Discover the benefits of using BCH as a deposit method at online casinos. Read on for our discussion on the pros and cons, transaction times, fees, and more.
BCH is the acronym for Bitcoin Cash and is a spin-off from the original Bitcoin cryptocurrency. It was created to overcome some of the shortcomings that the Bitcoin blockchain had. The Bitcoin blockchain has pretty slow translation speeds, as well as being quite costly at times.
The bitcoin blockchain can only handle about 2000 transactions per block, and each block takes about 10-30 minutes to be processed, and in some cases, the transactions can take a few hours to be finalized. This is an obvious problem when trying to use Bitcoin as a means of payment.
The creators of the Bitcoin Cash blockchain performed what is called a hard fork on the original Bitcoin blockchain. This essentially creates a copy of the Bitcoin network and deploys it onto a new blockchain that runs on new rules.
The BCH network can process up to 25 000 transactions per block, which is a huge improvement on Bitcoin, and it can also do this at a much cheaper rate than Bitcoin.
This makes it much more suitable as a means of payment over the internet.
Let’s take a closer look at how the BCH network is being implemented at online casinos and how you can benefit from this new and improved version of the Bitcoin network as a payment vehicle at online casinos.
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As mentioned, BCH is a much faster and cheaper way of making crypto payments on the internet when compared to Bitcoin. This brings with it some great advantages for users at online casinos.
With traditional banking systems at online casinos, users need to register at the casinos using their banking details, such as credit or debit card info. This is a natural deterrent for new users who visit a site for the first time. It’s natural to feel uneasy handing over such sensitive information to a website you hardly know or visit for the first time.
By providing users with the option of using BCH as a payment method, they do not need to divulge any of their personal banking information. They simply need to send some BCH tokens to the online casino’s BCH address, and they are all set to start playing some games.
Similarly, when withdrawing the winnings back to themselves, they only provide their BCH address, and the withdrawal can take a few minutes, at which time they are fully settled.
This attracts a lot more users to the casino sites and also provides the users with an added layer of security and anonymity. The casino operators also prefer it when the clients use the blockchain as they do not need to pay high transfer fees to the banks and, in return, can offer some great welcome bonuses to their clients. It’s a win-win for both parties.
As mentioned before, there are some great benefits for both the casino operators and the clients when opting to use BCH as a means of payment.
BCH is a widely accepted cryptocurrency at all majors exchanged and is also supported by the majority of the crypto wallets available. This is only one of many reasons that makes it a good choice for online payments. Its fast and cheap transaction speeds are another reason that both parties might want to opt to use it for transacting with one another.
When clients make use of BCH instead of the traditional banking systems, they gain an extra layer of security and anonymity, as they do not need to relinquish any of their personal information over the internment.
Also, the transactions are almost instant, and they gain the convenience of starting to play some of their favorite games within minutes. When it comes to requesting withdrawals from the casino, things become even quicker.
Some casinos only process withdrawals via bank wire transfers. This is a very lengthy and costly way of making payments. In the case of bank holidays or cross-border payments, these transactions can end up taking days instead of hours.
In contrast, BCH withdrawals can be made in mere minutes. This opens up the doors to a whole new audience for online casinos. New clients can signup in minutes, play some games and be settled in full within the same day. This level of convenience can be appealing to those that would not have signed up otherwise.
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Traditional banking systems have been playing catchup ever since the birth of the internet, and a continuous struggle to make online payments more secure has been raging on as hackers keep finding new ways to overcome security protocols on websites.
Cryptocurrencies with the power of the blockchain were designed specifically for transacting digital assets over the internet. When cryptocurrencies are stored and used correctly in a safe manner, it is virtually impossible for nefarious actors to get their hands on the contents of a crypto wallet.
Keeping this in mind, along with the other benefits that the blockchain offers both parties, makes it the perfect way of making safe and secure transactions over the internet. Cryptocurrencies are still in their infancy and are already able to overcome many of the shortfalls that traditional banking systems have when it comes to online payments.
Cryptocurrencies are here to stay, and they will keep on improving and innovating to stay at the cutting edge of what is possible in the world of finance. We foresee that banks will have to either adopt and adapt or be left behind in this new digital era of finance.
When practicing standard safety precautions when dealing with cryptocurrencies, it can be much safer than using credit or debit cards on the internet.
BCH tokens are bought and sold at all major crypto exchanges and are easily bought and sold. You will need to be registered with a crypto exchange to request them to pay you out to your bank account after selling the BCH tokens for your preferred Fiat currency.
The bitcoin cash network is quite fast, and in most cases, you won’t need to wait for more than a minute or so. In extreme cases, you might need to wait up to 10 minutes to receive your tokens in your wallet.
The BCH network is much cheaper when compared to Bitcoin. A typical transaction can cost around $0.20 compared to Bitcoin that can be as high as $5.00.
Crypto casinos are growing at a very fast pace, and most of them are now offering a wide variety of games. Please check with your preferred online casino for game selections available.
Some crypto casinos have now started offering sports betting by using BCH as a means of deposit. Please always double-check before making any deposits.