It has been more than a decade since the Bitcoin white paper, entitled ‘Bitcoin: A Peer-to-Peer Electronic Cash System,’ was published on Oct.
Bitcoin is a triadic term that denotes a digital coin, a set-in-stone protocol and a public blockchain network.
It was a year after, on May 22, 2010, that the first documented Bitcoin transaction was created when early bitcoin mining aficionado Laszlo Hanyecz bought two pizza pies for 10,000 bitcoins – worth about $25 total at that time.
From its humble beginnings, Bitcoin’s value and popularity steadily started to rise; and people became increasingly curious as to who Nakamoto was as his identity remained a mystery.
This prompted a media frenzy which culminated in the removal of Gavin Andresen from the helm of Bitcoin Core, and caused a fury of problems for Wright who very clearly did not want to be a public figure at the time.
These labels denote those who did not believe in scaling and opted to keep Bitcoin’s 1MB block size cap, and those who believed that increasing it is the only answer for Bitcoin to move forward.
For Bitcoin beginners, a blockchain is a distributed ledger that records validated transactions on data blocks, which are then linked together to form a chain.
With Bitcoin nurturing a reputation for being a network focused exclusively on large, slow and expensive transactions, the only viable use cases for the network were becoming evasive savings and large-scale criminal commerce.
‘Hey, we need a lot of distributed nodes, we need to make sure bitcoin can’t be censored, and to make sure we can’t censor it, we need to make it slow and small enough for people to run their own nodes and create their notion of perfect security,’” CoinGeek Chief Historian Kurt Wuckert Jr.
With a fixed protocol, developers can now build a variety of applications and platforms on the Bitcoin SV blockchain without having to worry about changes, just like how the Internet protocol created a trustworthy online economy.
Since then, the BSV network has continued to scale massively; and this is evidenced by its test network recording 16,415,525 transactions in a single block the size of 3.15GB at an average transaction fee of 0.00000197 BSV on Feb.
Aside from implementing the first ever, fully security-audited Bitcoin node software, BSV’s security is also the only variant of bitcoin that can benefit from the economic security inherent to bitcoin as a complete system without arbitrary limits and compounding dependencies.
Their active participation in mining and governance make it impossible for an attacker to successfully conduct a 51% attack, which is the name of an act whereby malicious actors gain control of the blockchain; disrupting and reversing transactions for the sake of theft or vandalism of the blockchain ledger.
The Genesis Upgrade is just the first step towards BSV’s grand vision of making it an enterprise blockchain that can be globally adopted by businesses.
He is doing this by giving the world the tools to do business more efficiently and by giving people ownership of their data with increased privacy and utility – only possible with the power of Bitcoin SV.
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