We’re about to show you something amazing, but you’ll probably say “meh” a year from now. The BSV blockchain network processed its 6 billionth transaction this week, less than a month after it hit the 5 billion milestone. That’s the amazing part. But this year, as Bitcoin’s “Teranode era” begins, you can expect these numbers to look puny by comparison.
Teranode, a ground-up re-write of Bitcoin’s original protocol software, will be able to process over a million transactions per second. All those transactions are recorded on the base blockchain; no additional layers or bolt-on sidechain “solutions” are required. BSV is Bitcoin, as Satoshi Nakamoto first described it, and Teranode will still follow all the original rules.
Bitcoin does scale on-chain, no denying it now
The Bitcoin SV Node team removed hard-coded limits on transaction block sizes in January 2020, and BSV processed its billionth transaction in March 2022. At the time, we noted it was a sign that Bitcoin’s potential was far greater than it had been allowed to use up to that point.
If you’re wondering why Bitcoin hasn’t taken the world by storm after 16 years, these stats provide part of the answer—way too much time got wasted on arguments over whether or how Bitcoin could scale to challenge other payment networks. Right from the start, people said it couldn’t be done. After that, others came along to say it shouldn’t be done (for some reason). BSV has proven both arguments wrong, even before the Teranode era begins.
Teranode won’t just take on payment networks like Visa (NASDAQ: V) and Mastercard (NASDAQ: MA). It will be able to process as much data as the internet itself.
What’s the point of that? This means that all the electronic information we use daily can be immutable and verifiable. That alone is a big improvement in today’s world, where data loss, arbitrary censorship, and hyperreality are causing real problems. It’s also a way to make commercial, legal, and government-related data records much more secure. It sets new standards for data ownership, hands more power to individual users, and creates new economies by providing more opportunities to monetize the information we create.
That certainly sounds more beneficial to the world than buying a few Bitcoin decimals and hoping you can sell them for more dollars in the future…somehow. Bitcoin was supposed to be useful for everyone, not a lottery ticket or a casino.
Oh, and it also processes payments fast and cheap. Remember that promise?
And if all you really wanted was a fast, cheap, digital payments network, BSV is that, too. A million transactions per second (and that’s just a starting estimate) will handle everyone’s data processing and payment needs. Note that even as BSV passed the six billion mark, the average per-transaction fee was just USD5.5e-7 (that’s $0.00000055). The blockchain can be the native payments layer the internet was always supposed to have, but never got.
Those sorts of numbers aren’t even relatable to the average individual user. Eventually, the blockchain processing network just fades into the background—it’s something only developers and accountants need to consider. The rest of us get to enjoy a Big Data world where information can be trusted again.
BSV is what Satoshi Nakamoto wanted Bitcoin to be, and it’s what the world needs Bitcoin to be. Forget about the media hype and speculative prices; that’s just a game. It’s time to look at real-world solutions and new economic opportunities that actually deliver.
Watch: Teranode is the digital backbone of Bitcoin
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