged as one of the top wallets in the Bitcoin SV ecosystem. The wallet recently announced that BSV users can receive discounts when they use RelayX. To benefit from this feature, users simply have to load BSV on to their RelayX wallets, scan a fiat wallet QR code they wish to pay and then confirm when the recipient gets the funds. Doing so will see the users receive 0.5% to 5% discount on their purchases. RelayX currently supports six of the most popular global fiat wallets in Alipay, WeChat Pay, Kakao Pay, Payme, Paytm and PromptPay.

Nguyen also recapped the recent Bitcoin SV Meetup in London, sponsored by the Bitcoin Association. Titled “Quasar: Enabling More Business to Build Online,” the meetup was held just a day after the Quasar protocol upgrade, so it’s only natural that the upgrade was a central theme during the meetup but the event also delved on other topics including building businesses onchain and shifting paradigms in social media with BSV. To top it all off, there was a beer tasting event. Many of the leading names in the BSV ecosystem were present including nChain CTO Steve Shadders, Money Button’s Maria Eugenia Lopez and the UX designer from Twetch, one of the great applications built on BSV.

For this episode’s Satoshi shoutout, Jimmy applauded the efforts of CodeOnChain, a new service meant for developers that’s built on BSV. The service offers similar services to the GitHub code repository but it’s built on the advanced BSV blockchain. Developers can now upload a directory of files to the BSV blockchain using Metanet nodes. Other users can then easily browse through these directories by visiting CodeOnChain. Furthermore, the service allows developers to receive BSV through the Money Button application for their work.

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

Bitcoin SV: The Bitcoin You EARN and USE

Bitcoin SV (BSV) is igniting cultural changes in the digital currency world as it restores the “Satoshi Vision” of Bitcoin’s creator Satoshi Nakamoto. BSV’s massive scaling roadmap will support bigger volumes of transactions while keeping transaction fees tiny to enable micropayments. This is creating a paradigm shift for Bitcoin to move away from today’s cryptocurrency exchange-dependent model where you “buy and hold” coins, to a new self-empowering world where people “earn and use” Bitcoin. By finally fulfilling Bitcoin’s original vision, BSV will create a new recursive digital economy in which Bitcoin is actually used in daily life as it was born to be: a peer-to-peer electronic cash system.

Why Bitcoin Core (BTC) got trapped in the “Buy and Hold” paradigm

Let’s begin by looking at why the prior Bitcoin ecosystem has not yet created a true digital economy. Over 10 years since Bitcoin was introduced, relatively few people hold coins and there are not practical ways to actually use Bitcoin. Globally, it is estimated there are 32 million Bitcoin wallets but only 7.1 million active Bitcoin users (just 1/10 of 1% of the world’s 7 billion population). Unless you are a miner earning newly minted coins, Bitcoin is a digital currency that you must buy from an exchange; and then most buyers just hold (or HODL) hoping for investment gain. The current paradigm depends heavily on acquiring coins from cryptocurrency exchanges. 

But that’s not how the rest of our money life operates. Except when exchanging foreign currencies, we do not buy fiat currency in order to spend or use it. Money generally comes into our pockets when we earn it — through payroll or other means. We then spend or use earned money as part of a recursive economy. To achieve global use by billions of people, Bitcoin needs to operate the same way. Bitcoin will not succeed as an electronic cash system if you have to buy coins just to spend it; instead. there must be easy ways to earn and receive Bitcoin — beyond just buying coins on an exchange. The same problem exists for the hundreds of other competing cryptocurrency projects; they do not enable users to earn coins as part of a cyclical economy. Getting Bitcoin or other cryptocurrencies added into employment payroll services is one key step, but there need to be technology applications that allow people to earn coins in other ways.

Sadly, this has not happened on Bitcoin Core (BTC) — the network most people incorrectly think is Bitcoin. BTC cannot foster an “earn and use” recursive economy because its blockchain scaling capability was crippled with a tiny block size. An electronic cash system requires fast transactions and very low fees. But for its own ulterior motives, the Bitcoin Core developer group kept blocks on BTC restricted to a tiny 1MB size. 1MB blocks only allow an average of 3 transactions per second, and can never rival the Visa network which averages 2000 transaction per second, and 56,000 transactions per second at peak periods. With tiny 1MB blocks, the BTC network often runs into congestion, with transactions sometimes waiting hours to confirm. This led BTC transaction fees to skyrocket. In January 2018, it cost $20-40 to send a single BTC transaction; today, BTC transaction fees are about $4, but that’s still fair too high to create a daily electronic cash system.   

Over time, BTC supporters abandoned the vision of Bitcoin as “electronic cash” and instead must sell the narrative that BTC acts as “digital gold” and a “store of value.” This “buy and hold” mentality has permeated for too long.

