Craig Wright talks simplified payment verification

When the Bitcoin concept was first developed, it was designed to be a peer-to-peer payment solution that would avoid constraints and restrictions tied to central bank-controlled fiat and conventional payment channels. It may have morphed since then into something a little different, at least by many cryptocurrency projects, but the core purpose of digital currency hasn’t changed. Dr. Craig Wright often writes on restoring the premise behind Bitcoin to its original form, citing examples from the Bitcoin white paper on how everything had been properly laid out right from the start. As Bitcoin SV (BSV) works to restore Bitcoin to its Genesis form, Wright has published a new article on how payments can be achieved simply, without all of the hassle that has since been integrated into blockchain transactions.

Simplified Payment Verification (SPV) was laid out in detail in the Bitcoin whitepaper. Wright had explained in that Bitcoin manual how payments could be easily verified without a full network node being needed, and says in his new paper, “Section 5 of the white paper defines nodes in Bitcoin; more critically, to be a node, you need to be mining transactions. SPV or simplified payment verification is a critical aspect of scaling Bitcoin. I thought it was rather clear and obvious when I released the white paper, but it seems that people have overlooked or misunderstood all of the different aspects.”

In a true peer-to-peer system, to which BTC and other crypto projects no longer belong, the transaction is a direct exchange between two entities, whether it be two people, a person and a business or a business and another business. A customer selects goods to purchase from a vendor, makes a payment directly to the vendor and the vendor then validates the transaction and sends it to the blockchain for clearing and settlement.

As it stands now, transactions have to be verified before being considered legitimate. That verification process typically requires six miners giving their approval of the transaction. However, this was never meant to be part of the process. Wright explains, “Users in the system are only required to maintain a copy of the block header to which they can compare transactions. At present, the block header is under 50 MB in size. Many image files can exceed such levels. A decade from now, the growth will only be linear.”

As Wright has repeatedly pointed out, Bitcoin was never designed to circumvent financial laws or procedures; it has always been meant to interact with existing structures and coexist with other payment options – at least until crypto is recognized as the next step in the economic evolutionary cycle. Just like there are steps in place with fiat transactions now to determine if there is any illicit activity, the same is possible with Bitcoin, without the need for the convoluted transaction processing that currently takes place.

Wright, as are many true Bitcoin believers, is still optimistic about Bitcoin’s future and sees a day when the realization is finally made regarding crypto’s true purpose. He asserts, “As governments, regulators, and law enforcement start to wake up and see the true design of Bitcoin, they will start to understand that it is a system that is friendly to law. It assists in the tracing of transactions, and provides a high level of privacy for the small cash like transfers whilst also being able to immutably record money laundering and crimes.”

Jimmy Nguyen: With Bitcoin SV, fees are decided on ‘transparent, auditable’ open market

Jimmy Nguyen: With Bitcoin SV, fees are decided on ‘transparent, auditable’ open market

Despite experiencing difficulties in dealing with centralized payment systems, the e-commerce sector is still heavily reliant on traditional card payment processors. But that’s about to change. In January, payment processing giant Mastercard was fined €570 million ($640 million) over charges that it obstructed merchants from accessing lower fees for cross-border payments, contrary to European Union (EU) laws.

The fine is the product of EU Commission investigations into Mastercard dating back to 2013. It’s also the latest blow for the legacy payments industry, as a growing number of merchants has turned their attention to crypto payments.

For the Founding President of the Bitcoin Association Jimmy Nguyen, the EU ruling is a clear indication why merchants should shift towards cryptocurrency, particularly Bitcoin SV (BSV).

He explains, “This fine that the European Union imposed upon Mastercard exemplifies exactly why we have to move to a Bitcoin world, without a central payment processing credit card authority there. The whole issue there was that merchants didn’t get the benefit of the lowest possible fees that were available to them across a single marketplace which the EU is supposed to be, and instead they got imposed with fees that were higher for their particular local marketplace.”

By following Satoshi’s original plan of keeping a stable protocol and pursuing massive on-chain scaling, BSV is on track towards becoming the world’s new money, fulfilling the vision set out in the original Bitcoin white paper—that of a peer-to-peer electronic cash system.

“If you have a world of Bitcoin, where there is no central payment processing authority or credit card payment system in the middle determining what your fees are, and it’s just decided on the open market with miners, you don’t have that problem,” Nguyen said. “You have a free-flowing, global system of peer-to-peer electronic cash where you don’t have to depend on a wire transfer company, a credit card payment system, a payment processing company to set the fees. It’s set on an open market that’s transparent, auditable, verifiable, that’s the global public blockchain of Bitcoin SV.”

