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.” 

Adoption & usage

Adoption & usage: The only metrics that matter in the battle for cryptocurrency supremacy

This is a guest contribution by Daniel Lipshitz CEO of GAP600. If you would like to submit a contribution please contact Bill Beatty for submission details. Thank you.

I am passionate about the possibilities cryptocurrency offers, and believe that Bitcoin is at the forefront. As I’ve written previously, crypto’s network effect offers the world a path to greater economic freedom and, as such, the opportunity to advance global prosperity. It is truly a wonderful, paradigm-shifting development.

Unfortunately, without mass adoption, the network will remain largely unused and will, therefore, fail to realize its grand destiny. It’s similar to holding a winning lottery ticket but never cashing it in, or operating a cargo ship that always runs at just 2% capacity. Without usage and adoption, the potential to extract the full economic value falls short. We’ve been distracted from this reality amid the hash war and hard fork melee and the prevailing bear market.

Picking a winner

While industry debate rages on, with everyone waiting for a clear market leader to emerge, it’s worth mentioning that the technical attributes and characteristics of the various cryptocurrencies merely enables them to be considered as potential denationalized, non-inflationary money systems.

Technical advantages can be helpful but are not the defining characteristics that lead to a network effect of widespread usage and, as such, adoption.

As we’ve seen many times before, the best technology doesn’t always win out. According to research by Rahul Kapoor and Ron Adner from Wharton Business School, when we talk about new technologies replacing existing ones, the more relevant factor is the ecosystem of the emergent and incumbent technologies.

Their research focuses on emergent technology risks and the capacity to innovate with the incumbent technology. The researchers define these factors as the ultimate determinants of mass adoption.

Complex factors

The same is true of cryptocurrencies. It won’t necessarily be the technical advancements in terms of structure and characteristics that determine which coin gains mass adoption and usage over the others.

That’s because, when discussing cryptocurrency in the context of money—a pure transactional medium—there are multiple forces at play that can constrain a cryptocurrency’s ability to form the necessary ecosystem around it to deliver the user experience and functionality that will drive usage and mass adoption.

Primary in this regard is the fact that fiat technologies are benefiting from fintech innovation, especially in the realms of mobile and social media payments. As more applications emerge that enable faster, easier, more seamless transactions, the fiat user experience (UX) will remain just as good, or even more compelling, than that of cryptocurrencies.

While there have been significant developments in the crypto space over the last decade (including advancements in usability), which have helped to improve mainstream adoption, this has primarily been applied to specific use cases such as investments or speculating.

Speculation undermines potential

While evidence of crypto payment uptake continues to emerge, these instances are dwarfed by speculation and investment applications. Interestingly, a possible explanation for the current bear market may be the realisation that the actual use case underpinning the great promise of cryptocurrencies as a means of exchange has not caught up with the investment hypothesis.

Within this space, the investing and speculating ecosystems are comparatively well developed. Significant investment from enterprise custodial financial services providers and corporate trading desks has flowed to create the infrastructure required to enable the functionality and UX that drives the mainstream adoption of cryptocurrency services within these industry verticals.

Crypto as an exchange medium

Driving the adoption of cryptocurrencies as mediums of exchange, however, lags significantly in the broader market. When compared to the massive fiat transaction volumes that occur globally every day, crypto transactions are still largely in the initial growth phase.

Simply building solutions and hoping customers will adopt them will fail to catalyze widespread adoption. And, while continued adoption, albeit one merchant and one user at a time, will advance the cause, we need the large players in retail, financial and social network services to embrace crypto payments to make mass adoption a reality.

To compete and establish cryptocurrencies as the preferred, ubiquitous payment method globally, the UX and added value proposition will need to improve significantly and deliver a level of service that surpasses that of fiat currencies. Only then will crypto be able to compete with fiat.

Path to victory

The major question, of course, is how do we achieve this?

How can crypto win, hands down, against the entrenched value proposition of fiat currencies to finally deliver its powerful promise of economic freedom and the resultant prosperity for all?

How can we develop the ecosystem required to drive mainstream crypto adoption?