How BSV opens the door to the “Earn and Use” paradigm

But what if Bitcoin could actually scale big and keep transaction fees tiny so that developers can create applications allowing people to easily earn and use BSV — such as with routine online interactions? This is exactly what BSV is as it executes Bitcoin’s original “Satoshi Vision” with a massive scaling roadmap. 

When it emerged in November 2018, BSV began with a 128MB default block cap, compared to just 1MB on BTC. Transactions on BSV are fast, and cost less than 1/5 of a U.S. cent to send. On July 24, the BSV network recently upgraded to a new default block cap of 2 gigabytes (that’s 2000 MBs) — far, far larger than BTC’s 1MB blocks. And next February, the BSV network will entirely remove the default block cap to allow unlimited scaling potential. We expect transaction fees to be even lower — tiny fractions of a penny — and transaction speed to be fast. This is how Bitcoin was meant to work.

And this is why the BSV ecosystem is changing the “buy and hold” mentality to creating ways for people to “earn and use” Bitcoin. Innovative entrepreneurs are creating new applications which allow users to earn small amounts BSV through micropayments, and then actually use the digital currency. Here are some examples:

• UptimeSV won the 1st ever BSV Hackathon in May 2019, organized by Bitcoin Association and sponsored by CoinGeek. Powered by BSV, the platform creatively enables provides performance and uptime monitoring (such as for websites and technology applications) so companies can ensure their enterprise systems are robust and hardened against DDoS attacks. UptimeSV allows anyone to earn BSV by installing an app on their mobile device. Users provide the idle computing power of their mobile devices, as well as localized information made possible by users’ constantly roaming mobile devices around the world, to help test how an enterprise client’s website or other technology application is performing and its uptime. As a user, you get paid small amounts of BSV for providing your mobile device power to participate in these uptime tests for clients of the platform. 

TonicPow took 2nd place at the May 2019 BSV Hackathon, and is another winning project which allows people to earn BSV. TonicPow is a peer to peer advertising platform. It enables users to monetize their websites and earn BSV directly from advertisers who place ads on users’ sites. Advertisers can promote their product on participating websites with ease, or raise money with crowd funding “Tonics.”

Twetch is a new microblogging application, akin to Twitter on the BSV blockchain. Today’s social media world is full of fake accounts, online trolls and bots. Twetch helps clean that up because it requires users to pay small amounts of BSV to post a message. In exchange, users can earn back BSV every time someone else likes or comments on your message. Twetch rewards users who post the highest quality content which receives the most fellow user interaction. Contrast that to today’s paradigm where only the social media platforms (such as Twitter, Facebook, and Instagram) — but not you as a user — make money through advertising revenue from your content and interactions. Twetch intends to expand its functionality to transform even more Internet applications — while creating more ways for users to earn and use BSV through online content and interactions. 

Cityonchain is a new on-chain information center organized around cities, similar to Craigslist in the U.S. or 58.com in China which publish local classified ads. Cityonchain will enable localized functions such as jobs posting, merchant ads, trading of goods, and even online dating. Users can claim “ownership” of and manage a city; other users are “visitors” to a city. City owners promote platform functions with economic incentives, and earn BSV from their own activity (such as offering advertising in the city) and from activity of visitors to their city (for example, for chatroom activity, the city owner can earn $0.01 worth of BSV per visitor comment). City visitors can earn BSV by publishing high-quality information (for example, if another user “LIKES” your comment about a city restaurant rating, you will get some cents worth of BSV). In short, the platform will incentivize both city owners and city visitors to earn BSV with high quality content and user engagement in the city. Cityonchain’s goal is to create many happy and BSV-earning “Chaintizens.” 

FiveBucks is the most traditional of the services on this list, but still makes great use of BSV. It operates a global freelance marketplace, where customers pay in BSV and freelance service providers earn BSV for their work. For example, if you need to create a logo for your website, you can select a graphic designer on FiveBucks who offers their design services for $5.00 paid in BSV. (The fee needs to be $5.00 but freelancers can customize or break down their service to value components offered for $5.00.). Because BSV transaction fees are so low, the marketplace can support such low charges per service transaction.

• As I was writing this article, another new service announced itself: RateSV is set to launch August 10. It will allow users to earn BSV through buying and investing in realtime financial data; that data will be recorded permanently on-chain, using nChain’s “Metanet” protocol. 

UptimeSV, TonicPow, Twetch, FiveBucks and services like them are the starting points to something bigger; more “BSV earning” applications are coming. These applications are possible because of BSV’s technical capabilities: big blocks, scaling capacity, speed, and very low transaction fees, and true peer-to-peer sending – which then enable high volumes of microtransactions and micropayments. They usher in the new paradigm that Bitcoin is not just an asset you must “buy and hold”; Bitcoin — in the form of BSV — is electronic cash that everyone globally can easily earn and use. 

