Bitcoin Association President: Bitcoin’s Usage in Gambling
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No one thought that cryptocurrency, especially Bitcoin, will gain a lot of acceptance in the world. The COVID-19 pandemic has reinstated the need for a cashless society. Presently, most industries, including the gambling industry, are embracing the use of cryptocurrency for their transaction.
During Jimmy Nguyen’s interview with Fundsrat’s Tom Lee, according to CalvinAyre.com, Nguyen proposed that a Bitcoin SV can be used for many things. For instance, he suggested that a Bitcoin SV can be a viable means of transaction for gambling operations. Jimmy is the Pioneer President of the Bitcoin Association.
Although some online gambling sites are embracing this payment method, acceptance is still very poor. The reason may not be far fetched from the misconception that Bitcoin SV may not be secure like other cryptocurrencies.
BSV and Land Casinos
It seems Bitcoin SV and land casinos have no nexus. During his interview, Jimmy cleared the air about how impossible it is for land casinos to adopt the use of Bitcoin. According to him, a company known as Bitboss is already developing a technology that will allow players and casino operators to use BSV at slot machines. He added that Bitboss is based in the United States.
How does the system work? The Bitcoin Association President said the technology would comprise of hardware and software systems. The hardware will be attached to the casino free online slot machines. Players have to fund their mobile wallet created by the casino with a BSV – based token. So this will eliminate the inserting of money into a card or ATMs. Players will no longer have to use tickets; instead, the mobile wallet with the BSV-based token will be used for slots and other casino games.
Jimmy believes that this system will eliminate the use of cash. More so, since the pandemic is transferred through contact, this technology will eliminate players using cash at the casinos.
Bitcoin SV and Online Gambling
Unlike land casinos, the use of Bitcoin SV or any other cryptocurrency is not strange. Some online casinos accept Bitcoin, while others don’t.
Jimmy also commented on this regard. He mentioned that Bitboss has an online platform known as Dragon SV casino. Furthermore, Jimmy said that Bitboss has recently opened a BSV casino for Provably Fair Gaming. The results of the games are tracked on the blockchain. This new technology will help players see whether or not they are getting fair results.
To further buttress the impact Bitcoin SV is making in online gambling sites, Jimmy said a company known as Kronoverse is already using the BSV blockchain for various purposes. For instance, according to Jimmy, the company is using the BSV to power some parts of its CryptoFights game. He also explained that the CryptoFight game is similar to the Dungeons and Dragon style game.
Also, Kronoverse is not just using the blockchain to monetize its gameplay. The BSV blockchain is used to tokenize the in-games items on their virtual games. The company was initially using Ethereum but switched to Bitcoin SV because of its high transaction fees and network congestion.
Advantages of Bitcoin SV in the Gambling Industry
No doubt, the gambling industry is experiencing some innovations. However, one of those is the introduction of BSV as a payment method. Jimmy did also mention some of the advantages of using Bitcoin SV in the gambling industry.
Cashless Policy: Bitcoin SV will reinforce the cashless policy that the world is already clamoring for. More so, the gambling industry is known to use cash more often. BSV will reduce the use of cash and may probably eliminate it at physical casinos too.
Fairness: The BSV blockchain, according to Jimmy, will encourage fairness. Players will have an idea of how the results are generated. For online gambling sites, this will most likely encourage more players to register at their websites.
Fees: In the interview, Jimmy mentioned that a company known as Kronoverse was using another cryptocurrency called Ethereum but had to switch because of network congestion and transaction fees. Bitcoin SV is cheaper and has a friendly network.
Security of Transaction: Bitcoin network is secure. Your transactions are highly protected from any interference from a third party. Experts have proven that any present technique cannot hack Bitcoin SV.
Is Bitcoin SV the Future of Gambling?
Most likely, some gambling experts will say so. The reasons are not far fetched. Apart from Bitcoin SV being safe and secure, it has numerous advantages. Some are already outlined above. Meanwhile, the reason it will take over quickly is because of the recent challenge the world is facing – the COVID-19 pandemic.
Physical contact is one way this pandemic spreads fast; therefore, social distancing is one of the recommended health measures to curb the spread. Is it possible to curb the spread when money still changes hands? This is very unlikely. But with the use of Bitcoin SV at physical casinos, transferring cash from players to dealers will be eliminated. In other words, the pandemic will be curtailed too.
Finally, to encourage Bitcoin SV’s use, legal instruments will most likely be needed to increase the pace.