BitcoinCash (BCH) casinos and bonuses
Find out about the best BitcoinCash (BCH) casinos online and claim the latest BCH casino bonuses for new players with detailed reviews!
What is Bitcoin Cash (BCH)?
BCH Is a cryptocurrency that is built on the basis of the original BTC. This is true for most altcoins (alternatives to BTC). Back in 2017, BTC- Blockchain was experiencing major overload. Until then the coin had gathered quite a reputation for itself and more people were embracing it daily.
BTC users were very concerned with the sustainability capacities of the BTC. The increase in the number of participants and payment traffic overwhelmed the entire system due to lacking scalability capacities. It was at this point that arguments broke out among the BTC patrons. Some were of the idea that the Block size was altered to increase scalability while some insisted on maintaining the original characteristics of the cryptocurrency. This is what led to the final split, commonly referred to as the hard fork.
BCH supporters separated from the original creation and they had to reintroduce themselves to the audience as a new separate currency with its own team and special features.
How does one acquire BCH?
Anyone interested in delving into the BCH waters rather than the popular BTC has to start by obtaining the currency. There are three major ways to do this and there are as follows
If you had BTC before the split, you were able to claim BCH tokens through a direct ratio of 1:1 thus acquiring the exact amount of BTC you had before. However, it is critical to check that your wallet of choice supports BCH so as to avoid making unnecessary losses.
The second method is the old simple trick of purchasing BCH from a trusted exchange platform. This one is a lot simpler than the first and convenient for most people.
There is a more personalized approach to peer-to-peer trading. There are several people who prefer this method because it enables you trade to trade with people within your vicinity and even set face-to-face meetings with them. There is the whole issue of trust and friendship, I get why some people go for this method.
Once you have obtained your share of BTC, just choose the suitable e-wallet storage option. There are several options available, be sure to go for the one that suits you best after conducting enough research
Advantages of BCH
Low transaction fees
Protection of personal information
It has multiple applications
Higher scalability than BTC
Instant processing time
Disadvantages of the BCH Cryptocurrency
Legal regulations by individuals and governments
Irreversibility of transactions
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Bitcoin vs. Bitcoin cash: What do you need to know?
Since its invention about 10 years ago, there have been many questions surrounding the ability of Bitcoin to scale effectively. As you probably already know, the Bitcoin is built of the Blockchain technology and it is decentralized. Unfortunately, the Blockchain on which Bitcoin is based is very slow in comparison to the traditional monetary services such as credit card transactions. while a popular credit card company, the visa can process close to 150 million transactions daily, two transactions in the Bitcoin network can take anything between 10 minutes, 1 hour to over 1 whole day.
Scaling and transaction speeds are the main concerns that people have when it comes to Bitcoin. Bitcoin developers have come up with two main solutions for the above problems, the first one entails reducing the amount of data verified in each block so as to make the transaction faster and cheaper. The second solution entails increasing the size of data so that a lot of information can be processed at once even if it takes time.
Bitcoin Cash (BCH) was developed out of the above-named solutions. BCH was created in August 2017, when it forked from the original BTC chain. The reason behind this fork was very simple, it was to increase the block of size from 1mb to 8mb to allow for greater transaction throughput. BTC still struggles to scale effectively and I have a feeling that BCH will potentially displace BTC in the years ahead. In May 2018, the BCH developers increased the block size further by quadrupling its size to 32mb.
When BCH was forked BTC, the two coins were exactly the same. They shared history, a Blockchain and so much more. However, with time they have gone separate ways, forming their own separate blocks each with a unique set of transactions to their Blockchain, however, the differences do not stop there. Here are some of the ways in which Bitcoin (BTC) varies from Bitcoin Cash (BCH).
While BTC blocks are limited to 1MB, BCH blocks are 8MB
Bitcoin is the first-ever created cryptocurrency while Bitcoin cash is an altcoin
BTC is limited by transaction speed time and inability to scale properly, BCH was created to counter these problems
Segregated witness (Segwit). BTC core managed to reach a consensus on SegWit in July 2017 to allow the removal of data from each block so as to create additional capacity on-chain. BCH, on the other hand, has decided not to implement Segwit and instead they will be scaling their Blockchain through Block size increases.
BCH has fewer dedicated developers compared to BTC which has a team of core developers and dozens of interested parties that keep on contributing code. Thus software upgrades like Segwit are unlikely to be adopted by BCH.
BCH as an Online Casino Payment Method.
The main advantage of BCH over BTC is its higher level of scalability. Not only is the transaction speed for BCH faster but also more data is processed at once. The high speed, the durability, the high security, the durability, and decentralized qualities are what have made BCH an attractive option for all kinds of payments and especially for online gambling. Online gambling is growing at an impressive rate and when merged with the powerful cryptocurrency technology, things are only bound to get better.
Ensure that the casino operator you have chosen supports BCH gambling. In the site of choice, go straight to the banking page and under that click on the depositing option, chose the BCH sign or portion depending on the site, having done that go ahead and input the required information. You will probably be required to enter the amount of currency that you intend to use. You will also need to enter the address of your e-wallet, confirm your transaction and your funds will be availed to you immediately. Having done that, you can now start your gambling experience.
Withdrawals from online casinos are pretty similar in the different casinos. Be sure to input the right e-wallet address as well as the number of funds you wish to withdraw out of your casino balance. I think that is a good summary of all you need to know. I’d recommend that you read more about this before putting your money into it.
Is it possible to deposit Cash at any Bitcoin casino?
The short answer is no. BCH is an entirely separate cryptocurrency to BTC. Sending BCH to a BTC deposit address at your casino leads to loss of the money forever. Check carefully to play at casinos that provide a deposit method for BCH and not just BTC.