Many of the critical technical characteristics and capabilities that create the opportunity to succeed already exist within certain cryptocurrency ecosystems, particularly the technological capital that currently supports the mining infrastructure. These attributes include:

Massive scalability to drive global use
• Superior UX
• Professional, stable development
• A thoroughly tested technology base that creates trust, security and a stable environment for new services to grow and flourish

With these capabilities in place, driving mass adoption becomes a factor of highlighting instances where crypto already wins hand down when compared to the incumbent fiat. By building on these superior use cases, the opportunity exists to incentivize the market and align the forces needed to build out the necessary ecosystem that brings about mass adoption.

Crypto showcase

In this regard, non-custodial, public blockchain database services, and applications built on top of the blockchain would be the ideal places to start. You can read more about the value of non-custodial services here, but the essential added value they offer is the simplicity of managing money on the internet.

Non-custodial services cut through burdensome regulatory requirements like KYC AML. This can have a profound impact on the financial services sector, with trickle-down benefits realized by customers as well. More specifically, financial intermediaries would spend less time on administration and compliance, focusing instead on value-adding activities and engagements that improve the customer experience. A reduced compliance burden would also lower pass-through costs to the consumer.

Within the non-custodial cryptocurrency payment processing space, services such as Money Button from Yours.org already solve the flow rigidity issues inherent in peer-to-peer (P2P) payments and are revolutionizing the payment paradigm.

The simple ease of use, the capacity to scale and trade unhindered by current custodial regulations is part of the value proposition of a P2P system – a value proposition increasingly resonating with merchants around the world. And by making these payment options available at more points of purchase globally, adoption will continue to accelerate.

Blockchain benefits

It is, however, blockchain services that garnered and continue to attract the greatest focus from corporations that want to embrace crypto. These organisations want to remain fully regulated while leveraging what appears to be an enticing but unstable industry.

As more companies have embraced blockchain technology, the private corporation-controlled magical database trend has emerged. However, for all the investment and innovation happening in this space, the truth is that for most private use cases, existing databases can fill a company’s needs more easily and far cheaper.

It is the public blockchain—a public global ledger that is open and accessible to all—that provides the services that are changing the world, such as databases, tokenization and the capacity to develop functions that enable smart contracts. These use cases are unique and, if proven by adoption, will enable two functions that would significantly strengthen ecosystem development to support cryptocurrency adoption.

1. From an economic standpoint, the blockchain strengthens the case for applying the Mises regression theorem (although not a requirement) to cryptocurrency. The theorem pertains to the price and value relationship of money. In essence, it suggests that the purchasing power of money must be traced back to the time when it was valued as a commodity with underlying value.

When considered in this way, the price value of money needs to revert to a value-adding good of sorts. And once a cryptocurrency base is built on a well-established commodity of public encrypted data transfer and a ledger, the commodity case is further strengthened.

2. With the ubiquitous use of the blockchain and smart contract platforms, cryptocurrencies will by default become woven into the fabric of everyday life, often without people being aware that they’re using them. At this point, application developers and money customers will become far more comfortable with the technology, which makes the jump to using cryptocurrency as money a lot shorter.

3. Create an environment conducive to entrepreneurial development by developers and engineers who are free to innovate on a massively scalable and unhinged blockchain to create previously unimagined applications and discover everyday use cases based on real emerging market needs, rather than achieve some predetermined outcome.

Time to act

In our view, non-custodial services and the commoditization of the blockchain are playing fields on which cryptocurrency can win hands down when competing against fiat. Both aspects are strong enough to lead and encourage mass usage and, as such, mass adoption, by indirectly building the ecosystems that fulfil a need exclusive to the money use case.

And the cryptocurrency that is actively targeting this approach is Bitcoin Satoshi Vision, which is part of the reason why we’re so excited about the unique and fresh approach the currency offers to spur adoption, despite it being the oldest protocol design. By encouraging and enabling an infrastructure that can truly be a platform for blockchain services, BSV opens up the building of an ecosystem outside of the money case and in so doing, provides the framework to encourage mass adoption.

Fundamentally, all the talk and analysis is cheap. What will define the outcome is actual events, the building out of ecosystems that support a cryptocurrency. It is through this that the economic freedom and global prosperity which Bitcoin began and continues to lead, can be realised. It’s time for action.

Satoshi Vision lives on with Bitcoin SV—the original Bitcoin

Satoshi Vision lives on with Bitcoin SV—the original Bitcoin

What is Bitcoin SV (BSV)? It’s the original Bitcoin, the only cryptocurrency that follows the original Satoshi Vision for Bitcoin.

