How to deposit with Bitcoin Cash
Online casinos certainly took notice of the rise of cryptocurrencies. The increasing popularity of this new technology was a new opportunity to create casinos that were specially designed for cryptos. Many of the crypto casinos are now regulated under the Curaçao eGaming license. The reason for this is simple. It was one of the few regulators that reacted quickly and allowed their licensees to accept cryptocurrencies as a method of payment. However, there is certainly more than a chance that other casino licenses will allow this as well in the future – once a proper regulatory framework has been created. For this reason, Bitcoin Cash deposits are not widely available at online casinos yet but there’s certainly still a good range of options out there.
If you already have some Bitcoin Cash and you want to play in one of the crypto casinos, you’ll be happy to hear that it is relatively easy to make deposits. Transactions with BCH at online casinos are fundamentally similar to regular transactions from your wallet to another wallet. In the cashier area of the casino site, you will find a QR Code and a text wallet address to which you can send the money.
To send BCH, simply copy the receiving address from the online casino. A valid receiving address for Bitcoin Cash looks something like this: “32uLhn19ZasD5bsVhLdDthhM37JhJHiEE2”
Under the menu item “Send”, you must then insert the receiving address, as well as the amount and optionally a description. Alternatively, you can also use a QR code reader on your phone. Simply scan the QR code, confirm the transaction and your funds will be available almost immediately.
How to withdraw to Bitcoin Cash
Withdrawals are conducted in a similar fashion – just the other way around. This time, you have to go to your crypto wallet and find your receiving address. The best way to do this is to copy this address to your clipboard and paste it into the corresponding field within the online casino’s cashier. In this way, you can avoid typos and be sure that the address you entered is correct.
Afterward, you can select the amount of BCH you would like to cash out and confirm the transaction in much the same way as we mentioned above. Usually, online casinos are very quick to approve all crypto withdrawal requests. Once the transaction is confirmed by the payments department, your wallet will be credited almost instantly with your winnings.
Limits and fees
The average transaction fee of Bitcoin Cash is around €0.005. You should keep in mind that the average transaction price is calculated by evaluating the fee at the time of the transaction with the miners that run the network. It can vary slightly depending on how many pending transactions there are. This kind of fee is not imposed by the online casino itself but by the blockchain network, as this is the reward for the miners to process a BCH transaction and keep the network going. For the most part, this fee is relatively small and doesn’t pose any issues for the purpose of online gambling.
Please keep in mind that the online casino might have some additional transaction fees on top of that in place. If this is the case, it will have a way higher impact on your transaction than the blockchain fees. The good news is that most operators do not impose any additional fees for deposits or withdrawals with BCH – therefore, it pays to shop around in advance.
Bitcoin Cash bonus at online casinos
One of the best ways to increase your chances in an online casino is to make use of one of the many bonus offers that are out there. If you want to deposit with Bitcoin Cash, there are some pros and cons when it comes to bonuses and welcome offers. The biggest downside is that Bitcoin Cash bonuses are not as widely available as those for regular deposit options. However, this is not really the end of the world, as there are still plenty of lucrative offers and promotions out there that you can take advantage of.
If you check out the different crypto promotions, you’ll notice that most offer match deposit bonuses that are entirely uncapped. At the very least, the maximum possible bonus is usually much larger compared to standard deposit bonuses. This is especially great for high rollers, as you can deposit as much as you want and you will receive a similar amount in bonus funds without any upper limits. It’s well worth checking out some of the crypto casino reviews right here at GoodLuckMate to find the best promotions that suit your needs and your budget.
How is Bitcoin Cash different from Bitcoin?
Because Bitcoin Cash is a Bitcoin hard fork without major modifications, its mining is identical to that of Bitcoin. For the mining process, the Proof of Work (PoW) consensus protocol is used together with the SHA-256 hash. This means that Bitcoin mining equipment can be used to mine Bitcoin Cash with a few simple modifications. This was initially appealing to those who started mining in Bitcoin Cash. The decrease in mining power in the network meant a reduction in mining difficulty that many took advantage of to obtain quick profits.
However, in 2018 this situation changed dramatically. At that time, BCH mining turned out to be very expensive with respect to the profits that were obtained from it. This led to the mining difficulty being readjusted again to maintain the level of the miners' profits. Despite this, the mining of Bitcoin Cash continues to give few benefits. This is a consequence of the low commissions with respect to Bitcoin.
Bitcoin Cash has undergone changes related to the size limit of the blocks throughout its existence. First of all, the block limit was set to 8MB. With this block size, more than eight times the transaction capacity of Bitcoin could be processed per block. This would have a strong impact on scalability. Later, in 2018 there would be another change in the size of the blocks that would take it up to a limit of 32MB. With this, each block could host up to 40,000 transactions.
But despite these numbers, the reality of scalability is very different. Bitcoin Cash produces each block in 10-minute intervals and is certainly faster than Bitcoin, but its network usage is also much lower. In addition to this, undeterred by the enormous size of the blocks, most of that space is empty. The average capacity occupied in each BCH block is only about 250KB. This means that each block is barely using 2-3% of its full capacity. Another problem associated with these features is that the blocks cost more to transmit on low-bandwidth networks. If the network grows rapidly, its bandwidth may become saturated and lead to denial of service due to a lack of resources to process all transactions.
How to get Bitcoin Cash?
Theoretically, everyone with the right equipment and computing power could mine their own BCH at home. The problem is that it’s quite complicated to create a proper infrastructure to make this a lucrative choice. High costs for hardware components and electricity are a huge barrier to entry in this regard.
The more common option is buying or trading Bitcoin Cash online. The best way to do this is to sign up for one of the popular crypto exchanges like Kraken or Binance. These give you the chance to trade in many different cryptocurrencies, as well as regular Fiat currencies such as euros or dollars. If you are new to the scene, we recommend familiarizing yourself with the basics of cryptocurrencies, wallets, and how to store and use your digital currencies securely.