Originally launched in the summer of 2017 in an attempt to increase Bitcoin’s limit regarding block size, Bitcoin Cash or “BCH” was created by those who were not happy with the plans for the capacity increase. The developers “forked off” from the mainstream cryptocurrency and created the new coin, giving anyone who held Bitcoin (BTC) a matching amount of BCH, which was a little less than 10% of the original at the time.
Then in November 2018, Bitcoin Cash split again into two distinct coins due to another disagreement on its future with the creation of “Bitcoin Cash ABC” and “Bitcoin SV”, which was short for, “Bitcoin Satoshi’s Vision”. This time it was Craig Wright and Calvin Ayre (the original founder of Bovada) who backed SV, while Jihan Wu and Roger Ver were championing ABC, which is an abbreviation for “Adjustable Blocksize Cap”. Today the main differences between the two are simply the technology used and the block size, with both sides claiming that their coin is superior to the other.
Make no mistake: Bitcoin Cash is not the “younger brother of Bitcoin” and a somehow inferior product. It’s popularity is growing at a much faster rate than most other cryptocurrencies on the market because it’s a fantastic peer to peer electronic currency – and it can also be used in over 200 brick and mortar shops around the world.
How to Deposit at Online Casinos with Bitcoin Cash
The story here will be a familiar one to some because you deposit at online casinos with Bitcoin Cash in the same way that you would with most other Alt Coins, including Bitcoin. First off, you’ll need to open a “virtual wallet” and make sure that you know how to buy cryptocurrency online, which only takes about 10 minutes to learn.
You can then deposit money into your Blockchain wallet via bank card, bank wire, or credit card and purchase Bitcoin Cash, with the current exchange rate and fees clearly shown to you before confirming the transaction. Once the process is completed and you have BCH in your blockchain account you contact the online casino that you would like to play at and ask them for a “Bitcoin Cash address”, which will be a unique string of letters and numbers.
From there you simply go back to your Blockchain wallet, click “send BCH”, and then copy and paste the address the betting website gave you and click “confirm”. Your deposit will then need to be accepted by them, which should take no longer than an hour depending on how busy their Finance Team is at the time.
Once they have it they’ll send you a confirmation email and the funds will be in your account and ready to use the next time you log in. This all might sound a little complicated now but after you’ve done a few of these transactions you’ll realize that BCH is one of the easiest ways to move money online today.
The Pros and Cons of Bitcoin Cash
Some may argue that Bitcoin Cash’s market volatility could be a “con”, but a few diehard gamblers consider the fluctuation in value part of its allure. By the time you receive a payout you could have made even more money, or you could have just lost a chunk of your winnings. Obviously this type of unpredictability will be scary to some, but as long as you convert the BCH back over to USD as soon as you receive it, there shouldn’t be any major changes in the rates. Obviously, the uncertainty of its value grows the longer you keep it in crypto form.
The main strength of Bitcoin Cash is that the amount of people using it is growing steadily because its popularity isn’t stifled by the scaling issues that many other coins face. Therefore BCH should enjoy higher market penetration than its competitors which will in turn increase its adoption rate by average consumers, solving the investor confidence issue it had when it was first released.
And if all that isn’t enough, there are also two huge “pros” when you compare it to BTC…
Bitcoin Cash VS. Bitcoin
As already mentioned, the value of Bitcoin Cash can fluctuate much more than Bitcoin, which usually holds its value quite well. This initially might be a turnoff for some people who are interested in trying out BCH, however, fluctuation is going to affect any currency on the market, crypto or not, so you simply have to accept that there’s a small risk when using it.
In regards to timeframes, occasionally it can take up to 24 hours for a Bitcoin deposit at an online casino to be confirmed by their customer service team, while Bitcoin Cash only takes minutes to receive. This is due to its uncongested network that utilizes robust blockchain technology, ensuring that transactions are always lightning-fast. Simply stated, their infrastructure can handle a lot more traffic per second.
The other main difference between the two Alt Coins is the fees that you will be charged for each transaction. It only costs a fraction of the cost to move BCH compared to BTC, so if you want to save money for your gambling bankroll, the coin to use should be obvious.
Best USA Online Casinos for Bitcoin Cash
There are still only a handful of USA online casinos who accept Bitcoin Cash as a deposit method, but due to customer demand you can find it at more places than you could before. So although there’s not a huge selection to choose from, the top-rated betting websites for BCH have to be BetOnline and GTbets since in addition to slots and table games, they also have full sportsbooks that allow you to bet on the NFL, NBA, and every other major league around the world. Not to mention, they also have racebooks that accept horse race wagers at every major track in America.
For those who would like to play online poker with Bitcoin Cash, your only option is the aforementioned BetOnline because they are the sole casino that also has tables for Texas Hold ‘Em, Omaha, and all of the other types of cash games and tournaments you’ll be looking for. Without question, they’re an industry leader.
However, if you don’t care about any of these extra products, go check out the Wild Casino for U.S. players that was launched in the fall of 2018. They’re backed by the same company who owns BetOnline but they specialize in bringing Las Vegas slots and table games into your living room, with no extra frills or distractions. They have great bonuses, professional customer service, and process withdrawal requests very quickly, so if you want to gamble with Bitcoin Cash they’re definitely worth a serious look.