Spend your Bitcoin SV directly in shops with Zeux

Spend your Bitcoin SV directly in shops with Zeux

The goal of Bitcoin, now reborn as Bitcoin SV (BSV), is stated clearly in the title of the original Bitcoin white paper—become a peer-to-peer electronic cash system. This week, BSV is taking yet another step closer to make that a reality, and it’s all thanks to “forward thinking” fintech platform Zeux.

Zeux announced on Thursday that it has added BSV to its payment portfolio, allowing its users to spend the cryptocurrency—the only one to follow the original Satoshi Vision—directly at all point-of-sale (POS) machines.

In a video announcement, Zeux founder and CEO Frank Zhou confirmed: “Zeux will list BSV as one of our cryptos in our wallet, so users who currently hold Bitcoin SV will have the capability to spend directly in shops to anywhere where only fiat is accepted. Instant conversion will be achieved for all Bitcoin SV users.”

This means that users can now spend their BSV coins anywhere that accepts Apple Pay, Samsung Pay and Google Pay, Zhou noted.

Zeux, launched in 2018, pioneered the integration of financial services for its users, from aggregated mobile payments to transfers and banking. Currently, the UK Financial Conduct Authority (FCA)-authorized company is gearing up to launch a multi-function app, featuring a built-in investment platform with a foreign exchange function, in Europe in April. Zeux doesn’t charge fees to open an account, as well as for money transfers, top up or crypto payment commissions.

Zhou explained, “We offer services in both crypto in fiat, we give users a way to pay crypto on the fly, in shops directly to POS machines by instant conversion so there will be no more waiting, no more questions whether the merchant accepts cryptos, you can pay anywhere you want.”

Zeux joins other businesses that have on-boarded BSV recently. Turkey’s Vebitcoin opened deposits and withdrawals for BSV last February 26, a day after Lithuanian blockchain payment company CoinGate added support for the cryptocurrency. Gap600 added support for BSV as well in February, along with OKEX, which added margin trading for crypto.

Jimmy Nguyen, founding president of the Bitcoin Association, said Zeux’s support will “help spur adoption” for BSV, which can now “be used for payments as electronic cash.”

“Bitcoin is supposed to be genuine digital money and Zeux’s forward thinking platform makes this an immediate reality. BSV has shown recently with a 100MB mined block that it can properly scale and now it is showing utility as well. Scalability and use are the most important factors is demonstrating how Bitcoin, by which I mean BSV, can become a global, low-transaction fee, digital currency,” Nguyen said in a statement.

To learn more about Zeux’s BSV integration, visit their website.

WooCommerce opens its doors to Bitcoin SV

WooCommerce opens its doors to Bitcoin SV

One of the largest eCommerce payment platforms for WordPress now has Bitcoin SV (BSV) support. WooCommerce, which is used by over 42% of all WordPress retail sites, has been provided a plugin that will enable BSV payments, according to a Twitter post. The plugin brings to merchants the capability to accept only cryptocurrency that still retains the original vision of what digital currencies are meant to be. 

The tweet by “Bit Vapes” from January 2 reads, “BitcoinSV wordpress woocommerce plugin. Accept #BSV payments on your merchant site. Control your own private keys.” He also included a link to the GitHub repository for the plugin, which can be found here. 

Bit Vapes is the pseudonym of an elusive developer known also as “mboyd1.” He brought Bitcoin Cash (BCH) payments to WooCommerce at the beginning of last year when the cryptocurrency was still young and has now updated the plugin to support BSV. He is also behind a BSV testnet block explorer and a BSV testnet faucet. 

According to information fond in the repository, the plugin offers a number of benefits, including:

* Accept payment directly into your personal Electron Cash wallet.
* Electron Cash wallet payment option completely removes dependency on any third party service and middlemen.
* Accept payment in Bitcoin SV for physical and digital downloadable products.
* Add Bitcoin SV payments option to your existing online store with alternative main currency.
* Flexible exchange rate calculations fully managed via administrative settings.
* Supports multiple currencies, including Bitcoin SV
* Automatic conversion to Bitcoin SV via exchange rate feed and calculations.
* Ability to set exchange rate calculation multiplier to compensate for any possible losses due to bank conversions and funds transfer fees.

