Why I feel BitcoinSV is superior to Bitcoin

A bit of history

SegWit was considered as a measure that would not only break Bitcoin as envisioned in the whitepaper but potentially its validity. The emergence of BitcoinSV was on the 15th of November 2018 (block number 556766). This was a result of differences with Bitcoin Cash on issues such as block size, on-chain scaling, anonymity, and consensus algorithm. Bitcoin sees its rebirth date as the 4th of February 2020 (Genesis Upgrade). Genesis upgrade was focused on realigning the protocol with Satoshi’s Whitepaper by correcting on the limitations introduced in Bitcoin.

“It restores the original Bitcoin protocol, will keep it stable, and allow it to massively scale. Bitcoin SV will maintain the vision set out by Satoshi Nakamoto’s white paper in 2008”. → https://bitcoinsv.io

BitcoinSV is superior in payments

Bitcoin with its current 7 transactions per second capacity pales in comparison to the BitcoinSV record of over 50,000 transactions per second reached in 2021. BitcoinSV focuses on unbounded scaling by allowing for bigger blocks. BitcoinSV supports block sizes up to 4GB. The largest block so far was 3.8GB at block number 725511. BitcoinSV with Teranode on the horizon is aiming for unbounded blocks size to bring about massive scaling that can truly handle global commerce. Big blocks on BitcoinSV facilitate lower average transaction fees which enable micropayments.

With micropayments, poor countries, machine-to-machine transactions, IoT, are not excluded from the blockchain. Additionally, BitcoinSV through proper usage of SPV, merchant APIs allows for fast instant transactions. While Lightning Network in its purest form and Liquid Network give hope to Bitcoin, they remains work in progress, considered complex (technical and legal challenges), may even reintroduce trusted third parties, and susceptible to attacks .

“The existing Visa credit card network processes about 15 million Internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost. It never really hits a scale ceiling.” → Satoshi Nakamoto

BitcoinSV is superior in smart contracts

sCrypt a smart contract language on BitcoinSV not only brought about smart contract functionality directly on Bitcoin on-chain but potentially proves that Bitcoin Script is Turing complete. What is important is that BitcoinSV supports advanced smart contracts without the need for extensions, adoptions to protocol, Layer2, side-chains, or other solutions. Whereas Bitcoin may have introduced changes like SegWit, and Taproot to facilitate more complex smart contracts we have not seen anything of the scale of NFTs, Tokens, DeFi, Decentralised Exchanges, etc take off on the network or Bitcoin Layer2 networks as intended.

The closest solution in Bitcoin for advanced smart contracts written in Clarity is a blockchain Stacks that leverage Bitcoin security. Clarity is a Lisp-like language, good luck with developer adoption. Meanwhile, sCrypt is Solidity-like, whereas Solidity is JavaScript-like. Additionally, a game-changer is a BitcoinSV transpiler that converts Ethereum Solidity Smart contracts into BitcoinSV scripts. BitcoinSV is not competing with Bitcoin but various smart contract blockchains such as Ethereum, Solana, Algorand, and more. However, many of the blockchains have scaling challenges or have sacrificed decentralisation or security to scale. Interestingly, compared to Ethereum account model, BitcoinSV UTXO model showers it with scaling, security, and more benefits.

Video below is from Global Blockchain Convention Dubai 2022 on Smart Contracts and Computation on BSV by Xiaohui Liu — Founder & CEO, sCrypt Inc . Learn about smart contracts and sCrypt capabilities on BitcoinSV

Updated to official CoinGeek video above. To view previously embedded video with Full Day 3 Global Blockchain Convention Dubai 2022 visit link https://youtu.be/RzSCrXf1Ywc

BitcoinSV is superior in stability

Imagine the excitement in individuals from third-world countries who learn the promise of blockchain to democratise payments and participation in economic systems after discovering Bitcoin. Imagine the despair when they realise high fees censor them from participating. Imagine the despair when they are sold a digital gold narrative that is shaky. Surprisingly, Bitcoin continues to be a highly volatile and highly speculative asset. BitcoinSV Association is concerned with advancing BitcoinSV as a regulation-friendly ecosystem. Code is law, you will scream at me. However, the reality is the real world and blockchain world need to be aligned. Must theft or illegal activities on blockchains become okay because it was run by code? Code can’t be law if the protocol is not fixed in stone, and developers have too much power.

Final words

Join me on pay-to-earn web3 social network built on BitcoinSV: https://twet.ch/inv/4e72814f

Follow me on Twitter: https://mobile.twitter.com/Zed_Blockchain

Connect with me on LinkedIn: https://www.linkedin.com/in/matricksdecoder/

Read more of my medium articles: https://medium.com/@matricksdecoder



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