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Jimmy Nguyen
Founding President & Co-Founder at Bitcoin Association
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CoinGeek London Conference 2020
February 20, 2020, London, UK
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Bitcoin SV: A New Dawn for Bitcoin - Jimmy Nguyen at CoinGeek London 2020
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About the talk

Topic: FinTech

In his opening speech at CoinGeek London Conference 2020, Bitcoin Association Founding President Jimmy Nguyen explains the origins of the Bitcoin as envisioned by Satoshi Nakamoto and the different use cases that were made possible by Bitcoin SV.

Subscribe to the CoinGeek channel to watch more videos on Bitcoin and blockchain. https://www.youtube.com/coingeek

⏰ Time Stamps ⏰

2:27 Bitcoin Association Founding President, Jimmy Nguyen introduction

3:28 Bitcoin: A Peer-to-Peer Electronic Cash System

Sign up for our newsletter to get CoinGeek get the latest cryptocurrency news and blockchain information! https://coingeek.com/

Interested in learning about Bitcoin and blockchain? Read our Bitcoin for Beginners section here: https://coingeek.com/bitcoin101/

If you have a Bitcoin SV Project idea, we’d like to know about it. Submit your Bitcoin investment idea so we can launch your business right away! https://coingeek.com/bitcoin-ventures/

Be part of the next CoinGeek Conference. Pre-register for CoinGeek New York now! https://coingeekconference.com/

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Get more information about Bitcoin SV today! https://bitcoinsv.com/

Buy BSV using your credit card. https://buybsv.com/

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#CoinGeekLondon2020

#JimmyNguyen

#BitcoinSV

02:45 New dawn for Bitcoin and what it means

04:04 True power of Bitcoin

04:23 History: Tominaga Nakamoto

05:36 First dawn: Honest nodes

06:28 Second dawn: New design

07:44 Stable protocol

09:19 Protocol wars are over

10:02 Blockchain & Scaling Debates

10:45 The Ethereum blockchain is not scalable and is almost full

11:44 Terranode project

13:58 A new world of Micropayments

15:05 New dawn: the whole bitcoin "Earn and use" economy

15:53 API marketplace

16:19 Buskon App

18:13 METANET- commercial internet

19:14 Maxthon browser

24:48 It's time for Bitcoin to grow up

About speaker

Jimmy Nguyen
Founding President & Co-Founder at Bitcoin Association

Jimmy Nguyen is one of the world’s top Bitcoin and blockchain advocates. He is a renowned public speaker, media commentator and global ambassador for Bitcoin SV. Jimmy joined nChain and then helped launch the Bitcoin Association after a 21-year career as an intellectual property and digital technology lawyer. He is a Certified Information Privacy Professional/U.S. In 2008, Lawdragon named him (at only age 36) one of the “500 Leading Lawyers in America” and described him as a “dynamo talent.” He has also been recognized by the Century City Bar Association as “Intellectual Property Lawyer of the Year” (2011), and by the Association of Media & Entertainment Counsel with its Industry Leader Award (2017). For his diverse leadership, Jimmy has been named a “Top 100 Under 50 Diverse Executive Leader” (2015) by Diversity MBA magazine and was inducted into California Minority Counsel Program’s Diversity Hall of Fame (2015).

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More than a decade ago, Satoshi Nakamoto unveiled to the world, his vision for Bitcoin. It is a vision for honesty, it is a vision for light appear to Pirro electronic cash system. That not only makes money, more honest and efficient, but eliminate the need for trusted intermediary, a technology platform, a distributor date of Ledger, and public history of chronological transaction, with the power to revolutionize business. For too long. Bitcoin has not been allowed to fulfill its potential to bring light to the world selfish protocol

developers have artificially restricted, Bitcoin power and Bad actors have missed. You been coin, Bitcoin was trapped in darkness but no more Bitcoin is back to ignite life. It all began with the first Genesis in 2009, the Genesis block that started the blockchain and now in 2020 with a return to Genesis the light shines. Once more on bitcoin SV with Bitcoin SV the true power of Bitcoin has been restored, a stable protocol a massively scale blockchain had to secure system built the power. The future of global Enterprise created to infuse business and Society with

