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.”