MNP, one of the top five accounting and business firms in Canada, has published an extensive report entitled “The Original Bitcoin Protocol: What Is It and Why Does It Matter?” And according to the independent review that compared in detail BTC and BSV against Satoshi Nakamoto’s original vision, BSV best represents the Bitcoin creator’s intention for the pioneer digital currency.
“Based on our review, Bitcoin was intended to be a transaction network for digital cash to compete as a global payment system. Current implementations (BSV and BTC) were compared against that original vision. Our findings indicate BSV is most representative of Satoshi’s original intention for Bitcoin,” the MNP report stated.
It is important to note that while there are other implementations of Bitcoin due to the numerous hard forks in the original Bitcoin BSV have been chosen for the study because the former’s popularity and title of being the pioneer digital currency and the latter’s capabilities that are aligned with Satoshi’s vision.
“BTC and BSV provide us with two distinct implementations. BTC is considered the original chain that was worked on by Satoshi until development was taken over by the community. BSV was established with the clear intent to implement Bitcoin according to Satoshi’s vision by restoring the original code and adhering to the design principles expressed in the whitepaper, forum posts, and emails,” the MNP report explained.
The 66-page report delves into the technology and utility of both BTC and BSV, providing a comprehensive review of their capabilities and measuring them against the original Bitcoin vision. Although there are many other factors discussed in the MNP report, there are three criteria that illustrate best the great distinction between the two and the main reasons why BSV has been found to be the best implementation of the original Bitcoin.
- Block Size – BSV has unlocked unlimited scaling and a 2GB block has recently been mined on the BSV blockchain. A great disparity can be seen as BTC perpetually refuses to scale, maintaining the initial block size cap created by Satoshi at only 1MB.
- Throughput – Bigger blocks mean higher throughput; and BSV is striving to continuously scale and increase its throughput to make the network more efficient in handling more transactions. Current average is over 5,000 transactions per second (tps), and the Teranode project slated to be released this year will increase throughput to over 50,000 tps—effectively matching and even surpassing the VISA network’s capacity. BTC has fallen behind with a mere seven tps.
- Transaction Fees – Because BTC has very limited data blocks and an extremely low throughput, transaction fees are high with a current average of $2.18 per transaction and peaks of over $50, while BSV averages at only $0.0038 per transaction.
“In the forums, whitepaper, and emails, Satoshi regularly discussed scalability of the Bitcoin network and provided no reason to believe there should be limits to its potential scalability and growth. In his response to the questions about scalability dating to 2009, it is apparent he believed the protocol and network should be able to handle transactions loads comparable to Visa’s credit card processing network,” the report pointed out.
The three criteria outlined above all point to the single most important factor when considering which is the original Bitcoin: utility. Once Bitcoin has been established as a global payment system, Satoshi has envisioned it to transcend payments and to be used as technical plumbing for the world’s systems and processes.
This is the real goal of BSV—mass enterprise adoption of the BSV blockchain that can be used across all industries as a global distributed ledger—something that BTC cannot even dream of becoming with its current unscalable network. And this is why BTC is far from being the real original Bitcoin. It may be the starting point of Bitcoin, but it is only that.