cryptocurrency bitcoin
[Written By External Partner]

According to a report prepared by MNP, the fifth biggest chartered professional accountancy and business consultancy firm in Canada, Bitcoin SV (BSV) is more aligned to the original intention of Bitcoin compared to Bitcoin Core (BTC), which is known by many as the original Bitcoin due to it retaining the original ticker symbol after two forks that happened within two consecutive years.

“Based on our review, Bitcoin was intended to be a transaction network for digital cash to compete as a global payment system. Current implementations (Bitcoin SV and Bitcoin Core) were compared against that original vision. Our findings indicate that Bitcoin SV is most representative of Satoshi Nakamoto’s original intention for Bitcoin We used an assessment framework and resulting criteria to assess the protocols described in this paper, including opcodes, Bitcoin scripting and protocol elements,” the report stated.

For almost a decade and until now, BTC has consistently refused to scale—something that Bitcoin creator Satoshi Nakamoto, known in the real world as nChain Chief Scientist Dr. Craig S. Wright, has stated many times as vital to the survival of Bitcoin and its goal of mass adoption. BTC has kept its 1MB block size cap, low throughput and expensive transaction fees, providing it no other utility than as a pseudo digital gold.

“The BTC network handles only approximately seven transactions per second and transactions are not finalized for up to one hour in some instances, which makes high-volume retail POS processing problematic. This pales in comparison other payment systems such as Visa, which can process millions of transactions per second at POS (although arguably final settlement occurs much slower),” the report stated.

Instead of scaling, BTC proponents have chosen to record transactions off-chain and continuously alter the supposed to be fixed Bitcoin protocol. The Bitcoin protocol should be set in stone in order for it to provide a stable foundation upon which developers can build their applications on, just like how the Internet protocol has created the present online world.

Numerous changes in protocol allude to its instability and cause downtime and money for the platforms using that protocol as they would have to adjust and conform to the new protocol. This is why the Bitcoin protocol must be fixed and changed only during a very crucial upgrade, not several times a year as what BTC has done.

In February 2020, BSV has restored the original Bitcoin protocol as close as possible to what was stated in the white paper, effectively uncapping its block sizes in the process. BSV continues to scale, and just last month, a 2GB block was mined on the BSV blockchain and the Teranode project will be released later this year that will increase throughput by over 50,000 tps.

Current average fee is at $0.01 per transaction, which is so much cheaper compared to BTC’s $3.42. This increases the BSV blockchain’s utility, and hundreds of applications and platforms from a wide range of industries—healthcare, business, banking and finance, supply chain and government, to name a few—are currently being built on it. And these are the primary reasons why BSV is the real Bitcoin. “After examining BTC and BSV compared to the original vision set forth in the whitepaper, forum posts, emails, and other writings by Satoshi, it is our opinion BSV is the implementation that currently best represents what Satoshi originally intended. BSV has a theoretically unbound block size, which allows payments to scale to the size of a Visa-like network without requiring an increase in fees to meet the economic requirements of the node operators. BSV also provides more functionality in terms of how developers can utilize the network for building their own transaction systems on top of the Bitcoin protocol,” the MNP report concluded.

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