nChain CEO Jimmy Nguyen’s bComm Association, an organization which actively promotes Bitcoin SV for merchants, has rebranded itself to the “Bitcoin Association.”
While the organization has no members from the wider Bitcoin community but instead lists people like Craig Wright, Calvin Ayre, and David Li, the step signals the belief that “Bitcoin SV is the true Bitcoin.”
The new Bitcoin Association, which acquired the handle “BitcoinAssn” on Twitter, offers free membership to businesses and enterprises:
The organization is an analog to the apparently defunct Bitcoin Foundation, the subject of various scandals throughout its existence. While the Association is using the term “Bitcoin,” they are not referring to the Bitcoin Core chain. Bitcoin has a market capitalization of more than $60 billion. They are instead referring to Bitcoin SV, which has fallen off the radar of the top ten cryptos by market capitalization.
The Bitcoin Association supports Bitcoin SV (BSV) as the original Bitcoin, with a stable protocol and scaling roadmap to become the world’s new money and global public blockchain for enterprise.
Here’s Jimmy Nguyen encouraging merchants to try Bitcoin SV:
As expected, the move has already garnered some negativity:
More derisive remarks can be expected as the news percolates due to this article.
A question that arises is whether or not an organization which does not promote “Bitcoin” but “Bitcoin SV” has a legal right to brand itself as such. CCN reached out to a lawyer who has worked on several cases in the blockchain industry. We will update this article if or when he responds.
The Bitcoin Associaton has a channel on YouTube in which they publish a show called “The Bitcoin Vision.” Here’s the second episode:
To date, the channel has just over 200 subscribers.
According to a post on the Bitcoin Association’s website, its proponents truly believe that Bitcoin SV will become the dominant choice for businesses. They list reasons including compliance and “professionalism.”
10 years after the birth of Bitcoin, it is time to fully realize the Satoshi Vision. To do so, we must build a blockchain designed for business: to meet real enterprise needs, to be used by real people, and to comply with real laws. It means we need a stable protocol, allow for massive scaling, and add a professionalized approach to security. That’s the BSV way, and that’s why Bitcoin SV means business.
The question of the Bitcoin mantle is a big one. When Bitcoin Cash hardforked away from Bitcoin, a major issue of contention was “replay” attacks” People were concerned that users would be taken advantage of due to the hard fork’s coding.
A derogatory term evolved from the fork in the form of “bcash,” which Roger Ver particularly took issue with:
Some Bitcoin users were against the inclusion of “Bitcoin” in the name of Bitcoin Cash at all. As the interviewer says in the above video, “The only reason you want to call it Bitcoin Cash is that you want to co-opt the brand Bitcoin […] You want people to think it’s Bitcoin.”