As the popularity of cryptocurrency grows, particularly in the online gambling sector, there is a need to clear up some of the confusion surrounding cryptocurrency, blockchain, and Bitcoin. Specifically, why are there three Bitcoins in existence today?
Jimmy Nguyen, founding president of the Bitcoin Association, recently joined Gambling911 founder Christopher Costigan in Miami to talk about cryptocurrency—Bitcoin SV in particular. Right off the bat, Costigan wanted clear up the confusion of having three Bitcoins—Bitcoin Core (BTC), Bitcoin Cash (BCHABC), and Bitcoin SV (BSV)—circulating today, describing it as “the most confusing thing in the world.”
The Bitcoin Association is the leading industry group for Bitcoin business, bringing together merchants, exchanges, application developers, enterprises, miners and others in the Bitcoin ecosystem. It supports BSV as the rebirth of the original Bitcoin. SV stands for Satoshi Vision, and BSV is the only project that adheres to the original design protocol and vision expressed by Satoshi Nakamoto. Yes, BTC had the first-mover advantage, but it’s no longer Bitcoin after the Core team introduced Segregated Witness, which forever changed what Bitcoin was. Nguyen points out:
“I recognize that it’s confusing for users and consumers, and I wish we were not in this position. I wish we were in the position that there was only a single Bitcoin. The problem is because Bitcoin is an open source system, anyone can do what we call fork the code. They can just copy the code and continue their own chain and call themselves some Bitcoin variant. Even if they make fundamental changes to what Bitcoin is, they’re really not entitled to the Bitcoin name anymore. And there’s nobody to tell them no, and that’s a frustration I think we have and it is reflected in how the market reacts because BTC has a higher market price because people think that’s still Bitcoin.”
At the end of the day, BSV is focused on massive, on-chain scaling. Recently, record-setting 128MB blocks were mined on the BSV blockchain. BSV’s 128MB block cap is already far bigger than BTC’s 1MB and BCHABC’s 32MB, but BSV isn’t stopping there: later this year, the network will scale to 512MB, followed by 1 or 2GB by the end of the year or early 2020, and to one day having no cap at all.
But what does this mean for gambling operators?
The 128MB blocks mined on the BSV chain, according to Nguyen, demonstrates that the network is not just a payment system—it can also be a data carrier network and a whole commodity ledger that powers all kinds of data transactions.
He explained: “It means you can rely on the [BSV] blockchain to process fast transactions, they get processed instantly as opposed to waiting 15 hours, for really cheap, where the transactions fee is a penny or less, and you can do tokens because a lot of gaming companies are looking at trying to create their tokens, they want to create things like smart contracts with gamers and try these more advanced functions that a blockchain allows because a blockchain, all it is an underlying technology platform and for gaming companies that offer all kinds of opportunities.”
Listen to the Gambling911 podcast with Jimmy Nguyen here.
You can also catch Jimmy and other global experts in the blockchain and cryptocurrency space at the CoinGeek Toronto scaling conference, taking place at The Carlu on May 29-30. It’s easy to register, and use the world’s new money to register, and get a discount, by using Bitcoin SV via Coingate.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.