Cryptocurrency is moving at an unexpected rate — no one can deny that. From shopping, fund-raising, and trading to traveling, education, and even gambling, cryptocurrency is being used in a wealth of Internet fields.
Out of the popular cryptocurrencies is Bitcoin Cash (BCH), which is a separately existent Blockchain that emerged from Bitcoin as a result of a hard fork. Launched into the cryptocurrency market on August 1, 2017, Bitcoin Cash has undoubtedly made a progress in endearing itself to traders, miners, developers, and enthusiasts who had craved for an alternative to Bitcoin’s scalability issues. This, at that time, was already beginning to take a toll on digital money transactions in general.
Now, BCH is being used in all sorts of online transactions — including deposits and withdrawals on gambling websites. There are many BCH casinos and poker sites available today but let’s look at BCH sportsbooks.
Just because a sportsbook claim to be accepting BCH, promises outrageous bonuses, have a number of positive reviews, or have existed in the sports betting industry for years is not be enough reason to use it. Truth is, there are myriads of Bitcoin Cash sports betting sites out there making promises of incredulous bonuses to be offered to you after you make your first deposit but dove afterward. How about some of the sites that have falsified their reviews to lure unsuspecting gamblers? You need to understand that some sites have nothing to offer but exist just to scam. Therefore, caution is advised.
One would expect it to debut with open embrace and applause but, unfortunately, Bitcoin Cash debuted with stiff opposition and criticisms from some cryptocurrency enthusiasts who were reluctant to accept the ‘twin BTC’ as a result of its pseudo-decentralization management.
However, most enthusiasts began singing a different song when a significant price surge in November 2017 moved the supposedly failed coin into second place on the most renowned cryptocurrency data source website, CoinMarketCap. By climbing up, BCH displaced the then-second and now-second coin, Ethereum (ETH).
This became more like a homecoming event as Bitcoin Cash’s critics started sourcing for information on how to be a part of it by getting a share. Having seen it has an enormous potential of being the likely successor of the king of cryptocurrency — Bitcoin (BTC) — in no distance time.
Today, betting on sports is more popular than ever. In the United Kingdom, the online gambling market (sports, casino, and poker) was estimated to be around £1.9 billion in 2010.
In 2003, ESPN The Magazine found that one in every four citizens of the United States is involved in sports betting once a year, to say the least. In addition, roughly 15 percent of the whole U.S. population place wagers on sporting events frequently and the online sports betting market is worth more than $60 billion, year in and year out. Incredible statistics for a country where gambling is widely illegal (illegal in some States, legal in some States).
In 2016, Nevada — one of the few States that has moved to legalize gambling in the United States — generated a whopping sum of $2 billion in betting revenue through more than 150 sportsbooks. You can only guess how this flattering figure is achieved, if not by gambling enthusiasts who enjoy anonymity in sports betting through cryptocurrency. (Nonetheless, sports betting is still behind casino and poker gambling in Nevada.)
Presently, there are over two hundred gambling sites which allow the use of BTC in sports betting. Yet, the same cannot be said of BCH because it is still relatively new in the cryptocurrency market. Even at that, the feats of this altcoin have been amazing for such short lifetime due to some of its perks over BTC: faster processing time and lower transaction fees. As a result, gamblers are beginning to opt for it as a mode of transactions in sports betting.
Nevertheless, there presently are no sportsbooks that accept Bitcoin Cash exclusively. Most accept the altcoin alongside other cryptocurrencies and/or fiat currencies. It is believed though that as BCH grows in popularity and builds momentum, it would become the preferred payment method for online sports betting and gambling activities in general.
The future of online betting can be projected based on recent statistics by The Bitcoin Strip. The stats showed a steady increase in the embrace of cryptocurrency as a mode of transactions in online gaming activities.
From 60 bets per second with 1.53 BTC or $390 wagered in the first quarter of 2015 to an average of 100 bets per second placed at 1.73BTC or $1,700 in the first quarter of 2017. (Employing the price of BTC in 2015 as against its price in 2017.) Considering that $1,700 was wagered on average, we can estimate that the crypto market generates about $13.5 million per year. This estimate does not include the turnover realized from non-prominent gambling sites; this would have increased the estimated amount.
Even though cryptocurrency has enjoyed a remarkable growth in the online gambling market, it should be noted that very few traditional, real-money online sportsbooks accept Bitcoin Cash and no sportsbook — that is regulated by a government agency in the United States — accepts Bitcoin Cash.
