Bitcoin SV Is Helping Enterprises Build Decentralized Applications - Coindoo

Bitcoin SV Is Helping Enterprises Build Decentralized Applications

Editorial Team Avatar
Mar 19, 2020
3 min reading time

Bitcoin SV (BSV) is a cryptocurrency that was created after the original Bitcoin Cash (BCH) underwent radical changes. The Bitcoin Cash was split into Bitcoin ABC (Adjustable Blocksize Cap) and Bitcoin SV (Santoshi Vision).

Although the Bitcoin SV borrows heavily from the original Bitcoin Protocol, some might even say it is how the Bitcoin was always supposed to be, and the Bitcoin SV differs from the Bitcoin ABC in a few areas:

  • The block size of Bitcoin SV is 128 MB (up to 2 GB on upgrades) as compared to the 32 MB for Bitcoin ABC. This means more transactions can be performed on the blocks, and it’s easier to scale than ABC.
  • The transaction costs of Bitcoin SV are lesser than its competitor, making it more affordable and used by many smaller businesses. The cost of using BSV is $0.001 USD per transaction REGARDLESS of the amount sent. For comparison, Visa typically costs at least 0.5-1% of the transaction amount. This means if you’re transferring more than $0.2, you will end up spending more on your transaction fee if you don’t choose BSV. Bitcoin ABC, on the other end, costs around $1.2 per MB of transaction.
  • Bitcoin SV prides itself on sticking to the “original protocol.” BSV has made sure they maintain stability and consequently, the trust of more people and enterprises by sticking to the protocol, hence the name “Satoshi Vision.” The Bitcoin ABC has seen a few more changes, subsequently moving away from the protocol.

The scalability, stability, security, and size of the block of the BSV have made it an ideal Blockchain for enterprises to invest in for decentralized applications or dApps. The dApps are used to make transactions simpler across multiple industries.

There is one industry that uses dApp more than any other – online gaming industry. Not only is it convenient for people to make online bets using a cryptocurrency, but many companies and players also prefer using BSV for their purchases.

The online casino industry is catching up, there are many games that support it, as mentioned already, but there are some slot games that still don’t allow for crypto deposits a quick example would be Empire Fortune from Betsafe.

Many enterprises have come forward who have based their dApp on Bitcoin SV blockchain. Players can be worry-free by using their BSV wallets for betting and gaming; at the same time, the betting/gaming enterprises can make more and more transactions on the blockchain.

This is where the larger block size of Blockchain SV (usually 128 MB) comes into the picture. A growing decentralized enterprise would want to invest in a blockchain with bigger block size, allowing them a higher transaction per second (tps).

Currently, the BSV block size can be upgraded to 2 GB, which means 11-15,000 transactions per second; for comparison, Visa offers 3500 tps.

This means that BSV is not only the solution for the present but also the most future proof alternative you could have as a growing enterprise. Moreover, the Bitcoin SV offers quick transactions along with a 99% chance of the transaction being verified and included in the chain, and the 1% uncertainty is handled according to a business risk scenario that can be insured to mitigate the risk completely. There is no chance of a double transaction with BSV because of the way it is designed.

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* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
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