According to a report released by MNP, which is one of the biggest Canada-based chartered professional accountancy and business consulting firms, Bitcoin SV (BSV) “is the most representative of Satoshi Nakamoto’s original intention for Bitcoin.” This is but one of the many evidences that BSV is the real and original Bitcoin.
MNP has created an in-depth investigation and comparison of Bitcoin Core (BTC) and BSV against the original Bitcoin protocol as stated in Satoshi Nakamoto’s Bitcoin white paper published in 2008.
“Based on our review, Bitcoin was intended to be a transaction network for digital cash to compete as a global payment system. Current implementations (Bitcoin SV and Bitcoin Core) were compared against that original vision… We used an assessment framework and resulting criteria to assess the protocols described in this paper, including opcodes, Bitcoin scripting and protocol elements,” the report stated.
BTC is deemed by many as the original Bitcoin due to it retaining the original BTC ticker symbol and it being the first version of Bitcoin ever released. However, in the past decade, BTC has chosen to veer away from the original vision of Bitcoin, causing two major forks that resulted in the creation of the controversial Bitcoin Cash (BCH) and BSV.
BTC has continuously refused to scale, maintaining its 1MB block size caps and choosing to record transactions off-chain, changing the supposedly fixed Bitcoin protocol a number of times in the process. According to Nakamoto’s past statements, scaling is crucial to the survival of Bitcoin and the protocol should be set-in-stone in order to create a solid foundation for developers to build applications on. With BTC processing only seven transactions per second (tps) at high transaction fees, it is not even efficient as a payment system.
“The original design was intended for Bitcoin to be used for other functions (beyond mere payments) such as vending machines, paid emails, SaaS products, website activations, etc. It is clear from the forum posts, writings, and community discussions that the Bitcoin protocol was intended to scale to allow for many forms of payments. This includes macro-payments (i.e., settling an account at the end of the day) and micropayment (i.e., sending a very small fee to access a service or send a text message),” the report stated.
On the other hand, the BSV blockchain has already unlocked its capability for unbounded scaling, continuing to increase its block sizes and throughput in order to grow its utility for global enterprises.
“Considering these factors, BSV appears more aligned to the original intention of the payment system. With an uncapped block size which can grow with market demand, a significantly larger number of transactions can be included within each block, therefore allowing higher overall network throughput,” the report stated.
A record-breaking 2GB block has recently been mined on the BSV blockchain, demonstrating its continued effort to scale. The pending release of the Teranode project will also serve to increase throughput to over 50,000 tps. Current average fees per transaction is also very low at just $0.01, compared to BTC’s $3.42.
“The original vision and long-term intentions were far beyond just an electronic cash and payment system. These elements are primarily provided by the Script language and implementation details of the stable, underlying protocol,” the report stated.
With the powerful capabilities of the BSV blockchain, made possible through the restoration of the original Bitcoin protocol and continuous scaling, it is undeniable that BSV is the original Bitcoin as intended by its creator, Nakamoto.