Even though brand-new cryptocurrencies and other types of digital assets continue appearing left and right, Bitcoin Cash has remained one of the top cryptos offered across Canadian online casinos. It stands right next to Bitcoin and Litecoin on the list of accepted crypto methods across the top Canadian casinos. The reasons are obvious; it still offers something that crypto enthusiasts cannot go without, and that’s unrivalled security, speedy transactions and better scalability compared to the first-ever digital currency. What is Bitcoin Cash and why choose to use it across online casinos?
About Bitcoin Cash
If you’re a crypto enthusiast or you’ve been reading our articles about payment methods, you must know by now that Bitcoin is the first-ever, the first-of-its-kind digital currency that revolutionized the way money circles across the internet. When it was first launched, it eliminated the need for the banking system and fiat currencies, and cash for that matter, and instead, offered a peer-to-peer, decentralized and open-source platform where users can send and receive money digitally, at low costs, without the money being ever available physically. And most importantly, without supervision from any authority whatsoever.
Naturally, it appealed to millions of forward-thinking users all around the globe, who started using it for daily transactions. These transactions, on top of all the other perks, were instant, making Bitcoin even more appealing. But, as its popularity grew, its platform could barely withstand the load of transactions that were being exchanged. The transactions started getting delayed, higher fees were charged and its market share dropped. In 2017, something happened, called the hard fork. Due to the overloaded blockchain and problems with sustainability, the split happened.
Part of Bitcoin patrons wanted to improve the scalability, achieve faster transactions than the current Bitcoin transactions, and make it better overall, but part of them wanted to keep it like it is. The hard fork, then, meant the creation of a whole new crypto, which we know today as Bitcoin Cash, designed by those patrons that were after a change. The new crypto was created on the same underlying blockchain technology, even though on a separate blockchain, and kept many of Bitcoin’s characteristics. Don’t let the “cash” part of the name fool you though; Bitcoin Cash is not a currency you can hold physically in your hands, it is not cash, but still a digital currency, with no physical appearance. It is an updated version of Bitcoin, per se, with the aim to make internet transactions faster than ever.
If you’re a crypto aficionado, you’d know what we’re sharing next, the differences between the two digital currencies. Those Bitcoin patrons that stayed with the original, managed to scale it a bit turning each block from 1MB to 2MB with SegWit2x measures. The founders of Bitcoin Cash, though, managed to further improve the blocks, up to 8MB! So, for those of you who need us to put this in simpler words, the founders of the new crypto managed to offer way speedier transactions, by improving the scalability way better.
Offering faster transactions when compared to Bitcoin, Bitcoin Cash, naturally, immediately got recognized by online casino players eager to get instant deposits and withdrawals. In fact, at the time, this new crypto was standing hand in hand with the first-ever crypto, and it is still one of the top most popularly used digital currencies across all industries, especially the online gambling industry. So, if you’re willing to get started with it and use it across Canadian casinos, stay with us, as we’re covering that next.
Getting Started with the Solution
If you’ve ever used Bitcoin or any other cryptocurrency for that matter, you’d know the steps you’d need to go through to get started with Bitcoin Cash. If not, we’re here for you. We’ll give you all the details, so even if a newbie, you’ll get started with it without much effort.
First things first, getting a hold of some coins. Similarly to Bitcoin and many other proof-of-work cryptos, you can mine for BCHs, or you can use the modern way of purchasing some coins at any exchange platform. Mining is overrated and overlooked nowadays, considered exhausting and money and time-consuming, and you need a lot of pieces of equipment and power to do it. Why do it, then, when you can simply join an exchange platform like Binance or Coinbase and do the purchasing right there? You can use all worldwide used currencies and payment methods to complete the purchase, such as global eWallets and credit and debit cards, so you’ll manage to get your coins hassle-free.
Now, the next step would be storing them. You should know that, even though many options exist, the best crypto wallet to go with would be an eWallet, as it would allow you to make deposits and withdrawals across online casinos in a smoother way. There are plenty of crypto eWallet providers, so find the one that suits you most and create your account. You’ll be generated two alphanumerical sequences, otherwise known as keys, one private and one public, which you’d need to use as your account credentials and addresses, as you’ll soon learn. And with that, you’ll be ready to join an online casino and start playing!