This cultural shift will be especially powerful for developing countries, where small amounts of BSV can meaningfully change lives. Rather than asking the unbanked to buy Bitcoin from an exchange with what little money they have, the BSV ecosystem will open doors for people of all socioeconomic levels to easily earn BSV with apps on their mobile phones. With BSV coins in more hands, increasingly more people will have opportunities to actually use the coins — on new interactive BSV services, to buy products, and to send to friends and family.

It’s time to move away from today’s “buy and hold” mentality reliant on cryptocurrency exchanges. Welcome to the new paradigm to “earn and use” Bitcoin, and the new recursive digital economy — made possible only with BSV.

This article was first published on the Bitcoin Association website.


Jimmy Nguyen is Founding President of Bitcoin Association, the global industry organization for the business of Bitcoin, which backs Bitcoin SV. Jimmy was formerly CEO of nChain Group, the worldwide leader in advisory, research and development of blockchain technologies, and now is Chair of its Strategic Advisory Board. Jimmy is a former lawyer, with a 21+ year career as an intellectual property and digital technology lawyer in the U.S., where he was a partner at three major law firms. In 2008, Lawdragon named Jimmy (at only age 36) one of the “500 Leading Lawyers in America” and described him as a “dynamo talent.” 

CoinGeek Seoul brings popular Blockchain Conference back to Asia October 1-2

Click here to read in Korean.

Noted Speakers to Include Dr. Craig Wright, Jimmy Nguyen and more

Seoul, Korea – August 2, 2019 – Popular blockchain event CoinGeek is coming to Seoul for a two-day happening at Le Meridien Hotel, a noted property in the heart of Seoul’s upscale Gangnam District on October 1-2. The event will feature discussions on the power of blockchain scaling, what enterprise applications can be built on a massively scaled Bitcoin blockchain, the advantages of a public blockchain over private distributed ledgers, and how government regulation is impacting the space.

Professionals from leading blockchain start-ups, global enterprises, crypto mining groups, investors, and others are coming to learn about exciting developments for Bitcoin SV (BSV), as well as the benefits of massive blockchain scaling for miners, application developers, and enterprises.  

To kick off this two-day event, October 1 will feature technical topics about how BSV’s massively-scaled blockchain unlocks technical capabilities and applications not possible on other platforms. On October 2, experts in the industry will showcase how the BSV blockchain can drastically improve the way enterprises do business and create a new digital economy. Attendees will also witness presentations from the three finalists of Bitcoin Association’s 2nd Hackathon; get treated to another intimate conversation with nChain Chief Scientist and creator of Bitcoin Dr. Craig S. Wright (Satoshi Nakamoto) about Bitcoin’s history; and have a blast at another legendary CoinGeek after-party!

Notable speakers include host Bitcoin Association President Jimmy Nguyen, nChain Chief Technology Officer Steve Shadders, and many more to be announced.

The CoinGeek Seoul conference, October 2019, is the latest instalment of CoinGeek’s headline events. Following on from CoinGeek Toronto last May, CoinGeek Week in London November 2018, and the inaugural CoinGeek Conference in May 2018 in Hong Kong, CoinGeek are leading the way in galvanizing the world’s merchants and enterprises to adopt Bitcoin SV (BSV). Bitcoin SV is the only project dedicated to the original design, protocol and “Satoshi Vision” of Bitcoin’s creator Satoshi Nakamoto. 

While the CoinGeek conference is focused on Bitcoin SV, its inclusive environment welcomes speakers and attendees who also work with other blockchain projects, and welcomes all attendees interested in learning about BSV.

With objectives to educate on the importance of massive scaling on the BSV blockchain – such as the benefits of larger block size for enterprise usage and to sustain miner profitability; to promote the value of BSV and why merchants should seek to adopt this new world electronic cash system; and to promote the benefits of BSV’s blockchain for technology developers, the event will feature world-class Bitcoin and blockchain experts as speakers.


For more information please see www.coingeekconference.com. For press needs in the Western Hemisphere, please contact Susan von Seggern on [email protected], or +1-213-840-0077, or on Telegram Susan VonSeggern. For the Eastern Hemisphere please contact Ed Pownall on [email protected] or +44-7825-064776.

