Home / Latest Bitcoin News / A non-technical guide on how to think of Bitcoin SV

A non-technical guide on how to think of Bitcoin SV

“A currency is only good if it can be spent…the goal is to create a sustainable cryptocurrency that is a viable alternative to fiat…true, tangible utility value”.

These are phrases I pulled from CoinGeek’s “Crypto Crash Creating Credibility, Not Chaos”, written by Erik Gibbs, a short and sweet piece I suggest everyone reads, if you have not already.

During CoinGeek Week and into the weekend I was bombarded with messages from friends and contacts from outside the crypto world asking if they should invest in this “Bitcoin SV” I keep talking about on social media. I totally understand why the natural reaction is to ask this particular question, as the mainstream media tends to focus their coverage of crypto currencies to prices, especially when they are dramatically on the rise (or fall) and highlight individuals who have gotten rich quick by buying crypto and selling it back for fiat.

As a result, getting rich from trading is all the general public really knows about Bitcoin.

Whether to invest in Bitcoin is not a piece of advice I can give because we don’t actually discuss the price of Bitcoin at events like CoinGeek Week. We also do not discuss ICOs (nor do we cover any ICOs on CalvinAyre.com) because this is not what Bitcoin is about.

Instead of focusing on price or launching ICOs, we (CoinGeek and those who choose Bitcoin SV) focus on the ability to scale massively, creating an attractive environment for miners, providing instant and safe transactions, keeping fees low, providing a secure and stable network for businesses to build on and replacing fiat with a far superior, global currency.

Essentially bringing back Bitcoin to what is was originally supposed to be.

What I would encourage you to think about is how to eventually get paid in Bitcoin SV (BSV), accepting BSV for payment, how to create a business that takes advantage of BSV technology, how to use smart contracts on BSV…this is the future of Bitcoin, not investing in crypto currencies and cashing out- this actually hurts the ecosystem rather than build it.

For those of you who don’t care for the finer details of Bitcoin SV and how it works, I wanted to give you some practical examples of how BSV will be used in the future, in addition to paying for your coffee or whatever else it is in this world you wish to buy.

Sales and distribution of movie tickets. Thanks to James Belding and the Tokenized team, the BSV blockchain will enable movie theatres to sell tickets using smart contracts. You, the consumer, buy your ticket with BSV (or fiat), the ticket is sent to an app on your phone and the virtual ticket disappears when the movie is over.

Proof of communication. The days of paper trails suddenly disappearing or the excuse of not receiving something will be no longer when emails, legal docs and other information are stored on the blockchain. Like it or not, information on the blockchain is immutable and indisputable- its there on the blockchain forever.

Creation of functional tokens for online gambling operators. An iGaming operator can create casino chip tokens using BSV and run smart contracts to manage these tokens, subject to the laws of applicable jurisdictions. Depending on where they reside, players can then redeem their tokens for fiat or BSV. For a deeper dive into the opportunities for gambling companies in particular, I highly recommend checking out this article by Bill Beatty.

Living a borderless life as a nomad. Now this is more of a futuristic vision inspired by CoinGeek Week Speaker Dominic Frisbee, but totally possible in a world with BSV as our global currency. We already are seeing contracted work and working remotely becoming more and more commonplace. Imagine a world where anyone can live where they please and provide services to companies all around the world, getting paid in one currency, without having to worry about geographical tax challenges as they exist today.

The Internet becomes a sidechain of BitcoinSV. In the words of nChain’s Chief Scientist Dr. Craig Wright during his reveal at CoinGeek Week, What we are going to actually create is a secure alternative to the Internet, built on the blockchain. The Internet becomes a sidechain to the Bitcoin blockchain”.  Yes, you read that correctly. This is an actual project in the works, all possible with Bitcoin SV due to its security, stability and ability to scale.

So there you go, just a handful of the countless use cases for Bitcoin SV ranging in complexity, all discussed during CoinGeek Week 2018. There was not one presentation about trading crypto or ICOs, rather the presentations were laser focus on how to professionalize Bitcoin and propel Bitcoin SV into the future as the one global currency.

Regardless of what crypto enthusiasts say, you may be thinking, this is never going to happen, crypto will never replace fiat. This is exactly what type of thinking existed when digital photography came on the scene…and digital eventually wiped out film. Learn from companies like Polaroid who were once kings of the photography world but lost their position overnight when digital photography caught on.

With all of this in mind, keep on top of what’s happening with Bitoin SV and get involved as soon you can. Nobody has ever complained about being a first-mover.

Comments


Original Source

Check Also

A Bitcoin Group Is Organizing A Run On Exchanges

The Greek bitcoin advocate, Andreas Antonopoulos, is famous for coining the phrase “Not your keys; not …