transparency honesty and Light. The foundation has been laid now. It's time to unleash the power of Bitcoin house. It go, she always envisioned. Now it's time to build on what's the tow she gave the world. Now it's up to you to ignite the light, the new dawn of Bitcoin is here. Ladies and Gentlemen, please welcome to the stage your host for coingeek 2020, Mr. Jimmy Wynn. Welcome to coingeek London, 2020. It is truly a historic moment and event in Bitcoins journey. I am so

glad to have all of you here to celebrate. What is truly a new dawn for Bitcoin? This new dawn has been coming for so long. It's been coming because we've all been walking this winding road, trying to find the light, the sunlight that is Bitcoin. We've been diverted. But thanks to the Genesis hard for and protocol update that happened on February 4th, 11 years, 1 month and 1 day. Since the beginning of the Bitcoin blockchain we have returned to Genesis and it is truly a new dawn. I'm here to tell you about what this new dawn means

and much of. It is recognized in the name Satoshi Nakamoto that berth this Bitcoin a peer-to-peer electronic cash system. The famed white paper which introduced us to this amazing concept but Bitcoin is more than just peer-to-peer electronic cash for those who recognize that we see it and we're teaching the rest of the world about it because Bitcoin is more. It's right there. In the word bitch, data coin money, the fusion of data and money that has the power to transform technology and the internet. The ways in which we interact

with saved use and monetize data. Over the next two days will be hearing so much about that unleashing, the true power of Bitcoin as a fusion of data and money and the name Satoshi Nakamoto itself. The pseudonym chosen by Craig Steven Wright Tells us so much about what Bitcoin was born to be Nakamoto. As Craig explains is an honor of tominaga Nakamoto a Japanese philosopher. The Japanese version of Adam Smith regarded as the father of modern economics, who wrote about honest money, and the rational nature

of things. He also wrote about the way of proof of Miss MacArthur and Ameche a system. He tells us always leads to truth if you cannot make a change without there, being a record of the change. The Bitcoin blockchain explained in one simple spot and Satoshi Japanese that indicates to us the power of intelligent learning and intelligent history because that's also with the Bitcoin. Blockchain is the learning from the past, from ancestors, from records of transactions that have happened before. Giving us

intelligence and because Greg has a playful side, of course it. So she is also the nickname for Ash, Pokemon searching, the world for adventure fun and hopefully truth as well that has led us to a new dawn. And now I want to tell you what this new dawn means for all of us and for the world first, a new dawn means a return to honest with Bitcoin. It's right there in the white paper, 15 times. The word honest for those who have diverted Bitcoins path, they want to forget Bitcoin is about honesty,

it's about honest. Nose is not an honest transaction that creative watching. That is a timestamp server because well today we often use the word blockchain in this industry. The Bitcoin whitepaper refer to it as a timestamp server, a chronological recording of transactions on a ledger that is audited. Verifiable and transparent because that is what provides the honesty in Bitcoins design in system. The new dawn also means that we have restored Bitcoins. Original design, just at the tochi released into the world. In 2009, we don't have

to do this anymore. Constantly battling over protocols, leading to Forks of Kane's leaving to debates about. Whether there should be a tax on minors that fun developers. Instead we have one ticker now Bitcoin SV which recognizes the original Bitcoin design and protocol and it is that protocol that has continued since day one, that is important for. So many reasons, the Genesis upgraded activated on February, 4th means that we can now commit to a stable rule set, a stable protocol for the business of the world developers have stability

to build a pond and not worried. The rules that will change underneath them. It is the only version of Bitcoin, which adheres to the protocol of design and vision of Bitcoins, Creator to create a peer-to-peer electronic cash system. But also the mass of scaling Vision to be Enterprise blockchain for the world is Bitcoin. The way it was born to be and I of all people know how important it is to be just exactly who you were born to be. A new dawn also means a stable protocol. As I mentioned, it's so important to

have not sinking sand, but Solid Rock to build upon as Satoshi Nakamoto, recognize this long ago, the very beginning of Bitcoins life. But nature of Bitcoin is such that wants version. 0.81 was released the core design was set in stone for the rest of its lifetime and that's important not just to give stability for businesses to build upon its importance of that users of the network can trust that a transaction they do today will be recognized as valid in a month in a year in 10 years or anytime in the future. It's also important. So we don't have to live with this kind of mess