Emerging from the November 15, 2018 contentious hard fork of Bitcoin Cash, BSV is dedicated to preserve Bitcoin’s original design. It is named for the “Satoshi Vision” of Bitcoin’s creator Satoshi Nakamoto, and is focused on restoring the original Bitcoin protocol, keeping it stable, and allowing it to massively scale. BSV’s roadmap will achieve the world’s new money used by billions of people, and the global public blockchain with professionalized engineering upon major enterprises can confidently build.

Unlike other blockchain projects, BSV continues to push the boundaries of massive on-chain scaling. In November 2018, a Professional Stress Test resulted in then-record size blocks mined using Bitcoin SV (at the time, an implementation of the Bitcoin Cash protocol). The test produced a 64MB block mined by CoinGeek Mining and a 38MB block was also mined by SVPool, a personal initiative of nChain Chief Scientist Dr. Craig S. Wright. On Christmas day, Mempool mined a 65MB block. This was followed by another milestone on the 10th anniversary of the Bitcoin genesis block, when Bitcoin SV continued to demonstrate its boundary-pushing potential by making a big leap to a 103MB block.

Recently, the bComm Association unveiled an updated BSV logo, chosen based on public voting via Twitter polls. The new design, featuring a cleaner B symbol and “Bitcoin SV” characters that are standing upright and with Bitcoin capitalized, demonstrates a more grown up representation of the currency. Founding President of the bComm Association Jimmy Nguyen explains, “The new BSV logo represents this pivotal moment for Bitcoin to grow up. In the spirit of Satoshi Vision, we are especially thrilled that BSV supporters around the world chose this logo after multiple rounds of online polling in a new paradigm of decentralized marketing.”

To learn more about Bitcoin SV, visit BitcoinSV.io.

A souvenir of the birth of Bitcoin: your chance to own a little piece of history

A souvenir of the birth of Bitcoin: your chance to own a little piece of history

Bitcoin is ten years old this month. It’s ten years since the ‘genesis block’ – the first on the Bitcoin blockchain – was created. Before you know it, that moment will be part of history. One day your grandchildren will ask ‘were you around at the time Bitcoin was invented?’ And if you want to be able to prove that you were, here’s an idea that could help.

It’s a commemorative silver coin, specially minted for the anniversary. Only 42 of them will be created – not because 42 was Douglas Adams’ answer to “the ultimate question of life, the universe and everything” but because it’s twice the number of millions of Bitcoins that will ever exist.

Half of the coins are being auctioned. Of the remaining 21, one will be presented, through CoinGeek, to “a member of the Bitcoin community who has protected the original Satoshi Vision of Bitcoin” – watch for further news about that. And there are plans to offer another to the Royal Mint, the official manufacturer of British and other countries’ coins, as part of its Royal Mint Experience.

The rest will be distributed by their creator, Rogelio Reyna, co-founder and CEO of binde.io, a Mexican startup that works on blockchain applications for a wide range of industries. Reyna describes the coin as “the first of its kind”. He told CoinGeek about its intricate design, which features the mythical ouroboros, an image of a snake devouring its own tail, which Reyna sees as “representing the infinity of human economic transactions”. That’s just one of many symbols on both sides of the silver coin, including an egg representing the genesis block. You can find out more about the coin on its website, which describes a design in which “cash, biology, technology and hope dance together”.

The most high-tech feature of the silver coin is embedded at its centre: a tiny capsule containing liquid in which Reyna says he’s created synthetic DNA molecules whose sequencing matches the code of the genesis block.

If you’d like to get your hands on a coin, Reyna will only accept bids in the auction in Bitcoin SV (BSV), which he sees as “more tied to the [Satoshi Nakamoto] White Paper and the initial version of Bitcoin” than the other two coins deriving from the genesis block, BTC and BCH. Reyna couldn’t be more bullish about BSV: “I’m betting my career, my reputation and my work on that chain.” At the same time, he doesn’t want to start a dispute with the other two chains. There are “brilliant, very bright people” also working on BTC and BCH, he says, but “at the end of the day one has to make a choice, right?”

The process of manufacturing the silver coins allowed Reyna’s business, binde.io, to learn about the manufacturing processes for which it’s developing blockchain applications. Working with third parties allowed binde to “exercise those muscles” and “helped us create some building blocks that we’ll be reusing in our applications”.

