In 2008, a new financial system that would change the world went live. Described as a digital cryptocurrency and created by the mysterious Satoshi Nakamoto, Bitcoin was created. The original vision of Nakamoto was to create a decentralized currency that could be used and controlled between peers, without the need of intermediaries like banks.
Due to several complications, like governments trying to impose new regulations, and in general, the old economic system getting in the way, the original Bitcoin has kind of gotten stuck. While Bitcoin is definitely not dead, in recent years several new cryptocurrencies have emerged with the aim of fulfilling the original promise Bitcoin offered, the so-called altcoins.
This is where Bitcoin Cash comes in, separating in 2017 from Bitcoin and again splitting itself in 2018 into two cryptocurrencies: Bitcoin Cash, and Bitcoin SV. The ultimate goal of Bitcoin Cash is to become the best money the world has ever seen. To do this, they are relying on the unique advantages that blockchain offers. As a decentralized economic system, blockchain in general doesn't rely on a financial institution to dictate what's the order of things. Instead, every node verifies a proof-of-work chain, the chain with the most votes is considered the truth.
For the gambling industry the use of cryptocurrencies is relatively new, there are only a handful of online casinos that accept this kind of payment method. However, that's slowly changing, the industry has realized the advantages of blockchain and everyday more and more casinos join the so-called crypto casinos.
Features of Bitcoin Cash Gambling
Bitcoin Cash and other cryptocurrencies, due to their decentralized nature, offer an extra layer of security, usually is considered that cryptocurrencies are very hard to hack. Furthermore, for the player, cryptocurrencies are an option that protects their personal data, and offers clear financial advantages.
For example, not relying on a financial institution allows for Bitcoin Cash to offer lower fees, there's no need to pay bank charges if you don't use a bank. Also, Bitcoin Cash is a true universal coin that is not contained and is not affected by any particular country. This means that as a player, you won't need to be worried about the regulations and limitations of any particular coin.
In addition, one major advantage cryptocurrencies have over traditional money is that their transactions are instant. In contrast, some payment methods with traditional money can take days or even weeks to come through.
Another advantage is that your personal information is well guarded. Unlike traditional currencies, blockchain relies on peer validation, not on the identity of a person to verify its transactions. However, it isn't anonymous, instead it's pseudonymous, kind of like using a nickname on a social network. This has been a very controversial topic since its pseudonymous nature may facilitate illicit acts, such as money-laundering. A particular illness in the gambling industry, that has been fought for long, and cryptocurrencies might set back the progress achieved so far.
Finally, a particular feature of Bitcoin Cash is their stability. As a descendant of the first cryptocurrency ever, Bitcoin Cash has experience on its side. This has created one of the most robust altcoins in the world. They are featured in some of the most renowned exchanges that allow you to convert your cryptocurrency into normal currencies like USD, including Coinbase, CoinEx, Kraken, and more. Furthermore, their popularity means that you won't be as limited in where you can spend this currency as with other cryptocurrencies.
Bitcoin Cash, like many other cryptocurrencies use something called a crypto wallet, or for short a wallet. Unlike a traditional wallet, a crypto wallet doesn't contain the currency in itself. This is the job of the blockchain explained above. Instead, a crypto wallet gives its users a key(s), this key is like an address or a bank account. A public key allows for the user to receive payments, while a private key allows for the user to spend money.
To make a deposit in an online casino, you must check that they accept cryptocurrencies, and particularly that they accept Bitcoin Cash. As stated, there's a growing list of crypto casinos that offer unique advantages over regular online casinos, so finding where to spend your cryptocurrency shouldn't be too hard.
The group of cryptocurrency users is an actual community and will call out casinos that they think are trying to scam them. The risk of having a bad reputation from this group of people honestly isn't worth the risks of scamming customers. Thankfully, the people would are going to get payouts or do bets, don't need to use an entire bitcoin. They only have to use fractions of a bitcoin.
