Craig Wright Continues Bitcoin SV (BSV) Cheer, Can Process Billions of Transactions Daily by 2020
BSV has pushed through various boundaries especially in terms of applicability and scalability. Various innovations, led by Wright have helped to push the boundaries. In his latest statement, he confirmed that by 2020, the BSV could be processing billions of transactions a year.
What He Said
In a tweet, he said that BSV has already achieved 33 million transactions a day. Soon, this would come to 150 million transactions a day. He concluded the tweet by saying that by 2020, they would be processing billions of transactions annually.
In the tweet, he also included a photo of a famous quote attributed to Satoshi Nakamoto in 2009. In the quote, Satoshi said he foresaw a time when BTC would surpass all the limits set by global payment processors such as MasterCard and Visa.
Satoshi claimed that the Visa network could process about 15 million transactions daily online. However, he believed that BTC was scaled to handle much more than that using current hardware at only a small fraction of the costs. Satoshi believed that BTC did not have a scaling ceiling.
What Other Experts Think
The CEO of nChain, Jimmy Nguyen, and the founder of bComm Association also mentioned the quoted when talking about BSV at a recent conference. He said that the aim was to push its scalability. To do this, they would grow the block cap to about 512 MB and eventually hit 1-2 GB in the future. The aim is to ensure there is no limit, with only being the ones that determine block sizes.
With transaction bandwidth and scalability as the main areas of focus for BTC, most people have praised the coin as the true rebirth of the BTC vision. Nguyen highlighted the huge on-chain scaling and Stable Protocol of the coin. He also mentioned the professional security of BSV. This had made it look more professional, according to him.
Seeking Utility For BSV
Craig Wright has also been working on app-based used for BSV. This has mainly been through blog posts. He has talked about how BSV could be used for a better P2P online payments experience. This would come with total security, record keeping, and even make it possible to conduct tax audits.
BSV or Bitcoin Satoshi Vision is a coin that was launched as a hard fork of BTC. Satoshi’s vision refers to the idea that led to the creation of BTC. The group or person that created BTC had a vision where crypto would be decentralized globally and give control back to the citizens. Some have claimed that his vision had Marxist leanings.
He saw a world where power could go back to the people if they had the means to produce currency without central control. The result was the development of BTC. However, proponents of BSV argue that BTC has fallen from the path of the Satoshi vision.