Reyna insists that BSV is “is not just an investment vehicle”: he wants to be part of a movement that creates applications that makes it an essential part of the everyday economy. But if you want to hang onto a souvenir of this Bitcoin moment in a medium that is still an old-fashioned investment vehicle, you can find out how to bid for your own silver coin at bitcoin10y.io. Good luck!

Watch Becky Liggero interviewing Rogelio Reyna for CoinGeek

Commemorative silver coins to mark the mining of the genesis Bitcoin block

Commemorative silver coins to mark the mining of the genesis Bitcoin block

21 coins to be auctioned in Bitcoin SV; the original Bitcoin

A total of 42 coins will be made with 21 being auctioned and 1 being donated to a member of the Bitcoin community who has protected the original Sathosi Vision of Bitcoin. One further coin will be privately couriered to The Royal Mint, who supply the UK and 60 other countries with their official coins, as a free donation to their Royal Mint Experience.

The ~60gm silver coins will be tokenized to hold provenance information on Bitcoin as each coin is also uniquely identifiable. The capsule located in the centre of each coin stores a suspension that includes DNA encoding the complete 285 bytes that comprise the genesis block.

Of the visible symbols on each coin:

• The perimeter bears the name of the white paper “BITCOIN: A PEER-TO-PEER ELECTRONIC CASH SYSTEM. SATOSHI NAKAMOTO. 999 SILVER” in addition to the timeline “2009-2019”

• On the rear side are 12 squared spirals, each representing a miner. Each miner is connected, showing a small world graph; the core of Bitcoin network. The network of miners protect the blockchain which is represented by an ouroboros (snake eating its own tail, representing the infinity of human economic interactions, or transactions)

• On the centre of the coin is an oval, representing the genesis block, from which the entire blockchain starts until it reaches the ouroboros

The auction of the 21 coins will take place from January 12th to February 2nd.

The choice is simple—yes or no. Do you support Satoshi Vision?

The choice is simple—yes or no. Do you support Satoshi Vision?

Inside the world’s first hash war

I’d like to start off with my personal view of what Bitcoin is. Bitcoin is sound money for the entire world to use. I believe that the current economic model as designed by Satoshi Nakamoto works, today. The software client will of course require regular development in order to scale to global capacity, but the foundation of its economic design is rock solid. With the removal of the blocksize cap, it has worked flawlessly up until now, and we can steer the ship to success.

The various voices that criticise my stance on “locking down” the protocol are truly unfounded. If I wanted to lock down client and avoid further changes, why would Coingeek be funding things like the Terab project? It’s because Coingeek is committed to looking ahead, and to scaling Bitcoin for the entire world.

This isn’t about control. This is about Coingeek and friends casting their economic vote, in order to protect a vision of Bitcoin that we believe in. That vision, is scalable, workable money for the entire world. The people at Coingeek and myself have worked very hard on this vision. We have poured countless resources and money into sponsorship programs to spread the message of BCH. We have funded, and put money into a variety of projects such as Terab, and Cash Shuffe. We have been donating to charities in an effort of goodwill and BCH promotion. Further, recently, we even announced the winner of a £5 million tokenization project, with a further £1m yet to be awarded to another project in the same area.

All of these ventures and movements by Coingeek have been done in the name of, and for the success of BCH. The tremendous mining power we have been employing lately is a sign of our dedication to building and protecting BCH. The hashrate not only protects the network, but provides Coingeek with an economic voice to vote for or against proposals. It is in this case that we disagree with the fundamental direction of ABC. We do not agree that there needs to be a rushed transactional ordering change in blocks, and we do not agree on the introduction of other opcodes providing that Bitcoin script can attain the same function.

We have stated previously, that we are not in the business of rejecting any change. But we do view Bitcoin as a global solution to money that needs to be viewed and worked with in a more rigorous, and meticulous manner. Major changes that are not urgent, can afford the time for research and sound testing time.

It’s important to note, that above all, Bitcoin SV, does not introduce anything new that Satoshi Nakamoto did not include in his roadmap for Bitcoin. We would like to see the original implementation restored in it’s entirety, first and foremost. It is a key differentiator of roadmaps between ABC, and Bitcoin SV.

