Bitcoin white paper author and nChain Chief Scientist Dr. Craig S. Wright has personally invited Tesla CEO Elon Musk to learn about green Bitcoin technology at the next CoinGeek Conference to be held at The Sheraton, Times Square in New York on October 5 to 7.
While Bitcoin Core has retained the ticker symbol BTC, it is actually far from Wright’s original vision for Bitcoin. Therefore, criticisms about its sustainability due to the extremely high energy consumption of Bitcoin mining should be aimed at BTC alone and not Bitcoin in general.
It can be recalled that Musk made headlines several months ago when he tweeted that Tesla is no longer accepting BTC payments due to the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” which the company—known for advocating sustainable energy through solar and renewable home solutions and electric cars—deems detrimental to the environment.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Although Musk got the part that BTC mining can be considered a waste of energy right as it continues to refuse to scale its 1MB block size cap and throughput of just seven transactions per second (tps), the same premise is not applicable to BSV, which is the rebirth of the original Bitcoin as Wright envisioned.
“We both acknowledge blockchain technology is capable of changing the world and improving the lives of many people, but you’ve said you’re committed to reducing the power consumption of blockchain and that you want to find ways to enable blockchain scaling. I agree with you on both counts, but both can be done already. They could always be done on Bitcoin and Bitcoin SV, which is already being used by a wide range of businesses,” Wright said in the invitation video to Musk.
In fact, in a recent discussion about “Bitcoin as a Tool for Economic Empowerment,” Musk has stated the fundamental problem of BTC: “Bitcoin by itself simply cannot scale to be the monetary system for the world at base layer. But with a second layer, this is possible depending upon how that second layer is implemented.” Despite knowing this, Musk still “would like to see Bitcoin succeed.”
If so, then Musk there is no need to even attempt to look for second-layer solutions because BSV has already enabled unbounded scaling in its base layer, which is the blockchain. This has allowed for 2GB blocks to be mined on the BSV blockchain, as well as for the throughput to be increased to over 50,000 tps at a current median fee of $0.00038 per transaction.
Source: https://coincarboncap.com/
And this is just the beginning as unbounded scaling means all these numbers could be increased exponentially. Already, the BSV enterprise blockchain is the world’s largest public blockchain by all major utility metrics including data storage and daily transaction volume, scaling ability and average block size.
With these capabilities, BSV’s utility has also grown—not just as a payment system, but also as a means to improve current systems and processes—to span global industries, such as government, healthcare, social media, marketing, banking and finance, and iGaming, to name a few. With this kind of utility, BSV can be considered a green technology.
“Scaling is vital, and Bitcoin SV is capable of massive on-chain scaling at the base layer or using less than 1% of the energy of the current BTC ecosystem. That’s your definitive answer about your concerns about Bitcoin and the environment. Scaling also means that transaction fees are so small that the average user won’t know they exist. And on the BSV blockchain, they will stay small regardless of the volume of transactions on the network,” Wright explained in detail.
Will Musk accept Wright’s invitation? It would absolutely be exciting if he did.
