Bitcoin SV (BSV) blockchain development has soared over the past couple of years, with global conferences being held to create awareness, the original Bitcoin design having been successfully restored to its stable and fixed protocol, unbounded scalability having been unlocked to handle big data and various technical upgrades having been released to make its blockchain ready for global adoption. However, the price volatility of Bitcoin Core (BTC)—an entity that is completely separate from Bitcoin SV—is deterring blockchain development because businesses and investors think it would be as highly unstable as BTC.
“So, when we talk to businesses, we don’t even mention about Bitcoin or Ethereum or anything like that. We are just talking about blockchain technology. And we really, really have to be careful at what time we are mentioning Bitcoin and that we have first described everything—the possibilities and the good thing with blockchain—and then we can say, ‘But we are using the real original Bitcoin blockchain not BTC,’” Stephan Nilsson, founder and CEO of the Norway-based enterprise blockchain platform UNISOT, said during a recent episode of CoinGeek Conversations.
“The price volatility is a huge distraction and my focus is always on the application of the technology. But having said that, I think there are still a lot of people who don’t actually understand the difference between blockchain and cryptocurrencies. Sometimes they can confuse the two, and the reason I say that is because I was one of those people right at the start of my journey. I didn’t know what the difference was. But once you do understand the difference, you do understand that blockchain is actually a technology, it’s an application, it’s a different way of doing something. And in my opinion, it’s a far more trustworthy and efficient way to do a process that’s already existing,” co-founder and CEO of UK-based online jewelry platform MarketOrders Sukhi Jutla added.
In the episode, successful blockchain developer Nilsson shared his firsthand experiences and technical knowledge with Jutla, who is aspiring to develop a blockchain-based supply chain for the jewelry industry. UNISOT’s seafood supply chain has already revolutionized the fish industry. But even if hard evidence is there supporting the success of the supply chain built on the Bitcoin SV blockchain, it seems BTC’s price volatility is still a big deterrent when Nilsson is dealing with clients.
“For my part, when I go our to customers, it’s hindering me because the only thing they’re seen and know about Bitcoin is the price [going] up and down. And then they say, ‘Oh, we cannot use that thing because it’s so unstable,’ and so on,” Nilsson explained.
First off, it must be clear that the BTC blockchain is not usable. It is not scalable at all; hence, it will not be able to accommodate massive volumes of transactions like the Bitcoin SV blockchain, and blockchain development is not possible. Furthermore, a 2020 report states that BTC’s average daily transaction was at 1.43 USD, while BSV was at a tiny 0.002 USD. Even if it is possible to build on the BTC blockchain, it would not be practical for industries that rely on supply chains that process a huge number of transactions on a daily basis to pay high transaction fees.
At the end of the episode, Nilsson advised Jutla to read more and watch Theory of Bitcoin episodes so she can learn more about what Bitcoin SV really is about. It is more than just a digital currency — it is the only system that has a “protocol that is economically incentivized, which means that this protocol will continue living forever.”
