BSV blockchain is the original Bitcoin envisioned in the Satoshi Nakamoto white paper back in 2009, a fully public blockchain that is fully scalable, making it accessible and available to anyone. The goal of Bitcoin was to be completely unbounded in terms of scaling, with nano payment capabilities, and to be fully compliant with all existing laws.
To achieve this, BSV blockchain is built on four key pillars: stability, scalability, security, and safe, instantaneous transactions.
Not only is the BSV blockchain fast, but it is much more environmentally friendly when compared to alternative blockchains. Regardless of whether networks process vast amounts of data or facilitate speculative trading, they will consume the same amount of energy. As a result, the efficiency of a blockchain improves with a greater range of use cases.
This commitment to high speeds and energy efficiency makes it a viable option for enterprise-grade applications that are looking to deliver blockchain-based projects that are low-carbon but offer impressive performance.
How BSV blockchain ensures regulatory compliance
Due to the fact that tokens on blockchain, tokens such as security, property, and legal matters, are already governed by existing laws, there is no need for separate regulations. This makes it easier to introduce a unified compliance approach, taking into account existing laws and applying them to blockchain tokens of all types to build a comprehensive legal framework.
As a leading body in blockchain regulation, BSV Blockchain Association plays an important role in developing the future of compliance and plays a key role in liaising with industry leaders and collaborating with other regulatory bodies to deliver this unified approach that ensures maximum transparency and innovation.
This guarantees that all transactions and interactions that take place on the BSV blockchain platform adhere to all laws and are fully compliant. This includes those set by the PCI Security Standards Council, with PCI standards detailing requirements such as following best security practices for the entire transaction flow.
BSV blockchain: The numbers
Last year, BSV recorded 13.4 million transactions in the space of 24 hours, a record-breaking achievement. This was then surpassed in 2023, with 128 million transactions taking place in a single day in August, a testament to the platform’s level of usability and scalability.
Over 50,000 transactions are recorded on the platform each second with a transaction fee of just $0.00015. In comparison, Ethereum blockchain records 14.5 transactions per second with a transaction fee of $0.2562, while the BTC platform completes 3.5 transactions per second for $0.89 per transaction. There are also only over 3 million Bitcoin left to be mined, with over 18 million mined already.
BSV blockchain: Use cases
The use cases for the BSV blockchain are effectively limitless, from improving, streamlining, and automating governmental processes to innovating the social marketplace, and playing a key role in supporting the metaverse. In this section, we will outline some of the ways BSV blockchain has helped to deliver groundbreaking projects.
Micropayments
A micropayment is a very small transaction that is below the standard limit of a credit card or PayPal (NASDAQ: PYPL) transaction (less than $1), while a nano payment is even smaller (less than a tenth of a cent). BSV blockchain can help facilitate such payments, with micropayments playing a crucial role in improving government processes.
This can include revenue collection, with micropayments making it possible to streamline the tax collection process and any related fees. This allows an individual to make a small payment in a convenient way, with the ability to also set up recurring payments. From the government’s perspective, this reduces the amount of administrative resources that are required while also helping to improve compliance rates.
Remittances and Web3
A remittance is a vital way to support communities and involves a foreign worker making a non-commercial transfer of money to a family member, friend, or entire community back in their home country. This is important in many ways, from helping to end poverty and hunger to stimulating economic growth.
Centbee, a digital wallet and social network platform, formed a partnership with Centi, a payment infrastructure service that is built on Web3 technology. Based in Switzerland, this collaboration made it simpler for Swiss-based customers to send money (remittances) back to Africa using the blockchain.
Fintech, Digital banking, and Central Bank Digital Currency
It will come as no surprise, but BSV blockchain has become a fundamental building block for several digital banking and fintech projects. An example of this is the development of a retail Central Bank Digital Currency (CBDC) by nChain.
This form of digital currency allows central banks to provide a digital peer-to-peer cash solution that guarantees privacy for customers but maintains security, traceability, and transparency for the bank. Thanks to BV Blockchain, this solution is highly scalable at a low cost while also ensuring minimal environmental impact.
As a result, cross-border settlements can be facilitated on the peer-to-peer system in an efficient and cost-effective way, which would not be possible without blockchain technology.
AI and the Metaverse
The metaverse has become a key talking point, turning unseen data into something that is tangible, thanks to immersive reality technology (XR) such as augmented reality (AR), virtual reality (VR), or mixed reality (MR) environments. To make this possible, huge amounts of data need to be processed from users, Internet of Things (IoT) devices, and 3D content. The BSV blockchain is the only blockchain that is fast enough and scalable enough to deliver these needs.
Although BSV blockchain can support the metaverse in a number of ways, including providing security and facilitating the trading of NFTs, the monetization of the metaverse is one of its key uses.
By monetizing the metaverse, it becomes both a source of entertainment and commerce, allowing businesses, brands, and content creators to embrace it as a source of revenue, accelerating the widespread adoption of the technology. Thanks to BSV Blockchain, any transactions that take place in the metaverse are fast and secure, ensuring there is trust between all parties.
Conclusion
BSV blockchain is lightning-fast and highly scalable, helping to support countless projects that include the facilitation of remittances, enablement of micropayments, supporting peer-to-peer digital currency payments, and much more.
Organizations across the globe rely on BSV blockchain due to its scalability at low cost, with the platform also being recognized as the most environmentally friendly solution for projects of all sizes. Furthermore, its unified compliance approach guarantees that all transactions and interactions that take place on the platform adhere to all laws and regulations.