protocol developers console things into the chain into the protocol. That create a whole web of confusion for not just us who work in the industry. But for people all around the world, it means that we don't have to have people advocating such as they do sometimes. Core Network to raise the limit of 21 million coins of the supply a Bitcoin because they recognize that transaction fees or not growing, the block reward is being cut in half and they have to do something to stay in my name, but it changes the whole economic design a Bitcoin. It means we don't have to have fights

among protocol developer group spilling out into the public about how to fund developer and whether there should be a tax on infrastructure, that takes money involuntarily away from minors and put into the hands of developers. Those are not fights that are productive for the growth of a technology ecosystem. So I'm here to announce with Calvin, are likes to say on Twitter all the time. The protocol Wars are over They are over no more fighting over the protocol on bitcoin SV. It's time to build. This new dawn

means we have also a future committed to mass and failing to create a blockchain with a data capacity and low transaction fees that power everything people can dream up no longer do we have to look at a BTC Network for Bitcoins? That is stuck in a megabyte block size doing three to try to seven transactions. A second nowhere near rivaling, the Visa payment network of 2 to 56000 transactions. A second, we have now unbounded scaly, meaning that and chain Steve shatters Dan Connolly. Any one of the Bitcoin SV? No team, no longer has the right to tell

miners what size blocks they can or cannot create, or propagate, it's in the hands of the mining Community to have a network that needs Market demands and their own economic and It means that we have the power. Now to avoid, what's happening are competing Watching Project, such as aetherium. We're vitalik buterin last year's finally publicly acknowledging. What we've always known. The etherium blockchain is not scalable and it's blotching is almost full is having difficulty onboarding new users for businesses. Instead, I Like Big Blocks

and I cannot lie. And I know all of you do too. We are scale. We've already seen world record blocks, mine of 256, megabit and size. Last July. After our Quasar protocol upgrade, we're going to take continuously c, c, v Network, size of blocks, organically grow, or seen it already on the scaling test Network, which you'll hear about today, which is been mining blocks that have 2.7 and sometimes six million individual transactions within a block that is what is scaling with the chief, the block

size and the transaction throughput capacity to create, not just the payment network of the world but the world's data Ledger as you hear about also today and Shane is beginning work on its Terra Nova project which has been planned for a while to provide an enterprise-class version of the Bitcoin SV. No software, which we believe one day power terabyte size blocks. That's a million megabytes in size that can contain billions of transactions in each block and do capacity of milia And millions of transactions per second. It also means that we're already seeing the organic

Rose of the Bitcoin SV Network. This is the charts. You see. I'm crying dance with track and compare the main Bitcoin networks. Gold is Bitcoin. Core green is Bitcoin cash. Red is Bitcoin SV daily average block size on these competing networks. There's one that clearly on an upward trajectory it's the red Bitcoin SV, same thing with transactions on the network, on a daily basis. The volume of transactions is constantly increasing a Bitcoin SV because it fell apart create an amazing applications that Leverage The Unique data capacity powers of the blockchain. We can even surpass

on some days. The ethereum network has happened in December of 2019, when Craig and I were in Beijing for a major technology conference passing over 850,000 transactions in a 24-hour. On that day. This new dawn also means we have a new world of microtransactions that Unleashed significant capabilities for developers and businesses that's not possible because their transaction fees are high and why we unreliable. As you can see from this data on two different dates in 2019, it was anywhere from a dollar 40 and United States currency to over for US dollars to send a single transaction.

That's not good for payments and it's certainly not good for microtransactions for an Enterprise blockchain but I'm Bitcoin SV the median. Transaction fee, just a few days ago, less than one-twentieth of one u.s. sent to send a transaction on the Bitcoin SV Network and that's still too high. We think as we scale even bigger with Bitcoin SV to get lower and lower and lower so that, this will power all day two transactions in the future of the world. Map means a whole world of opportunity opens up for creative thinkers. You can create new business. Models

online where people are paying per article or blog posts to read rather than an annual subscription fee paying, by minute of video content, Watch Pink instantly in game and virtual items. Paint post social media content interactions that you'll hear about it, this conference, it also means you can create an ecosystem where we as users get paid for online activity, and data, because it's so easy to pay small amounts of your Bitcoin wallet. If you post content, people can reward you and pay you to access it, they can even pay to actually have you read their emails. That's a whole new business

