Bitcoin SV, or BSV, has become a popular blockchain for certain operations. So, what’s so great about Bitcoin SV?
Fabriik supports the Bitcoin SV blockchain because the superior technology behind it and the possibilities it enables our products to unlock. BSV was created to restore Satoshi’s vision – hence SV in the name – the original Bitcoin protocol (Bitcoin 0.1), as defined by Bitcoin’s pseudonymous creator, Satoshi Nakamoto, in his white paper. As originally intended, BSV has no default limits on the number, or capabilities, of transactions it can accommodate. Its huge block size also keeps transaction fees negligible, making BSV an efficient and effective electronic cash payment system for even the smallest transactions.
Let’s explore the key features of the BSV protocol that sets it apart from other blockchains.
1. Extremely Low Transaction Fees
BSV transaction costs are much lower than both Bitcoin (BTC) and Ethereum, making it particularly attractive for entrepreneurs and developers, and a variety of use cases for tokenization. The low fees also encourage crypto trade transactions.
2. Stability and Usability of the Chain Protocol
The BSV blockchain has a stable base protocol so companies can commit to long-term planning, and resource allocation. It allows for on-chain data storage and audits every transaction, compliantly. It’s also simple to use with low-level code language and a variety of developer tools to help businesses to build new applications, without having to worry about whether it can scale.
3. Active Developer Community
Perhaps as a result of points, two and three above, BSV has an active and growing developer community, who are creating new use cases every day and designing and planning future applications to solve problems and address needs we don’t even realize we have yet.
4. Unlimited Scalability
BSV is built for Enterprise to support the needs and pace of tomorrow. It permits big blocks and is focused on mass on-chain scaling to support unbounded data capacity and high transaction volumes. The BSV network set a new record this year, with a single block made up of 16.4 million transactions. Its huge block size also enables its speed.
5. Ultra-fast Transaction Speeds
The Bitcoin SV Network is expected to hit 50,000 transactions per second by the end of 2021, according to the Bitcoin Association’s BSV Scaling Test Network (STN) project. Its goal is to reach 4 million transactions per second in the next five years. The Bitcoin Association believes it has the potential to support transaction volumes bigger than those of traditional digital payment networks, like VISA – making it the only blockchain capable of becoming the world’s ‘new money.’
It is believed that Bitcoin SV is the only blockchain that can fulfill Satoshi’s vision for ‘only one global chain’ (much like today there’s just one global Internet).
Speaking at CoinGeek New York in October, Roy Bernhard, President & Chief Product Officer of Fabriik, said:
“BSV blockchain has enabled us to dream big and do some pretty amazing things, it’s enabled us to connect the world of B2B, B2D, B2C, and enterprises, to bring all those parties together in one place.”
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