While most cryptocurrencies have morphed into their own tiny ecosystems that make them less viable as cash, BSV has kept the original design of digital currency alive. Despite the efforts of some to centralize the Bitcoin Cash (BCH) network, proponents of BSV—and the true proponents of crypto—have worked to ensure that a peer-to-peer viable alternative to fiat is able to exist. 

Since the hard fork of BCH last year, BSV has continued to garner a significant amount of success. It is now listed by over 50 exchanges and there are also several wallets—such as Centbee, HandCash and CashPay—that are exclusive to the coin. 

HandCash’s POP! speeds up Bitcoin SV payments for merchants

HandCash’s POP! speeds up Bitcoin SV payments for merchants

Cryptocurrency wallet and payment solutions provider HandCash has released an app specifically for merchants to handle more transactions at a time.

The company, through its ‘POP! by HandCash’ Twitter account, said that the new app was capable of 12 to 14 Bitcoin SV transactions per minute, made possible by removing the payment request step, similar to automatic payments in Apple Pay. “With our upcoming cloud infrastructure and some other business-side improvements, we can easily handle around 20 payments per minute if needed,” it said.

During the recent CoinGeek Week conference, HandCash CEO Alex Agut introduced the app, saying, “Our goal with POP! is to create the best checkout experience in the world. Not the best Bitcoin checkout experience, but the best experience, period.”

Brenden Lee of Pay it Forward said, “POP! by Handcash is a great re-imagining of the Bitcoin retail experience. It’s fast, simple and works.” He is currently developing a hardware solution specifically for the app.

“I am in the process of delivering a volume unit to market which I hope will soon be available pre-installed on a hardware-based POS [point-of-sale] solution that includes NFC [near field communication] and a printer,” Lee said.

Lee posted a video demonstration of a prototype device on Keyport TV, in which he conducts eight transactions in one minute using a Nokia 6 phone with Android system. “We are only getting started with this, but already I’d like to show you how much of a performance leap has been created in a very short period time,” Lee said in the video description.

Agut said that HandCash was planning to deploy thousands of contactless point-of-sale machines, “with a business model only possible with Bitcoin [SV],” due to the fast, zero-confirmation transactions on the network.

HandCash is among the leading companies supporting Bitcoin SV and its adherence to what makes Bitcoin a secure, stable global ledger.

New, exciting Bitcoin SV projects announced during CoinGeek Week

The highly anticipated CoinGeek Week conference has drawn to a close and to say that it was a huge success is putting it mildly. The conference attracted a slew of individuals that have been, and will continue to be, the primary driving forces behind the only cryptocurrency adhering to the original Satoshi Vision, as well as a huge crowd determined to help shape the future. There was a lot of ground covered in the short four days allocated to the conference, with some exciting new projects being announced.

Bitstocks is preparing to introduce Gravity, a banking ecosystem for the cryptocurrency community. Gravity is going to offer an array of products—banking accounts, loans, debit cards, over-the-counter trading and more—and will use Bitcoin SV as the supporting cryptocurrency. More about the Gravity project can be found in Bitstocks’ YouTube video.

The developers behind the Centbee wallet have announced a new feature that will be coming soon. It will combine a social network with a wallet, allowing users to send money to their friends while chatting. There is also a merchant software developer’s kit (SDK) in the works, which will allow any merchant to easily integrate Bitcoin SV payments into its point of sale system.

HandCash announced that it is bringing an iOS version of its wallet to market this month. It will also offer HandCash for Apple Watch sometime during the spring of 2019. Developers also discussed CashPort, the system that allows apps and games to connect to HandCash in order to allow users to make micropayments.

The White Company, which offers an array of blockchain and crypto products, has announced that it is adding support for Bitcoin SV. The company offers, among other things, a cryptocurrency debit card and has also teamed up with REM, a blockchain-based rewards company, to allow consumers to earn points when they use The White Card. The card is expected to be released before the end of the year.

A new digital ATM offered by BCB ATM was shown off during CoinGeek Week, as well. While a crypto ATM isn’t exactly news, the fact that the company’s new ATM offers 0-confirmation transactions certainly is something worth a great deal of attention.

One of the more exciting revelations was MetaNet, which was introduced by nChain and Dr. Craig Wright. Metanet is basically one global network that is built on the blockchain. Said Wright, “What we’re going to actually create is a replacement for the Internet. The internet becomes a sidechain. I don’t care how as a peer network you distribute data, I care that you distribute it. If you have HandCash or near-field or IP or private networks or X.25, it’s a value network. The entire global system connected commercially.”