Comparing the Real-World Applications of BSV and Other Cryptocurrencies

Share Tweet Share Share Email

Although the efficiency and productivity of workflows have progressed, the complexity of resource and human management also continues to evolve. It cannot be denied that there still is a pressing need to find ways to optimize enterprise workflows to keep up with modern times.

According to research firm McKinsey, the average enterprise loses $1.5 trillion annually due to inefficient processes. In contrast, the average employee wastes 20% of their time on unproductive activities. These statistics show inefficient workflows and operations can significantly impact an enterprise’s efficiency and hence, profit.

Businesses can save significant time and money once they invest in improving their digital processes with innovative solutions. Fortunately, according to analytics group Gartner, 84% of businesses revealed that they are investing in new technologies to improve their operations.

These technologies include blockchain technology, artificial intelligence (AI), data analytics, robotics, and cloud computing.

Cryptocurrencies are digital or virtual forms of money with a list of use cases, such as digital payments, cross-border remittances, and supply chain management, among others. It is crucial to differentiate between various cryptocurrencies in the market depending on their utility. This is because while most cryptos exist just for trading and act as speculative investments, other digital currencies like Bitcoin SV (BSV) serve to harness blockchain technology to be used in practical ways by businesses in different industries.

In fact, BSV even established its own arm for educating professionals, enthusiasts, institutions, and enterprises on how blockchain works in a way that it can provide real-world utility. BSV Academy specializes in making people understand what exactly is the original Bitcoin protocol. One if its introductory courses is Bitcoin Enterprise, which delves into the basics of blockchain, such as blocks, transactions, and Proof of Work. It also discusses the more technical side of blockchain, like why the original Bitcoin protocol has to be fixed, private vs. public blockchains, Pruning vs. SPV and block-linked databases, and the separation of blockchain vs. transaction ledger. People who complete the Bitcoin Enterprise course will not only be given a certificate of completion, but they will be able to have a fundamental and crucial understanding of how to leverage Bitcoin for enterprise use. And Bitcoin is used here to refer to the original Bitcoin, which only BSV has restored.

This is because, upon its founding in 2018, BSV has restored the original Bitcoin protocol and design and has remained committed to Bitcoin whitepaper author Satoshi Nakamoto’s vision of Bitcoin. Only in doing this can Bitcoin remain relevant and provide utility other than for crypto trading.

After restoring the original Bitcoin design, BSV Blockchain has unlocked its ability to scale unbounded. This means that it can increase its data block sizes and transaction capacity on demand. As these features are scaled, transaction fees are further reduced to tiny fractions of a penny.

Being able to scale on demand not only ensures BSV Blockchain’s efficiency but also its practicality. No matter how valuable a solution is, if it is too expensive to enforce, then it is rendered useless. Real utility is achieved only when businesses can actually implement the solutions. And this is why BSV Academy is geared towards educating people about how the original Bitcoin can be used by companies, both big and small.

At present, BSV is already completing 4GB data blocks and processing 50,000 transactions per second (TPS) at a transaction time of less than two seconds and an average fee of $0.000003 per transaction. These are big numbers that show BSV’s high efficiency and practicality.

This can better be understood when compared to popular cryptocurrencies Bitcoin Core (BTC) and Ethereum (ETH). BTC only has 1MB block sizes and an average throughput of 3.5 TPS, while ETH averages 14.5 TPS. The current average fees for these two blockchains are $1.23 and $2.44 per transaction, respectively.

Just looking at the numbers, even non-technical individuals can come to the conclusion about which ones would be able to provide enterprise utility. And it is crucial for businesses to understand this before they develop blockchain-based applications in order to actually build and implement practical, sustainable and efficient solutions for different industries.

So, if people just want to take a risk and make a quick buck on the volatile prices of cryptocurrencies, then their best bet would be to trade BTC or ETH. But for companies that need solutions that actually work to their benefit, then a scalable blockchain like BSV is the right choice.

And to further understand how exactly can BSV Blockchain make businesses achieve their specific goals in developing blockchain-based solutions, BSV Academy offers introductory, intermediate and advanced courses. To know more about how to enroll at BSV Academy, you may fill out this contact form or join its Discord channel.

Leave a Reply

Your email address will not be published. Required fields are marked *