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by Makkie Maclang
Zumo, a digital wallet and payments platform based in the United Kingdom, has recently announced that its users can now store and receive BSV on its platform. BSV becomes the third digital currency that Zumo carries; it already allows users to buy, sell, store and send Bitcoin Core (BTC), Ethereum (ETH) and the British pound. And to celebrate this milestone and welcome new users to the Zumo wallet, it is giving away £10,000 worth of BSV. All UK residents who create a new Zumo wallet within the period of June 25 to July 26, 2021, pass the ID verification stage and deposit at least £1 in the wallet will get a chance to win £10,000 in BSV.
“We’re excited about offering BSV to our users. Zumo is committed to introducing crypto to new investors and welcoming people from around the world into an emerging global economy that’s both inclusive and borderless. We’re hoping to introduce British crypto investors to BSV as well as attracting new users who have never engaged with smart money before. To anyone who’s considering getting involved in crypto I’d say, ‘we’re here to help,’” Zumo co-founder and Chief Product Officer Paul Roach said about the announcement.
BSV has restored the original Bitcoin protocol and unlocked unbounded scalability, allowing it to have a rock-solid foundation for developers to build on its blockchain and continuously increasing data capacity and transaction output. Bitcoin Association, the Switzerland-based global industry organization pushing for the widespread enterprise adoption of the BSV blockchain, recently announced that it has already surpassed BTC in accumulated on-chain data size on June 4 with 367.43 GB compared to BTC’s 355.23 GB. And this is all due to the network’s continuous scaling.
“We recognize that BSV overtaking BTC in accumulated blockchain growth is an interesting milestone, but it’s really just one step in the journey to something bigger. BTC proponents have long argued that Bitcoin cannot scale and that its network must be restricted to a tiny 1 MB block cap, but with 600 MB block ranges already demonstrated, superior data functionalities shown and now a larger total blockchain data size too, BSV continues to prove that Bitcoin does scale,” Bitcoin Association Founding President Jimmy Nguyen explained.
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BSV has totally overtaken BTC and ETH when it comes transaction processing capability, as well as transaction fees. With BTC and ETH, it currently costs an average of $9.19 and $3.83 per transaction, respectively. This is because they cannot scale and can only complete a few number of transactions per second (tps), with BTC only at a maximum of seven tps and ETH at a 30 tps. That is why it is this expensive to transact using these popular digital currencies.
BSV, on the other hand, can already process an average of 5,124 tps at a current average fee of only $0.0017 per transaction. Numbers do not lie, and it can be seen here how vast the difference is between the three. And this gap will only widen with BSV planning to release Teranode before the end of this year, which will increase the network’s capacity to over 50,000 tps. This kind of output rivals that of the VISA network, and transaction fees will further be lowered.