Bitcoin Cash is a Bitcoin-based cryptocurrency as well as an upgraded form of the blockchain that became available in 2017. It is a platform that is secure and you can use many payments to access this cryptocurrency. Gradually, BCH has turned into a popular payment option for online gamblers in Australia and more and more players use it happily for funding their online casino accounts.
How Does Bitcoin Cash Work?
Similar to Bitcoin, BHC does not rely on any third parties, whether banks or other types of financial institutions. The main reason why it exists is to eliminate the periodical disruptions that Bitcoin owners were recording in relation to the faulty sustainability capacities of the system. When a huge number of Bitcoin users generate a lot of payment traffic, it leads to the overloading of the system. With Bitcoin Cash, this problem is solved.
The new Bitcoin Cash blockchain no longer uses SegWit, and it upgraded its blocks from blocks that were 1MB in size to blocks that are now 8MB, being introduced to the general public as a fresh and distinct cryptocurrency.
The Hard Fork
Bitcoin patrons started taking sides, with one side continuing to express their desire to boost scalability, and the rest wanting to focus more on holding on to the original characteristics of the cryptocurrency which made it so popular to begin with. These divergent opinions eventually led to the “hard fork” or the split between the two sides.
The supporters of the original Bitcoin, later on, implemented the SegWit2x measures meant to slowly gradually impact the blockchain and boost the system's scalability. This was achieved by switching all individual blocks from 1MB to 2MB.
Bitcoin Cash began offering faster and more affordable transactions per minute thanks to the new 8MB blocks, leading to the introduction of Bitcoin Cash payments that also started being embraced by top online casinos.
How Do Bitcoin Cash Casinos In Australia Work?
Casino owners seeking to attract more players and keep them coming back periodically are forced to stay up-to-date with the latest developments in the casino payment industry. This also means adopting Bitcoin Cash and adding it to their lists of available casino banking methods.
Using BCH To Make Deposits in Australian Casinos Online
Once a player has received his or her BCH tokens and has finished depositing them in their wallets online, they will be allowed to use them to complete deposits at their favourite online casinos for real money and play the freshest pokies or classic casino games.
Follow these next steps for a smooth process:
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Search for a casino that accepts Bitcoin Cash payments for making deposits and/or withdrawals. Keep in mind that while some casinos will allow you to make a deposit using BCH, they might require you to select a different cashout option for making a withdrawal. Our platform displays a vast array of casinos that will allow you to choose either of these alternatives, so take your time and go through our updated casino reviews to make your pick.
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Select a casino and sign up for a new player account. Registration only takes a couple of minutes and requires you to provide some basic information.
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Visit the Cashier or Banking section of the casino and locate the Bitcoin Cash options. Click on it or tap it and fill in all the details that will show up in a new window on the screen.
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Type in the exact amount of funds you wish to top your account with and fill in the address of your e-wallet where Bitcoin Cash coins are stored.
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This should trigger the indicated funds to automatically be credited to your account, and you should be able to start wagering.
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It is also possible to cash out your casino winnings in a similar manner, provided the casino accepts Bitcoin Cash withdrawals as well.
Perks of Using Bitcoin Cash
The fees are low.
This means you will only be asked to pay a small amount in order to show your support for the mining that will take place in order to keep your transaction anonymous and safe.
Security is at its best.
BCH relies on highly secure blockchain technology, which features top-notch encryption solutions that do not ask gamers to share their personal data. Third parties cannot access players' data, which would make Bitcoin Cash gambling safer and more advantageous than other types of gambling.
Versatility
Bitcoin Cash can be used in a great variety of e-commerce platforms, as well as online casinos and its advanced technology and sustainability are used as a framework for creating additional technologies.
Instant processing
Bitcoin Cash completes the processing of all transactions almost instantly, with a capacity of processing 7 transactions in under two minutes, making it more advantageous than other currencies and casino payment options.
Drawbacks of Using BCH At Online Casinos
Fluctuations in value.
Bitcoin Cash is also subject to the regular volatility that characterizes all cryptocurrencies, which means there will always be a degree of uncertainty associate to worry about.
The transactions cannot be reversed.
While Bitcoin cash does have a certain degree of stability, the fact that the transactions are irreversible makes this casino payment option a turn-off for some people. Since a simple typo mistake could make your funds vanish forever, some players would rather stick to credit card payments and other classic e-wallet alternatives instead.
Check out our updated list of Bitcoin Cash casinos today and start experiencing the benefits of this payment method on your own.