Bitcoin Cash/BCH

Bitcoin has paved the way for many cryptocurrencies to enter the online gambling world. Bitcoin Cash, which bears a close namesake to Bitcoin, has definitely benefited from these trailblazing efforts.

Bitcoin Cash (BCH) is now accepted by a large number of online casinos and other types of gambling sites. If you're interested in using Bitcoin Cash at internet casinos, you can keep reading to find out more about BCH in general and how to use it at gaming sites.

What Is Bitcoin Cash?

Bitcoin Cash is a fork of Bitcoin (BTC) that was created in 2017. It was developed due to concerns over rising fees on the Bitcoin network. Led by Roger Ver, a segment of the BTC community pushed for a hard fork to increase the "block size," or max limit of transactions within a given block.

Ver argued that BTC would never gain mainstream adoption as a currency if the block size wasn't increased. Instead, he believed that it would always be relegated to a store of value.

He and his group eventually hard forked from BTC in late 2017 and created Bitcoin Cash. With increased block size, BCH promises faster transactions per second (TPS) than its more-famous competitor.

How does Bitcoin Cash Differ from Bitcoin SV?

In November 2018, Bitcoin Cash underwent a hard fork of its own. This time, a group led by Craig Wright and gambling icon Calvin Ayre forked off to created Bitcoin Satoshi's Vision (SV). Bitcoin Cash, meanwhile, now bears the moniker Bitcoin ABC ⁠- although most still just refer to it as Bitcoin Cash.

Ayre and Wright believe that BCH still wasn't fast enough in terms of TPS. So, they pushed for the aforementioned hard fork. The block size of Bitcoin SV was subsequently increased from 32MB to 128MB. Despite its larger block size, Bitcoin SV isn't quite as widely adopted as BCH.

How to Use Bitcoin Cash at Online Gambling Sites

The first step to using Bitcoin Cash at online casinos and other types of gambling sites is to purchase it with USD, or another fiat currency. Only certain cryptocurrency exchanges allow you to buy crypto with fiat. Coinbase, Germini, and Bitstamp are a few of the most-popular examples.

Relevant exchanges require you to link a bank account or credit card to your crypto account. Doing so allows you to transfer money to and from the site for purchases.

Once you have crypto, the next step is to visit the internet casino of your choice. From here, go to their banking section, look for Bitcoin Cash, and select it. This action will generate a wallet address that acts as the recipient for your deposit.

Finally, go back to the exchange and choose to send BCH for a deposit. The exchange will prompt you to enter how much Bitcoin Cash you want to transfer. Once the transaction is confirmed, you'll merely need to wait a short while before funds arrive in your casino account.

As an alternative to storing BCH on an exchange, you could instead open a Bitcoin Cash wallet. With BCH stored in your digital or hardware wallet (e.g. Ledger), you have full control over your coins. You can visit Bitcoin.com to get started with opening your BCH wallet.

Pros of Using BCH at Online Casinos

Bitcoin Cash has gained solid adoption in the online gambling world. It's still not as widely accepted as Bitcoin, but it's definitely one of the most-popular altcoins. Therefore, you won't have to struggle to find a gaming site that takes your deposits.

Another benefit is the relatively small fees associated with BCH. Those who mine this cryptocurrency typically only receive between $0.05 and $0.10 per transaction, which is quite a bit lower on average than Bitcoin.

Finally, Bitcoin Cash promises faster TPS than BTC thanks to its larger block size. We use the word "promise" here, because this aspect doesn't always play out as advertised. Nevertheless, BCH has the capability of being a faster network than Bitcoin.

Cons of Using Bitcoin Cash for Online Gambling

The biggest problem with BCH is that it's not as available across the internet gambling world. While many casinos take Bitcoin, they still don't, however, accept Bitcoin Cash. You may visit a gaming site under the guise that you'll be able to gamble with BCH there, only to find out that you can't.

Another drawback is that Bitcoin Cash has had trouble getting out of the shadow of Bitcoin. Many new cryptocurrency users feel scammed when they purchase BCH under the guise that it's Bitcoin. BCH's inability to avoid Bitcoin's shadow creates an uncertain future for this cryptocurency.

Overall Verdict on Bitcoin Cash

Bitcoin Cash has gained plenty of notability due to its name alone. This fork of Bitcoin is often confused for BTC. But Bitcoin Cash has done a good job of creating a name for itself, especially in the online gambling world.

The key thing is that BCH works as advertised for online casino deposits. You may have to go through a slight learning curve when using it. However, depositing with BCH gets easier with each use. You can also transfer your funds to a crypto exchange and quickly withdraw when you hit a large score.