The online crypto casino industry is booming at the moment as we see many new online casinos that allow people to gamble using cryptocurrencies.
Just like regular online casinos, crypto casinos have different payment options when it comes to cryptocurrencies.
Among some of the most popular options are Bitcoin and Bitcoin Cash. For a newbie in the crypto world, this might be confusing since both cryptocurrencies have a similar name. Choosing the perfect cryptocurrency for gambling is really important, which is why we decided to highlight all the differences between Bitcoin and Bitcoin cash and find out which is better to use for online gambling.
But, before we dig a bit deeper into the pros and cons of each cryptocurrency and decide whether to go for Bitcoin betting or Bitcoin Cash betting, let’s take a detour and find out more about Bitcoin’s history and how it led to the establishment of two cryptocurrencies with the same name.
The whole idea behind Bitcoin was to create digital cash that anyone can use with close to zero fees and no permissions from central parties or middlemen. In other words, the first-ever cryptocurrency was designed to unite the world economically.
However, after Bitcoin started to get more popular and grew into a global phenomenon, the first problem can into question, which was scalability. People were divided about the future of Bitcoin, especially after all the attention it got, which forced two routes for the cryptocurrency.
When we talk about scalability in cryptocurrency, we refer to the maximum number of transactions that a network can handle in a given moment. For example, Visa can process 24,000 transactions per second, whereas Bitcoin, in its original form can process only seven.
This is where the two groups of people had different opinions, one group advocated for ‘off-chain’ solutions, while others wanted the original version of Bitcoin forbade any third parties from getting involved in the transactions.
The two opinions led to two different types of cryptocurrencies, which is when Bitcoin Cash was born. But which one is better to use for online gambling?
Bitcoin vs Bitcoin Cash for Gambling
In order to find out which cryptocurrency is better, we need to compare them into multiple sections like acceptance, transaction speed, security, and more.
In terms of which cryptocurrency is more popular in online casinos, there is no doubt that Bitcoin is more dominant than Bitcoin cash. Bitcoin’s popularity and its massive growth in the past couple of years led to a much bigger adoption of this cryptocurrency, which is why nowadays it is easier to find casinos that offer Bitcoin gambling rather than Bitcoin Cash gambling.
Processing times and transaction speed is very important when gambling online. If we take a look at both cryptocurrency transaction speeds, we can easily determine that Bitcoin Cash has the upper hand in this section.
This was actually the entire debate that initiated the split of Bitcoin, and Bitcoin Cash was created in order to process a mass number of transactions very fast.
If we go back to 2017 at the mass adoption of Bitcoin, we can see that the network busyness led to huge wait times that can go for 10 hours or more for each transaction. Bitcoin Cash never had such problems and payments are made virtually instantly.
So, if you want ultra-fast cryptocurrency, Bitcoin Cash is the better option.
Another important segment to look at is transaction fees, especially when we talk about gambling where it is really important to keep all fees at a minimum just to avoid them eating out your profits.
This is another area where Bitcoin Cash is more dominant. Just because it can handle more transactions at any given moment, the fees remain low at all times. Bitcoin transactions, on the other hand, can go very high, depending on the network business where people pay more fees for miners to process their transactions faster.
Bitcoin transactions can come as low as a few cents to $30, whereas Bitcoin Cash transaction fees have never risen above $1 and they are usually $0.003 per transaction.
Volatility is another crucial part of choosing cryptocurrencies for gambling that can have a direct impact on your profits. The price volatility determines how frequently the price of a digital asset like Bitcoin or Bitcoin Cash changes in a certain period.
It would be nice to receive a $1000 Bitcoin bonus to find out a couple of months later that the same bonus is now worth $20,000. Yet, it can also go the other way around where you can lose all your profits.
In terms of price volatility both Bitcoin and Bitcoin Cash experience big ups and downs. With that said, it is worth mentioning that Bitcoin is the cryptocurrency that managed to climb to a $60,000 value per coin, which has never been seen in the crypto world.
This makes Bitcoin a better cryptocurrency for a store of value than Bitcoin Cash.