Happy 13th birthday, Bitcoin! Things will only get better

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Today, January 9, Bitcoin officially turned 13.

The peer-to-peer electronic payment system devised by Satoshi Nakamoto has been completely restored, and what a year it was for the original Bitcoin. Yes, it’s been a wild ride with unpredictable twists and turns, but ultimately, as it enters its teens, Bitcoin expands to hundreds of thousands of on-chain transactions per second and attracts a tsunami of development like those who choose. to educate yourself realize the unlimited potential of BSV.

A quick recap – the epic life of Bitcoin so far

For those who don’t know, or those who would like a little reminder, here’s a recap of Bitcoin’s life so far.

On January 9, Satoshi Nakamoto released Bitcoin v0.1 to the world. He said it was a peer-to-peer electronic payment system that was set in stone on delivery. However, on January 3, Satoshi had already hard-coded the Bitcoin Genesis Block. Unlike the others, this one has not been mined. Most consider January 9 to be Bitcoin’s official birthday, as it was when others could participate and mine blocks. In those early days, Satoshi answered a few questions about Bitcoin. He explained to Mike Hearn that he can already scale to compete with Visa’s transaction limits using existing hardware. It was during this first period that he was convinced to implement a temporary block size limit of 1MB to prevent a spam attack on the network. After patiently explaining almost every element of Bitcoin, Satoshi left in 2010 and moved on. Soon after, ill-advised and malicious actors moved the source code from SourceForge to GitHub and locked Satoshi and Gavin Andresen. Over the next few years, fundamental changes were made to the Bitcoin protocol. In 2012, Pay to Script Hash (P2SH) replaced multi-sig wallets. In 2016, Fee Replacement (RBF) was introduced, disrupting reliable instant transactions. By 2017, the Bitcoin Civil War, also known as the Block Size War, was well underway. Satoshi was back, under his real name Dr Craig Wright, and advocating for big blocks. However, this did not fit the agenda of centralized BTC core developers. So, in August 2017, the Bitcoin network broke up and Bitcoin Cash (BCH) continued Satoshi’s original vision. At the same time, SegWit was introduced, removing digital signatures from Bitcoin transactions. Fundamental disagreements quickly erupted within BCH. On one side was Dr. Craig Wright, who advocated unlimited lockdowns and the maintenance of legality, and on the other was Roger Ver, a misguided anarchist who wanted to once again change the Bitcoin protocol and promote a system to facilitate The crime. In November 2018, the network broke up again, with Satoshi and the believers in his original vision continuing work on BSV. In February 2020, the developers of BSV succeeded in fully restoring the original protocol. They called this momentous event “Genesis”. It removed the maximum block sizes and restored the original scripting language. Since then, BTC and BCH have descended into chaos, with conflicting accounts of digital gold, an anarchist monetary system to bring down governments, an investment asset from Wall Street, and cryptic digital energy (thanks for the laughs , M. Saylor) all competing for airtime. Meanwhile, BSV continued to grow, successfully fend off illegal attacks on the network, and saw an increase in protocol development.

Going forward — Unlimited Bitcoin

It’s been a crazy 13-year period, but ultimately, as it enters life as a teenager, Bitcoin has cast off the chains of those who held it down out of ignorance or malice, and it is already flying high.

Where is the BSV today, as it enters its 14th year of existence?

It processes over 4 million transactions per day at the time of writing. And yes, these are all on-chain, providing transaction fees to miners vying for BSV blocks.

Everything I wanted for #NewYear. . . i.e. more than 4 million transactions on the #BSV network over a 24-hour period

Another great step but just another step on the way to achieving #Bitcoin Satoshi Vision

Source: https://t.co/Hxbg9O4ooE pic.twitter.com/priYsK8YoR

– Jimmy Nguyen (@JimmyWinSV) January 2, 2022

BSV is witnessing a massive migration of developers who are realizing the repeated false promises of Vitalik Buterin and the Ethereum Foundation and other non-scalable blockchains. Just ask Adam Kling and the team behind Crypto Fights. The fees remain at an average of $ 0.0004. That’s over 11,000 transactions on BSV for the price of one on Ethereum, the alleged main competitor of BSV and the so-called decentralized global computer. BSV has already hit 50,000 TPS in a public demo, and Teranode is about to make it look like a snap. Before long, BSV will be able to handle millions of transactions per second.

And that’s just the beginning. With the restoration of the original Bitcoin protocol and all the developments mentioned here, Satoshi is right about everything. Bitcoin adapts to the chain, it’s Turing complete and it will be the only global chain he talked about.

Happy 13th birthday, Bitcoin. It will only get better and at a much faster rate from here!

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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