The technology is pushing for more advancement in the field of cashless payments. One of the products of such endeavors is Bitcoin Cash. This option was created after “vanilla” BTC by increasing the block size. The new chain had 8MB blocks and became Bitcoin Cash. If you are already familiar with the nature of Bitcoin and have had the chance to use it, you will have no problems understanding how Bitcoin Cash works and how to use it for gaming.
In simple words, Bitcoin Cash is an updated version of the Bitcoin chain. Therefore, it is a cryptocurrency, digital money that circulates on the internet without any interventions or supervision of the regular banking system. Due to the solution’s complexity, not too many online casinos offer the possibility of Bitcoin Cash payments, but their number is growing slowly and steadily.
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Bitcoin Cash as an Online Payment Method
Just like with BTC, you must have a reliable cryptocurrency wallet for your BCH. Some of the best-known options are Coinbase, Trezor, and Mycelium. With more and more people joining in the blockchain, it has become relatively easy to obtain the currency. It has also facilitated transactions processing and mining new coins. However, it should be made clear that BCH operates on its blockchain, independently from the original pioneering digital cryptocurrency.
The system works as a peer-to-peer (P2P) electronic cash service within which online money is sent from person to person while making use of digital signatures and without involving a trusted third party. If you want to obtain BCH, you need to turn to an exchange platform. There are dozens of them available where you can exchange other digital currencies or fiat money for Bitcoin Cash.
How to Deposit via Bitcoin Cash?
Aside from buying BCH tokens at an exchange, there is also a peer-to-peer trading option and platforms that support it. Once you’ve gone through the “hassle” of buying Bitcoin Cash you need to neatly store the info about them in your wallet. The info can be integrated into the exchange platform, a hard drive, a USB drive, a downloadable app, or an installed program. Whatever option you choose, you will have a public wallet address (a complex alphanumerical key) and a private password for it.
Now comes the easy part – depositing at your chosen crypto-friendly live casino. Sign up for an account and go to the banking page to make a payment. Select Bitcoin Cash from the list of provided options. A crypto address will be generated which you are supposed to copy and place into your digital wallet. You will also enter the desired amount you want to transfer and then click on “Send”. Confirm the transaction and the deposit process is completed.
How to Withdraw with Bitcoin Cash?
Bitcoin Cash is a viable payout option as well. Still, we urge you to always check if your preferred online casino allows both deposits and withdrawals with BCH. To collect your winnings you need to go through a more or less the same process as you did when you funded the account. Be careful with inputting the correct sequence of the e-wallet address before you confirm the transaction. The transfers are irreversible, so you must be very careful not to make a typo. The funds should be in your wallet as soon as the casino cashier clears the payout. This depends on the house’s withdrawal policy.
Transfer Times, Fees, and Security
The regular BTC currency still operates with an average of 7 transactions per second, and a single block processing of an average 10 minutes timeframe. Since BCH is an upgrade to the regular Bitcoin, you should expect much better times, no more than a couple of minutes, due to the optimized network.
The concept of commission charges is something that the invention of cryptocurrency, in general, opposes. Therefore, there will be fees attached to your transfers, as there are no intermediaries. A small fee may be charged to support the mining process, but it is barely noticeable. While sending digital currency, your data cannot be intercepted because you haven’t shared it. The security and anonymity advantages are undeniable. The only thing that may warrant a bit of caution is the value volatility, but with time crypto has managed to achieve a degree of stability.