Bitcoin Cash Overview
Bitcoin Cash/BCH, a proof-of-work blockchain network, is a cryptocurrency that's both quicker and more cost-effective than its predecessor, Bitcoin. Originating from a hard fork in the Bitcoin blockchain (a hard fork is when one cryptocurrency splits into two separate ones), Bitcoin Cash has since cultivated its distinct community.
![bitcoin cash logo new]() |
| Payment Method Type | Cryptocurrency |
| Year Founded | 2017 |
| Headquarters | Chicago, Illinois, USA |
| Countries Available | Worldwide |
| Revenue | $1 Million+ |
| Number of Users | 300 Million+ |
| Number of Merchants | 3,025+ |
Like Bitcoin, Bitcoin Cash can be used with specific merchants, purchased through PayPal, and serves as an alternative medium for value exchange.
Important to know
Crypto miners leverage computing power to authenticate transactions and earn BCH rewards in return. Due to its enhanced block size, BCH boasts speedier operations and reduced transaction fees compared to Bitcoin.
As BCH is faster and cheaper than many of its predecessors, it is a great choice for online casino transactions.
More About Bitcoin Cash Casinos: Countries Available, Fees, Withdrawal Timeframes
Upon its launch, Bitcoin Cash overtook Bitcoin in terms of trading volume and South Korea was one of the earliest adopters of the new kid on the block (pun intended).
Slovenia has the most BCH-supporting merchants worldwide, and BCH acceptance is ever-increasing in countries/regions like Japan, Australia, and New Hampshire.
Important to know
Washington, USA-based Library of Congress revealed in late 2022 that more than 103 countries have started developing regulations around cryptocurrency use. It effectively means BTC and its offspring, BCH is likely to gain more traction in the future.
Fees
The primary difference between Bitcoin and Bitcoin Cash lies in their block size. Think of cryptocurrency block size as a basket. The size of the basket determines how many transactions (or items) you can fit inside at one time.
Due to its bigger block size, sending money with BCH usually costs less than a penny, while with Bitcoin it can cost between $1 to $5, as stated by Nasdaq.
BCH can handle more data at once (32 times more) compared to Bitcoin.
Plus, it processes transactions faster: 100 every second versus Bitcoin's seven every second.
Author’s note
Faster may not always mean better and more secure. Check out the Security and Fraud Prevention section below, where I have discussed why BCH is a less secure coin than BTC and how the developers have stepped up their game.
How to Use Bitcoin Cash at Online Casinos
To get started, you need to purchase BCH with fiat from a crypto exchange and have a wallet ready to deposit and withdraw BCH from your casino account.
- Create an Account on a Bitcoin Cash Exchange - These exchanges allow players to purchase BCH using traditional currencies such as dollars or euros.
- Get a Bitcoin Cash Wallet - Consider this as your virtual wallet where you store your BCH. For beginners, I recommend mobile wallets, as they are easy and safe for most users, although you can explore and choose from different types of BCH wallets.
Once you have BCH in your wallet, using it at online casinos is easy.
Ensure you've signed up for a new account at your chosen online casino. Post-registration, you need to make a deposit to start playing. Here's how you can make a BCH deposit:
- Access Your Casino Account - Open your online casino profile and navigate to the 'Cashier' section. Here, the casino will provide you with a blockchain address that's exclusively tied to your player account. For convenience, make sure to copy this address, so it's ready for the next step.
- Make the Deposit - Open your Bitcoin Cash Wallet and opt to initiate a deposit. Look for the ‘Send To’ section. Here, paste the previously copied casino blockchain address. Once you've confirmed the details, simply hit 'send'.
- Immediate Deposits - One of the prime advantages of using BCH at a casino is the real-time deposit/withdrawal of cryptocurrency. There's hardly any waiting time, making the process efficient and prompt.
As soon as the BCH funds are visible in your casino account, you're all set to play online casino games.
You can also withdraw your winnings. Navigate to the casino site's payment section and withdraw your BCH back to your wallet. It becomes quite straightforward once you're familiar with the procedure.
How Are Claims and Disputes Resolved?
Since BCH, like most cryptocurrencies, has Smart Contract functionality, you can always opt for Smart Contract Dispute Resolution to resolve disputes.
Keep in mind
Smart contracts are code-based agreements embedded within a blockchain. Smart contracts can automatically carry out actions once all parties agree to specific, pre-set terms.
Typically, disputes related to smart contracts are managed by the contractual laws of the relevant jurisdiction. For example, US states like Illinois legalized blockchain-based contracts. You can produce blockchain records in court.
Therefore, if there’s a dispute between you and the merchant (casino operator), you can always escalate matters within the operator’s jurisdiction.
Security and Fraud Prevention
A potential trade-off for faster processing times is that Bitcoin Cash might not be as secure as Bitcoin. With fewer validations required to confirm each transaction, BCH becomes more vulnerable to cyberattacks.
However, in May 2023, BCH unveiled a game-changing upgrade that made the coin more secure than ever before.
One of the highlights is the incorporation of smart contract capabilities that, according to developer Jason Dreyzehner, are "on par with Ethereum" but more streamlined.
Keep in mind
Not all blockchain projects possess the ability to execute smart contracts.
Even though these shifts might appear too technical, they signify pivotal progress for the Bitcoin Cash community, aiming to bolster the network's security, dependability, and user experience.
Conclusion: Should You Choose Bitcoin Cash Casinos?
BTC is undoubtedly safer, but BCH wins it hands down when it comes to transaction speed and fees.
Having emerged from a fork of the original Bitcoin code, BCH shares many of Bitcoin's security features.
While BCH has remained relatively free from major breaches, if you prioritize security while playing at an online casino (which you should do), I recommend its predecessor, the number one cryptocurrency Bitcoin.
