Bitcoin, the world’s first cryptocurrency, was created in 2009 by an anonymous person or organization named Santoshi Nakmoto, with the purpose of establishing a decentralized yet trusted peer to peer payment system where the means of exchange is secure, verifiable, immutable and independent of any central authority.
On August 1, 2017, the bitcoin protocol or the bitcoin blockchain underwent a’ hard fork’, which split the network into two, and thus ‘bitcoin cash’ was born. A fork basically is splitting up of a blockchain into two different versions. This Bitcoin hard fork happened as separate interest groups debated with each other, about how the Bitcoin blockchain should evolve over time.
- What is Bitcoin Cash?
- What is the Story of Hard Fork?
- Bitcoin Cash Highlights
- Bitcoin Cash Drawbacks
- Where can I buy Bitcoin Cash?
- Where can I Store Bitcoin Cash?
- How to claim Bitcoin Cash?
- What is Bitcoin Cash Gambling?
- What is Bitcoin Gambling?
- How to gamble with Bitcoin Cash?
- What are Bitcoin Cash Casino Games?
- What should you look for in a Bitcoin Cash Casino?
- Bitcoin Cash Gambling Overview
(1) WHAT IS BITCOIN CASH?
Bitcoin is world’s first, most expensive and most popular cryptocurrency. Having said that, bitcoin is not a perfect digital currency.
‘Scalability’ has always been the biggest issue for this cryptocurrency. As the volume of transaction increased, the bitcoin network started running into scaling issues because only a limited number of transaction could fit into each 1 MB Bitcoin block.
At a 1 MB block size limit, the Bitcoin blockchain can only handle 7 transactions per second compared to approximately 24,000 transactions per second for Visa, a centralized payment processing company.
Periods of high bitcoin traffic can lead to network congestion and a spike in transaction fees thus rendering the Bitcoin blockchain impractical for some use cases such as micro-payments.
Here comes in the’ bitcoin cash’, which allows the increase in block size from 1MB to 8MB. The purpose of bitcoin cash is to increase the number of transaction that can be processed by the network.
(2) THE STORY OF THE HARD FORK
Since its creation, bitcoin cash has emerged as the most popular altcoin that has forked from the bitcoin network. The reason for this fork to happen was to increase the block size and process more transactions per second.
The 1 MB block size was originally implemented to lower the possibilities of any security issues. As bitcoin grew more and more popular the 1MB blocksize limit started causing the blocks to pile up and thus extending the transaction time.
As the situation got worse the users had a chance to bear the delay or to pay higher transaction fees to speed up the confirmation. for this reason bitcoin could no more be considered as a convenient payment method especially for smaller transaction.
The bitcoin community came up with a possible solution to this situation by introducing a Segregated Witness or SegWit solution. This implies that some of the information can be stored in separate files outside of the blockchain thus freeing up much of storage space.
The developers felt that this will allow the blocks to accommodate more transaction and hence bring down the confirmation time. But many people believed it was a complicated temporary solution to the problem. So team of developers decided to abandon the SegWit protocol approach and increase the block size limit to 8MB. Such a drastic change in the blockchain system leads to the splitting up of bitcoin to bitcoin cash and bitcoin.
The hard fork took place in August 1, 2017. Hardfork is the splitting up of the original blockchain into separate ones that are not compatible with the original. It is the only currently known method for developers to update bitcoin software.
Developers split the network and created separate blockchain networks with different rules. The two networks exist independently.
After the split happened, everyone who held bitcoins before the hard fork, received the same amount of bitcoin cash tokens in return. Bitcoin cash, the new cryptocurrency or altcoin was quickly adopted by investors
(3) HIGHLIGHTS OF BITCOIN CASH
A bitcoin cash is much cheaper to use than bitcoin. A survey conducted in December 2017 , showed that bitcoin cash transaction were 99% cheaper than the transaction with original bitcoin network.
At the end of 2017 people were paying a staggering $28 as transaction fees to move their bitcoin across the network.
(4) THE PROBLEMS WITH BITCOIN CASH
Everything is not well in the cryptocurrency world. A hardfork is a disturbing and unpleasant event. Some people believe it goes against the very principal of immutability of the blockchain. It contradicts ‘the code is law principal’.
In this case, many users worry that the computer power needed to fuel the processing of the larger blocks will make mining economically unviable for small miners.
Furthermore the decision making power may get centralized in the hands of large corporations that can afford more and better equipment for mining. This hard fork event did create a situation similar to ‘double spending ‘problem.
(5) WHERE CAN I BUY BITCOIN CASH?
The bitcoin cash is a relatively new cryptocurrency and so not major cryptocurrency exchanges supports it yet. The popular exchange that trades in bitcoin cash is Coinbase.
(6) WHERE CAN I STORE BITCOIN CASH?
you can store bitcoin cash in various mobile and desktop wallets but a hardware wallet is the most secure place to store your bitcoincash.
(7) HOW TO CLAIM BITCOIN CASH?
If you had Bitcoins with you prior to August 1st, 2017 when the Bitcoin Cash hard fork happened, you are able to claim the same amount of tokens in Bitcoin Cash.
Even if you haven’t claimed it yet, they will be safe and sound waiting for you to claim them.The methods of claiming your tokens varies depending on the particular wallet you use.
If you haven’t backed up your private keys, then there is high possibility of you losing both your BTC and BCH tokens forever.
Those using an SPV (Simplified Payment Verification) wallet (which doesn’t need the entire Blockchain downloaded to your computer to operate) should still be able to claim your Bitcoin Cash tokens.