The owners running these online casinos are going to make it as easy as possible to submit the bitcoin that users are spending. This also makes it a lot easier for international users to do something about what's going on with Bitcoin. They can get good conversion rates, which means they are getting more out of their money than if they paid with cash.
There may be exceptions, but the overwhelming amount of casinos will never accept bitcoin cash, even in the countries that it happens to be legal in. That could change one day, but for that to happen, Bitcoin would have to be more popular than currencies such as Yen, pounds or Euros. As much as some people may want it to happen, Bitcoin will never be popular at the hugest casinos.
A big advantage of bitocoin, is that anyone capable of using a computer is able to use that to mine bitcoin. When you spend a bitcoin, you don't have to worry about the bank charging you interest or other things of that nature.
There's a completely different story when it comes to online casinos. Here, it is much easier for the people involved to get paid for the services that they are providing. The owner of the bitcoin also gets decide how much of one bitcoin that they are going to use. Go to any online casino that takes bitcoin and you'll see that the people who run them take in fractions of one bitcoin.
This saves both parties a lot of money and is more convenient for things like payment fees. Each bitcoin by itself is incredibly valuable and isn't worth sacrificing an entire unit for a low payout.
The casino capital, Las Vegas is starting to slowly accept bitcoin because it is increasing its value and the owners could make lucrative deals if they started to accept it. Only Two hotels have done it so far, but if the value for the currency keeps going up, you can expect to see more hotels take in Bitcoin.
There are some exceptions with hotels and some casinos who want to take in casinos. This is a process where you need to be prepared and can't just have it on your phone. There are electronic wallets created for the purpose of taking bitcoin and being able to hold it. In most cases, you would have to give them your cryptocurrency wallet at the front desk if you want them to use it for your gambling.
Like stocks or the value of certain items Bitcoin can up in value by a lot. Back when Bitcoin first started up, each individual coin wasn't worth much at all. However, as time has progressed, a single bitcoin would be over $20,000. Some people have even made it a profession to manage bitcoins which has ended up making them millionaires.
There also happen to be some major disadvantages that you should be aware. The biggest one is that multiple countries have banned Bitcoin from being used. Countries such as Germany, Iran, India, Denmark, Ecuador and many other want nothing to do with this cryptocurrency.
There are some major drawbacks that any bitcoin user should be aware of if they are planning on gambling it. First, it's not Federally insured, meaning that if a scam is ran and you have no way of getting it back, there are no laws that can support in the situation. Secondly, the value is constantly changing meaning, it you have a couple of bad games and suffer big loses, it will be worse if the value of the currency goes up.
Those leaders realize that there isn't any accountability in the consequences of bitcoin and could potentially inflate the currency. It would also make it really easy for people to commit fraud. As well as that, because bitcoin is electronic, someone could hack your computer or your phone and steal all of the bitcoin.
For the online casino owners who inevitably want to achieve some of the wealth that has been obtained through bitcoin, they allow their users a lot of options. A lot of the casinos that are online in the US will take in this money due to its value. Bitcoin is something that is very hard to actually obtain unless you have a lot of money, or know people personally.
For the most part, it is safe and most people don't want to hurt the integrity of Bitcoin. It's rerecorded that you do your own research on the casinos that you spend your money at.
- Does Every Casino accept Bitcoin cash?
Most casinos that you go to in person will be able to accept Bitcoin. For a lot of them, the process of getting money and splitting that between the people who work for them is too much work. The Casinos also want to work really hard to stay away from fraud because that would get their licenses taken away.
- Are Bitcoin cash casinos legit?
So far, a lot of them claim to be legitimate and for the most part that is the case. Even if a casino is looking to steal your bitcoin, they will see how hard it is to actually do. Even if your bitcoin is tied to an account, most bitcoin users have wallets that are able to secure the currency when they happen to be away. The casinos happen to have incentives to be honest to you as well.
- Best Bitcoin cash casinos 2022