Bitcoin’s scaling will create a global payment system: Jimmy Nguyen

It’s been over a decade since Bitcoin launched with the vision of a global peer-to-peer electronic cash system. However, ten years later, Bitcoin is yet to wage serious competition against the very systems it was invented to compete against. This has been mainly because the developers behind SegWitCoin (BTC) have failed to enable significant scaling of any kind, leading to slow and expensive transactions. As Jimmy Nguyen, the Founding President of the Bitcoin Association explained in a recent post on Payments Journal, Bitcoin SV (BSV) is addressing these challenges and creating the fastest and most cost-effective global payments system.

When Dr. Craig Wright launched Bitcoin a decade ago, he envisioned a network that had no restrictions in regards to the number of transactions it could process. Dr. Wright, better known in the crypto universe as Satoshi Nakamoto, wrote, “The existing Visa credit card network processes about 15 million Internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost. It never really hits a scale ceiling.”

However, his vision failed to materialize after the block size was capped at 1MB early on in Bitcoin’s journey to protect the network from attack. While the capping was supposed to be temporary, BTC developers have failed to increase the block size as the number of users has increased.

The result has been very slow transactions, failing to compete with other centralized payment systems such as Visa. For instance, Visa processes 2,000 transactions per second on average while BTC can only perform an average of three transactions per second. The charges are also quite high, hitting $40 in January 2018 and currently standing at $4.

This all changed in November 2018 when BSV emerged to fulfill Satoshi’s original vision. BSV began with a larger block cap than BTC at 128MB. However, the team behind BSV didn’t stop there and with the recent Quasar protocol upgrade this month, the maximum block size has hit 2GB. And even this isn’t the ultimate goal, with BSV developers planning to remove the block cap entirely. Nguyen revealed:

In fact, one of the leading BSV development teams (nChain) is working toward terabyte size blocks (1 million megabytes!) to process billions of transactions per block and 4 million transactions per second. That future means BSV can be the world’s public data ledger, recording payments and all kinds of other enterprise data transactions.

BSV is a godsend for the payments industry, with charges being lower than 1 cent. Popular payment card systems charge as high as 3% per transaction. BSV will also revolutionize the cross border payments industry. Its global nature will ensure that no matter what part of the world you hail from, transferring value will be as easy as sending a message.

For merchants, speed is of the essence and BSV has solved this challenge. Transactions can be confirmed instantaneously and with the immutable nature of the BSV blockchain, they can’t be reversed. As Nguyen revealed, BSV development teams are also working on “solutions for safe instant transactions, so merchants feel comfortable accepting payments even before they are confirmed on the blockchain.”

He concluded, “Over 10 years since the birth of Bitcoin, it is time to fully realize the vision for a new electronic cash system. That requires big blocks to create a big global payment network. This “Satoshi Vision” will only happen on Bitcoin SV.”

Bitcoin SV (BSV) now stands head and shoulders above the rest

Click here to read in Russian.

What Bitcoin SV (BSV) can do today, no other blockchain or digital asset can even come close to. BSV stands alone as the only universal multi-purpose data ledger with an economic model that produces the ultimate in security. It’s time to revisit why we are here, and what we have achieved with Bitcoin SV so far. Today we see the latest Bitcoin protocol upgrade, named Quasar.

BTC is hamstrung with an artificially stifled throughput, as well as false and evidently failed scaling solutions Segwit and Lightning Network. LTC, which is in much of its entirety a clone copy of BTC, also suffers similar problems at scale. ETH which was once upon a time touted as the world computer literally broke down in a congestion nightmare in 2017 as a single app called Cryptokitties brought the entire chain to its knees. The same scalability problems ETH faced then continue to affect it today, as do many security concerns which I’ve written about in the past. Other coins have simply fell by the wayward with lacklustre developments, meandering roadmaps, or simply an outright refusal to scale.

“Big blockers” — a phrase given to those who want to see Bitcoin scale massively to global ambition, are all betting on Bitcoin SV. With the “Quasar” upgrade, Bitcoin SV stands at a default maximum 2GB capacity per block (though some miners intend to set a lower, but still very big, 512MB cap for an initial period to allow the network to get accustomed to bigger block capacity), and it signals strongly to businesses around the world. Bitcoin SV is ready. February next year, the maximum cap on the node software is removed altogether.

What we are seeing is a determined development team seeking to offload responsibility and influence of a key scalability variable, and empower miners who run the network to make decisions themselves on what capacity limits best serves them, and in consequence, serves the interests Bitcoin itself.

