Bitcoin Cash (BCH) is one of the newer cryptocurrencies to hit the market. As a result, fewer online casino sites are offering this method of payment. However, as with its counterparts, as time moves on and Bitcoin Cash stabilizes in value, so will its popularity.
This article covers some of the benefits of using Bitcoin Cash, what’s needed to open a Bitcoin Cash wallet, how to connect it with your gaming account and where you can bet using your Bitcoin Cash.
The term Bitcoin Cash can be slightly confusing, some believe it is real coins, others think it’s just another term for the original Bitcoin, but it’s neither. Bitcoin Cash is actually a new independent cryptocurrency that was created as a fork (split) from Bitcoin in 2017.
The purpose behind creating Bitcoin Cash was to process transactions more quickly and economically than its predecessor, this, in turn, should encourage smaller everyday purchases boosting its popularity and usage. All holders of Bitcoin at the time of the fork received the equivalent of their holdings in Bitcoin Cash.
Bitcoin Cash is building a reputation in the online gambling world for its speed and lower transaction fees. Whereas Bitcoin (BTC) may take 10 minutes or longer to process a transaction, BCH is almost instant. When it comes to transaction fees, anywhere from $6 to $12 can be lost in fees for BTC, while BCH fees are as low as $0.20.
As with other cryptocurrencies, registering to play casino games with Bitcoin Cash is the same as any other payment option. Once you sign-up at your chosen crypto gaming site, visit the Cashier and select BCH from the list of available payment methods, then follow the on-screen instructions.
Of course, before you can register at the Bitcoin Cash casino, you’ll need to have purchased some Bitcoin Cash to be able to fund your casino account. You can open a Bitcoin Cash wallet through a reputable exchange such as Coinbase, Kraken or Binance.
Your BCH wallet can be ‘hosted’ by the exchange which will safeguard your password, often known as a ‘private key’ or, you may wish to take the non-custodial route where the responsibility rests entirely on your shoulders. However, should you forget or misplace your private key, your BCH cannot be recovered.
Here is a simple step-by-step guide:
Opening a BCH wallet is straightforward. We always recommend a ‘hosted’ wallet for online gambling as it is easy to open and ideal for use with online casinos. Choose your preferred exchange, select sign-up, follow the on-screen instructions to create your account.
A verification link will be sent to your email address, click on it to activate the account. Next, you can complete the two-factor authentication by clicking on the link sent to you via text to your mobile phone.
Further ID will be required in the form of government-issued documentation, such as a passport or driving license. This will be used to verify your legal name, date of birth and current address.
BCH can be purchased through your chosen exchange using debit/credit cards (3% fee) or a bank transfer. Just visit the exchange, select BCH from the list, enter the amount you require and click ‘Buy’.
Visit the Cashier at your chosen Bitcoin Cash casino and select BCH as the payment method. Copy the wallet address provided by the casino and paste it into your BCH wallet. Confirm the transfer and you’re ready.
For some, Bitcoin Cash may feel like a brand-new concept, while for others, it just feels like a welcome addition to the world of digital currency and online gambling. While some online casino operators are happy to sit back and wait for Bitcoin Cash to stabilize in value before opening the flood gates, there are plenty of others that already offer BCH as an option.
Players may find it difficult to locate BCH-exclusive online casinos, but plenty of mainstream sites are happy to accept Bitcoin Cash and other cryptocurrencies. This also goes for sportsbooks, esports and online poker sites.
Esports is an exciting and relatively new arena where professional video gamers battle one another for large sums of money. As this tends to appeal to the younger demographic, who are also frequent early adopters of cryptocurrency, betting on esports is a match made in heaven for BCH.
As you may be aware, some of the earliest crypto-exclusive gambling sites were poker sites. As this classic casino game continues to be universally popular, players will always find a Bitcoin Cash live casino willing to accept BCH and other cryptocurrencies.
As Bitcoin Cash strengthens its position in the market, its availability is expected to increase within the online gambling field. We have seen a rise in online casino operators accepting cryptocurrencies including growth in the number of sites specifically accepting Bitcoin Cash as a payment option.
Bitcoin Cash certainly has its advantages when compared to other cryptocurrencies, which may help to sway its position in the online gambling industry for both players and operators. Lower transaction fees and faster deposit/withdrawal processes both help to make Bitcoin Cash an attractive option.