I have been invested in Bitcoin for quite a while, and more recently, I have invested heavily in infrastructure to support BCH from the ground up. The countless hours of effort and millions of dollars spent have been with one goal in mind. To make Bitcoin BCH the leading cryptocurrency in the world, and to have it working as global money for the entire world.

We have already had glimpses of BCH’s prowess. Numerous projects are rolling in demonstrating its capability in smart contracts, tokenization, social media, private messaging, and much more. It’s clear that Bitcoin BCH outperforms Ethereum and any other crypto for scalability and workability. BCH is valuable… much more valuable that its current market valuation may suggest. It has an incredible future that needs to be protected.

Bitcoin is not a developer’s playground. In any business, or system, it is the economic incentives that drive progress. Too many times, in crypto communities, it has been the tail wagging the dog. And it’s time we professionalize and make a stand on the direction that we believe in, to ensure the longevity of the currency that we as a community have invested in… Not just in the next few years, but for decades forward. We plan to do all that we can within our means, to make Bitcoin BCH global scale. This is why I support Satoshi Vision, and I invite you join in allegiance for a better money for the world.

If you want to hash out the world’s first hash war with the thought leaders and other members of the Bitcoin BCH community, join the upcoming CoinGeek Week Conference this November. The four-day conference, taking place in London on November 27-30, will kick off with Miners Day—an invitation-only event where miners can discuss latest BCH advancements. Secure your seats to CoinGeek Week today via Eventbrite.

CoinGeek-sponsored Bitcoin BCH Miners Choice Summit happening in Hong Kong

CoinGeek-sponsored Bitcoin BCH Miners Choice Summit happens in Hong Kong on November 2

When the August 2017 Bitcoin Cash hard fork took place, it did not really create a new coin. Instead, Bitcoin Cash (BCH) was the rebirth of the original Bitcoin, designed to stay to true to the Satoshi Vision (SV).

With Bitcoin BCH, the roadmap is for massive on-chain scaling by significantly increasing the block size, enabling fast transaction processing, and keeping transaction fees very low. The key BCH developer groups have had some differences about how quickly BCH should scale, and the dangers of developer groups constantly trying to experiment with proposed technical changes to the Bitcoin protocol.

CoinGeek-sponsored Bitcoin BCH Miners Choice Summit happening in Hong Kong

Now we have Bitcoin SV, the new full node implementation for Bitcoin BCH that will restore the original Satoshi protocol, keep it stable, enable it to massively scale, and allow major businesses to confidently build on top of BCH. By trusting the original design of Bitcoin rather than constantly changing it, Bitcoin SV will support global adoption, enterprise-level usage of BCH, and allow miners to earn more longer-term revenue.

To gain more insight about Satoshi Vision, as well as Bitcoin SV and SVPool, miners are invited to attend the CoinGeek-sponsored Bitcoin BCH Miners Choice Summit, taking place at The Harbour Grand Hotel in Hong Kong on November 2.

The dynamic half-day conference will feature the industry’s most exclusive guest speakers, including nChain Chief Scientist Dr. Craig S. Wright and nChain Group CEO Jimmy Nguyen, along with CoinGeek Mining’s Bob Yuan, one of the most respected mining professionals in China. More speakers will be announced soon.

Recently, Dr. Wright launched his personal initiative—the public Bitcoin BCH mining pool SVPool—to all public miners on the Bitcoin BCH network. SVPool represents BCH miners who support the Satoshi Vision and want to generate more long-term revenue. BTC miners who believe in Bitcoin’s original vision are also invited to begin mining BCH with SVPool.

Wright explained: “If you believe in Bitcoin’s original vision, you believe in Bitcoin SV and SVPool. For too long, developer groups have repeatedly tried changing Bitcoin. The original Satoshi protocol for Bitcoin does not need to be fixed. It has everything BCH needs to massively scale, support tokenization, smart contracts and other advanced features, and become the only global public blockchain. Just like the Internet has a stable protocol, Bitcoin needs a stable protocol so businesses can build upon a rock solid foundation rather than constantly moving sand.”

The CoinGeek-sponsored Bitcoin BCH Miners Choice Summit is an event not to be missed. Seats are limited, so best to RSVP now to [email protected] to confirm your attendance at this iconic event.

