Bitcoin Cash

Bitcoin Cash is a peer-to-peer electronic currency that was originally launched in 2017 by Haipo Yang, one of the earliest Bitcoin investors. Although BCH is part of the same blockchain as Bitcoin, it is important to note that Bitcoin Cash and Bitcoin are two entirely separate crypto tokens. Known for its speed, digital flexibility, and low fees, Bitcoin Cash has gained immense popularity with both retailers and investors. If you’re looking to get involved with one of the most practical utility tokens available, you can count on BCH.

There are 27 crypto trading sites that support Bitcoin Cash, and 385 crypto casinos accept Bitcoin Cash as a deposit method, as seen in the toplists below.

Summary

One attractive aspect of Bitcoin Cash is that it is already integrated into numerous crypto exchanges and ecosystems. If you encounter a site that accepts cryptocurrency payments, it’s highly likely that Bitcoin Cash will be one of the available methods. Like other tokens, Bitcoin Cash has a fixed supply of 21 million coins, ensuring that issues such as inflation aren’t a concern. The user-friendly, decentralized nature of this currency provides all the benefits of standard crypto tokens, and thanks to its near-universal presence, it is arguably one of the most practical cryptocurrencies for everyday transactions. Let’s explore in more detail what makes Bitcoin Cash so unique.

What is Bitcoin Cash?

Let’s now move on to the “meat” of this article. What exactly IS Bitcoin Cash? BCH is recognized as a “hard fork” within the larger Bitcoin blockchain. However, BCH can also be used on the Lightning Network, which facilitates faster transactions.

The BCH token emerged from the desire of some original Bitcoin holders to create a system that allowed for greater volumes of crypto transactions at any given time. When most nodes rejected this idea, BCH was created as a solution for those who still wanted a system capable of supporting higher transaction volumes, without completely departing from the BTC blockchain. One notable feature of BCH is that it can process many more transactions per second (around 100) compared to Bitcoin. Additionally, BCH is known for having a larger block size of 32 MB, while Bitcoin blocks are limited to 1 MB.

Costs When Using BCH

We’ve already established that transaction speeds are relatively fast, sometimes supporting more than 100 transactions per second. However, there are times when this rate can be negatively affected. A common issue involves network congestion, which occurs when a transaction bottleneck happens. Other factors can include the mining power directed at mining a specific block. Despite these occasional delays, BCH transactions remain relatively fast compared to BTC and many other cryptocurrencies, making it an ideal solution for practical use cases. However, e-wallets may charge additional fees and commissions, so be sure to research this in advance.

Bitcoin Cash (BCH) Deposits: How do They Work?

So, how does an average deposit work? Let’s break the process down into a few simple steps:

1. Select BCH from the list of deposit or funding options.
2. Choose the amount you wish to deposit into your account.
3. Verify the transfer when prompted. This may include sending a one-time SMS, using facial recognition software, or completing a KYC (Know Your Client) verification.

Once again, keep in mind that depositing Bitcoin Cash into an account could incur third-party crypto wallet fees. The good news is that most services accepting BCH, such as Bitcoin Cash casinos and e-commerce platforms, typically do not charge any commission.

Transaction Speed for BCH

The transaction speed for BCH can vary significantly depending on the wallet or exchange used. For example, CryptoChipy tested the transaction from Crypto.com and was disappointed, experiencing over 3 hours of delivery time to Ledger. However, when using the Lightning Network, transactions are much quicker, especially when using services like Bitpay, Bitcoin Cash

Which are the main countries where Bitcoin Cash (BCH) is used?

As a general rule, Bitcoin Cash is accepted anywhere that permits standard Bitcoin transfers, as both tokens use the same blockchain. Some examples of regions where BCH is accepted include the United States, Canada, the United Kingdom, and the European Union. However, some countries, such as China and Saudi Arabia, do not permit Bitcoin Cash transfers.

Can You Withdraw with Bitcoin Cash (BCH)?

Similar to other cryptocurrencies, not all e-wallets support Bitcoin Cash withdrawals. Therefore, the answer depends on the software system you’re using. Some platforms that allow BCH withdrawals include Bit2Me, YouHolder, Ledger Nano S, and Coinbase. If your platform doesn’t support BCH withdrawals, you might need to withdraw your funds using another cryptocurrency or transfer the balance to an existing bank account. Be sure to do some research when selecting the best BCH crypto wallet. However, if a Bitcoin Cash casino accepts deposits, they will also accept withdrawals, so there’s no need to worry.

The Reputation of Bitcoin Cash (BCH)

Thanks to its connection with the Bitcoin blockchain, Bitcoin Cash has gained significant popularity in recent years. With its larger transaction sizes, it is used by platforms that aim to provide efficient payment solutions to their users, such as crypto casinos. Some experts argue that Bitcoin Cash is more suited for smaller deposits due to the time it takes to complete a transfer. However, the main alternatives to consider are Bitcoin and Ethereum.

Bitcoin Cash FAQ

Here are some of the most common questions that CryptoChipy received about this deposit method.

How safe is BCH when compared to other cryptocurrencies?

Bitcoin Cash uses many of the same security protocols as well-known cryptocurrencies. However, it is important to always use a trusted exchange and a reputable e-wallet to minimize potential risks.

How long will a transaction take to complete?

Assuming there is little network congestion, a typical Bitcoin Cash transaction will take between ten and twenty minutes to complete.

Is this token limited to certain smartphone operating systems?

This depends on the specific e-wallet you are using. However, most modern apps support both Apple and iOS devices.

Will the value of these tokens rise over time?

Like other cryptocurrencies, the value of Bitcoin Cash depends on various factors such as volume, the number of owners, demand, and mining capabilities. It’s always wise to follow the latest news compiled by the team at CryptoChipy for updates.