Facts About Bitcoin Cash Casinos
Bitcoin was launched in 2009, and since then, it has remained one of the world’s most popular cryptocurrencies. Over the years, Bitcoin has been the basis for many cryptocurrencies, and its value has been in contention. In the last couple of years, Bitcoin has seen a significant rise in value, making it one of the most valuable assets to own. However, it is expensive for newbies to jump in and invest. As a result, many altcoins were created, among them is Bitcoin Cash. This direct altcoin acts as a spin-off to Bitcoin and continues to provide an avenue for new investors to get into the game. Over the years, its popularity has grown, and more people have begun to choose it as their preferred crypto to own.
History and Overview
Since 2009 after Bitcoin was created, users have maintained standard rules. However, in 2017, Bitcoin miners discovered a software upgrade. The upgrade was referred to as Bitcoin Improvement Proposal 91. As a result, the Segregated Witness (a name used for an initiated soft fork change in the Bitcoin transaction format) upgrade would trigger at block 477,120. The SegWit will enable second-layer solutions on Bitcoin, like Lightning Network, which created a difference of opinion between Bitcoin users as different factions were made over the running of nodes.
One faction wanted to keep the blocks small so the nodes would operate with fewer resources. On the other hand, others supported large blocks because nodes might only be run by private companies, non-profits, and universities. Some Bitcoin activists, miners, and developers weren’t happy with the proposed SegWit improvement plans, which could potentially increase the capacity of Bitcoin. As a result, these stakeholders proposed alternative plans that might increase the block size limit to 8MB using a hard fork. The supporters of this block size improvement were committed to providing an on-chain medium of exchange function.
This commitment led to the June 2017’s creation of Bitcoin Cash. The hardware manufacturer, Bitmain, described it as a contingency plan if the community decide to fork enforcing SegWit. At first, the software was proposed under the Bitcoin ABC name. However, in July 2017, Roger Ver and others felt that adopting BIP 91 favoured people looking to treat Bitcoin as a digital investment instead of a transactional currency. Eventually, the fork used to create Bitcoin Cash became effective on the 1st of August 2017. The technology was compared to Microsoft Word by a Hong Kong newspaper, saying it generates documents that can no longer be opened through older versions.
Trading and Usage
Bitcoin Cash trades using the BCH currency code and is available on digital currency exchanges. After the altcoin was created, it had a few bumpy periods. For instance, in 2018, a renowned crypto exchange platform, OKEx, removed all Bitcoin Cash trading pairs, only leaving BCH/ETH, BCH/USDT, and BCH/BTC because of inadequate liquidity. Despite these bumpy periods, the coin began to experience some growth in popularity, and by August 2018, Bitcoin Cash payments became supported by various payment service providers, making it more popular.
Concept and Technology
The similarities between Bitcoin Cash and Bitcoin are plenty. They both use proof of work and rely on Blockchain technology. In addition, the base algorithm for both technologies is the same. So, there isn’t much to separate both technologies. However, they do have some different concepts. Bitcoin is the original, while BCH is the alternative. As a result, investors can use BCH as an asset to hold instead of being a transactional currency like Bitcoin. Also, the division would not affect the trends in the market for Bitcoin.
Controversies
The controversies date back to before the coin was created. The factions created during the debates have caused some friction in the technology, stunting the growth. One side of the faction believes Bitcoin Cash is a scam that shouldn’t exist. Meanwhile, BCH loyalists believe the technology is the pure form of Bitcoin. These controversies are not going anywhere, and we might have a long debate in the future because most of it stems from hurt feelings and bruised egos. As a result, we don’t think perspectives will change soon.
Deposits & Withdrawals in Bitcoin Cash Casino Sites
Bitcoin Cash deposits are straightforward as long as you understand the processes involved. But, if you are new and don’t know anything about crypto, you might be confused about what to do next, and the worse can happen because transactions are irreversible, and you’ll lose your money.
Before using Bitcoin Cash, you should learn how crypto works and its underlying technology. Once you do that, you can easily transact with Bitcoin Cash and deposit money into your account. In addition, the online gambling industry is now advanced, and players can enjoy different welcome bonus offers.
Aside from depositing with this technology, you can also withdraw money using BCH. However, you might want first to win a substantial payout and gather enough money in your bankroll. The good news is once you understand how Bitcoin Cash casinos work, you can easily withdraw money. Follow the steps below whenever you plan to withdraw using Bitcoin Cash.
- Go to the withdrawal page
- Choose Bitcoin Cash from the withdrawal methods list
- Enter the amount you want to cash out
- Provide your wallet address
- Ensure the address is accurate
- Provide the address in the right field
- Confirm the withdrawal request
Once you understand the steps above, you shouldn’t have issues withdrawing funds from the casino. Fortunately, you can repeat the process multiple times whenever you have enough money you want to cash out.
Payout Times & Fees in Bitcoin Cash Casinos
Since Bitcoin Cash was built on Bitcoin, BCH transactions follow the same modern innovations that make the technology less expensive. As a result, players don’t have to worry about paying a transaction fee when they decide to use deposit and withdraw at most online casinos that accept BCH. In that case, you can get things done easily.
Fortunately, most Bitcoin Cash casinos have processes that allow easy transactions with the cryptocurrency. Another exciting thing about this technology is that the transactions are instant. They don’t take too long to be completed. So, if you want to deposit or withdraw instantly, you should try Bitcoin Cash.
Transacting with fiat currencies can take between a few hours to a couple of days. But with BCH, you will enjoy faster transactions. In addition, most casinos don’t have limits when you go with Bitcoin Cash payouts and deposits. With that, you can enjoy your gambling journey without stress.
About Bitcoin Cash Casino Bonuses
You are in for an amazing ride when you play at an online casino with cryptocurrency payment methods such as Bitcoin Cash. Over the years, many things have changed in the online gambling industry, with the competition increasing and casinos looking to stay relevant among their peers.
Most new casinos bring something unique to the community, and the old sites must keep up if they want to stay at the top of the pile. As a result, most casinos change their working system and try to maintain a strong system that can absorb any new trend and offer its players, making the existing players stay and attracting fresh ones.
One of the many ways these casinos stay in the competition is that they offer different bonuses. So, whenever you play online, you will most likely enjoy access to a wide range of exciting bonuses to make your casino gaming experience smoother. The good thing is that these bonuses come in different forms. To give you a more detailed view of Bitcoin Cash casino bonuses, we’ve explained the popular bonus offers you’ll likely encounter.
Bitcoin Cash is still being debated