Miners are also invited to take part in the CoinGeek Week Miners Day, happening during the CoinGeek Week Conference in London this November. The SVPool and CoinGeek Mining team will be on-hand to discuss how you can do your part in making Bitcoin BCH realize its full potential. Secure your seat today via Eventbrite for the four-day conference that’s shaping up to be the essential Bitcoin BCH conference this fall.

The Bitcoin SV project was created at the request of and sponsored by Antiguan-based CoinGeek Mining, with development work initiated by nChain. The project is also owned by the Antiguan-based bComm Association on behalf of the global BCH community, and the Bitcoin SV code is made available under the open source MIT license.

‘It’s time for Bitcoin BCH to grow up’: Jimmy Nguyen explains the importance of Bitcoin SV

‘It’s time for Bitcoin BCH to grow up’: Jimmy Nguyen explains the importance of Bitcoin SV

In this interview with CoinGeek’s Becky Liggero, the nChain CEO discusses the three pillars of Bitcoin SV—stability, scalability, and security.

October 15 marks an important event for the Bitcoin Cash (BCH) community. On that day, the release candidate of the Bitcoin SV client went live, one month ahead of the November Bitcoin Cash (BCH) network upgrade.

Bitcoin BCH miners and mining pools are encouraged to begin using Bitcoin SV, which is a new full-node implementation for Bitcoin BCH designed to fulfill the vision set out by Satoshi Nakamoto’s original Bitcoin white paper. Currently, the Bitcoin BCH ecosystem has a number of full node implementations available, but what makes Bitcoin SV stand out?

The answer, according to nChain CEO Jimmy Nguyen, is straightforward: Like its initials, which stand for Satoshi Vision, Bitcoin SV better fulfills the original vision for Bitcoin.

“The goal of Bitcoin SV is to restore the original Bitcoin protocol, and then create an implementation that enables a protocol that is stable, scalable, and secure,” Nguyen explained. “Those are our three main goals, and it’s designed to really allow a protocol to enable what bitcoin was always meant to be but could not be once Bitcoin Core [BTC] took over the protocol, but now that it’s been reclaimed in bitcoin cash, we want the software implementation to enable that vision to come to life.”

With a stable protocol, businesses—especially the big businesses—will feel comfortable operating on it. Take the internet, for instance. Its evolution has been very slow, which, according to Nguyen, makes sense since businesses or those running websites or mobile applications don’t want have to deal with time consuming, expensive protocol changes every six months. For BCH, some developers groups want to experiment by continually introducing new op_codes, changes and feature sets not found in the original Bitcoin protocol, which would lead to a continually shifting platform. In contrast, Bitcoin SV seeks to restore the original Satoshi client release 0.1 and then keep it stable and business-friendly.

“Do you want the big business of the world to build their house, their projects, on sand or on a rock foundation? We don’t want the platform and the protocol to be moving quickly every six months. We want foundation to be rock solid,” the nChain CEO noted.

Scalability is another key component of Bitcoin SV. While other implementations seek a gradual approach to scaling, nChain believes that the Bitcoin BCH network needs to scale bigger and quickly. With Bitcoin SV 0.1 version, the default maximum size of accepted blocks has also been increased from the 32MB soft limit to 128MB. The reason behind this comes down to one thing: economic reality. For Bitcoin BCH miners to remain profitable in two years, when the next block reward halving (from 12.5 to 6.25 coins) event is set to take place and even further halving after that, the network needs to start scaling now so miners earn more in transaction fees.

For big businesses, scalability is also critical. Nguyen said, “They want to know that the network will be able to sustain the large capacity that’s needed for their project and other companies’ projects because otherwise they’re going to be hesitant to say, ‘Why would I commit millions of dollars of resources and time to build let’s say my blockchain application on a network which may not be able to sustain that scalability issues?’”

Speaking of critical issues for cryptocurrencies like Bitcoin BCH, we have security. For the Bitcoin SV team, it means developing a world-class security system for Bitcoin SV’s code.

“Security is definitely this key issue. We are going to work as hard as possible to implement the best practices possible and modeling some of the best practices from security systems and rigorous processes in some of the most mission-critical industries such as aerospace, national security, transportation. I think that will serve the bitcoin community well,” Nguyen said.

In closing, the nChain CEO addressed the potential split that could happen in November, saying that it’s natural in the Bitcoin ecosystem for groups to emerge with a different plan and vision—and it’s up to the miners to choose.

