Bitcoin reduces operation costs with P2P and SPV software release

Bitcoin operation cost

The Bitcoin SV (BSV) Node Team have made an exciting announcement for the BSV blockchain, making payments faster and reducing costs for businesses. Three new software packages will improve Simplified Payment Verification (SPV) and P2P payments.

Bitcoin operation costThe new releases add up to the Bitcoin SV Node v1.0.6, mAPI (formerly Merchant API) v1.2.0, and SPV Channels CE v1.0.0. With these new tools, BSV users will be able to make payments directly to each other and not be required to download a copy of the entire blockchain to verify them.

For users, BSV has already been the fastest digital currency payment option. Wallet providers and businesses though have had to handle the burden of verifying payments by downloading the full blockchain. These new tools will relieve them of that additional cost, allowing them to experience the benefits and cost savings of SPV and P2P as well. Only BSV miners will be required to have a full copy of the blockchain

Bitcoin SV Infrastructure Team Technical Director Steve Shadders commented on the latest releases:

“Today’s set of releases are a critically important step in the restoration of Satoshi Nakamoto’s vision for Bitcoin, as they finally enable users to interact with Bitcoin in the Simplified Payment Verification manner described in the original Bitcoin white paper. Prior to today’s releases, the complete suite of tools necessary to enable true SPV did not exist, which encouraged users to run unnecessarily heavyweight client implementations. From today, users will be able to run lightweight clients to interact with the Bitcoin blockchain, while still receiving all of the in-built security guarantees which Bitcoin provides.”

There are long term benefits to the BSV blockchain as well. Blocks are getting bigger as increase business use of the blockchain has meant more data being saved on chain. The BSV blockchain is currently over 250 GB in size, which is fine for miners who specialize their operation to continue maintaining the blockchain, but up to now had created an unnecessary burden on businesses. Now businesses can focus on their own operation and payments, and leave the blockchain maintenance to the miners.

By allowing true P2P payments and SPV, BSV is now the peer-to-peer cash system originally described in Satoshi Nakamoto’s Bitcoin whitepaper. Users and businesses can see the full benefits of this system at scale, as the BSV blockchain has been allowed to scale massively to meet any need.

Gambling companies can already experience the benefits, as Peergame has. Running their entire operation on the BSV blockchain, gamblers can play games they’ve come to love with Provably Fair Play and instant payouts. And the entire thing has been licensed by Curacao eGaming, paving the road for other BSV gambling operations to join the regulated digital currency gambling space.

You can find the full details of the new releases at the Bitcoin SV Node team’s official site. If you want to know more about how BSV can benefit your gambling operation, check out our Bitcoin for Gambling section to see how it benefits Operators, Service Providers, Players and Regulators.