While Bitcoin Core (BTC) and Bitcoin Cash (BCH) get plenty of attention as the cryptocurrency market ebbs and flows for its many investors, Bitcoin SV (BSV) has, in stark contrast, leveraged stability to become a prime blockchain environment for businesses. When BTC was rampaging in price, many onlookers presented a side panel that the price isn’t what makes Bitcoin great. Rather, it’s the underpinning blockchain technology.
As BTC continued to be the epitome of volatility, its blockchain looked to be unusable by entrepreneurs eager to make use of the technology. Of course, there are many other blockchains out there now, such as the ever-popular Ethereum, but version 0.1 protocol of Bitcoin was so endearing that many wanted to buy in. With the 2018 hard fork of BSV, all of the boxes were ticked, with the CoinGeek deep dive showing many pivoted to BSV.
So, what is it about the blockchain that makes it so appealing to entrepreneurs?
Transparency as a Selling Point
One of the main elements of the blockchain that’s made the technology so appealing to users is its inherent transparency. This isn’t to say that everything on the blockchain can just be seen by anyone online. Instead, it’s more a case of all transactions and data on the network being recorded, and then anyone with access to the system can see all of these movements. So, transactions and data can be validated for their authenticity.
Being able to automatically validate and log data and transactions is a core perk of blockchain technology, ensuring that data is always in the right place and transactions can’t be forged. The creator of Bitcoin, Satoshi Nakamoto (a pseudonym), made this a core feature of what they intended to usurp fiat currencies and the value tampering from central banks and bad actors. For many businesses, having this transparency is a huge selling point.
For business-to-customer relations, having a protocol that ensures every transaction is proper and logged, as well as having tech that guarantees fairness can be hugely important. This is certainly the case for the PeerGame table games. There’s American roulette, French roulette, European roulette, and blackjack, all of which rely on random number generators.
In the platform’s Fairness Calculation and Provably Fair sections, it’s laid out how the running of the cryptographic algorithm of Bitcoin SV enables its algorithm to produce fully transparent and verifiable game results. You can even input your bet transaction ID codes to calculate that bet’s fairness. With the distributed ledger of the blockchain, the chance for fraud and unfairness can be all but eliminated, enhancing trust in the business.
Increasing Speed and Lowering Costs
Making use of a blockchain can make many processes much more efficient, from their logging to their verifications. Plus, on a blockchain like BSV, transaction costs are very low – even compared to other low-fee cryptocurrencies. A big part of doing business that is sped up by using a blockchain is auditing and reporting. All of the activity, data, and transactions are logged in and verified by the blockchain, so it’s easy to quickly produce reports or get details.
Naturally, all of this efficiency results in the business being able to function with more speed. Throw in its ability to handle more data inputs and transactions all at once, and you can see another perk blockchains offer to business speed. One business making full use of this on BSV is the Centbee payments app. The digital wallet leverages the transparency of blockchain to comply legally and taps into how low-cost transactions are on BSV.
Front-facing and internally, setting up on a blockchain like BSV offers many benefits. To customers and investors, entrepreneurs can point to the transparency and validity of the business, while in-house, they benefit from a more efficient approach.