Unlike other implementations, Bitcoin SV is born out of the desire to empower miners to direct the future of Bitcoin and also to ensure BCH miners remain profitable. Miners will have a choice and a voice to drive the process of restoring Bitcoin to its optimal state—that of unbounded blocks, original op_codes, and no artificial limits imposed on the protocol.

“We believe it’s time for bitcoin to grow up. It’s time for bitcoin to professionalize. We want a massively scaled network, we want worldwide adoption and enterprise-level usage. We want 5 billion people using Bitcoin Cash in the years to come. To get there, we need to demonstrate that its ecosystem is professionalized with world-class security, quality assurance practices with a scaled network, with big blocks to support big enterprise and global payments. And, going back to the first pillar, a stable protocol,” Nguyen said.

The Bitcoin SV project was created at the request of and sponsored by Antiguan-based CoinGeek Mining, with development work initiated by nChain. The project is also owned by the Antiguan-based bComm Association on behalf of the global BCH community, and the Bitcoin SV code is made available under the open source MIT license. Check it out during Miner’s Day at the upcoming CoinGeek Week Conference in London next month.

SVPool mines first Bitcoin BCH block

SVPool成功挖掘出首个比特币现金区块

點擊這裡閱讀英文

比特币现金(BCH)公共矿池——SVPool于本周三正式挖掘出其首个比特币现金(BCH)区块,因此本周成为SVPool里程碑的一个重要节点。

10月10日下午2点12分(UTC时间),一个大小为7.15MB、高度为55185的区块被挖出,该区块包含25笔交易。根据Coin DanceBitfire公布的数据,尚无法正式确定SVPool是该笔交易的执行矿工,但是Coinbase上显示的付款地址为SVPool.com 

SVPool mines first Bitcoin BCH block

SVPool是由nChain的首席科学家克雷格·怀特博士(Dr. Craig Wright)以个人名义发起的一项计划,截至10月底,本计划尚处于上市测试阶段,仅限受邀人士参与。从11月份开始,SVPool将对公众完全开放。您可以点击本处注册报名加入矿池。

截至发稿时间,全球各地的数百位矿工已注册加入SVPool——人数远远超出9月份预注册的233位。这些报名加入SVPool的矿工大多来自美国、中国、英国、加拿大、澳大利亚与印度。矿池中还有一些矿工来自其他国家和地区,包括西班牙、南非、巴西、德国、韩国、日本、马来西亚、瑞典、委内瑞拉、俄罗斯、瑞士以及荷兰。

SVPool提供PPLNS(根据过去的N个股份來支付收益)作为初始模式,目前,正在努力开发更多功能以及PPS+(Pay-per-share plus)选项,预计将在十一月份正式推出。

CoinGeek Mining将负责SVPool的运营管理,为大大小小的矿工提供帮助并支付报酬,从而确保比特币现金真正实现去信任、去中心化系统属性。这一公共矿池与CoinGeek团结一心,坚信比特币现金是唯一一种可以实现中本聪愿景的、真正的比特币。

无独有偶,矿工们还受邀于2018年11月28日参加CoinGeek周的矿工日,该日将作为在伦敦举行的CoinGeek周大会的一项重要活动,届时SVPool团队与CoinGeek团队将亲临现场并与参会者共同探讨如何能帮助比特币现金发挥全部潜能。您可以通过Eventbrite预订参会席位,这次为期三天的盛大会议将成为今秋最为重要的一场比特币现金大会。

SVPool mines first Bitcoin BCH block

SVPool mines first Bitcoin BCH block

This week marks a milestone for public Bitcoin Cash (BCH) mining pool SVPool, which officially mined its first Bitcoin BCH block on Wednesday.

At 2:12 p.m. UTC on Oct. 10, a 7.15KB block was mined at block height 55185, which accounts for 25 transactions. Data available on Coin Dance and Bitfire have yet to officially identify SVPool as the miner behind the transaction, but the Coinbase pay-to address is that of SVPool.com.

SVPool mines first Bitcoin BCH block

A personal initiative of nChain Chief Scientist Dr. Craig Wright, SVPool is currently on a by-invitation only beta launch until late October. After that, SVPool will open up to the public. You can still sign up here for the mining pool.

