BTC, the asset, and Bitcoin, the invention are two vastly different things.
Bitcoin was invented in 2008 by Satoshi Nakamoto as a “Peer-to-Peer Electronic Cash System.”
In the whitepaper detailing Bitcoin, he described it as a way to replace the existing payment processing systems on the Internet because they do not permit microtransactions due to high fees (Visa, MasterCard, PayPal).
He even mentioned specifically that even with existing hardware, Bitcoin could already scale larger than Visa’s 15 million daily online payments at the time. BTC, today, is capped at ~300,000 transactions per day…what happened?
Bitcoin as created by Satoshi came with a plethora of features:
Bitcoin was a complete functioning system upon release, not a prototype that could be changed according to current sentiment. Satoshi stuck around publicly until late 2010 and privately until mid-2011. Immediately after his departure, suspicious new entities showed up to public conversation to derail the purpose of Bitcoin as digital cash and to turn it into a “community project.”
Between 2013 and 2017, crippling updates came to Bitcoin Core (BTC) that removed all of the aforementioned features. Why? Who would benefit the most from instant, fee-free digital cash being suppressed?
In 2015, MasterCard invested in Digital Currency Group (DCG), which was one of the primary investors in Blockstream, the company that hired virtually all Bitcoin developers at the time.
Additional developers were paid by companies that include Jeffrey Epstein-funded MIT Media Lab Digital Currency Initiative, and also the venture capital subsidiary of 100+ billion euro European insurance company AXA, of which the CEO at the time was also the Chairman of the Bilderberg Group.
After these investments, practically all talk of on-chain scaling was suppressed on all mediums and people who attempted to drive the conversation were hit with social engineering and DDoS attacks.
What were the consequences for Bitcoin of these investments that persist until today?
Digital Currency Group creates the investment fund arm of their business, Grayscale Investments; Grayscale pivots the Bitcoin brand as “digital gold” and advertises it as an investment rather than digital cash. “GBTC” fund has $35b AUM and has contributed significantly to institutional investors thinking Bitcoin was designed to be digital gold, which is a complete falsehood.
Digital Currency Group invests in various competitors to what Bitcoin was originally capable of doing before the malicious protocol changes and removals:
• Lightning Network for off-chain second-layer “instant” transactions as opposed to on-chain instant transactions,
• RSK for smart contracts on BTC instead of using now-deprecated built-in Bitcoin script,
• Ripple for instant transactions on their own blockchain,
• Parity, who created the Polkadot blockchain, doing smart contracts,
and 50+ more.
Instead of consolidating all of these applications on the Bitcoin chain, now they all have their private separate solutions, as well as speculative tokens.
So, what happened to the original Bitcoin protocol?
The Bitcoin protocol on the BTC chain has had a lot of changes over the years, and at one point it became so different from the original Bitcoin that a large percentage of users and miners alike decided that it’s time to split away from the BTC chain that no longer represented Bitcoin.
In August 2017, “SegWit” or Segregated Witness, was to be implemented into BTC to make transactions take up less space in the blockchain. This would break the “chain of signatures” that exist in Bitcoin; one of the most important features allowing you to trace back coins from the very moment they were mined. Thus, Bitcoiners forked the chain to preserve the true Bitcoin and on August 2017 the Bitcoin Cash blockchain split off from Bitcoin Core. The mission now was to start undoing the changes done between Satoshi’s departure and 2017.
Bitcoin Cash ran as the original Bitcoin until November 2018; it wasn’t complete, the protocol still needed to be restored to original. After some disputes in 2018, with one side not wanting to respect the original protocol and go their own way (like eventually wanting to implement a “developer tax”), Bitcoin once again split from the Bitcoin Cash chain to preserve the protocol, into what is now: Bitcoin Satoshi Vision (BSV).
BSV claims to be the most complete Satoshi implementation of Bitcoin and restored the Bitcoin script stack, allows instant transactions, fees cost 1/100 of a penny and allow smart contracts and data storage on the blockchain. Bitcoin is now, once again, a problem on competitors’ radars…it is no longer crippled. So, what happened next?
What happened next is pretty predictable…
In April of 2019, five months after the original Bitcoin was restored, exchanges started taking coordinated action to delist Bitcoin SV, with the false-but-popular narrative of “protecting the crypto community from a fraud, Craig Wright.”
Within a month of each other, the following companies delisted BSV from their exchanges/wallets:
• Kraken – in Digital Currency Group portfolio
• ShapeShift – in Digital Currency Group portfolio
• Blockchain – in Digital Currency Group portfolio
Additionally, several high profile exchanges & liquidity services did not support BSV in the first place:
• bitFlyer – in Digital Currency Group portfolio
• Coinbase – in Digital Currency Group portfolio
• eToro – in Digital Currency Group portfolio
• Grayscale Trusts – in Digital Currency Group portfolio
• Ledger Wallet – in Digital Currency Group portfolio
If something is supposed to be dead but then comes back from the dead, it can scare everyone who thought it was dead for good. This is what happened here. If the asset is not available to purchase or store to most crypto investors, they can surely believe it’s a “scam”, because all these companies surely have all their best interests in mind and do not want them to purchase worthless tokens…
Today, most crypto exchanges, prominent competitor blockchains, coin market cap aggregators, crypto news outlets, etc. are owned by the same few companies as above, and you will never find unbiased information about BSV there because it threatens their entire investment portfolio.
What can you do on Bitcoin today?
The original Bitcoin protocol has been partially restored since late 2018, but fully only since the “Genesis” upgrade in 2020 which restored all of the original features Satoshi put in place and removed all of the crippling effects. Today, the restored Bitcoin can handle up to 10,000 transactions per second and scales infinitely; it will be able to handle millions of transactions per second in the future.
Since then, Bitcoiners have made on the Bitcoin blockchain:
• wallets that are more user friendly than traditional money apps,
• email protocols on the blockchain,
• micropayment betting apps (as little as $0.001),
• pay-per-minute streaming sites,
• permanent data storage sites, etc.
Which one will you choose?
It’s crystal clear that BTC is not the Bitcoin that Satoshi Nakamoto created in 2008.
It’s crystal clear that MasterCard’s investment into DCG is not a coincidence; today, MasterCard, Visa and PayPal all support BTC purchases.
It’s crystal clear that there has been a successful effort to suppress Bitcoin as BSV by DCG-controlled companies.
It’s crystal clear that Bitcoin is not “digital gold” but the future of the Internet, and BTC is falsely using the name.
It’s crystal clear that the establishment has hijacked Bitcoin and are using suckers to promote their fraudulent theft of a revolutionary invention.
Whether the above players like it or not, almost every site will be integrated with Bitcoin micropayments in the future, or else they will not exist.