Should Gambling Coins bet on Bitcoin Cash?
Cryptocurrency is becoming increasingly popular in the gambling industry and this is especially true when it comes to Bitcoin. After all, this digital currency first appeared in poker. The gambling industry has had problems with government policies that tend to protect state-owned gambling monopolies. This led to restrictions where citizen’s lost the freedom to choose where and how to spend their entertainment dollars.
The chief scientist of blockchain technology and research development outfit nChain, Dr. Craig Wright gave an explanation of how Bitcoin works in the gambling industry. He noted that with Bitcoin you always know when the funds cleared. Once that’s done you can start playing safely and when the operator feels the safety, the fees become lower. All in all, using Bitcoin will be beneficial for both the player and the operator.
The advantage of the first-mover
If you look at it from the side of the platforms, you will notice just four cryptocurrencies, Bitcoin, SegWit, Ripple, and Ethereum. We can safely agree that Ethereum was the one with the first-mover advantage, especially when it comes to tokenization. Ethereum is mostly smart contracts which are a feature that is also available with Bitcoin, starting from their May upgrade. Aside from this, Ethereum doesn’t really work as a cryptocurrency. Additionally, it has problems with security, accidental kill commands, IoT malware attacks, etc.
To make things easier for the players, several gambling platforms like BitStarz and 1xBit switched from whatever they were using to Bitcoin Cash. That made a lot of sense because Bitcoin Cash is the only true Bitcoin which does everything the other platforms do plus much more. Back in May, there was an upgrade for Bitcoin BCH that increased the block size to 32MB. The update also restored some OP_Codes to gain advanced functionality. Bitcoin Cash even had its first “atomic bet” on the blockchain, mostly due to these re-enabled OP_Codes.
Migrating tokens to BCH
For now, nChain doesn’t have the option to migrate ERC-20 tokens to Bitcoin Cash. However, they are actively working on a solution. Jimmy Nguyen, CEO of nChain told CalvinAyre.com that there is no solution yet because first, they need to create a BCH token solution which will then allow them to work on a solution that will migrate ETH tokens to BCH tokens. He also added that they are aware of the high demand for this solution and they will create one as soon as possible.
In case you are thinking about a Bitcoin Cash solution, there is a £5-million contest for a design that will put tokenization on the BCH chain. The contest is also open and gives adjusted rewards for finding other solutions that can be developed and released open source on the BCH platform. Gaming companies should all consider Bitcoin BCH because right now it’s the best on the market when it comes to payments. With time it will also become best in other areas like tokens and smart contracts.
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