The eighth CoinGeek Conference in New York has begun. Presented to a live audience at The Sheraton Times Square and streamed live on YouTube and coingeek.com, the three-day blockchain conference kicks off with a timely and powerful opening video by CoinGeek and Ayre Group founder Calvin Ayre and opening speech by Bitcoin Association Founding President Jimmy Nguyen.
“It’s been four months since our Zurich conference, and it’s been a period of significant upheaval for the digital currency sector, not least because regulators around the world have finally caught on to the fact that crypto is just a buzz word used to mask the same financial scams that have plagued investors since the dawn of time. The BSV Enterprise Blockchain ecosystem isn’t the least bit bothered. Quite the contrary, it views them as long overdue, because Bitcoin Satoshi Vision was designed from the start to work with regulators and within regulations,” Ayre said.
Ayre very eloquently pointed out how BSV is realizing Bitcoin creator Satoshi Nakamoto’s statement years ago that Bitcoin has to work within the rule of law for it to be valid. Because BSV heeded Satoshi’s words, it is not going to be affected negatively at all by the upcoming cryptocurrency crackdown by regulators.
And this is why the theme for this CoinGeek Conference is “It’s About Time.” Because it truly is about time for the world to recognize and reap the rewards of a legitimate and regulation-friendly blockchain that can help businesses improve their systems and processes by recording all forms of data on an infinitely scalable distributed ledger, timestamped to provide transparency, truth and honesty.
“But the Bitcoin white paper doesn’t use the term ‘blockchain,’ it’s what we all use today. But for those who’ve actually read the white paper, you’ll know it uses the phrase ‘distributed timestamp server,’ a recognition of the power of timestamping just as Stuart Haber and Scott Stornetta recognized. And in the first release of the Bitcoin client software—the alpha release—if you actually go in and read the notes that are associated with it, Satoshi also did not use the word ‘blockchain.’ He uses in several places the word ‘time chain,’ a chain of time, time events being linked together,” Nguyen explained in detail.
Nguyen goes on to brilliantly explain how time is at the center of Bitcoin and blockchain as a block and is linked to its many components, such as the block time system that new blocks are added to the chain at an average of 10 minutes and the Bitcoin halvings that occur every four years. Time is inherently programmed into Bitcoin.
“The blockchain is really just a very sophisticated digital means of doing what we used to do manually—timestamping cards or pieces of paper. But it’s done in a distributed way. Instead of one person keeping it, you have multiple copies of the ledger that are updated. And that is critical, as we’ll hear over the next few days, to its ability to provide honesty. ‘Honest,’ a word used 15 times in the Bitcoin white paper. Because the more we can all access the same source of information that is timestamped in chronological order of events in history, the more we can all detect when there is someone who’s trying to cheat,” Nguyen ardently explained.
Time gives meaning and value to data. For instance, a weather forecast will not have any meaning if there is no date and time attached to it. In the same way, a medical record will not have any value if it is not attached to the date or year that check-up or procedure is done.
Even knowledge is rooted in time as scientific facts also become updated: Pluto was considered a planet until 2006, bringing down the original number of the planets in the solar system from nine to just eight. These few examples just show how every record of information is linked to time for it to have utmost relevance and use.
Time also shows progression. And through time, BSV has shown that progress never before seen is possible—that Bitcoin can scale to accommodate the world’s data. While time seems to stand still for BTC as it maintains its 1MB block cap and throughput of seven transactions per second (tps), BSV has maximized its short time in existence to create a blockchain can actually be used by the world, continuously increasing its utility and relevance in the future digital economy. And this is evidenced by the historic 2GB block mined on the BSV blockchain last August.
“The 1GB limit that a number of miners had in place was hit. And within the space of less than a week, miners had communicated with Bitcoin Association and raised their limit and pushed it up to 2GB. Now, this sort of event is a hard fork. Back in BTC world, this is the sort of thing that would’ve taken two years of coordination before it actually happened. And we did that in just a week,” Steve Shadders, Technical Director of the BSV Infrastructure Team, revealed during his technical update.
Because BSV knows the real value of time combined with data and money, it is able to create Bitcoin as how it was originally meant to be—used by everyone, everywhere for everything. And it is unbounded scaling that has enabled BSV to increase its throughput to over 50,000 tps at fees that average to just 1/50 of a cent per transaction. Although BTC has recently lowered its transaction fees to just $0.40, it is still much larger than BSV. Only through scaling can new technologies be used by the majority.
Imagine if there was a limit to the number of emails sent per day, or if people had to pay $0.40 per email sent. It would not be used as a staple form of communication the way it is being used now. It is because email scaled to accommodate the demand of the global population that its use has become a necessity for nearly all businesses and individuals.
And so, it is about time that the world understands what Bitcoin is truly meant to be and how BSV is realizing Satoshi’s vision and providing real-world solutions to age-old problems.
“It is time to finally take all of this technology and build something real with it. We’re tired of just reading about charts and prices of digital currencies going up and down. We want to see building blocks to real value… It’s time for Bitcoin to become exponential, to be the blockchain for everyone, everywhere and everything—not just for a few people,” Nguyen concluded.