Bitcoin Cash Casinos
It didn’t take long for cryptos to gain prominence in the gambling industry. There seem to be more crypto payment methods to choose from every day, as new currencies keep finding their ways onto the iGaming scene. One of the latest additions has been Bitcoin Cash, an altcoin that originated from Bitcoin.
This cryptocurrency was developed as an improved version of its predecessor, allowing more transactions per minute. The altcoin faced a lot of opposing views when it was first launched in 2017 as certain exchanges have boycotted it, while others have given it support.
Today, Bitcoin Cash has a many users around the world, a good reputation in the crypto realm, and leads over a huge chunk of its competition in transaction levels.
What Is Bitcoin Cash?
Bitcoin Cash is a transactional cryptocurrency created in August 2017 by a group of developers from the Bitcoin community. It represents an electronic payment method that individuals and businesses can use to transfer money.
Bitcoin Cash emerged due to dissatisfaction in the community around Bitcoin’s scalability. Namely, once Bitcoin grew in popularity, its main purpose changed. Patrons started using it as an investment vehicle rather than a tool for their daily peer-to-peer transactions. As a result, blockchain could not handle the increasing number of bitcoin transactions.
On the other hand, Bitcoin Cash uses the original Bitcoin platform but different sizes blocks. Larger blocks allow for more transactions and, in that way, improve the stability of this cryptocurrency. However, this version didn’t address all the issues either, so another fork-off occurred a few years later.
Bitcoin Cash split into two new cryptos in November 2018 — Bitcoin Cash ABC (now known as Bitcoin Cash) and Bitcoin Cash SV (Satoshi Vision).
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How Does Bitcoin Cash Work?
Before you choose a Bitcoin Cash casino and make your first deposit, you’ll have to acquire this crypto. Here’s how you can do that:
- Choose an e-wallet — Digital wallets have the same purpose as physical ones — they serve to store your funds. Make sure you choose a reputable crypto e-wallet that’s compatible with BCH and available in your country.
- Obtain Bitcoin Cash — You can get your BCH coins in several ways: get someone to send them to your wallet, mine them, or buy them on a crypto exchange. The last option is the most straightforward and common way of procuring cryptos. It’s essential you find a good exchange platform that accepts BCH and allows you to exchange your coins for different fiat and cryptocurrencies if you decide on this option.
- Send you BCH to your e-wallet — Once you’ve acquired some coins, you should send them to your e-wallet. Find the Withdraw button on the exchange platform and choose BCH. Type in the amount you’d like to transfer and confirm the transaction. Crypto transactions don’t require a lot of time, so the coins should appear in your wallet shortly.
How to Make a Bitcoin Cash Deposit?
Now that you have some digital assets, you can move to your favourite online casino’s website. Your next step includes depositing cryptos into your account. It’s not too different from depositing fiat currencies, but let’s go through all the steps to make sure you don’t miss anything:
- Choose the right casino — Before you sign up for an account, make sure the casino you’ve picked is Canuck-friendly and accepts Bitcoin Cash.
- Visit the Cashier page — Find Bitcoin Cash among the deposit methods on the banking options list and select it. The operator will present you with a wallet address you should use to make your deposit.
- Head to your e-wallet — Open your wallet, enter the amount you’d like to transfer, and paste the address from the casino site.
- Confirm the transaction — Once again, your BCH coins should be in your casino account balance in no time. You can start gaming right after that.
How to Get Make a Withdrawal With Bitcoin Cash?
There’s not much difference between the depositing and withdrawing process on an online gambling site. You’ll just have to retrace the steps we’ve given above once you’re ready to withdraw your winnings. Here’s how you can make a withdrawal:
- Go to the Cashier section and choose Bitcoin Cash among the withdrawal methods.
- Input your e-wallet address and the number of coins you’d like to transfer into the designated fields.
- Approve the transaction and wait for it to clear. The overall pending time will depend on the casino you’ve chosen. Your first withdrawal might take a bit longer since the casinos tend to verify their customers’ identities for security reasons before approving their first withdrawals.
Pros and Cons of Using Bitcoin Cash
As it’s usually the case with payment methods, Bitcoin Cash has advantages and disadvantages. We’ll give you a list of the most relevant arguments for both sides below, so you can make an informed decision about this cryptocurrency.
Pros
- Security — Bitcoin Cash uses a blockchain technology that makes data breaches highly unlikely. Its transactions are public but distributed over thousands of servers that keep track of the system. Hacking into one server wouldn’t amount to anything, since many others pick up the slack.
- Anonymity — Blockchain is a decentralized system, which means that no single institution controls the transactions. This system also lets you possess cryptos like BCH without having to disclose personal information like you’d have to when opening a bank account, for instance.
- Speed — Cryptos take up the least amount of time for transactions out of all available payment methods in the industry at the moment. What’s more, the Bitcoin Cash network handles more transactions per minute than Bitcoin. Hence, you can count on even better transaction speed than you’d get with some other cryptos.
- Low fees — Casinos tend to charge minimal fees for crypto transactions. Some of them attach no fees to these types of transfers at all. So, choosing this payment method can also help you save some money.
Cons
- Volatility — One major drawback cryptos like Bitcoin Cash have is related to market fluctuations. Their value can change drastically in a short amount of time. Even Bitcoin, probably the most stable crypto on the market right non, is not as stable as some fiat currencies.
- Availability — Although Bitcoin Cash has gained a lot of traction in a few years, it’s still unavailable in many casinos. Make sure you check whether the gambling platform where you’d like to play has this crypto listed among its banking options before your commit.
Mobile Use
Most online casinos nowadays have mobile-optimized websites that you can access from various devices other than your computer. Casinos that accept cryptos such as Bitcoin Cash should be no exception. You should keep track of all your crypto transactions using your e-wallet mobile app and gamble without turning on your computer.
FAQ
Can I use Bitcoin Cash in Canadian online casinos?
Yes, you can. Although the number of casinos that accept Bitcoin Cash is not huge, you’ll still be able to find some reputable Canadian options in the industry.
How long does it take to deposit with Bitcoin Cash?
Most online gambling sites will process your BCH deposit in a matter of minutes. So, you’ll be ready to jump back into action in a snap.
Can I claim casino bonuses if I choose Bitcoin Cash as a payment method?
Yes. Casino bonuses are available to all players regardless of the payment method they’re using unless the casino states otherwise. In fact, you might come across operators that favour crypto users and feature special crypto deals in addition to the regular ones.
Author: Tom Wilson
Chief editor and creator, Tom drives the direction of CanadianCasinos.ca with the goal to provide the best and most honest resource for online gambling enthusiasts in Canada