When people think of blockchain, the first thing that usually springs to mind is money – after all, if the headlines are to be believed, the primary benefit of blockchain and cryptocurrency is the emergence of a global market for speculative investment.
Looking past the speculative value, however, the real power of blockchain technology is its ability to function as a peer-to-peer payments rail, facilitating the fast movement and settlement of funds between users and businesses for low fees.
The limited block size of many blockchain solutions renders this capability of little practical use however, as this artificially restricts the number of transactions that can be processed with each block. This makes the space in each block a scarce resource, raising the price of transacting and increasing the time it can take for a transaction to confirm.
Slow and expensive transactions limit the utility of most blockchains to functioning as a payments rail solely for large transactions, where higher fees and reduced settlement times are of less concern.
But that is not what blockchain technology was designed to accomplish.
With no limit on the size of the blocks able to be processed on its platform, BSV is the only blockchain that effectively serves as a fast and cost-effective payments rail. With an unlimited number of transactions able to be processed with each block, the BSV can keep transactions moving at a low-fixed rate of just fractions of a cent, while ensuring swift settlement with each new block added to the chain.
BSV not only serves as a payment rail but also opens new possibilities for businesses through micropayments. By paring down transaction fees to fractions of a cent, payments as small as a few cents become viable, establishing a new digital economy in which whole new avenues of monetisation are available to businesses.
