Bitcoin was created with the gambling industry in mind” – Dr. Craig Wright”

‘Hashing it Out’ with the genius behind Bitcoin

After Bitcoin became popular, there was a mania about uncovering the real identity of Satoshi Nakamoto, the pseudonym of the author of the Bitcoin white paper and hence, the creator of Bitcoin. Several years ago, he revealed himself to be nChain Chief Scientist Dr. Craig S. Wright. And now, the second episode of Hashing it Out with Becky Liggero features the genius behind Bitcoin. As billionaire philanthropist Calvin Ayre once said, “when Craig talks, you listen.” “Dr. Wright’s mind works in a special way and if you listen hard enough, you’ll walk away with some new ways of looking at the world… I also urge you to watch the interview, maybe even several times, like I did,” Liggero commented about the enlightening episode.

Not many know that Dr. Wright has deep ties with the gambling industry. He used to work with big names, such as Lasseters, BDO, Centrebet, Playboy Gaming, MGM and Bodog. It was his work with BDO that he admits to overlapping with the concept of Bitcoin, which uses blockchain technology. In this interview, Dr. Wright explains why online gambling on blockchain is the ideal match that would allow the industry to take advantage of the surge in online betting brought about by the restrictions of on-site casinos imposed by the coronavirus pandemic, while operating within regulatory requirements.

“Bitcoin is the first digital currency with tracing. With the ability to have a ledger that allows people to find out where the money came from. That’s the real distinction that no one’s talking about. It is the first traceable electronic money system… What you can do is incorporate information both on and off chain, but link data in a provable manner. So you can have fully auditable records that will satisfy all of the operator requirements, the player requirements, everything. And that’s an important aspect,” Dr. Wright explained.

Dr. Wright is pertaining to Bitcoin SV (BSV) that has restored the original Bitcoin protocol and enabled unbounded scalability, realizing his original vision for Bitcoin. What this means is that BSV has a set-in-stone protocol that makes for a solid foundation that developers can use to build a variety of betting applications on without having to worry about the massive data that will be generated by cashless casino platforms. Because BSV continues to scale, it is now capable of low-cost microtransactions that trump all other digital currencies in power and price. On top of this, the BSV blockchain that is a public and distributed ledger operating on a decentralized system, which allows for superior security, transparency and integrity of data.

“So all of this can be constructed in a way that is utterly secure and without a lot of cost, without having to set up expensive infrastructure, high-end firewalls, or any other aspect of this. Just one secure website will do it,” Dr. Wright said.

Online gambling on blockchain makes complete sense due to a system that is traceable, powerful and cost-efficient. This is in stark contrast to unlicensed crypto casinos that have popped up everywhere that allows underage players to bet. Suspicious entities such as them may be in it for money laundering or other crypto scams. “Most of these at the moment are all about laundering. So they are mixers. They put their money in, try to get away from tax or other obligations, take their money out. Long term that’s going to be a big problem because if you have mixed funds, then you’re going to lose your funds,” Dr. Wright warned. Unlike with BSV, “when you pay it can all be recorded, it can be a complete audit trail, simplifying the reporting obligations of the casino and also giving you peace of mind because if something goes wrong, you now have proof of what went wrong,” Dr. Wright added. Article written by: Makkie Maclang

SiGMA Roadshow: Next stop Germany

Join us virtually for two engaging hours bursting with insightful conference content and new business opportunities. These unique, interactive, virtual mini-conferences will take place in a different country every month. The stop of next month will be Germany, join the conversation. We’ll be covering various topics from localisation of content to regulation trends. Register now!