Where Did Bitcoin Cash Come From?

In 2017, the crypto community began to debate how exactly Bitcoin’s scalability issues would be solved. With more users adopting the digital currency, it risked becoming a victim of its own success. Transactions were being slowed down and change was inevitable.

Bitcoin Cash was introduced as a solution to this. A hard fork took place on August 1, 2017, splitting off from Bitcoin and effectively creating a new currency based on all the same technology.

What Is Bitcoin Cash?

Just like its big brother Bitcoin, Bitcoin Cash is a peer-to-peer digital cash service. You can use it to pay somebody for a service, and some online casinos accept it too. Ultimately, the aim is for it to be used in the same way as any other digital currency.

Is Bitcoin Cash Different to Bitcoin?

The two are similar, but there are some significant differences.

The first and most glaring difference is the value of each currency. While Bitcoin peaked at over £15,000 per coin in 2017, the all-time high reached by Bitcoin Cash was around £3,000.

One of the major differences between the two also happens to be one of the main reasons why Bitcoin Cash came into existence. The blocksize is a significant 8MB compared with Bitcoin’s 1MB. This allows for larger transactions without being slowed down as much.

It is important for those who are new to cryptocurrency to note that although they may function similarly, the two are very different. They have similar names, logos and functions. But if you’re trying to buy Bitcoin and you end up with Bitcoin Cash, you may find that you can’t do all the things you intended to do with it. The same goes for the reverse.

Do Casinos Accept Bitcoin Cash?

Some do. Bitcoin is the predominant cryptocurrency and is accepted for deposits at a number of gambling sites, and because Bitcoin Cash is technically so similar, a site that already takes BTC can add BCH without much work. Which sites those are matters more than the coin, though. Many of them are crypto-only operators that hold no licence in the countries their players live in.

It is rare to find Bitcoin Cash at mainstream licensed casinos. A licensed operator follows its regulator’s payment and anti-money-laundering rules, and in many regulated markets that means no crypto at all. Licensed sites also have to check who you are: the UK Gambling Commission states that all online gambling businesses must ask you to prove your age and identity before you gamble.

Before you send BCH anywhere to gamble, look the site up on the register of the gambling regulator in your own country. Examples are the UK Gambling Commission’s public register and the Malta Gaming Authority’s licensee register. If the site is not licensed where you live, you have no regulator or dispute service to turn to if a withdrawal is refused, your self-exclusion does not apply there, and a crypto payment cannot be reversed. Gambling is for adults only, 18 or over and older where local law says so. If gambling is becoming a problem, Gambling Therapy offers free support online.

Where Can I Buy Bitcoin Cash?

Bitcoin Cash is edging its way into the main fulcrum of cryptocurrencies, especially since it was added to the exchange Coinbase, which is ideal for first-time investors. With this in mind, it shouldn’t be tough for you to buy Bitcoin Cash at all of your usual cryptocurrency exchanges.

If you’re not sure where to start, you can check out our guide on how to buy Bitcoin. We have step-by-step instructions on how to convert GBP, USD or EUR into Bitcoin. But you can easily adjust the instructions to buy any other cryptocurrency, including Bitcoin Cash, with just a few tweaks.

References

• UK Gambling Commission, Age, ID and financial verification
• UK Gambling Commission, public register of gambling businesses
• Malta Gaming Authority, Licensee Register
• Gambling Therapy