I first met Unbounded Capital partners Dave and Zach while we all lived in the Bay area in 2018 while I was running a monthly Bitcoin SV meetup in San Francisco. As someone fully entrenched in Bitcoin technology for almost 3 years now, I constantly evaluate emerging products, services, and businesses I see building on Bitcoin SV.
2021 was an exciting year in the cryptocurrency and blockchain space which brought soaring asset valuations for both publicly traded crypto assets and private equity. Unbounded Capital believes the strong foundations laid in Bitcoin SV in 2021 will support enormous value creation in 2022 and beyond.
SPV has been largely discarded in Bitcoin’s history, particularly by Bitcoin Core (BTC). They assert that running a full node, tracking all Bitcoin transactions oneself, is more secure than using SPV and thus should be the standard approach. That view is akin to saying that Amazon shoppers should record a complete list of all sales in Amazon’s history rather than accept a receipt to use as proof of purchase. Luckily for BSV, this is not the view of Xoken CEO Nithin Mani who has developed a robust SPV solution.
At Unbounded Capital, we value bitcoin (BSV) as a technology that will radically improve the lives of billions of daily users. In order for bitcoin to realize this vision, we believe its progression needs to mirror aspects of the development of the internet. Like the protocols that comprise the internet, the bitcoin protocol’s underlying complexity must be abstracted away to make it useful for non technical end users through a variety of user friendly applications. HandCash, a leading bitcoin mobile wallet, shares this vision and summarizes it with their slogan “Bitcoin for the rest of us”.
Is it just early, or is there something wrong with the current direction? At Unbounded Capital, we think that the current industry leading investors and projects, the crypto consensus, are aiming towards goals that have no product market fit. In this book, we explain the issues with these crypto consensus goals and offer our own vision of how a version of Bitcoin which scales, Bitcoin SV (BSV), will ultimately eclipse these crypto consensus blockchains, ultimately growing to rival and subsume the internet in scope and size.