model, you'll hear about it. This conference paying to get you to watch digital lies rather than having Facebook or Twitter actually earn the money from advertisers paying for you to get access to your identity and personal information that might be managed on the blockchain. Getting paid to reveal your location to advertisers and even for providing the computing power of your device to do things such as monitoring the up and down time. Websites this new dawn, there for me, is a whole new Bitcoin economy, which I called the urn and use economy, this is not an ecosystem. We're

encouraging people to buy Bitcoin mine and hold it. This is not the Huddle mentality because if Bitcoin is truly an elikana Cash System in needs to be used and needs to be used daily often and by billions of people and companies around the world. That's why you're going to hear about companies like uptime SV, which is provided crowdsource Network intelligence, using the Bitcoin SV blockchain to all of you and users around the world. Can contribute to the up-and-down time, testing of website and earn Bitcoin SV to your wallets. You'll hear about a second winner from one of

our hackathons from Bitcoin SV like up time as he Kota which is designed to APM Marketplace with developers can earn Bitcoin SV from people using their API, you'll hear in the future a little bit more about one store for those of you who are out. Queen cakes. All you heard the speech from their CEO, Jay Lee. This is the second biggest mobile app store in South Korea, their leaders believe in Bitcoin SV power to transform the world. So they launched last year. It is the world's first music content delivery platform that is powered by the Bitcoin SV watching music artists can upload

videos music content and you was a bad can actually reward the artist and pay them using small amounts of touch with your creative Bitcoin SV, and then you provide a little love and touch the artist and then instantly each of the different music. Rights holders who are involved in a piece of music can get paid, their share of royalties rather than waiting to get him a quarter or the end of the year and day. We couldn't be here, but he wanted to deliver to the whole Bitcoin. SV Community a message. Hello everyone. Congratulations. Cleaned a conference 2020.

I'm sorry. We cannot make at this conference. Instead, I'll send you greetings from our cruise and artist with the bugs eating house. Welcome back, dentist. Let's give them a big round of applause, back to Seoul in South Korea. We hope to see them again at a future Bitcoin conference in coingeek event because truly welcome back Genesis. It also means this new dawn gives us a new better internet. Craig rice Concept in vision of the marionette, a more commercial internet for users where we actually have control in value over our data or interactions. And our activity, that happened online, because

we envision a world just like the internet created in the 1990s, where everything eventually could be online. Our world is where everything eventually can be on chain. This is beyond chain world, that is going to emerge because of the power of Bitcoin SV and the new genesis it's a world with a blockchain represent on the right. Can you use for data storage will have search engine search, the blockchain for content and data applications identity management. It's a world where your user reviews could have value to you and you make money for posting reviews. As you

hear about from True review, It's a world where your email Ashley will be ascribed monetary value. As you'll hear about from Bay mail. It's a world where we may need a new browsers and they're actually coming. You'll hear of this conference from Jeff Chan, the CEO of Maxon, one of the largest most used browser, the world, the default for 670 million users across the world. He believes in Bitcoin SV and announced a few weeks ago, that his next update to the browser will be the world's first Bitcoin SV powered browser, Because he believes in the browser to be the online application platform

and user window to the exciting world of Bitcoin SV that is the future. This new dawn also means it's a place to build for developers and businesses. It means that I said and soul. We now focus on building because the protocol Wars are over and boy, have you been building this chart that goes around the internet and Twitter shows The Bisbee ecosystem is growing there. Now over 400 project since this has been even For their services applications. Protocols, and all of the great work being done across the world that happened in, just over a year of Bitcoin SV is emergence. You'll

here at this conference room had cash in their connect SDK to help businesses build Bitcoin apps. More easily sent people talking to you about their ability to combine Regulatory Compliance with a great effect of productivity. Bill money button is here to tell you about their advancement including the power of pay mail, which is so powerful and allowing people to send Bitcoin just through using an email address. It is these kinds of things, including gravity banking system built on bitcoin SV that demonstrate all of the creativity that can be built. If people just believe in Bitcoin

and means no power for Enterprises with token protocols. I just took a nice. You'll also hear about run another token protocol that creates unique capabilities for any business in this world. Smart contracts are coming to bitcoin, SV with language, is that Esprit, which you'll hear about, and of course, there's famed notorious prolific. Yet mysterious developer underwriter who is doing so much, we're by the tools and infrastructures for real Enterprise, to use Bitcoin launching. Now, his planaria company based on his knee on planaria concept Bitcoin. As a back-end, the times are exciting.

