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.
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 or to gamble at selected online casinos. Ultimately, the aim is for it to be used in the same way as any other digital currency.
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.
Yes. Bitcoin is the predominant cryptocurrency and is already accepted for deposits in a number of online casinos all over the world. Because Bitcoin Cash is essentially very similar to Bitcoin, it’s not that much of a leap for casinos to also accept payment in the form of Bitcoin Cash. From a psychological perspective, you can see how online casinos who want to branch out and accept other cryptocurrencies would think of Bitcoin Cash as one of the next logical steps.
At this moment it is rare to find Bitcoin Cash at regular, mainstream casinos. Bitcoin Cash is somewhat limited to casinos that are angled towards crypto in general. But given how new Bitcoin Cash works, this is no surprise. Over the coming months and years, it could well be the case that Bitcoin Cash becomes almost as common as Bitcoin at a whole range of online casinos.
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.