On face value, this is a capacity increase that enables Bitcoin SV to match and exceed the likes of VISA and co. But holistically, this represents a major paradigm shift in the way Bitcoin is perceived to work by the eco-system of miners and businesses. What I am alluding to is Nakamoto Consensus. Miners will not be mining 2GB blocks right from the very beginning of this upgrade (indeed, as noted above, some miners will begin at 512MB caps and increase toward the 2GB default hard cap over time). Blocks of GB size will come organically as demand for the network and transactions grows, and as miners adjust their own soft and hard limits to adjust for demand, we find the true nature of Nakamoto Consensus come into play as described by Dr. Craig Wright (pseudonym Satoshi Nakamoto) in the seminal 2008 whitepaper. This means that miners themselves, will now vote for consensus on new block sizes (up to 2GB). Miners that fail on consensus stand to find their blocks orphaned. Undoubtedly, some lesser knowledgeable news outlets will paint this as a negative, when in reality, it is the outcome of the very feature described by Satoshi Nakomoto concerning miners voting on rule changes.

While this particular “Quasar” upgrade sets the default hard limit at 2GB, the next upgrade due in early 2020 will seek to remove the hard limit altogether, and empowers miners to completely vote on this rule. Bitcoin SV will be free of a developer-controlled variable forevermore. In the interim, 2GB will be more than sufficient to carry to the torch of scalability for the next 7 months.

The inventor of Bitcoin Dr. Craig Wright states that the upgrade “leads to a long term path for miners. With the upcoming block reward halving approaching, transaction volume becomes much more critical. BTC is not going to keep doubling in price.” Undoubtedly this is the only logical front that comes out on top. And Bitcoin SV is pushing this angle, because we do not seek to survive just for now, we seek to be global for many decades to come. “If it isn’t used, and use requires big blocks, then eventually people will stop investing in it. Bitcoin is designed to be a ledger. It competes on an open market with other options. Pure dogmatic ideas about the decentralisation are religion and will not continue to grow bitcoin. Most people don’t care for these dogmatic notions,” says Dr. Wright. He states that “with the increase in capacity, bitcoin becomes more useful for more parties and attracts further investment. Not because of dogma but because of economic viability and value. The more people use bitcoin, the more valuable it becomes the miners and the cheaper the transaction is becoming the same time. It’s a virtuous circle.”

Calvin Ayre who leads the biggest mining operation on the network agrees — “It is clear that the adoption of ‘original Bitcoin SV’ will be driven by application developers creating unique business models using the incredibly low cost microtransactions that only BSV with its massive scaling can offer. This latest proof of the massive scaling available today on BSV will just speed up the application development as BSV will have gapped all competing technologies and will be the only choice for any application that needs low cost microtransactions. Original Bitcoin SV stands alone in the world today as a utility platform.”

Today not a single coin comes close. Not even anywhere near the scalability and technical prowess of Bitcoin SV and the revolutionary Metanet which will sit atop this blockchain. But this future is unfolding right before our very own eyes. Some see it and are paving the way. Only very recently, we had a new Github like application created on the Metanet: CodeonChain which is an immutable, timestamped code repository that tracks all changes on-chain. Such applications are being built right now. With Bitcoin SV we do not need to wait for promises of grandeur, because that promise exists today and is actively being utilised and developed by application developers from all over the world. With Bitcoin SV we do not need to pitch to investors of how great things are going to be tomorrow, because things are great today.

Jimmy Nguyen, Founding President of Bitcoin Association (the global industry organization which backs BSV), describes immediate goals to attract business use: “With the Quasar upgrade bringing BSV very big block capacity and with unlimited capacity coming next February, we are very focused now on getting real enterprise applications built on BSV. BSV provides the advantages of massive data capacity, speed, and tiny transaction fees that enable micro-payments and high volume data transactions of all types. Businesses in every industry can use the BSV blockchain to develop virtually any application they can imagine.”

In less than one year of the BSV ticker’s existence, it has managed to overtake a majority number of top 10 coins by market cap in transaction volume and is on track to overtake BTC volume in the very near future. Overtaking BTC is not the aim however, as that would be an easy feat. BSV seeks to overtake VISA and the like, as Satoshi stated it could in its infancy. This is what this upgrade is all about. This is what all these scalability efforts have been about.

There are no half measures here. We are heading full steam and leaving the competition for dead. Bitcoin SV is a society of developers, users, businesses and miners working on scaling and on application development to take things to the next level. This unbounded scale is upon us. Meanwhile, scam riddled blockchains like Ethereum are still desperately trying to untangle themselves from a scaling mess that is choking on its own flawed implementation.

Bitcoin had it right in the beginning, and now we prove every day that this solid, foundational protocol is capable of delivering a new economic model for the entire world. Bitcoin SV is evidence that Satoshi was right on scaling.

