September 17, 2018

Making the world ready for Bitcoin – A short statement from Bitcoin SV’s Technical Director

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Some followup thoughts based on this thread from reddit.

There are currently competing visions for the Bitcoin Cash development road map. Some argue that we do not need to raise block size because the demand (transaction volume) is not there yet. Others want to raise it well ahead of demand.

If we can show the world two things; First Bitcoin Cash can handle all the transactions you can throw at us. Second, 0-conf ( a.k.a. instant transactions ) are safe and secure, then we have a competitive advantage that no other blockchain can match. In fact we have a competitive advantage that no other payment method can match. When the world understands these two things it will be ready to adopt Bitcoin on a global scale.

We will have demonstrated that Bitcoin Cash is ready for global commerce and that massively scaled businesses can safely invest in the platform. Bitcoin Cash is the ONLY blockchain that is embracing a scaling plan that can work and work NOW. It is the fast, instant and global cash solution that Bitcoin was always meant to be.

By restricting the transaction volume to what we can allegedly ‘safely’ handle now we are sending a message to the world that we do not have confidence in our network. We are saying that we do not have confidence in the ability of miners, who are the pillar of our network, to respond to demand. That we do not have confidence in Nakamoto consensus to solve the problem of disparate capability. Our job is not to restrict miners but to support and enable them in their role as a critical foundation in a global cash system.

We must take the opportunity to show business what Bitcoin is capable of and to do that we MUST allow our miners to rise to the challenge and motivate them to take charge of this most critical moment in Bitcoin’s evolution.

That is all…