Bitcoin’s Third Independence Day Comes at a Crucial Time for Satoshi’s Vision

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November 15 is Bitcoin’s Independence Day, marking the date in 2019 that the developers of BSV drew a line in the sand and declared that there would no longer be interference with the ground rules of Bitcoin. Over the next three years, BSV restored these rules as originally defined by Satoshi Nakamoto, and proved that Bitcoin has capabilities far beyond simple payments, as well as being able to scale on the chain. and without limit.

He did it under the direction of Satoshi Nakamoto himself. The creator of Bitcoin, Dr. Craig S. Wright, was exposed being doxed as Satoshi in 2015 and has since faced countless challenges and attacks to prove his identity. That battle may be about to come to a head this month, as the final Kleiman lawsuit against Wright is expected to uncover more evidence of Dr. Wright’s key role in Bitcoin’s history.

3 years ago, the #BSV ecosystem fought for Satoshi’s Bitcoin vision. We’ve since restored the original design of #SatoshiNakamoto by unlocking microtransactions and unlimited data storage on the channel. Bitcoin survives thanks to this battle. Let’s not forget #BitcoinIndependenceDay pic.twitter.com/Zzfm9l64jS

– CoinGeek (@RealCoinGeek) November 16, 2021

It is not an “anniversary”, as such. BSV has been around as Bitcoin since Satoshi Nakamoto created the first block in January 2009 and released the Bitcoin protocol software on SourceForge for anyone to start mining. BSV’s transaction history dates back to this date and it is the only blockchain with the name “Bitcoin” that still adheres to the rules of origin.

Why was it important for Bitcoin to adapt to the chain?

Bitcoin’s scalability has been a subject of debate since the time Satoshi Nakamoto announced his invention (months before the first Bitcoin coins even appeared). Some have said that it could scale directly on the blockchain, gradually increasing its capacity over time as the technology itself progressed. Others argued that was impossible, saying capacity should be limited and that blockchain was only used as a “settlement layer” for activity on other networks.

Satoshi himself has argued for chain scaling. Indeed, this is the only way Bitcoin’s economic incentives can still work, securing everyone’s data while keeping the network fast and cheap enough for anyone to use.

Independence came after several battles and at a price, as it often does. When BTC left the original Bitcoin protocol in August 2017, officially separating “big blockers” from chain scalers and “small blockers” who said blockchain transactions should be limited, proprietary, and expensive.

They engaged in a controversial “hash war” to determine who had the most support in terms of processing power. This created BTC and BCH, which still exist to this day. However, it was not over: In November 2018, a group of BCH developers opposed even more deviations from Satoshi’s rules of origin. This group included Dr. Wright / Satoshi and his supporters. After another hash war, the network split again and BCH branched off, with Bitcoin taking its fourth (previous tickers include XBT, BTC, BCH) and the permanent symbol BSV.

BSV removed the changes made to Bitcoin after Satoshi disappeared from the project, changes that had shattered Bitcoin’s economy and made the network less secure. It restored the original Bitcoin protocol to its entirety in early 2020, including removing BTC’s “temporary” block size limits.

Since then, BSV has continued to prove that the “big block” argument was correct. Bitcoin can scale on the blockchain. It can remain secure while offering fast and cheap transactions regardless of the volume. He proved that Bitcoin is a functioning payment network and more, with the ability to execute complex contracts and tokenized assets, store time-stamped data in volumes that rival the existing internet, and reward its processors. (“Minors”) without needing to artificially pump digital. asset prices.

It does all of this while limiting fees to a fraction of a cent per transaction, whether a user is a global business processing thousands of transactions per day or an individual making a single payment. Some days BSV processes more data than all the other blockchains combined, and all on-chain.

The “SV” in BSV stands for “Vision of Satoshi” and BSV has shown why maintaining the vision of Satoshi is important. Despite what some have claimed, Satoshi Nakamoto and his plan for Bitcoin remain important because they go way beyond what most have understood. With Satoshi’s identity currently the basis of a multibillion-dollar lawsuit, Bitcoin’s Independence Day may be more important this year than ever.

New to Bitcoin? Check out the Bitcoin for Beginners section of CoinGeek, the ultimate resource guide to learn more about Bitcoin, as originally envisioned by Satoshi Nakamoto, and blockchain.

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