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Bitcoin vs Bitcoin Cash: Which Is Better for Online Gambling?
June 22, 2022
Bitcoin vs Bitcoin Cash: Which Is Better for Online Gambling?
June 22, 2022
Use the Differences Between Bitcoin and Bitcoin Cash to Your Advantage
Did you know that Bitcoin and Bitcoin Cash were created for different purposes? Bitcoin is regarded as a store of value and an inflation hedge, whereas Bitcoin Cash was created to serve as more of a digital cash currency. In online gambling, characteristics of both offer some benefits, but also a few downsides when comparing one to the other.
To understand whether Bitcoin or Bitcoin Cash is the better choice for gambling online, we must first delve into the technical differences between the two cryptos. We’re about to get a little techy, so bare with us – you won’t be sorry!
How does Bitcoin Cash differ from Bitcoin?
Both currencies are built on the same blockchain, though Bitcoin emerged earlier as the world’s first cryptocurrency in 2009. However, since its release, Bitcoin has stumbled upon a few setbacks closely related to its structure – slow network speeds, high transaction costs, and general scalability.
In an attempt to address these issues, a hard fork (a radical change to the protocol that effectively results in two blockchain paths, one that follows the previous protocol and one that follows the new version) was created. With it, Bitcoin Cash was born and implemented as a digital cash currency following the new protocol.
BCH is composed of a larger block size – currently standing at 32MB and processing about 200 transactions per second, whereas Bitcoin operates with only 1 MB of data, processing around 4 transactions per second at most.
Another advantage of the implemented scalability is lower transaction costs, dropping from an average fee of $59 for Bitcoin to less than a cent for Bitcoin Cash, as less miners are needed to process and confirm transactions. That means you’ll save more funds after depositing to play online casino games, which is a benefit certainly worth considering.
However, even Bitcoin Cash has its drawbacks: its security is potentially weaker because as mentioned, it requires fewer miners. This means that the verification and confirmation processes are shorter than those of Bitcoin, which makes for faster transactions, but not as secure.
The latter is also more established, offering a greater number of Bitcoin Casinos to choose from. But BCH doesn’t seem to be far behind, as you can use BCH for online gambling at Punt Casino and many lesser brands as well.
Choosing Bitcoin vs Bitcoin Cash for online gambling
When choosing among the two for your online gambling ventures, consider that withdrawals are faster and cheaper with Bitcoin Cash. This means that BCH is more suitable for smaller transactions, while BTC transactions prioritize security, making it a better option for bigger sums.
The best method to choose among the two is therefore to evaluate whether you need fast transaction speed and low transaction fees, or tighter security in your crypto transaction. Weighing up the pros and cons is very important!
If you’re making frequent deposits and withdrawals with lower amounts, Bitcoin Cash might be the better option. You’ll have speedier transactions at a cheaper rate. If you tend to store your funds in your casino account and deposit larger amounts, for example, to claim bigger casino bonuses, then Bitcoin may be the better choice.
They’re both part of a decentralized money system which cannot be altered in any way by a single entity. This protects against fund confiscation, censorship and devaluation, and sharing a value of public access and transparency highly.
BTC vs BCH Summary
◦ Bitcoin Cash transactions are considerably cheaper than Bitcoin transactions.
◦ BTC offers higher security, making it the better option for larger transactions and long-term investments.
◦ Bitcoin is accepted by a larger variety of online casinos than Bitcoin Cash.
◦ BCH has a larger block size at 32MB, as opposed to Bitcoin’s 1MB, allowing it to process more transactions per minute than Bitcoin, resulting in faster deposits and withdrawals at online casinos.
◦ Both are decentralized currencies, and either one is a cheaper, faster, and more secure payment method than using traditional fiat currencies.
Crypto offers many advantages over fiat currency for the user
Advantages of gambling with Bitcoin and Bitcoin Cash
You can take advantage of the benefits of gambling with Bitcoin and Bitcoin Cash when playing online at Punt Casino. These benefits include faster, safer, and cheaper transactions – not to mention bigger bonuses than most fiat casinos can offer.
If you’re new to crypto, check our top 5 crypto wallets for online gambling to make sure you choose a reliable and trustworthy option. And if you want to know a little more on how to deposit Bitcoin and Bitcoin Cash at Punt, our Bitcoin Guide will set you on the right rack.
Use Bitcoin and Bitcoin Cash to your advantage at Punt Casino
Now you should be able to make the choice between gambling with Bitcoin or Bitcoin Cash, with a few more tricks up your sleeve to make each one’s benefits work for you.
But for now, there’s a whole world of online gaming fun waiting for you at Punt. So it’s time to sign up and make your first deposit, claim your 150% welcome bonus and 500 free spins (with Bitcoin OR Bitcoin Cash deposits), and put the benefits of crypto gambling to good use at Punt Casino.