At press time, hundreds of mining registrants around the world have already signed up for SVPool—a huge jump from the 233 miners that pre-registered in September. Majority of these miners are from the United States, China, United Kingdom, Canada, Australia, and India. The mining pool also has miners from Spain, South Africa, Brazil, Germany, South Korea, Japan, Malaysia, Sweden, Venezuela, Russia, Switzerland, and the Netherlands, among others.

SVPool offers an initial Pay-per-last-N-Shares (PPLNS), but it is already working towards adding more features and Pay-per-share plus (PPS+) options by November.

SVPool is managed by CoinGeek Mining, and will help and remunerate miners—large or small—to ensure BCH remains a truly trustless and decentralized system. The public mining pool stands in solidarity with CoinGeek in the belief that BCH is the only true Bitcoin that fulfills that Satoshi Vision.

Incidentally, miners are also invited to the CoinGeek Week Miners Day, taking place on 28 November 2018 as part of the CoinGeek Week Conference in London, where the SVPool and CoinGeek team will be on-hand to discuss how you can help Bitcoin BCH realize its full potential. Secure your seat via Eventbrite for the three-day conference that’s shaping up to be the most important Bitcoin BCH conference this fall.

Over 200 Bitcoin BCH miners sign up ahead of SVPool’s official launch

Over 200 Bitcoin BCH miners sign up ahead of SVPool’s official launch

More than 200 Bitcoin Cash (BCH) miners have already pre-registered to join SVPool ahead of its launch later this month, a sign of a growing appetite in the community for ‘Satoshi Vision’ and the Miner’s Choice initiative.

At press time, some 233 miners and groups around the world have already signed up for SVPool. Majority of these registrants come from the United States, followed by Canada, United Kingdom, Australia, China, India, South Korea, Brazil, Japan, Germany, Malaysia, Spain, and Venezuela.

These groups are joined by miners from Russia, South Africa, Sweden, the Netherlands, Vietnam, Finland, France, Iran, Mexico, New Zealand, Norway, Philippines, Qatar, Switzerland, Austria, Bulgaria, Cayman Islands, Chile, and Colombia. Groups from Croatia, Denmark, Greece, Hong Kong, Israel, Italy, Kazakhstan, Pakistan, Portugal, Rwanda, Saudi Arabia, Singapore, Swaziland, Taiwan, Thailand, UAE, Uganda, Ukraine, Uzbekistan, and Belgium round up the first batch of early registrants for SVPool.

A personal initiative of nChain Chief Scientist Dr. Craig Wright, SVPool is a public Bitcoin BCH mining pool that will represent miners following the original Satoshi Nakamoto vision via the Bitcoin SV implementation of the BCH protocol. SVPool stands in solidarity with CoinGeek in the belief that BCH is the only true Bitcoin that fulfills the Satoshi Vision.

SVPool will have an initial Pay-per-last-N-Shares (PPLNS) offering when it goes live towards the end of September, while a Pay-per-share plus (PPS+) option will be added in November. SVPool, managed by CoinGeek Mining, will help and remunerate miners—large or small—to ensure BCH remains a truly trustless and decentralized system, in accordance with the original Nakamoto white paper.

Want to help Bitcoin BCH realize its full potential? Pre-register now for SVPool.

‘Satoshi Vision’ Public Mining Pool prepares for launch

‘Satoshi Vision’ Public Mining Pool prepares for launch

SVPool is almost ready for launch later this month as a brand new competitive, public BCH mining pool to represent miners following the original Satoshi Nakamoto vision via the Bitcoin SV implementation of the BCH protocol. SV Pool is a personal initiative of Dr. Craig S. Wright, one of the world’s most prominent Bitcoin scientists and thought leaders. Currently, pre-registration for SVPool is available to all Bitcoin BCH miners large or small.

The full site and SVPool will be launched towards the end of September with an initial Pay-per-last-N-Shares (PPLNS) offering, with the Pay-per-share plus (PPS+) option being added in November. BCH is the only true Bitcoin that adheres to the original Satoshi White Paper, namely, a low transaction fee, electronic cash system.

SVPool is managed by CoinGeek Mining, and stands in solidarity with Coingeek in our steadfast belief that BCH is the only true Bitcoin that fulfills the Satoshi Vision. SVPool will help, and remunerate, miners of all sizes to ensure BCH remains a truly trustless and decentralized system, again, as the original White Paper demanded.

If that’s your vision, then pre-register and let’s make BCH realise its potential.