Bitcoin Cash (BCH) is one of the most well-known Bitcoin forks to date. It was initially planned by the developers of Bitcoin to go through a soft fork to update the block size from 1 MB to 8 MB in order to improve scalability issues. The community was divided, and those who supported the update went ahead to hard fork on August 1, 2017. As a result, Bitcoin Cash was created.
Who accepts Bitcoin Cash? Bitcoin Cash is probably among the top three coins listed on casinos and sportsbooks as a deposit and withdrawal option. Furthermore, the coin has been among the top ten cryptocurrencies by market cap for several years now, and it has currently settled for 4th place. The high ranking of this coin and similarity to Bitcoin is perhaps what prompted so many online gambling establishments to add support for BCH. Check for the best Bitcoin Casino List.
Bitcoin Cash works similarly to Bitcoin, as they both use the SHA-256 PoW mining algorithm to create new blocks. The block generation time and block reward are the same as in Bitcoin, 10 minutes and 12.5 BCH, respectively. The maximum supply is also capped at 21 million BCH.
The mining process ensures that transactions made over the network are verified by miners using powerful computing ASICs. Transactions are executed peer-to-peer on the blockchain like any other crypto.
Bitcoin Cash implemented a new algorithm that enables its blockchain to work normally if the number of miners suddenly changes. BCH initially had a block size limit of 8 MB in 2017, when it first appeared, but then in May 2018, the limit was increased to 32 MB. A higher block size allows for transactions to be processed and validated much faster.
The biggest advantage of BCH is that it has a higher block size. This improves the processing speed and scalability of the network and also lowers transaction fees. Moreover, Bitcoin Cash is supported by almost all the top cryptocurrency exchanges and many online merchants, which enable all users to easily buy, sell, and use the coin. For most of 2019, the transaction fees for BCH have been less than a cent, which is incredibly low considering other traditional methods of payment and cryptos.
The disadvantage is that Bitcoin Cash is still regarded as a carbon-copy of Bitcoin, aside from the block size difference. Many investors have lost faith in the coin, as it was no different than its parent coin, Bitcoin, which has a much higher rate of adoption.
Aside from Bitcoin and Ethereum casinos, Bitcoin Cash is the most frequently-found coin accepted on casino platforms. Users can easily find an operator that lets them bet and play a large variety of games with BCH.
After purchasing your Bitcoin Cash, you go to your BCH gambling or betting site and look for the BCH address provided by them. Then, from your BCH wallet or exchange wallet, you deposit the amount of coins you want to play at the BCH casino. The withdrawal process involves the same steps. You have to request to cash out your earnings from your Bitcoin Cash casino account, and then you paste your external BCH wallet address.
There are high chances of finding BCH listed on online casinos that accept fiat and crypto as well as crypto exclusive casinos. Due to the very low transaction fees and fast processing times, you will not have to spend a long waiting period to have your BCH credited to your account.
You can find a wide diversity of games, such as slots, table games, poker, and sport betting sites that accept BCH.
Bitcoin Cash has been criticized in several instances for its security issues, and the upcoming halving (an algorithmically controlled reduction of the block reward) is expected to further weaken the security of the network, as a lower block reward could decrease the incentive for miners to use their hashing power to secure the BCH network. But these mostly speculations from specialists are not on board the same page when it comes to BCH’s future after the halving. Monero casino is one of the safest crypto casinos.
The coin has the same transactional properties as BTC, so if you trust Bitcoin enough to use it as a payment method, you should be able to use Bitcoin Cash as well with the same confidence. There are plenty of regulated casinos that accept both fiat and crypto options that allow you to gamble or bet using BCH.
Bitcoin Cash is supported on a large number of exchanges, including Binance, Coinbase Pro, Bitfinex, Bittrex, Bithumb, Bitstamp, Gemini, CEX.IO, Kraken, OKEx, and many others. BCH can be bought with many crypto pairs, with CoinEX having 20 BCH pairings. The coin is mostly traded against Bitcoin, Ethereum, and USDT, but you can also find a significant number of fiat pairings. Coinbase Pro allows you to buy BCH with EUR, USD, and GBP. There are 18 more EUR options, including on Kraken, CEX.IO, Bitstamp, Binance Jersey, and HitBTC.
BCH is traded against the US dollar on a total of 26 pairs on exchanges such as Binance.US, Bittrex, Kraken, Gemini, OKEx, Bitfinex, and Bitstamp. For South Korean residents, there are 11 BCH/KRW pairs on exchanges such as Coinbit, UPbit, Coinone, Huobi Korea, Bithumb, and OKEx. There are several other fiat options with GBP and JPY.
BCH is supported by a wide variety of wallets, from hardware to mobile. There are plenty of options that sustenance the storage of Bitcoin Cash, including Ledger, Trezor, Sugi, Edge, BTC wallet, Jaxx, Bread, Exodus, Coinomi, Abra, and many others. Basically, any wallet that supports Bitcoin will support Bitcoin Cash.
After setting up your BCH wallet, you will then have to create an account on an exchange that accepts your desired BCH pair. Keep in mind that exchanges that support fiat options have stricter identity verification requirements. After your account has been verified, you can now deposit the funds with which you want to buy the crypto. Fill out the BCH order and wait for confirmation. When the coins are credited to your exchange wallet, you can then proceed to relocate them into your BCH wallet.
Bitcoin Cash is a popular crypto option that is widely accepted on most online casinos and sports betting sites.