With the numerous Bitcoin SV conferences and video series launched in order to create awareness about the benefits of blockchain technology, as well as technical upgrades to unlock unbounded scalability and restore the original Bitcoin protocol, it is already gaining a foothold as a technology that will revolutionize many processes and systems. However, one deterrent to Bitcoin SV (BSV) being adopted by many businesses is the price volatility of Bitcoin Core (BTC).
A recent episode of CoinGeek Conversations touched on this, as investors believe the Bitcoin SV blockchain is also as unstable as BTC’s price. Founder and CEO of the Norway-based enterprise blockchain platform UNISOT Stephan Nilsson and co-founder and CEO of UK-based online jewelry platform MarketOrders Sukhi Jutla talk about the experiences they had because of BTC’s price volatility. The former has already created a successful blockchain-based seafood supply chain, while the latter is looking to develop her own platform to improve the jewelry supply chain.
“So, when we talk to businesses, we don’t even mention Bitcoin or Ethereum or anything like that. We are just talking about blockchain technology. And we really, really have to be careful at what time we are mentioning Bitcoin and that we have first described everything—the possibilities and the good thing with blockchain—and then we can say, ‘But we are using the real original Bitcoin blockchain not BTC,’” Nilsson said.
“The price volatility is a huge distraction and my focus is always on the application of the technology. But having said that, I think there are still a lot of people who don’t actually understand the difference between blockchain and cryptocurrencies. Sometimes they can confuse the two, and the reason I say that is because I was one of those people right at the start of my journey. I didn’t know what the difference was. But once you do understand the difference, you do understand that blockchain is actually a technology, it’s an application, it’s a different way of doing something. And in my opinion, it’s a far more trustworthy and efficient way to do a process that’s already existing,” Jutla added.
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Bitcoin SV, with SV standing for Satoshi Vision, is actually the original Bitcoin Nilsson is speaking about. Although BTC has retained the original ticker symbol, its protocol, network, and entire vision have changed over the years. And this is why Bitcoin SV was born—to restore the original Bitcoin as designed by Satoshi Nakamoto. And it has been successful in doing so last year. It is also constantly scaling its blockchain in order to accommodate big data with low-cost microtransactions and has promoted an economically incentivized system wherein all actors on the network can earn revenues. The Bitcoin SV blockchain is more than ready for global adoption, as evidenced by the more than 400 projects and ventures being built on it. However, BTC’s reputation as having a volatile value is hindering many businesses from adopting it.
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“For my part, when I go our to customers, it’s hindering me because the only thing they’re seen and know about Bitcoin is the price [going] up and down. And then they say, ‘Oh, we cannot use that thing because it’s so unstable,’ and so on,” Nilsson added.
And this is why there is a need to educate people about the difference between digital currencies and blockchain technology, as well as what Bitcoin SV is compared to other versions of Bitcoin. Like what Nilsson advised Jutla, read more and watch videos so investors can make an informed decision that they will not later on regret.