Over the years the number of online casinos that support cryptocurrency has been growing steadily around the world. There are bitcoin casinos that added cryptocurrency as one of their payment methods, but there are bitcoin gambling sites also that only accept crypto coins in playing.
After people realize its potential the number of cryptocurrencies also starts to grow. New crypto-coins are popping up everywhere and every year. There are now 7,800 cryptos in existence according, CoinMarketCap. If you look closely at the list of coins that you can be used to play online gambling games, you may find Bitcoin Cash and Bitcoin SV.
No, this isn’t a typo. This isn’t bitcoin, it’s a new and independent cryptocurrency you can buy, sell, or trade. But as the name suggests, it really was originated from the original bitcoin. This may confuse other people, so we decided to create this guide.
Understanding Bitcoins
Introduced in 2009, bitcoin is the first cryptocurrency by an unknown individual that goes with the pseudonym, Satoshi Nakamoto. What makes bitcoin really special is its decentralized nature. Users can make payments without having any central authority like the banks or other payment portals.
Every transaction made using bitcoin is recorded on a database known as the blockchain. To keep the transparency, the blockchain can be downloaded or verified by anyone. On the database, transactions are stored and submitted in blocks.
Bitcoin and other cryptocurrencies became the preferred casino payment of many players in India because of their fast transaction time. Aside from being the fastest payment method right now, cryptocurrency also allows players to have transparent online gambling. This is because all transactions including wins, losses, and payouts are recorded and can be verified in the blockchain ledger.
As the number of bitcoin, one problem arises – bitcoin transactions became slower. This lead to the birth of Bitcoin Cash.
Introduction of Bitcoin Cash
In 2017, there had been growing tensions between members of the Bitcoin community over the scaling concerns and how to address them. A small portion of the community believed that block size would need to be increased in order to better scale the network. However, the majority of the community believes that the block size was already sufficient.
Those groups who wanted to increase are determined, that is why in August that year, they implemented their own software update led by Roger Ver, which leads to the creation of a new cryptocurrency which is known as Bitcoin Cash.
The process that the group used is called “hard fork”. Here, some of the nodes are updated and split off from the original blockchain. The result is the creation of a new blockchain. The coins on the new blockchain become separate and unique from the ones on the original blockchain.
This means that Bitcoin Cash completely different from Bitcoin. Though, bitcoin cash functions similarly to bitcoin. There are also a number of Indian casinos right now that accept Bitcoin Cash for payment. The only difference is that Bitcoin Cash has a bigger blocksize. The average block size of bitcoin is 1MB while Bitcoin Cash has implemented an increased block size of 8 MB to accelerate the verification process.
Then there’s Bitcoin SV
In 2018, there is hard forking happened. But this time it was the Bitcoin Cash network that was split into two leading to the creation of Bitcoin SV. Like bitcoin cash, the Bitcoin SV has its own backstory.
Software developer ABC Bitcoin proposed an upgrade to the Bitcoin Cash protocol in 2018 which would change the way its blockchain stored information and allow software developers to create smart contract software platforms on the Bitcoin Cash blockchain.
Calvinayre and Craig Wright, from nChain disagreed with these proposed technical updates. According to them, these updates weren’t secure and these would go against Satoshi Nakamoto’s original vision. Thus November that year they launched Bitcoin SV which stands for Bitcoin Satoshi Vision.
Bitcoin SV has a higher block size limit of 128 MB. The developer also adjusted the protocol to reduce the transaction fees. At the opening of the year, both the Bitcoin Cash and Bitcoin SV prices are soaring. Bitcoin Cash has a market cap of more than $9 billion, while Bitcoin SV has $3.69 billion. This makes the two the 7th and 14th digital currencies in the world, respectively.