Eli Afram
@justicemate

Jimmy Nguyen talks Bitcoin SV and how it’s changing the commerce world

Jimmy Nguyen, the president of the Bitcoin Association, traveled recently to Colombia in order to spread the word on Bitcoin SV (BSV) and how Bitcoin is changing commerce. During one presentation, he went into great detail about the superior strengths of the BSV blockchain, but took things even further, explaining the different ways that using the network can lead to money-making activity. He added that speculation, which is currently the main reason a lot of people have turned to Bitcoin Core (BTC), should be secondary — Bitcoin was created to be used as currency the same way fiat is used. The one major distinction is that using BSV can actually put more money into the consumer’s pocket.

BSV development is being driven by four fundamental principles. It is designed to be stable, scalable, secure and to offer safe instant transactions (7:14). This is being facilitated, in part, by the introduction of bigger blocks, which help big businesses create on the blockchain.

Bitcoin Core (BTC) can only handle three transactions per second (tps) or a maximum of 7tps. This pales in comparison to what Visa handles, which is 2,000 tps and up to 56,000 tps during peak times. BTC has reached up to 50,000 transactions that had to wait in a cue to be confirmed, which increases transaction prices and delays payment processes. On May 29, BTC fees were as much as $4.35.

The upcoming upgrade scheduled for this week for BSV will raise the block size cap to 2GB and, next year, the Genesis upgrade will completely remove the cap. This means, at a block size of 2GB, BSV will be able to handle from 5 million to 8 million transactions and up to 14,036 tps. (15:53) Terabyte-blocks coming with up to 7 million tps. This is real value — not speculative.

The current cost of a BSV transaction is much lower than it is with BTC. On June 20, the average BSV transaction fee was under 1/5 of $0.01 — approximately $0.0017. This is the way it is supposed to be — easy and cheap, making a legitimate fiat alternative that can be used as currency. (17:58)

Lower transaction fees means more money remains in the pocket of the consumer. Instead of spending $10-$15 on an international money transfer, the cost is less than one penny. It also makes it easier to participate in eCommerce. There’s an increase in the ability to earn micropayments, which isn’t possible with a transaction fee of $3-$4 as is seen with BTC. Blog posts, video content, in-game items in video games, social media interactions can all generate revenue streams. The Fivebucks marketplace is a perfect example of a global consumer-driven platform that allows anyone to sell virtually anything and be paid in BSV.

Nguyen concludes, “I’m amazed every day … about the creativity of developers and businesses and young entrepreneurs who have started working on BSV to come up with ideas… More are coming… Earning, sharing, trading, creating more financial power for themselves and changing the world as we know it for the better.”

Jimmy Nguyen: Bitcoin SV (BSV) Building the Regulation-Friendly Ecosystem

The cryptocurrency world has been marred by the criminal activities of a few who would seek to carve out their own fortunes rather than build something bigger. That’s not the original vision of Bitcoin, and as Bitcoin Association Founding President Jimmy Nguyen told the crowd at the Expo-Bitcoin International 2019 in Bogota, Colombia, Bitcoin SV is fighting for a better regulated industry to protect consumers.

As Nguyen showed, the digital currency industry needs better protections against the foolishness and criminality of even once respected businesses. QuadrigaCX is the perfect example of this. Deceased founder Gerald Cotten was once a respected member of the Canadian cryptocurrency scene, but as the exchange failed, stories of improperly handled private keys and mismanagement of user funds proved that a lack of regulations had failed Canadians.

“Things like this have been happening in the cryptocurrency world and that’s why some people are afraid of it,” Nguyen noted. “It’s why some governments are afraid of Bitcoin and cryptocurrency.” (6:13)

As Founding President of the Bitcoin Association, Jimmy Nguyen and Bitcoin’s creator Dr. Craig Wright are trying to make a difference in this area by encouraging world governments to firm up regulations. “Yesterday Craig Wright and I had the fortune, thanks to Boris, to speak before Craig spoke before the Council of Bogota,” Nguyen explained, “and we spoke with other government officials and we talked to him about the need of creating a lawful environment because we don’t want this to happen to people if you’re going to invest in or use cryptocurrency you want to feel that it’s safe.” (6:20)

To explain how deep this problem goes, Nguyen told the story of Bitfinex and Tether. Through Tether’s stablecoin, which has been proven can be printed with nearly nothing to back its value, the price of SegWitCoin (BTC) has soared on exchanges like Bitfinex. To protect this criminal manipulation of the markets, BTC supporters have argued for the anonymity of cryptocurrency, which misleads the world into believing that’s what Bitcoin offers. As Nguyen told the Bogota crowd, that’s just not true:

“If you create a completely anonymous system of money, do you know what happens? People use it for illegal things. They use it for terrorists and criminals. Is that what we want? It’s not what we want and it’s not what Craig created Bitcoin for. So that’s why Bitcoin SV (BSV) is not only the only blockchain that’s pursuing the original Satoshi Vision created by Craig Wright, is pursuing a vision to mass scaling, huge blocks for huge business for fast transactions all over the world, but we are building an environment that is regulation, government, and business friendly.” (12:02)

To accomplish BSV’s regulatory friendly goals, it seeks to promote privacy, not anonymity. It encourages Money Services Businesses (MSBs) to follow all know your customer (KYC) and anti-money laundering (AML) laws. Through Tokenized, it looks to implement tokens based on real-world assets, compliant with all securities regulations. It sheds relationships with bucket shop crypto exchanges in favor of utility based exchanges like Float SV, who practice proper oversight to protect investors. Finally, unlike Tether, it only associates with stablecoin tokens with verifiable, auditable backed up assets.

