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On November 15, 2018, Bitcoin (BSV) gained its independence. What started as a chain with a vision suffered a rift in its ideology that created two theoretical communities within a blockchain network. A community that believed that Bitcoin was on the right track but needed to break free of constraints to reach its full potential (BSV) and a community that believed that Bitcoin was insufficient and that its protocol needed continuous changes (BCH).
Eventually, internal fighting led these two groups to go beyond theory and literally split up. On November 15, BCH’s blockchain underwent a split which led to the creation of a new ticker symbol (BSV) and independence for Bitcoin; and ever since, the original Bitcoin network has been in tears.
Unlimited scalability leads to unlimited possibilities
Once Bitcoin gained independence from rogue protocol developers, there were practically no obstacles to its success. Over the past couple of years, the Bitcoin ecosystem has experienced several on and off-chain events that can only be realized in and around a limitless blockchain.
This year alone, there have been many events that have occurred on Bitcoin that have allowed it to thrive: the Genesis protocol update has taken place, nano-payments are now economically viable for transaction processors and network users. , Twetch became the first consumer-facing Bitcoin application to chain 1 million transactions, and CoinGeek hosted two highly successful conferences, one in each of the Earth’s hemispheres, among other events.
As of June 26, 2020, there are 428 projects built on Bitcoin SV, and the numbers are expected to increase as the ecosystem continues to expand and professionalize. New innovative use cases have also emerged: EHR Data is building a Global Electronic Health Record on the blockchain, while Veridat is leveraging the Bitcoin BSV blockchain to record evidence of clinical research data; high yield portfolio MetaStreme announced partnerships with companies in areas such as green monitoring and voting Omniscape experiential reality (XR) platform combines augmented reality and virtual reality experiences, while also integrating blockchain-based location and functionality payment provider Centi allows merchants to accept BSV payments via their existing point of sale infrastructure; and BSaV.io introduces legally compliant products such as interest-bearing depositaries and BSV-based lending instruments.
Bitcoin BSV has opened up a world of opportunities regarding what can be created on a public blockchain due to its unlimited block size, low transaction fees, and high transaction throughput. It has also allowed consumers to own their data and choose when, where and how they would like to monetize it.
What are the prospects for Bitcoin?
The answer to this question is really up to you. Although there are several developments taking place in the Bitcoin ecosystem that we will see happening in 2021, the possibilities of building and making money on Bitcoin are endless.
There are several resources available to help you build on Bitcoin; Be it the Bitcoin SV wiki to help you better understand the Bitcoin protocol, or the Unwriter tools that will help you on your development journey.
Bitcoin has a bright future ahead of it and the Bitcoin ecosystem plays a significant role in improving Bitcoin.
Check out the Bitcoin Year 2 report to learn more about how the original Bitcoin protocol is fueling the growing Bitcoin SV ecosystem.
New to Bitcoin? Check out CoinGeek Bitcoin for beginners section, the ultimate resource guide to learn more about Bitcoin, as originally intended by Satoshi Nakamoto, and blockchain.
