The gambling industry can find a lot of benefits from Bitcoin SV (BSV), but it’s easy to get confused by all of the other blockchain offerings out there. Thankfully, the CoinGeek Live conference is here to clear up all the questions you might have, and Bitcoin Association Founding President Jimmy Nguyen joined our Becky Liggero Fontana on this week’s episode of the Long Con to extend an invite.
Nguyen began by explaining just how the industry got to the point it’s at. “Bitcoin and blockchain came out with this promise of excitement, and then people kind of got bored with it,” he said. “And the reality is because of two things. The Bitcoin blockchain under the form taken by what we call BTC, Bitcoin Core, which many people think is Bitcoin, did not effectively scale. Meaning, it didn’t grow to be able to support huge numbers of transactions, fast, at super, super low cost. So people stopped using it for what it was born to be, which is in the title of the Bitcoin whitepaper, ‘A Peer-to-Peer Electronic Cash System.’ Electronic cash we use every day. Its network became congested and slow. The fee it costs to send a Bitcoin transaction would spike anytime there’s huge amounts of traffic on the network, to sometimes $4, $6, $8, at one point $40 per transaction. You’re not going to use Bitcoin in daily life if it might cost you $40 just to send a transaction, including for gaming.”
[youtube https://www.youtube.com/watch?v=nD_XN2Hd2-E]
“And then in addition, there became too many blockchain and cryptocurrency projects,” he added. “Everyone started looking at creating their own coin, Becky Coin, Jimmy Coin, Whoever’s Coin, to make a quick buck in that ICO (initial coin offering) craze that happened. And so we live in a world today with over 5,000 digital currencies and well over 100 blockchain projects. That’s way too many, and it’s caused confusion among businesses as to, ‘Well wait a minute, what am I supposed to use? How are they supposed to interoperate with each other?’ And I think that confusion really slowed down the growth of blockchain technology.”