Build on Bitcoin: Create Relevant and Profitable Businesses

There have been many implementations of Bitcoin since its inception in 2008 and its creation in 2009. Numerous forks have engendered confusion in the market about which one truly is the original Bitcoin.

A latest study created by MNP, one of the top five business, accounting and tax consulting firms in Canada, has found that “BSV is most representative of Satoshi [Nakamoto’s] original intention for Bitcoin.”

After restoring the original Bitcoin protocol in February 2020, BSV has unlocked unbounded scalability, which is crucial to Satoshi Nakamoto’s vision for Bitcoin to be used as a global payment system and as technological plumbing that can improve the world’s digital infrastructure and streamline processes across all industries.

With this, BSV has continued to break records in becoming the largest public blockchain that has the power to accommodate increasingly massive amounts of data—the block size hard caps has been recently increased to 2GB—at constantly decreasing transaction fees. In the three years since its founding, BSV has become twice as large as BTC, what people consider to be the original Bitcoin just because it holds the original ticker symbol that was decided on in 2009.

Next year, as BSV continues to scale, it will release the Teranode project that will enable the network to process 50,000 to 100,000 transactions per second (tps), which will effectively rival and surpass the VISA network. While BTC is stuck at a mere seven tps and a block size cap of 1MB, BSV continues to soar to new heights.

All of these powerful capabilities that are rooted on a set-in-stone protocol that acts as a rock-solid foundation are what make software developers want to build on Bitcoin. Now, building on Bitcoin has never been more efficient,inexpensive and lucrative.

Some Advice from Experienced Developers on How to Build on Bitcoin

Codugh, winner of the second BSV Hackathon, a competition that supports rookie developers and promotes the development of various applications on the BSV blockchain, is an API (application programming interface) marketplace for developers that leverages micropayments.

To successfully build on Bitcoin and create a solid business, Codugh advises to start from a practical problem that an application or platform can solve. In this way, the business is ensured to be relevant and already has a target market. After having a clear view of the goal, then tackling the technical side of things will be easier.

“The biggest obstacle for participants is when they take a tech-first approach. Approach your project from a business-first approach, and then apply your technical knowledge afterwards. Think about a problem, a real problem that real users have. Think of a business idea that fixes that problem and then build an interesting technical solution that addresses your business problem.”

mintBlue, which has been rebranded from Kyrt, is a blockchain-as-a-service API that offers a variety of solutions utilizing microtransactions that includes digital certificates, tokenization, smart contracts, data integrity, NFTs and micropayments.

mintBlue is also one of the success stories from the BSV Hackathon and is now leading the way to blockchain adoption in Europe. mintBlue CEO Niels van den Bergh’s advice is to prioritize the stability of a protocol when looking for a blockchain to build an app on.

“The idea that you build on something that you know will be there tomorrow is important. Also, in terms of stability, it is something you can trust to build a business upon—I wouldn’t trust any other blockchain because your whole business could change tomorrow if their underlying protocol changes. If BSV is the original blockchain and it has no boundaries, why consider anything else?” van den Bergh said in an interview.

Online review platform Britevue also has the same words of wisdom for potential BSV developers. It is crucial for a business to not only be relevant at present, but to be more so in the future. And this is also one of the cornerstones of what drives BSV to scale and continue to develop its technology.

“Be forward-thinking when designing your business. We have been held back for over 10 years in the way we think about building a business on Bitcoin, and it is important to identify opportunities where you can push Bitcoin forward,” Connor Murray, one of the trio of brothers who founded Britevue, advised.

Once a business concept has been finalized, it is now time to work on the technical requirements of the app. TonicPow, another successful product of the BSV Hackathon, encourages developers to get accustomed to the different tools that BSV has to offer in order to find ways for apps to become more dynamic, economical and efficient.

“Get familiar with the Bitcoin development tools that are out there, then use them to your advantage! Perhaps it’s not really polished at this point, but it could be a powerful building block that you can leverage. Play around with them and try to build some little demos. You’ll learn a lot in the process.”

While software developers have an edge when building on Bitcoin, one does not necessarily have to be one in order to release a profitable app. A visionary is all that is needed in order to create a team who can provide products and services built on the BSV blockchain.