Using proper regulation and supervision, BSV looks to embrace the laws of the land, through which it can gain the public’s confidence and realize mass adoption. “Bitcoin is sunlight. It’s not darkness,” Nguyen noted. “It’s a blockchain, a public, record keeping system which anyone should be able to look at, and while your name may not be attached to it, the history of transactions, the history of records is something that is meant to provide more truth to the world.” (32:58)

Nguyen concludes:

“And that’s the final thought I will you on. Bitcoin is about truth. It’s about providing more truth to the world and it’s providing all of the users of it, people in this room like you, we hope one day four billion people around the world more financial power over their own lives, more financial services, and the truth of a Bitcoin currency and blockchain that brings sunlight to the world.” (36:18)

It’s time for Bitcoin to grow up, CoinGeek Toronto 2019

Bitcoin may have just celebrated its tenth birthday, but the big push didn’t start until only a couple of years ago. As awareness and interest grow, the excitement turns to the realization that cryptocurrency is not just a toy – it’s a legitimate tool that will completely change the global financial ecosystem. In order for this to happen, though, in the words of Bitcoin Association President Jimmy Nguyen, “It’s time for Bitcoin to grow up.”

Nguyen led a discussion at CoinGeek Toronto 2019 with several individuals who understand well both the crypto and finance spaces. Centbee co-founder Angus Brown, nChain CEO David Washburn and co-founder and CEO of FRNT Financial Stephane Ouellette all joined Nguyen on stage to discuss how crypto is impacting the financial world and what changes are coming to make it even better. Before becoming involved with digital currency, all three were deep in the financial industry, so their goals with crypto transcend well beyond the typical crypto boundaries.

Bitcoin needs to be taken to a level that makes financial institutions and investors comfortable in supporting the ecosystem. Many are hesitant to embrace the technology for a myriad of reasons – old habits, resistance to the connotation of the term “crypto,” volatility and risk management, among others – and overcoming these hesitations are paramount to seeing Bitcoin prevail in the financial world.

FRNT is helping rewrite the script between crypto and finance by offering a platform that allows investors to take advantage of Bitcoin SV (BSV) derivative products. The platform was funded, in part, by Calvin Ayre and his Ayre Group and is changing how Bitcoin is viewed from a financial perspective. (5:03)

One area that could help tear down the barrier between crypto and finance is the introduction of regulations. The BSV community has made it clear, as opposed to most other crypto projects, that regulations are welcome. This is due to the acknowledgement that, for digital currency to work, it has to be regulated. It also stems from the fact that Bitcoin, as provided by Satoshi Nakamoto, was never meant to work outside of legal boundaries the way that many crypto projects have tried to assert.

In order to help facilitate the introduction of regulations, legislators and policymakers need to break down the Bitcoin infrastructure and address different components separately. Exchanges should be better regulated as a whole, especially in terms of crypto-to-fiat activities. Additionally, the introduction of whitelists or blacklists for token projects would help to make the Bitcoin space more mature.

Bitcoin has the capability to do something that no previous technology has ever been able to provide – true risk management and transparent audits. It can almost completely prevent financial fraud and revolutionize the accounting processes for financial audits, and this level of attention is only possible with BSV. While companies have attempted to tackle the processes through other blockchain projects, they have come to realize that those platforms are too slow. However, BSV’s large scalability makes it the perfect solution and it will become the go-to platform for many large businesses.

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Expo-Bitcoin International 2019 brings advocates of real Bitcoin to Latin America

For the supporters of the original Bitcoin, as envisioned by Satoshi Nakamoto, here’s a challenge for you: can you live in a space where everything uses Bitcoin SV for a week?

That’s just one of the things that attendees can expect at the upcoming Expo-Bitcoin International 2019 in Bogota, Colombia—the first of its kind to take place in Latin America. The five-day conference features a host of opportunities for both the Bitcoin society and cryptocurrency enthusiasts alike to discuss adoption and learn “what Bitcoin already is.”

