Bitcoin is more than a peer-to-peer electronic cash system, it is a trustless, stable protocol that lets its users reap the benefits of immutability and security on a distributed, publicly available permissionless database or data ledger that serves as a global record of truth.
So what does a protocol like Bitcoin allow you to do? It allows enterprises to become more efficient while reducing their costs and opens up a world of unprecedented opportunities for software developers.
The Benefits of Bitcoin
Stable: Bitcoin is a stable protocol; this means that the protocol does not change. For both businesses and developers, this is a mandatory feature in any technology stack; both groups need a protocol that is set in stone so that the work that they do on the protocol today will be functional several years down the road.
The stability of Bitcoin lets businesses and developers plan for the future because they know that the average Bitcoin transaction fee will always be a fraction of a penny, that bitcoin can process thousands of transactions per second, and that there is no block size limit on Bitcoin. This gives anyone building on Bitcoin confidence that they can create businesses and applications that scale without running into technology-induced barriers–a problem that plagues every blockchain except Bitcoin.
Secure: Bitcoin is a distributed system; this means that there is no central authority facilitating transactions or dictating how its blockchain should evolve. Because Bitcoin is distributed, transactions on Bitcoin take place directly from peer-to-peer which allows a settlement to happen nearly instantaneously. Since there is no central agent, there are no gatekeepers or third-party intermediaries that you must work through, which reduces the friction (cost, settlement time, etc) as well as the single point of failure that is created when using trust agents.
Public: Bitcoin is public. Anyone with access to the internet can become part of the globally distributed network of nodes enforcing the rules of the unchanging Bitcoin protocol, or, build their business, application, or service on top of Bitcoin.
Bitcoins features make it the only protocol and digital asset that lets businesses and developers reap the benefits of blockchain technology. Other blockchains are constricted by low transaction throughput and high transaction fees–which make it impossible for a business to scale. Other blockchains also suffer from forever changing protocols–which make it impossible for a business to build for the future. These limitations prohibit anyone from creating a scalable business and make BSV the only viable enterprise blockchain.
Image by Gerd Altmann from Pixabay