It also means this new dawn provides a universal source of data, and you dated marketplaces on the Bitcoin, SV blockchain, we are seeing people right data to the blockchain. They're doing it for games. We're seeing Unison as an Enterprise provider for Supply Chain management and coronavirus in the gaming world is using the Bitcoin SV blockchain to take, what is a Dungeons & Dragons themed battle game and record? Each of the battle moves to the blockchain, so the people can search for them later. Analyze them, make sure that wedding on Esports is there for fair and verifiable? It's using the

block searching for the recording of all the activity. The game weather, as you know, was being recorded the Bitcoin SV blockchain for the weather S V where you can open channels for your city. So every hour, the weather conditions are reported. Same thing with financial data with r, a s v every hour, 10 minutes, the exchange rate of cryptocurrency are stock and beer, according to the blockchain, and you may be wondering, why would anyone do that? It's because then there has been a universal store of that data. That is available to the world for which there can be a market place to

access that data and we can all analyzed the same data from the same Universal honest source of Truth EHR data is here to tell you about some groundbreaking work. They're going to do in this field, with respect to healthcare data, that's coming tomorrow and you won't want to miss it. And finally there is a new intelligence that is coming. You're going to hear about Artificial Intelligence on the blockchain from two famous people. You'll see. You'll hear them tomorrow. Constantine. I would have course in Greg and I think you're really going to

understand the future potential, a Bitcoin for potentially Bitcoin Computing. It also means a profitable future for minors because they are the lifeblood of the Bitcoin SV Network. As you all know, miners make Revenue by getting a block reward that consists of a static, subsidy right now. 12.5 Coins Plus the collection of all the transaction fees that are other transactions that fit into that block. The block reward Cuts in half every few years and it's cutting and a half soon again in 2020 and April and May depending on the different chains, the 6.25 points and that means minor to stay

profitable need to make more in the transaction fee component to compensate for the lower block reward. That's only going to happen on bitcoin SV because of our increase carrying capacity and the driving of transactions to the chain. It means were the only blockchain that was sustained minor profitability in the future already seeing, as you'll hear about today. New transaction fee economy that has emerged by minors working with application developers and Enterprises to negotiate and create more creative ways to deal with mining fees. And it's a return to law because we

believe in an honest compliance system for Bitcoin. We want the regulation, friendly Bitcoin. We don't want to see headlines like this. What consumers are losing, put the currency value because exchange is there. Someone is doing something unethical or illegal. We don't want to see this touting on bitcoin news site that Bitcoin cash captured more than 10% Dark Net vendors last month. That is not the open transparent system that creates Global adoption. And so my friends, it is time for Bitcoin to grow up and you are all here to help us with that

process to rise. As I said before, I Rise You rise, We rise and Bitcoin Rises together. It's all these reasons that people across the world since the hash war with split bsv from DCH. Are saying it's time to build and we choose SV its return to a new dawn. Walk to the light. It's been secured his. It's been difficult. At the for every Dawn. There is Darkness. And that darkness is something that we see often. We look at. We want to explore. Even in darkness. You hear a Beat? Eat. Beat the signals life.

Hope. Light. Bitcoin is lights. A record of transactions, a timestamp ledger. The chronicle of human history. A universal source of Truth. That is open. Transparent light, the Bitcoins Journey has been diverted to the Shadows to the dark. Its power has been restricted. Get, we have the unique opportunity now to reignite the True Light of Bitcoin. It's raining life. You got a second chance. A moment. Begin Again. But we have that moment. We have that chance.

Bitcoin is back with Bitcoin SV. It's a new beginning. A new genesis, a new chapter, a new outlook. I know world of possibilities. A new world of technology Under Fire. A new lights. It's a new day. A new dawn. And I look out at the future. And all of you. it's so, so bright. I can't wait to see what the Day brings.

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