The number of online sportsbooks that process Bitcoin Cash transactions is minimal compared to Bitcoin. The latter has more widespread publicity and acceptance than any other cryptocurrency available. Bitcoin-only sportsbooks are numerous as well as casinos and poker sites; this is evidently understandable since BTC has been around longer than any other coin. In contrast, there are no Bitcoin Cash-only sportsbooks in existence at the moment. This is the case with Monero (XMR), Dogecoin (DOGE), and Dash (DASH) which have existed in the cryptocurrency market far before BCH.
Currently, BCH finds its place at number 4, coming after Ripple, which comes after Ethereum seated in second place behind BTC. In comparing trade volumes, market caps, prices, and other parameters of each cryptocurrency, we can easily conclude Bitcoin Cash — which is the youngest — has undoubtedly the highest rate of growth.
Bitcoin Cash has a higher processing speed than Bitcoin as confirmed by Bitcoin.com in late December 2017, when it placed the average processing speed of BTC at 34-1188 minutes as against BCH’s 8-19 minutes. Moreover, time variation depends on the sportsbook processing the transaction as each sportsbook has its own method of processing transactions.
Even with the fast processing speed of BCH, Ripple (XRP), Ethereum, Monero, and Litecoin‘s individual processing speed beats it with their processing speeds of 3 seconds, 14 seconds, 2 minutes, and 2.5 minutes respectively.
The block size limit of 1 MB set by BTC is the reason behind the slow rate in which it processes transactions and confirms them, often creating backlogs in the process. In addition, the most recent average amount of fees per block of BCH to BTC is $3.05 to $805.51 according to fork.lol. These make the choice of using BCH an easy one for gamblers keen on paying minimal transaction fees with faster processing times.
The resolution of the scalability issue of 1MB limit block size set by BTC was resolved by the launching of BCH’s 8MB limit size. This has been the most remarkable feat of BCH as it doused a lot of the hassles faced by miners, traders, and cryptocurrency enthusiasts.
BCH is the cryptocurrency of choice when you are interested in gaming without having to compete with other gamblers to have your transaction in a block.
In addition. BCH provides more flexibility to the difficult mining algorithm Bitcoin employs. With Bitcoin, changes can be made to the Blockchain algorithm just once every two weeks. With Bitcoin Cash, the difficult mining algorithm can be adjusted more frequently — another reason miners are relieved.
In using sportsbooks, there are numerous ways you could make deposits but very few ways to cash out. Most sportsbooks offer cash outs through Bank Transfer, MasterCard, VISA, Skrill, and Neteller if BCH option is not available. Some combine those methods with other cryptocurrencies.
Bitcoin Cash is growing in acceptability daily as top iconic brands are putting their weight behind it. So, we at WorldCasinoIndex are optimistic and hope to see more positive developments really soon.
When Bitcoin Cash first entered the cryptocurrency market, those with BTC were given an equal amount of BCH automatically. This made the rate of Bitcoin to Bitcoin Cash 1:1. However, due to market surges over time, BTC and BCH now have different prices, supplies, volumes, and market caps. As of April 10, 2018, the price of BTC to BCH is roughly $6,850 to $650.
One of the concerns of crypto-gambling enthusiasts has been the possibility of converting BCH to cash. Truth is, there are now exchanges willing to convert your BCH into fiat currencies (such as USD, GBP, and EUR) unlike when BCH initially hit the market. You could consider using exchanges like HitBTC, Poloniex, Kraken, ShapeShift.io, Binance, Changelly and Bittrex — and there are even more.
In contrast, due to the low exchange availability of Bitcoin Cash, some exchanges do not indulge in buying BCH or accepting fiat currencies in exchange for BCH. If you are at a loss of how to convert your BCH to cash, you could consider converting your BCH to BTC first and then converting the BTC to cash.
The conversion process might need a little research — but it is not cumbersome; you can learn it online or check out our Bitcoin Cash Casinos article. More so, if you plan to do away with your BCH due to personal reservations or market factors, kindly do a rethink.
When Bitcoin was first launched, several skeptics never believed it was worth anything good — but look at the price of Bitcoin today. Sometimes, something great often starts small; but looking at how much BCH has accomplished in so little a time, we would not call its strides at all.
Therefore, BCH is a competitive alternative to BTC as the ultimate cryptocurrency of the online gambling industry. The market share is not as huge as BTC, LTC, or ETH’s but it sure looks promising.
The mining fee of Bitcoin Cash as you probably know already is very minimal, which makes you pay less for transactions that would have cost you more if you were using BTC. Also, it is incredibly fast, excessively safe and really easy to use BCH for online sports betting.