Depositing and Withdrawing
Bitcoin has been used across online casinos since its launch, but when the hard fork happened, Bitcoin Cash also gained momentum across the online gambling industry. Online casinos left and right started accepting it, and today, it is without a doubt, one of the cryptos that you’ll find on the list of accepted payment methods across Canadian casinos. You’ll certainly find it at 21Bit, BitStarz, Playfina, Crypto Loko and CasinoJax. But you’ll have plenty of others as your options, too. Create an account with the casino that works best for you and you’ll be ready to make your crypto transactions in no time.
To make a deposit with Bitcoin Cash, go through these steps:
- Visit the casino’s Cashier/Payment Methods/Deposits page.
- From the list of accepted methods, find Bitcoin Cash’s logo and press it.
- Copy the casino’s public key.
- Use your credentials to enter your crypto wallet, paste the casino’s key and specify how much you’d want to have on your casino balance.
- Double-check the key and confirm the transaction.
- Your BCHs will instantly arrive on your casino balance!
As you’d expect, since that’s what happens with all cryptocurrencies, transactions with Bitcoin Cash are irreversible, therefore, you’d need to double-check all the info you’ve entered before you confirm the transaction. And as explained previously, given everything is in order, you’ll get the coins on your balance in real-time.
Withdrawals with BCH are not only possible but also as fast! You’d need to repeat the procedure we just described, only this time look up the crypto on the Withdrawal Methods list. And this time, enter your own key address where needed. Specify how much you’d like to withdraw, double-check the details and confirm the request. The moment the casino approves it, the coins will arrive in your crypto wallet.
Top Bitcoin Cash Casinos
When it comes to fees, some will be charged depending on what you’re doing with your coins. If buying some, you will be charged by the exchange platform, for instance.
When transacting, there will be a fraction of the amount charged for the transfer. But this fee would be really insignificant, so you should not worry that much about it.
Any currency would do when buying or selling Bitcoin Cash, Canadian dollars included. You can rest assured that the best exchange platforms allow users to obtain coins with Canadian dollars.
Other mainstream currencies are almost always accepted, too, such as US and Australian dollars, euros, Swiss francs, UK pounds, etc.
Since this is an open-source, decentralized payment solution, Bitcoin Cash can be used literally by anyone, from anywhere across the globe, who has access to the internet. There is no country limit on its part, so you can rest assured that you, as a Canadian player, can certainly use it.
However, there are countries that have not embraced crypto and the concept behind it, countries that have even banned crypto, so players from such countries should avoid using it. Some of these countries include Algeria, Qatar, and Tunisia. On the other hand, there are several countries where cryptocurrencies are legal. Canada is one of them, as you may as well know, but others are the Netherlands, Malta, Germany and El Salvador, among others.
Since this is a digital asset of decentralized nature, it does not have an owner, a company behind it, which you could get in touch with to get assistance when using it. You do have, however, many communities that could help you out in case you have uncertainties. You can look them up on Google, or find their Reddit or GitHub profiles, to get more info.
In case you really need assistance, especially regarding the depositing or withdrawing process, you should have no doubts that your chosen online casino’s Support team will help you out. Casino Support representatives go through thorough training in order to be able to assist players with any issues they might have when it comes to depositing/withdrawing, and are usually available via many communication means, be it phone, email, Live Chat or on-site contact form.
Considering this is still one of the top cryptos out there, which you can obtain using Canadian dollars and some of the world’s most popular payment methods, Bitcoin Cash is certainly an option you should consider. It offers faster processing times compared to Bitcoin, lower fees and a better overall experience. Getting started with it is easy, as is using it for all kinds of transactions, especially at online casinos. It is an option across numerous Canadian online casinos, so you can most certainly find one to join right away, to get some of the most seamless crypto deposits and withdrawals.
Well, not really. Except, of course, your crypto wallet app and where available, your online casino app. There is no Bitcoin Cash app to download if that’s what you’re referring to, as after all, this is still a decentralized digital currency.
Kraken, LocalCryptos, UpHold, Evercoin, Bitstamp, Coincheck and Gemini are just some of the options to explore. Remember to compare the fees these are charging for buying/selling BCHs and go with the one that offers the lowest, of course.
Yes, as it does with any other cryptocurrency, for that matter. You will see, though, that it is not so highly volatile, as its value has seen a steadier position on the market compared to many other digital currencies, but still, you should expect fluctuations.
No, not really. In fact, that’s why cryptocurrencies are most attractive for players across online casinos, since fees are never charged for transactions with them, and Bitcoin Cash is no exception to the rule.
You could create an account with Ledger, Exodus, Trezor, Edge, BitPay and Cypher, among many others, and you’ll be able to store and use your BCHs.