For years, Bitcoin was very much a niche concept that people bought into predominantly because they believed in the white paper published by its creator, the person behind the pseudonym Satoshi Nakamoto. Through 2016, the price of Bitcoin picked up to $900, and then in 2017, it surged to the point where mainstream news outlets were discussing it as a millionaire-maker, seeing several owners benefit from the climb to over $19,000 by December.
The fallout from this was that the majority of people began to see Bitcoin as a store of value and something that has volatile value to be bet on, predominantly by investment firms. It just became another trading asset in stark contrast to Nakamoto’s original vision. In November 2018, Bitcoin Satoshi’s Vision (BSV or Bitcoin SV) launched in response to this. The hard fork aimed to restore Bitcoin’s original protocol.
In doing so, a form of Bitcoin would once again be viable for business development on the blockchain, peer-to-peer transactions on a large scale, and be more scalable. Hard forks regularly kick up a fuss, but BSV did in particular due to Craig Wright, an Australian computer scientist, being a part of the project and claiming that he was the pseudonymous inventor. Some exchanges delisted BSV, but many on the blockchain continue to benefit.
A Welcoming Environment for Business
Being volatile is a hugely off-putting environment for most businesses. Stability and a clear path to consistent growth is almost always the aim. When BSV launched, as CoinGeek details, it had a clear focus: enable massive on-chain scalability, keep the environment stable, and restore the original protocol laid out by Nakamoto. Were these elements to be achieved, it was thought, BSV could become the world’s digital currency as envisioned.
The way that what is now Bitcoin Core has developed has, more or less, rendered it very unappealing for business. It doesn’t want to scale and merely wants to be a form of digital gold. BSV does want to scale, still offers a public ledger, and has a set-in-stone stability protocol that enables users to fully rely on it. Further, transactions on BSV are faster and lower in cost, which was one of the reasons why UnboundedCapital opted to invest so heavily.
Companies Already Utilizing BSV
When BSV went live in November 2018, many well-known applications formerly based on Bitcoin Cash (BCH) moved over to BSV. Centbee, Keyport TV, HandCash, and Money Button all swiftly made BSV their home, favoring the much more stable environment and the idea of restoring the 0.1 protocol of Satoshi Nakamoto. It became apparent to many other entrepreneurs that this shift to BSV actually presented more opportunities.
Many see BSV as being able to build the vision outlined by Nakamoto for a frictionless commercial internet, and that Bitcoin will forge the backbone of the new internet. A prime example of this approach is PeerGame, a purely crypto-based online casino. With BSV making it possible, the business made what they call “Casino 2.0,” which is easy, fast, frictionless, and provably fair, showcased by their real-time list of winners and removal of registration requirements. Users just need to connect their wallet to play, making the most of the frictionless perks offered by BSV.
Many more businesses have now set up shop on the BSV blockchain. Centi B2B Solutions is here to help make stablecoin transactions simple. Gate2Chain operates in supply chains and uses the blockchain to increase efficiency, traceability, security, and transparency in the industry. Then, there’s also Tokenovate, which makes creating and managing a business’ digital tokens more streamlined.
BSV was, quite rightly, a controversial hard fork at a time when everyone was obsessed with Bitcoin as a money-making opportunity. It now looks to have been a savvy choice that’s introduced many innovative businesses to the potential of stable blockchain technology.
