Since it’s launch in 2017, Bitcoin Cash – known as BCH – has seen incredible improvements in usability, making it arguably the easiest to use, fastest and lowest cost cryptocurrency. The combination of these factors is driving useage, including as a payment method on sports betting sites. This article will explain how to use Bitcoin Cash for sports betting for beginners.
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What Is Bitcoin Cash / BCH?
- Bitcoin Cash was created as a hard fork from the original Bitcoin blockchain in August 2017.
- Disagreements about the future development path between the technical teams working on Bitcoin lead to a new coin being created so that the new Bitcoin Cash could be developed following the model explained in the original Bitcoin whitepaper. The original whitepaper described a peer to peer electronic cash system.
- The goal of Bitcoin Cash is to create a fast, easy to use, low fee, peer to peer money and payment system that benefits the world.
- Transactions are confirmed in blocks of data that are created every ten minutes. Once a transaction is processed and confirmed, it’s information is stored publicly on the blockchain permanently and cannot be reversed or altered.
- Transactions are normally processed in the next block of the BCH blockchain, which means within the next ten minutes after a payment is made. The payment is then normally fully confirmed in the blockchain within the next one hour. On average, a BCH payment costs less than US$0.01 to process, making it a very cost effective way to send funds.
How Does Bitcoin Cash Work?
All cryptocurrencies are designed to be decentralized systems, meaning that users can transact with other users, without the need for that payment or data to be passed through a centralized organization, such as a bank or SWIFT.
The infrastructure to run a cryptocurrency comes in the form of large server farms that run code to maintain a list of blocks of data that contain the information about each transaction. Each new data block is connected mathematically to the previous block, so that new data blocks build on the entire existing data infrastructure of the coin, forming a connected chain. For this reason, the data infrastructure of a cryptocurrency is called a blockchain.
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To create a new block, large banks of servers try to guess the answer to complex cryptographic problems. Each guess is known as a hash. When a computer guesses correctly, the block is created and the owner of the winning computer receives a reward, in the form of newly created coins, as their prize. These new coins control the speed of creation of new coins in the currency, which means that many cryptocurrencies have algorithmically controlled issuance. Bitcoin Cash has a hard limit of 21 million coins to be created in total.
These server farms are located in different countries around the world by individuals and companies that run them for profit. They are normally based in cooler locations, because a data centre generates a lot of heat and cooling is easier in a colder climate. They are also normally located close to an existing low cost power source, such as a hydroelectric dam, to benefit from low cost electricity.
The History Of Bitcoin Cash
Bitcoin Cash was created from the code of the original Bitcoin in 2017. As described above, the data for transactions is stored in data blocks. On the original Bitcoin, these data blocks are very small, which limits the total number of transactions that can be processed. The estimate is that only three transactions can be processed per second on the Bitcoin chain. While this might sound like a lot, for a global payment system it is a very small number.
Many influential people in the Bitcoin world argued that this number needed to be much larger, so that hundreds and then thousands of transactions could be processed per second. Over time, this debate became heated and a group decided to launch their own coin – Bitcoin Cash, known as BCH – to follow their vision. Since 2017 the development on the original Bitcoin has largely stalled, while new tools, user features and services have been launched on Bitcoin Cash.
Advantages Of Using Bitcoin Cash
Fast Transactions And Low Costs
From the perspective of a user, there are three main features that stand out in choosing a payment service. They are usability, speed and cost. While usability is still not great on any cryptocurrency, they remain very similar between Bitcoin and Bitcoin Cash.
However, fees need to be paid to send transactions on both blockchains and while fees are almost always under US$0.01 per transaction on BCH, they are often above US$1 on BTC. Paying $1 might not seem like a big deal, but there have been times where transaction fees on BTC have passed US$30. The amount of fee being paid to make a transaction influences when a payment is processed. This means that there is a quasi auction in each block and so low fee transactions on BTC can take many hours to be processed, whereas in BCH they will be made almost instantly.
Do Cryptocurrencies Provide Anonymity?
In the early days of Bitcoin, it was widely believed that using the cryptocurrency was anonymous. At first it was, but gradually governments have required exchanges to become licensed and for users to undergo Know Your Client processes. This means that there are many wallet addresses that have a known owner.
Addresses and transactions are both visible on the blockchain which means that if a person or company has the right skills and tools, they can learn a lot from this data. It also means that if someone wanted to use a service like a betting site and to keep it a secret from their spouse, or their employer, this is possible, but if they wanted to keep it a secret from their government, this would be unlikely. Therefore, cryptocurrencies provide quasi anonymity.
