The Summit of iGaming Malta (SiGMA) wrapped up last week, attracting a record crowd. Among the many exhibitors and vendors that were on hand, there was also a strong presence by the cryptocurrency community—notably, Bitcoin SV (BSV). Jimmy Nguyen, the founding president of the Bitcoin Association, led a presentation on the virtues of BSV to the cryptocurrency community, but also its role in helping the iGaming industry go to the next level, with better offerings, better monetization and better transparency.
Put bluntly, BTC developers screwed up. They crippled blockchain development by not understanding the true power of Bitcoin and what it is capable of doing. By limiting crypto and assuming it should be nothing more than a “get rich” scheme, the developers missed the mark and have prevented greater advances in the blockchain space.
BSV has been able to correct these mistakes, though, and has already shown just a little of what is truly possible. Bitcoin was meant to be a peer-to-peer electronic cash system—nothing more. BTC is losing favor on the part of commerce because they have come to the realization that BTC isn’t sustainable economically as a viable alternative to fiat. The costs per transaction are too high and the number of transactions possible is too low.
On the other hand, BSV has already shown that blocks can be easily sustained at two gigabytes (GB) and that as many as four million transactions per block can be processed. In just a 25-day window this year, BSV saw 1.4 billion transactions—three times what BTC did in ten years—at much lower costs than BTC transaction rates. While BTC fees still hover at just above $1, the per-transaction cost on BSV is just 1/20 of $0.01.
BSV also has the ability to scale even larger, and this is the direction in which it is now headed. This means that it is the go-to universal source for big data, with capabilities reaching far out in front of any of the other blockchains. Ethereum and EOS have already acknowledged that their blockchains are virtually full, and this doesn’t bode well for their future.
For iGaming, all of this matters. It gives those players in the industry a solid blockchain solution that leads to more monetization opportunities, the ability, through solutions such as Tokenized, to build their own asset solutions (such as shares, tickets, coupons, derivatives and more) and to store all of the data in an accessible ledger that leads to better transparency, improved fair revenue sharing and zero possibility of data manipulation.
BSV is designed for big business. It is designed to be regulation-friendly and to coexist with other economic solutions. It is already doing that, but it also goes further. It is the only solution that allows large amounts of data to be stored immutably and instantaneously, offering enterprises the foundation to their businesses that they have been seeking since before the dawn of the digital world.
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
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