Bitcoin Cash Gambling Is Now Actually A Thing
There are ongoing debates in the cryptocurrency community that digital coins are not actually following their original purpose – to be used as medium of exchange. Although the underlying fundamentals are there, it appears that actual usage is reserved for just three individual projects. As one would expect, this includes Bitcoin and Ethereum, but in a close third is Bitcoin Cash – which has significantly more volume that the likes of Ripple, EOS, Litecoin and the remainder of its top 10 competitors.
One such sector that appears to be an avenue for those looking to spend their Bitcoin Cash in the real-world is the online casino sector. There are now a range of platforms that can facilitate everything from blackjack, dice, roulette and slots, as well as a fully operation sportsbook. We decided to take a look at this recent phenomenon in greater detail.
Bitcoin Cash Casinos – A slow but steady start
Crypto casinos first became a thing in 2013, with the introduction of Satoshi Dice. The game allowed users to gamble on the outcome of a cryptographically generated dice. Although the platform is no longer available, during its peak in late 2013 it was responsible for the vast majority of Bitcoin transactions.
Moving forward in time, more and more crypto casinos begun to open their doors. Everything from slots to roulette to sports betting – if you had Bitcoin, you could play. However, it wasn’t until recently that online gambling operators recognized that players were craving deposits and withdrawals with other cryptocurrencies such as Bitcoin Cash.
Although there is no empirical evidence to suggest that the cryptocurrency’s vast usage is down Bitcoin Cash gambling sites, it certainly makes sense that there is a direct correlation between trading volumes and avenues to spend coins in the real-world.
At the time of writing, there is a significant gap between the top three cryptocurrencies in terms of trading volumes and the rest of the market. For example, although Ripple is firmly placed as the number three cryptocurrency for market capitalization, it is only eighth in terms of actual usage.
For cryptocurrencies to achieve mainstream adoption, they need more industries to accept it as a medium of exchange – just how Satoshi Nakamoto wanted.
Why would people use a Bitcoin Cash gambling site?
It is always worth a taking a step back when attempting to understand why society would want to gamble with a cryptocurrency instead of real-world fiat money. In the case of online casinos, there is a significant disparity between the player and the operator. For example, prior to accessing an online casino, players must provide a range of personal information during the registration process. Moreover, under global anti-money laundering laws, the player must also verify the information provided by uploading certain documents. In most cases, this is a form of ID such as a passport and a proof of address such as a bank statement.
In-line with the ideology of Satoshi Nakamoto, these intrusive measures do not sit well with the blockchain community. If anonymity is to be applied when facilitating a financial transaction, that ethos should be applied to other industries too. As a result, Bitcoin Cash gambling sites do not ask for any form of personal information, nor do they request documentation. Unlike traditional casinos, they do not need to adhere to the vast amount regulatory demands that are associated with real-world fiat money.
Is it easy to gamble online with Bitcoin Cash?
To continue on from the above section, a further benefit of using a Bitcoin Cash gambling site is with regards to the deposit and withdrawal process. When using a traditional casino, most commonly a player will use their debit or credit card as this affords the greatest convenience. The only problem with this particular process is that withdrawals are ultra-slow.
Once the player has gone through the delay of having their identification verified by a manual KYC department, they must then wait for the payments team to validate the request. After that, the player is then at the helm of the debit or credit card issuer. In most cases, merchant refunds take anywhere between three and five working days – and although it can sometimes be quicker – it is often longer.
On the contrary, when withdrawing cryptocurrencies such as Bitcoin Cash from an online casino, the process is significantly faster. In fact, it is so fast that once the player has requested their withdrawal, the funds are often received back in the individual’s personal wallet in less than 10 minutes. This makes it really convenient to gamble online using Bitcoin Cash.
Is Bitcoin Cash gambling safe?
With cyber-crime now one of the fasting growing illicit industries, consumers are now becoming more fearful when entering sensitive financial information in to a website. One of the most vulnerable payment methods in the Wild West of e-commerce are debit and credit card numbers. Once the criminal has obtained them, they then have various methods that allow them to fraudulently use the victim’s card.
This is something that traditional online casinos have not been able to eliminate, which is why operators are now having to spend so much money on the installation of risk departments. It is ultimately the legitimate players that lose out, as these additional costs are subsequently passed on in the form of transaction fees and higher house-edges.
On the other hand, Bitcoin Cash platforms do not facilitate real-world deposit methods and as such, focus purely on cryptocurrencies. The funding process is entirely different at these platforms, as players never actually enter any sensitive details in to the site.
Instead, players simply head over to their Bitcoin Cash wallet, paste in their unique deposit address and then send the funds. As most crypto casinos fund a player’s account on 0 confirmations, users can start gambling straight away.
This is the same process for withdrawing funds too, as coins are sent back to the player’s personal wallet.
A final note – Players can gamble in a trust-less environment
An additional safeguard that Bitcoin Cash casinos implement is something known as provably fair. Essentially, games that are supported by provably fair are guaranteed to be true and fair. As the underlying protocol is functioned by a cryptographic seed, not only is each and every gaming outcome transparent, but it is also immutable to malpractice.
This is something that traditional online casinos do not provide, meaning that you have to trust that the operator is playing fair. History suggests that this isn’t always the case, with a plethora of mainstream casinos subsequently going out of business – taking player funds with them along the way.