Bitcoin SV - project details

In the assumption of its creator, Bitcoin was to be a payment system. Through the changes made by developers to this day does not fulfill this task in the best way. Transactions are too expensive and the BTC network has a low bandwidth. Developers have departed from the original code and creating side chains with the help of SegWit and Lightning Network allow operations to go beyond the main BTC blockchain. Limiting block sizes at 1 MB does not solve the scalability problem without going beyond the main network.

BTC performance with the current block set on 1 MB is very weak in transactions on the main chain. This allows for handling around 7 transactions per second, comparing the VISA payment system with over 50,000 transactions per second, we see that BTC is unable to match this system and is not suitable for being a global financial system. In addition, transaction fees in the BTC network are very expensive. They even reached up to $40 for transactions! Without larger blocks and more transactions, fees will remain expensive.

Bitcoin SV wants to return to the original assumptions of the white paper. The basis of its operation is to be a stable protocol that does not allow developers to change main parameters such as the number of coins in circulation. This is the basis that gives a sense of security and guarantees system operation in a fair way. Changes in the fundamental parameters make Bitcoin no longer Bitcoin. In BSV, the main code will always remain unchanged. The second important issue is scalability only on the main blockchain. We need large blocks for this. This would allow one blockchain to become a global network replacing all other cryptocurrencies.

Why BSV wants to create huge blocks? Currently, they can have up to 2 GB, and in the future even more! In 2009, Satoshi wrote that Bitcoin can defeat the VISA system and should never have bandwidth constraints, and the blocks can be as large as technology allows in given times. In February 2020, Bitcoin SV will eliminate the restriction and blocks will then be as large as it will be needed. Big blocks full of transactions will allow miners to earn more on transaction fees than on the reward for block mining! After every Halving, the miners' reward drops by half every four years. In the future, they should maintain precisely from transaction fees, which must be a lot to ensure financing for maintaining the network and maintaining a low transaction price.

Bitcoin SV wants to be legal crypto. There will be no anonymity here. BSV wants to be transparent and fully legal all over the world. Bitcoin was intended to be used legally and was intended to prevent the financing of terrorism and illegal activities. For digital currency to be fully accepted by the world, it must be fully legal. How the world will approach the project, show the nearest future and possible disclosure if Craig Wright is Satoshi. We will probably find out only in 2020, when the court will finally assess his authenticity. Of course, for the entire Bitcoin community, the real confirmation will be his access to Satoshi's fortune, or about 1,000,000 Bitcoins, which were collected by their creator at the very beginning when Bitcoin was little known.