Bitcoin Cash And Betting Sites
There are many countries in the world where a normal bank account can be quite difficult to open, or where making a payment to a certain type of business – such as an online bookmaker – can cause the bank account to be closed. For people in situations like this, cryptocurrencies provide access to products and services that they might not otherwise have.
How To Make Deposits And Withdrawals Using Bitcoin Cash?
Since Bitcoin Cash is a peer to peer network there are actually many ways to access it. The two most common would either be to buy cryptocurrency through an exchange – such as Coinbase, Binance or Kraken – or to use a “local” service – such as local.bitcoin.com – to buy from someone using cash.
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Either way, Bitcoin Cash would need to be placed in a wallet – a digital address that you control – before it can be sent to the betting site of your choice.
As a customer, you would need to sign up to the betting site, select Bitcoin Cash as the payment method that you wish to use, then copy and paste the receiving wallet address from the bookmaker into your own wallet software to make the transaction.
How Secure Is Bitcoin Cash?
One of the very interesting aspects of cryptocurrencies is the level of security offered by the blockchain. Once a payment has been transacted, it is literally impossible to roll back or remake. If a payment is made incorrectly, the funds are gone forever.
In terms of network security, the high level and complexity of the Bitcoin Cash blockchain makes it more secure as a payment method than the normal banking system.
From a user perspective, the most important aspect of security relates to the physical access and password on their wallet(s). Since there is no central authority – such as a bank – organizing and maintaining their wallets, users have to be responsible for their own security. Under most circumstances this is no problem, but there can be times where details are compromised or forgotten.
What Are The Fees To Use Bitcoin Cash?
As noted above, most transactions in BCH complete for a fee of under US$0.01. With fees so low, there is really no discussion about competing on a cost basis.
However, the reality is that cryptocurrencies are still more work to get setup and use than more traditional payment methods – such as PayPal or a bank account.
Therefore, there probably needs to be another reason for a person to wish to get started in crypto to be used on betting sites. These reasons might be that access to banking, or betting sites, or both, is restricted in some way, or that the customer wishes to maintain an additional level of privacy – perhaps because they share a joint bank account with a spouse. In these circumstances, the cost is not financial, it is time. It will take extra time and effort to get started in cryptocurrency, that might not otherwise be required if you already have access to normal banking facilities.
- Is it safe to use BCH for betting sites? Yes, however, there is more technical knowledge required than when using a normal bank account. The most important risk to avoid when using BCH for betting sites is to be sure that the correct wallet address is used. Using the wrong wallet address will lose the funds forever.
- Do I have to verify anything when using BCH? This depends on how you acquire your Bitcoin Cash. If you use an exchange, then you will need to undergo KYC with the exchange. If you buy via a “local” service, then this step will often not be required.
- How long will it take before my deposit is received by the betting site? Bitcoin Cash transactions are normally processed in the next block, which are usually created every ten minutes or so. For the transaction to be fully confirmed, so that it cannot be reversed, usually takes another six blocks. This means that your payment to a betting site ought to be confirmed fully in just over one hour. Sometimes it might take a little longer, depending upon how long there is between each block at the time of the transfer.
- How long will it take before my withdrawal is received from the betting site? As you can see, the transaction time is very fast when using Bitcoin Cash. Therefore, the only issue is how long it takes for the internal processes of the bookmaker to send your withdrawal to you. Online bookmakers usually provide a service standard of either 24 or 48 hours to process a withdrawal.[/infobox-grey]
Bitcoin Cash Betting Sites Tips
- There are a wide range of reasons that one betting site might be better suited for you than another. The range of payment methods accepted by the bookmaker is just one factor. Others include the range of sports and depth of their markets and the bonuses offered to new customers. We recommend that you consider your choice carefully before signing up.
- From time to time companies add or remove fees for customers. It is very unusual for an online bookmaker to charge a fee to receive your deposit, but sometimes it does happen. Be careful to check whether the betting site adds any fees for Bitcoin Cash transactions.
- It is also important to check the payment limits of your preferred method with your chosen betting site. Bitcoin Cash wallets typically have no transaction limits at all. This means that any transaction limits will be set by either, or both, of the cryptocurrency exchange or the betting site.
Our Conclusion
Using Bitcoin Cash as a way to fund your betting site account is very possible to do. However, there need to be additional reasons to use it as your currency of choice. Deciding to use BCH limits the number of bookmakers in Canada that you can bet with, it also requires additional knowledge and steps to make work when compared to a normal bank transfer.
However, if you require additional privacy than can be provided by a normal bank account, or because of your personal or national situation, then Bitcoin Cash might be the payment solution for you.