Event organizer Bitek describes Expo-Bitcoin as “a marketplace that functions as a small world where Bitcoin is the only payment method.” In an interview with CoinGeek, CEO Boris Javier Barrera Garcia explains:

“People will have the opportunity to live five days of a socio-economic experiment in a space where everything uses Bitcoin (SV); the reality is that a new community is being shaped by this libertarian money. This is really disruptive, so we have made a real bet for Bitcoin SV from the very beginning, since you cannot buy your tickets for the Arena but by using Bitcoin SV and everything you see at the Exhibit, you will be able to purchase using BSV—other cryptos also allowed depending on the merchant but no fiat currency is allowed. In the end, we want to demonstrate that markets can work in compliance with legal rules using Bitcoin as a mean of exchange.”

Expo-Bitcoin International 2019 will take place on June 19-23 at the Corferias, the international convention center that has hosted events in the country since 1954. Among the key features of this landmark event is The Marketplace, which has over 200 commercial stands offering products for sale with BSV, and The Bitcoin Arena, where delegates can watch as the brightest minds of the BSV society discuss Satoshi’s vision—from Bitcoin creator Dr. Craig Wright and Founding President of the Bitcoin Association Jimmy Nguyen, to BSV experts including MoneyButton CEO Ryan X. Charles, nChain CTO Steve Shadders, HandCash CEO Alex Agut, and other thought leaders like Coinlogiq CEO Dwayne Golden Senior, NEM Foundation Council Manager Pedro E. Gutierrez, medical surgeon Dr. Miguel Parra Saavedra, and Bitcoin advocate Connor Murray, among others.

“The Bitcoin Arena is the Agora of the modern economic thinkers. We brought the best, those who understood the importance of Bitcoin and the instrumental role of a stable protocol in Bitcoin,” Garcia says. “Many others fell in the way of confusion, but a remnant stays with the flag of this Libertarian, respectful of the law, peer to peer, Caesar-less money. That discussion not only about the technical topics but the philosophical views of Bitcoin have amazing importance that history will ponder.”

The event, as Garcia puts it, is all about allowing the laymen to experience Bitcoin in a marketplace where merchants are protected “as they would be in the real world by third parties like Bitek.” It’s also the perfect opportunity for network marketers in Colombia “who need to understand that Bitcoin is money, not another ‘get rich fast’ scheme.”

He notes, “We at Bitek always believed that real adoption needs payment processors since Bitcoin is not legal tender, most of the commerce would need to have cash flow in their local currency and that, among other reasons is why they are afraid to receive Bitcoin openly as a mean of exchange, so having POS applications with payment processing is absolutely necessary in this early stages.”

Colombia is just the first for Expo-Bitcoin International. Bitek plans to hold the event every two years going forward. According to Garcia, “We are Colombians, we love our country and we think this is an important door to Latin America. Beyond that fact, being objective, Colombia has the fifth largest bitcoin community in Latin America, and the third fastest growing in volume of Bitcoin transactions. And Bogota is the neuralgic center of this fever. We need to hit in Bogota first, but also Medellin is a very important node in this ecosystem, we plan to be there in the future. Other cities in Latin America are very important so we think in the future we have a lot of places to look at.”

It’s not too late to join this history-making conference. Get your tickets now, and seize the opportunity to learn more about BSV and find out all the ways it will change the future.

Dr. Craig Wright, Jimmy Nguyen deliver Bitcoin’s truth at Oxford Union

Dr. Craig Wright, Jimmy Nguyen deliver Bitcoin’s truth at Oxford Union

The Oxford Union Society recently delved into a discussion about truth—the truth of Bitcoin, in particular.

Founding President of the Bitcoin Association Jimmy Nguyen and nChain Chief Scientist Dr. Craig Wright, the creator of Bitcoin and the man behind the pseudonym Satoshi Nakamoto, took the Oxford Union podium to talk about Bitcoin—Bitcoin SV in particular—and answer questions from the audience.

In his opening speech (0:42), Nguyen said, “In reality, Bitcoin is really about truth, and it’s not something people really think about, so I want to explain to you three things today: why Bitcoin was born for truth, how Bitcoin’s history has devolved from that truth to things that you probably don’t realize, and finally, how we, with Craig and our team at nChain and many partners around the world, are trying to bring back truth to Bitcoin in the form of Bitcoin SV and it’s true Satoshi Vision.”

“There’s far too many blockchain projects in the world. There’s far too many cryptocurrencies. Just like the world operates on a single, global, public internet, our vision is the world operates on a single, global, public ledger where the truth of information, title changing of property from one hand to another, the custody of goods and supply chain management is all tracked out in the open on a single source of truth, which is the Bitcoin blockchain ledger,” Nguyen added. (7:09)

Watch how it all went down: