In this newest entry in our ongoing series on casino and gambling technology, we take a look at the role of Bitcoin Cash.
Bitcoin Cash is new, well, sorta new, it came about on August 1, 2017 from the hard fork of Bitcoin. What a lot of people don’t realize is that the end result of Bitcoin and Bitcoin Cash is that Bitcoin Cash actually looks and works like the original Bitcoin with the new Bitcoin changing significantly. There is a lot of speculation that Bitcoin Cash could be one of the cryptocurrencies that has the biggest gains in 2018.
Actually the number of casinos taking Bitcoin Cash is relatively small and so far it’s limited to just Bovada Casino and Slots.lv. It’s expected that Cafe Casino will be adding it soon as it’s part of this group and new players get $10 no deposit at Cafe Casino.
When it comes to cryptocurrencies, slots games are available, although table games tend to be a little more popular like blackjack, craps, and roulette games.
Meteoric Rise of Bitcoin Cash
As stated earlier, Bitcoin Cash was derived from the hard fork of Bitcoin on August 1, 2017 and quickly started off at over $300 USD per coin. It didn’t take long for it to rise to $700 USD before plunging down to the sub $300 level for a little while. Then, in September, the price was hovering low at $300, then it shot up to $1600 in days, then soared past $3000 USD before crashing again. At the time of writing this article, 1 Bitcoin Cash is worth $1832 USD and you can check the latest prices at wallet21.com.
Bitcoin vs Bitcoin Cash
Bitcoin is traded as BTC and Bitcoin Cash is usually referred to as BCH, although some sites and exchanges call it differently like BCC. Bitcoin is probably going to be the more popular and valuable coin in 2018 mostly because it has the whole world watching it and people blindly investing it because of its size. At the moment, Bitcoin has very high fees near $20 USD per transaction and the transaction speeds are slow. Comparing this with Bitcoin Cash, they have fast transactions and fees that are very low, under just 20 cents. So, you might not buy a coffee with a Bitcoin, but you’ll certainly want to keep it as a store of value given that Bitcoin has gone from about $1000 USD per coin to start the 2017 year and finishing the year over $17,000 USD per coin. In barely half a year, Bitcoin Cash has gone from around $300 USD per coin to around $2000 USD, making comparable gains.
Ethereum was the 2nd most popular coin behind Bitcoin but it nearly got forgotten as Bitcoin Cash rode a wave on way to being the #2 most valuable cryptocoin. Ethereum has since made gains, and, maybe what was holding them back were slow transaction speeds which they are since addressing and trying to reduce the fees associated with transactions. This is where the miners come into play and are now quite happily doing transactions for Ethereum. Ethereum casinos tend to operate and look very different than Bitcoin casinos. Some of them have their own set of games as they have built their smart contracts as part of the casino experience. Otherwise it’s tough finding enough casinos accepting Ethereum to play at.
In fact, the number of new developers that are focusing on casino games with Ethereum is the one area of online gambling that is growing. Bitcoin itself is only really a means of transferring money and value, but what Ethereum prides itself on is their smart contracts where transactions are processed based on actions and outcomes.
Whatever you do with Ethereum, do NOT download the desktop client app as there are numerous problems with it. If you check Reddit or Twitter, you’ll see numerous complaints of the app having to slowly download the entire set of blocks, which users have reported running for days without any progress.
Which is the best payment method?
Ethereum is not really associated much with online gambling. Bitcoin definitely is, with many casinos offering Bitcoin for depositing and withdrawing. Bitcoin Cash is relatively new but could become the top means of depositing and cashout for players all because the transactions are very fast and the fees are ultra-low.