Most of the wallets use a recovery ‘seed’, which is a phrase that holds your Bitcoin private keys, and by extension, your Bitcoin Cash private keys. This enables you to effectively access your BCH simply by inserting this seed into a dedicated wallet.
Bitcoin Cash is currently the fourth largest cryptocurrency behind Bitcoin, Ethereum and Ripple in terms of market capitalization, even though it’s not supported by every major cryptocurrency exchange.
You must bear in mind that the absolute majority of cryptocurrency exchanges will require you to go through a rather lengthy and sometimes daunting process of verifying your identity before you can start trading.
Additionally, in order to deposit to or withdraw funds from a bitcoincash supported exchange you will need to connect your bank account to the exchange’s withdrawal system. Completing identity verification and bank account linking will most likely take a couple of business days.
Due to security issues, most exchanges only accept deposits and withdrawals via bank wire transfers, which can take up to three business days to go through. Some platforms allow for credit/debit card payments and, in some cases, even PayPal, but most of the time this option is only available for Bitcoin transactions.
Different exchanges ask for different fees for various operations. Some platforms charge a fixed amount, while others calculate your fees for every operation automatically.
Alternatively, you can opt for a peer-to-peer purchase over dedicated platforms. Users can either place orders or wait for someone to respond or fulfill other people’s orders, with the platform itself providing an escrow service. However, the trustworthiness of such platforms are yet to be ascertained in its full capacity.
If you do decide to use the platform, keep in mind that you will be dealing with individuals, instead of reputable companies. This means that the chance of fraudulent activity is significantly higher.
Always make sure to double-check the amounts, the current exchange rate and the addresses of both your and the recipient’s wallet while engaging in peer to peer bitcoin cash exchanges. Finally, under any circumstances never give up your private keys to anyone.
In any case, both Bitcoin cash and bitcoin should learn to live with each other. If opposing sides of the scaling debate decided to go their separate ways, they shouldn’t be focusing on competing but coexisting. The market has shown that there is a space for both.
(8) WHAT IS BITCOIN CASH GAMBLING?
Bitcoin Cash was born out of the ‘scaling’ debate, but it is certainly making a name for itself as a reliable cryptocurrency to gamble with.
Bitcoin Cash gambling has been moving towards a unique position in the industry, since its inception due of efforts from its promoters.
It has taken over iconic brands and more casinos are now enabling BCH payments in an effort to cater to players who are totally convinced of bitcoin cash’s potential and scope as altcoin.
(9) WHAT IS BITCOIN GAMBLING?
In case of bitcoin cash gambling, you can visit various online bitcoin cash specific casinos and use this altcoin for deposit and withdrawal during the gambling activity.
Winning and welcome bonuses are also awarded in the same altcoin. The cheaper transaction fees and faster transaction confirmation time are the primary reason for the popularity of bitcoin cash in the gambling scenario.
(10) HOW TO GO FOR BITCOIN CASH GAMBLING?
The first step to begin with bitcoin cash gambling is to procure it. The preferred way to start with is to download an appropriate bitcoin cash wallet that will store the altcoin for use and then purchase some from numerous bitcoin cash specific exchanges mostly by using your credit card.
Once you have the currency in your wallet you can now proceed to bet your stake at the bitcoin cash specific online casino sites with the hope of winning more than what you have bet.
At the bitcoin cash casinos everything from the deposit to withdrawal and from promotions to bonuses and jackpots is processed by using this altcoin.
(11) WHAT ARE THE BITCOIN CASH CASINO GAMES?
You can play all of your favorite online casino games with bitcoin cash. A bitcoin cash casino offers slots, blackjack, video poker, roulette and other casino favorites along with ‘the return to player’ and ‘house edge’ options often easily accessible.
(12) WHAT SHOULD YOU LOOK FOR IN A BITCOIN CASH CASINO?
Just like any other online casino, while of opting for a bitcoin cash casino too we should look for the following things:
- They must have a legal gaming license
- They must use a provably fair and trust worthy gambling software
- They should provide comfort and randomness to the players.
BitcoinCash offers some awesome benefits to its users, which many experts argue make it the “real-bitcoin”. With its growing popularity among masses, many online casinos that accept Bitcoin now also accept Bitcoin Cash/BCH deposits.
This altcoin, benefits primarily from cheap transactions fees and fast transaction confirmations. Its impact on the gambling arena is directly proportional to its rising popularity in the economic circle. For the time being it is here to stay and make a mark with the emergence of more bitcoincash casinos.
(14) BITCOIN CASH OVERVIEW
Bitcoin Cash was created in August 2017, it was forked from the original Bitcoin chain. The main reason for its fork was to increase the block size from 1mb to 8mb to allow greater throughput (transaction).
Bitcoin Cash often termed as BCH is one of the most popular cryptocurrencies being used in online gambling due to its low cost nature of the transactions. Now a number of casinos have enabled Bitcoin Cash as new banking method as the transaction fee involved in the bitcoin cash is less when compared to that of bitcoin.
Bitcoin often suffers a backlog of transactions due to its block size limit of 1mb, requiring hours or sometimes days for a transaction to be processed. Bitcoin Cash has decided not to implement process of SegWit, and instead will be scaling their blockchain through increase in block size.
People now a days are even getting a doubt of Bitcoin cash being a scam, but Bitcoin Cash is a legitimate cryptocurrency that works and can be used at the Bitcoin Cash casinos thus it proves itself being fair.
In recent times many Bitcoin users have moved to Bitcoin Cash as a protest against the control and censorship that the Bitcoin Core team and their affiliates have placed in the market.