Bitcoin Cash Casino
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A result of a much-debated upgrade to Bitcoin’s blockchain, Bitcoin Cash first appeared in 2017 as an alternative to Bitcoin that aimed to solve some of the flaws of the original Bitcoin design which became more pronounced in recent years.
At first, the usage of Bitcoin Cash as a means of payment online was quite limited. But thanks to a wider acceptance by high-profile figures, cryptocurrency exchanges, and online casinos, Bitcoin Cash is now becoming an increasingly common way of wagering your money online at various casino games.
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What is Bitcoin Cash?
Bitcoin Cash, like Bitcoin, is a fully decentralized cryptocurrency that doesn’t rely on any third parties, banks, or central financial institutions to operate. It spun off from the original Bitcoin on August 1st after a pre-agreed “hard fork” was activated and split the Bitcoin blockchain into two chains – Bitcoin (BTC) and Bitcoin Cash (BCH).
To many supporters, Bitcoin Cash is seen as the right continuation of the original Bitcoin project, the main purpose of which was to create a completely decentralized peer-to-peer digital cash system. As Bitcoin’s popularity grew at an express rate and its price hit record highs, Bitcoin became less usable as an everyday peer-to-peer cash system and thus opened the door for Bitcoin Cash to emerge.
When it was launched, the price of Bitcoin Cash was closer to $300 since no one was really certain how much support the offshoot cryptocurrency will gather. However, since its birth a wide number of exchanges have shown support for the new digital currency along with an increasing number of casinos, helping Bitcoin Cash hit a tenfold increase in value – a trend that might continue in the future as well.
How is Bitcoin Cash Different from Bitcoin?
The Bitcoin blockchain was built with blocks (files where permanent transaction data is recorded) that have a size of 1 MB. At first, this block size was enough to allow for smoother transactions as the number of transactions was not big enough to exploit the maximum capacity of the block size. However, with Bitcoin’s daily trading volume skyrocketing, the block size became too small to handle the traffic.
The capacity of Bitcoin’s blockchain seems even smaller when you compare the cryptocurrency to the traditional payment methods it sought to replace. Visa, for example, can handle an average of 1,700 transactions every second, which is impressively more than Bitcoin’s maximum capacity of 4-7 transactions per second. Bitcoin Cash solves this problem by increasing the block size.
Bigger Block Size = Faster & Cheaper Transactions
Bitcoin Cash has a much higher block size capacity of 8 MB. The increase in size allows for more transactions to be processed per minute, thus lowering the waiting times needed to clear your transactions. And as the scaling was designed to continue on-chain and increase in the future as the market increases, the capacity of the BCH blockchain is expected to continue growing.
Furthermore, the congestion that Bitcoin’s blockchain has seen in its peak year, 2017, has also driven the fees for processing a transaction to record highs. With only 2,500 transactions per block possible on Bitcoin’s blockchain, many users pay premium fees to enter the “fast queue” and have their transactions processed faster than others paying lower fees. Bitcoin Cash has no such problem, for now.
Types of Bitcoin Cash Casinos
The majority of online casinos accepting Bitcoin Cash were casinos originally built for Bitcoin players that decided to start accepting Bitcoin Cash as a payment method, most commonly with other popular cryptocurrencies. Thus, there is little difference between playing at a BTC casino and BCH casino except for the use of different wallet addresses. There are two main types of BCH casinos found online:
Hybrid Casinos
Hybrid casinos are casinos that take both cryptocurrencies as well as fiat (traditional) currencies. They thus accept a wider range of payment options and most of them also allow you to switch between currencies and deposit/withdrawal methods. However, playing with fiat currencies will also involve leaving your personal details with the casino and verifying your account by submitting your ID.
Cryptocurrency Only
There are also some casinos which exclusively work with cryptocurrencies. Most of these casinos were originally launched for Bitcoin players before deciding to explore other cryptocurrencies. Some of them even exclusive take only Bitcoin-related coins like BCH and BTC.
