The ‘SV’ in Bitcoin SV is only temporary: Joshua Henslee

Bitcoin thought leader Joshua Henslee recently released a new video about how the SV suffix in Bitcoin SV (BSV) is temporary and that the network will eventually be called Bitcoin.

BSV will be known as Bitcoin as the network weight

Henslee begins by saying that he knows what he’s saying is bold, but he believes it because the entire digital currency industry has one important thing wrong; that Bitcoin cannot be scaled. He reminds us that in mathematics, when your assumption is false, everything that comes after it is invalid. He points to BSV today, even though it is operating at a fraction of what it is capable of, as proof that almost everyone was wrong.

“This assumption is wrong. Bitcoin works, and it can be used for anything, says Henslee.

He speculates that this is one of the reasons so many people are giving Dr. Craig Wright a hard time – he’s been saying this all along, rendering their attempts to create alternative blockchains and digital currencies flawed and unnecessary.

“He said the Internet would be a side chain,” Henslee reminds us.

Henslee looks back to when Bill Gates was on The Late Show with David Letterman in the early ’90s talking about email, and the comedian made fun of him, drawing parallels to how people laugh at the big visions of BSV today . “People couldn’t understand moving on,” he says, again drawing parallels with what’s happening today. He says that among those who understand blockchain’s capabilities, a mindset of “my coin went up and I’m rich, so I was right” has taken over, pointing out how illogical this argument is.

The illogical argument for a multi-chain world

Henslee then addresses the argument that Bitcoin failed to scale and there will be many different blockchains. He reminds us that this argument depends on looking back at what has already taken place rather than looking at a future where Bitcoin scales.

“We know these networks don’t scale,” Henslee says, pointing out how the Lightning Network is always 18 months away from mass adoption, all of Ethereum’s promises fall flat, and blockchains like Solana repeatedly implode when tested.

“These top blockchains that have tried to solve scaling have failed miserably,” he states.

Henslee then tells a story about when he lived in San Jose, California. He remembers seeing many fancy offices in expensive buildings, but when he looked them up online to find out more, he would inevitably find they had no product. “It’s completely VC loan-backed. The money just flows in, but it doesn’t actually do anything,” he says, pointing to how Silicon Valley is driven by these perverse incentives to make something sound good to secure funding.

Henslee rightly wonders how the VC-backed ‘crypto’ leaders are going to lead us into the new world when they either haven’t built anything or have failed miserably when they’ve tried. Moreover, entrepreneurs who have attempted to build serious applications on these chains have moved away from them due to their inherent technical limitations. For him, this view is illogical.

People need to realize what Bitcoin is capable of

Instead of raising another VC round for another blockchain, Henslee believes people need to realize what Bitcoin can be used for when it comes to building value-creating businesses.

“We can’t predict how it’s going to be adopted. It could be somewhat random,” Henslee says, reiterating his view that it will likely be a game that makes Bitcoin micropayments take off — perhaps something on Haste Arcade. Other potential triggers for mass adoption are companies adopting BSV as a ledger and implementing Bitcoin with IPv6.

“This is where people really need to expand their minds,” says Henslee, highlighting the massive scale and potential of this route.

Whatever the trigger may be, Henslee points out that when demand increases, it is highly likely that the price of Bitcoin tokens will follow. “Nobody can predict the timing, but we can have a good view of what it looks like,” he says, reminding us that it’s up to entrepreneurs to take that risk and show companies how they can benefit from adoption their Bitcoin-based solutions.

In conclusion, Henslee speculates that, ironically, the payment use for Bitcoin may be last due to its volatility. He believes that Bitcoin will be used as electronic cash globally after it is used for everything else.

Key takeaways from this Joshua Henslee video

• Henslee reminds us that Bitcoin scales and can be used for a multitude of use cases. Dr. Craig Wright was right and the Crypto Bros were wrong once again.
• The case for a multi-chain world is illogical. The alternatives to BSV do not work and have never been necessary. It’s all just a gimmick to raise funds from venture capitalists.
• People need to expand their minds and realize the potential of the Bitcoin network. It is primarily up to entrepreneurs to build solutions on BSV to bring in more users and demonstrate what Bitcoin can do for them.

See: BSV Global Blockchain Convention presentation, LiteClient: Scaling Blockchain with Simplified Payment Verification

New to Bitcoin? Check out CoinGeeks Bitcoin for beginners section, the ultimate resource guide for learning more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.