Why I feel that Bitcoin SV is superior to Bitcoin
This post originally appeared on Medium, and we republished it with permission of the author Zvinodashe Mupambirei. Read the whole piece here.
A little history
The two blockchains have a shared history dating back to January 8, 2009 when Satoshi Nakamoto released the Bitcoin White Paper. The introduction of SegWit that would activate the Lightning Network saw another chain emerge, namely Bitcoin Cash. At the heart of these forks were debates over how best to scale Bitcoin. Bitcoin Cash felt that increasing block size was the best way to scale Bitcoin and opposed SegWit.
SegWit was considered a measure that would not only break Bitcoin as envisioned in the White Paper, but potentially its validity. The emergence of Bitcoin SV was on 15 November 2018 (block number 556766). This was a result of differences with Bitcoin Cash on issues such as block size, chain scaling, anonymity and consensus algorithm. Bitcoin sees its rebirth date as February 4, 2020 (Genesis Upgrade). The Genesis upgrade was focused on aligning the protocol with Satoshi’s Whitepaper by correcting the restrictions introduced in Bitcoin.
It restores the original Bitcoin protocol, will keep it stable and allow it to scale massively. Bitcoin SV will maintain the vision set by Satoshi Nakamoto’s White Paper in 2008. →
Bitcoin SV is superior in payments
Ironically, many are still desperately searching for the blockchain killer app. While Satoshi in the abstract of the White Paper describes “A pure peer-to-peer version of electronic cash …” In addition, in the introduction, emphasis is placed on supporting untrustworthy internet shopping which must also be able to support small random transactions (micropayments).
Bitcoin with its current capacity of 7 transactions per second pales in comparison to the Bitcoin SV record of over 50,000 transactions per second reached in 2021. Bitcoin SV focuses on unlimited scaling by allowing for larger blocks. Bitcoin SV supports block sizes of up to 4 GB. The largest block so far was 3.8 GB on block number 725511. Bitcoin SV with Teranode on the horizon aims for unlimited block sizes to achieve massive scaling that can truly handle global trading. Large blocks on Bitcoin SV facilitate lower average transaction fees which enables micropayments.
With micropayments, poor countries, machine-to-machine transactions, IoT, are not excluded from the blockchain. In addition, Bitcoin SV allows through the proper use of SPV, merchant APIs for fast instant transactions. While Lightning Network in its purest form and Liquid Network give hope to BTC, they are still work in progress, considered complex (technical and legal challenges), may even reintroduce reliable third parties and vulnerable to attack.
The existing Visa credit card network processes around 15 million online purchases per day worldwide. Bitcoin can already scale much larger than that of existing hardware for a fraction of the cost. It never really hits a scale. → Satoshi Nakamoto
Bitcoin SV is superior in smart contracts
Ethereum blockchain was born out of Bitcoin, based on the belief that Bitcoin Script is not capable of handling advanced smart contracts. For a long time, many debates raged about whether Bitcoin was Turing complete. Dr. Craig Wright has written and discussed comprehensive Turing completeness. Although some experts consider it not Turing complete and many of the topics and concepts surrounding Turing completeness are beyond my comprehension, the proof is fortunately in the pudding.
sCrypt a smart contract language on Bitcoin SV not only brought smart contract functionality directly on Bitcoin on-chain, but potentially proves that Bitcoin Script is Turing complete. What is important is that Bitcoin SV supports advanced smart contracts without the need for extensions, adoptions to protocol, Layer2, side chains or other solutions. While Bitcoin may have introduced changes such as SegWit and Taproot to facilitate more complex smart contracts, we have not seen any of the scope of NFTs, Tokens, DeFi, decentralized exchanges, etc. take off on the network or Bitcoin Layer2 network as intended .
The closest solution in BTC for advanced smart contracts written in Clarity is a blockchain stacker that utilizes BTC security. Clarity is a Lisp-like language, good luck with developer adoption. Meanwhile, sCrypt is Solidity-like, while Solidity is JavaScript-like. In addition, a game-changer is a Bitcoin SV transceiver that converts Ethereum Solidity Smart contracts to Bitcoin SV scripts. Bitcoin SV does not compete with BTC, but various smart contract blockchains such as Ethereum, Solana, Algorand and more. However, many of the blockchains have scaling challenges or have sacrificed decentralization or security to scale. Interestingly, compared to the Ethereum account model, the Bitcoin SV UTXO model provides it with scaling, security and more benefits.
The video below is from the Global Blockchain Convention Dubai 2022 Smart contracts and calculations on BSV by Xiaohui Liu – Founder and CEO, sCrypt Inc . Learn about smart contracts and sCrypt features on Bitcoin SV
Updated to official CoinGeek video above. To watch previously built-in video with Full Day 3 Global Blockchain Convention Dubai 2022 visit link
Bitcoin SV is superior in stability
Bitcoin SV is clear in its plans and roadmaps for building a stable protocol shaped along such as TCP / IP to provide security for businesses, users and stakeholders who want to use or implement blockchain-based technologies. Bitcoin SV is clear that power must never be in the hands of developers, miners, investors, pioneers or anyone. BTC has been largely reduced to a digital gold narrative and ‘hodl’ mantra. Unfortunately, the very scarcity (fixed amount of money of 21 million coins) it depends on to be digital gold may be in jeopardy. With a small block size that results in low fee income relative to block support, what will incentivize miners as block support is reduced? It does not matter if the cap will be removed or the block size increased?
Imagine the excitement of individuals from third world countries learning the promise of the blockchain to democratize payments and participation in economic systems after discovering BTC. Imagine the despair when they realize that high fees censor them from participating. Imagine the despair when they sell a digital gold story that is shocking. Surprisingly, BTC continues to be a very volatile and highly speculative asset. The Bitcoin SV Association is concerned with promoting Bitcoin SV as a regulatory-friendly ecosystem. Code is allowed, you will scream at me. The reality, however, is the real world and the blockchain world needs to be adjusted. Does theft or illegal activity on blockchains have to be fixed because it was code-driven? Code can not be allowed if the protocol is not fixed in stone, and developers have too much power.
Last word
I feel that Bitcoin SV has a greater chance of reaching broader adaptation due to superior stable protocol, payments and smart contract options. The ecosystem is growing rapidly due to the focus on construction projects. There are many resources to get started learning more about Bitcoin SV, such as the Bitcoin SV Academy which teaches topics such as Bitcoin theory, development and infrastructure. This is not financial advice, but I envision that Bitcoin SV will soon retain its top 10 market value. As the title of my article says, this is how I feel, so it may not be a balanced presentation of topics. This article was quickly put together to write what I recently discussed with another crypto and blockchain enthusiast. I encourage you to do your own research.
See: BSV Global Blockchain Convention Panel, The Future World with Blockchain
New to Bitcoin? Check out CoinGeeks Bitcoin for beginners section, the ultimate resource guide for learning more about Bitcoin – originally proposed by Satoshi Nakamoto – and blockchain.
