BCH Casinos Online – iGamers Achieve Stability & Scalability with Bitcoin Cash
Bitcoin Cash (abbr. BCH) is has one of the most appropriate names of any crypto currenc. It runs on the exact same protocol as its namesake, Bitcoin [BTC]. However, its design makes it far more stable, more scalable, and ultimately more spendable. The biggest difference between BTC and BCH is that Bitcoin’s value is so volatile. Thus, BTC is more suitable as a commodity for investors, whereas BCH succeeds (where BTC fails) in being a digital currency for consumers.
BCH was able to achieve scalability simply by coming in larger block sizes. Think of block size as a speed limit sign. A single block of BTC contains just 1MB of data, which limits transfers to between 3 and 7 per second. BCH is capable of holding 32MB in a single block. Its creators say it’s capable of processing up to 1,500 transactions per second. Under a 2018 stress test, however, the network proved it could handle as many as 25,000 transactions/second.
We’ll take a closer look at Bitcoin Cash, starting with a brief history of its development and introduction. Then we’ll dive into all the ways to buy, sell, trade and bet with BCH. Feel free to use the links below to jump ahead to any section.
What the Fork? The Birth of Bitcoin Cash [BCH]
Bitcoin Cash was the first official offspring in the crypto pool. It was born of the original Bitcoin crypto currency, following a process known as a ‘hard fork‘. For reference, Investopdeia defines a hard fork as:
“…a radical change to a network’s protocol that makes previously invalid blocks and transactions valid, or vice-versa. A hard fork requires all nodes or users to upgrade to the latest version of the protocol software.”
In this case, it was a backlog of Bitcoin transactions that resulted in a desire for change. That change was proposed on July 21, 2017, when BTC miners were introduced to the Bitcoin Improvement Proposal (BIP), which would require a software upgrade (i.e. hard fork). The upgrade would alter the block size and Segregated Witness (SegWit) protocol.
The big controversy was whether crypto mining should be available to anyone and everyone, or reserved for large, well-equipped groups. Bitcoin supporters preferred small blocks that didn’t require heavy resources to mine (i.e. accessible to everyone). Supporters of larger blocks thought nodes should be run by groups (universities, non-profits, private companies, etc.).
The two groups spent the next month bickering and debating the situation before a decision was reached. Bitcoin underwent its first hard fork on August 1, 2017, thereby creating Bitcoin Cash. At opening, it was worth an impressive – some might say too impressive – value of $900. However, some soon felt that the integral goal of the split was not met.
Mining Pools’ Civil War Leads to Second Fork
When Satoshi Nakamoto launched the Bitcoin network in 2009, the vision was to create a digital currency practical enough for daily use; specifically, one capable of competing with major credit card companies by facilitating immediate transactions without all the high processing fees. Those who believed the goal of the hard fork was to achieve that vision were unhappy.
What was described as a “civil war” between competitive mining pools resulted in another fork. This time, Bitcoin Cash split into a new version of itself, known as Bitcoin Cash ABC, and the all new Bitcoin “SV” (BSV), short for “Satoshi’s Vision”. BSV incurred a software upgrade that saw its block size increase to 128MB.
That original Bitcoin Cash ABC is now the same Bitcoin Cash [BCH] you’re able to buy, sell, barter and gamble online with today. When this split of Bitcoin Cash occurred, it opened at (an arguably much more reasonable price of) $296.60.
Note: Do not confuse Bitcoin Cash ABC [BCH] it with BitcoinABC [BCHA], created November 2020, and rebranded to eCash in July 2021.
How to Buy and Trade Bitcoin Cash [BCH]
There are a variety of ways you can get your hands on Bitcoin Cash – metaphorically speaking, of course. This digital currency is available at most crypto exchanges, and more than 400 Bitcoin ATMs across Canada. You can also mine your own BCH, but this takes a special computer setup. You can learn more about mining crypto here.
Compatible BCH Wallets
Before you purchase BCH, make sure you have a digital wallet to store it in. There are a number of wallets out there that can hold BCH. A few of the recommendations from Bitcoincash.org include:
You can retrieve a complete list of compatible wallets for BCH here.
Trade BCH at Crypto Exchanges
Just about every crypto exchange in existence offers the option to trade Bitcoin Cash. What’s great about this is that you get to be very selective in choosing your exchange service. You can opt for a service with the best functioning mobile app, utmost security, largest variety of cryptos, most convenient trading options, lowest service fees, etc. Your preferences and commitment to due diligence are your only limitations.
Buy Bitcoin Cash at an ATM
Like the original Bitcoin, you can purchase Bitcoin Cash at special Bitcoin ATMs all over Canada. Not all Bitcoin ATM locations support the buying and selling of BCH. At time of writing, we can confirm BCH is available to buy at the following Bitcoin ATM operators (i.e. look for these logos on the machine). Click any operator name to find the nearest location and learn more about their services, fees, and acceptable payment methods.
- Bitcoin Well (193 locations in Canada)
- BitNational (161 locations in Canada)
- InstaCoin (142 locations in Canada)
- Bitcoin Depot (110 locations in Canada)
- FastBTCatm (69 locations in Canada)
- Bitcoiniacs (51 locations in Canada)
Gambling at BCH Online Casinos in Canada
You can play online casino games with Bitcoin Cash, just the same as you would with fiat cash. Much like making a deposit using the credit or debit card in your physical wallet, you can deposit at a crypto casino from your digital crypto wallet.
Although BCH is one of the most well known cryptos on the market, you’ll find the acceptance rate is below that of the original Bitcoin. There’s an obvious reason for this. Crypto casinos love dealing in BTC above all else, because they know they are going to win more of it than they lose; just like their terrestrial casino cousins that deal in physical money. Likewise, they know that the volatility of BTC will ensure they make plenty of profit trading it away somewhere down the line.
BCH, on the other hand, being much more stable, should remain somewhere close to its original value, comparable to fiat currency. The end result – only about 50% of today’s most reputable crypto casinos accept BCH.
