Bitcoin is widely regarded as the most important invention of a generation. It is already having a transformative effect on companies and industries and is only just beginning.
CoinGeek’s chief bitcoin historian Kurt Wuckert Jr. met in a recent interview with Moran Pober to share his thoughts on Bitcoin and the role of digital currency in shaping the next era of entrepreneurship innovation.
Wuckert began by describing how Bitcoin differs from the internet. While the two share some similarities, particularly in terms of their transformative effects on the global economy and society, there are distinct differences that make Bitcoin a more significant technology, according to Wuckert.
With digital currency, all interactions are permanent and have to be paid for and are therefore less available than the internet. While the internet will remain a useful tool, the Bitcoin economy means that we are all customers and sellers, which makes things very different and changes the nature of the relationship between the various parties. Wuckert found that people treat others differently when there is an economic connection to the relationship than on the Internet, where there is often no exchange of values.
According to Wuckert, Bitcoin is the future of all human connections and the global economy, and the most important technology you can learn about for the future. Especially for entrepreneurs, the possibilities of the BSV Enterprise Blockchain change the game and redefine what is feasible.
Entrepreneurs primarily benefit from lower payment frictions and increased data integrity through the increased use of blockchain and BSV. Instead of relying on trust, the BSV blockchain offers a completely transparent platform on which data can be processed and other business can be done.
As an example, Wuckert cites the sale of everything where trust currently plays a role. A used car, for example, relies on the confidence of the seller and previous owners for its condition, service history, and other aspects of the vehicle’s previous life.
With the BSV blockchain, however, these scenarios are being revised and replaced by completely transparent ownership chains, with transaction data being written to the blockchain. This means that trust is not required at any stage of the process, which makes transactions more honest and transparent.
The BSV Enterprise Blockchain in particular is the ideal platform for building new developments and technically outperforms all other public blockchains. First, it’s a ready-to-use platform that doesn’t require any further technical updates or advancements. According to Wuckert, there are currently no obstacles to building world-defining solutions on BSV.
He says there are developers out there who are ready and waiting to get started – all they need is a white paper and a business plan.
Given that the BSV token has underperformed over the past few months, Wuckert says that is irrelevant. While speculators chase BTC and keep it in a locked box for fear of losing their money, innovators and entrepreneurs are already using BSV to develop apps and solve problems because the platform is in place and ready for business, and with capacity at company level.
Wuckert notes that BTC as a token does nothing against it. Its only value is in the ease of payment transactions, but they still have to be substantial to justify the potentially high fees and cannot be needed quickly due to the long processing times for BTC transactions. He also points out that it is impossible to build a business model around a variable fee structure that has the probability of 10x fluctuations – in Wuckert’s view, BTC is extremely overrated.
As for ETH, he agrees that the platform is much more flexible and a much more robust development environment than BTC. However, ETH is a fundamentally broken network with no scaling capacity for micro-payments and not even robust enough to handle the volume of usage of the blockchain community, let alone due to global acceptance.
Only BSV is able to cope with the scope that is required for global use in companies. It’s 3000-4000x more efficient than BTC, good for around 50,000 transactions per second. Every test that has been carried out on a large scale on the network shows that charges decrease with increasing volume. The BSV blockchain often already writes blocks of over 100 MB, with 2000-3000 transactions per second being processed in individual peaks without any problems. This makes BSV the platform of choice for entrepreneurs and developers.
Wuckert also pointed out the use case for governments in adopting the BSV corporate blockchain for their systems, which enables them to reduce administrative costs and improve the performance in their economies. He predicted this would lead to significant adoption, first in emerging markets, before eventually moving to the more established economies in the US and Europe. By lowering the costs of cross-border business, BSV enables countries to focus more on building up exports for the benefit of their economies and societies.
Examining possible future business models via BSV, Wuckert said that anything with identity and data verification at its core has enormous opportunities to benefit from the BSV blockchain.
As an example, he cited medical records control, where individuals can choose who has access to their own encrypted, private blockchain data. The cryptographic keys can be shared with anyone who needs short term access, and the tools are in place to set different levels of access.
Since several industries are ripe for optimization by BSV, according to Wuckert it is now up to the entrepreneurs to get together and bring construction solutions for the future to the platform in order to take advantage of the emerging BSV revolution.
New to Bitcoin? Check out CoinGeek’s Bitcoin For Beginners section, the ultimate resource guide, to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.