Crypto casinos are accumulating a large player base thanks to the easier payment option that involves cryptocurrencies.
There are plenty of crypto casinos on the market, and each of them offers different options when it comes to the cryptocurrency involved in the games.
Among the most popular options among online crypto casinos, which you can find, for example this website offers, are Bitcoin and Bitcoin Cash.
But if you are not a crypto-guru or don’t know much about the crypto space, you might be wondering what the difference is between these two cryptocurrencies and which is better for online gambling.
Let’s find out.
Difference Between Bitcoin and Bitcoin Cash
Before we can decide on which crypto option is better for you, we have to look at the differences between both cryptocurrencies.
The blockchain of Bitcoin Cash is similar to that of Bitcoin. In August 2017, a “hard fork” of the Bitcoin blockchain launched the coin.
In order to allow Bitcoin to process a greater volume of transactions, some Bitcoin blockchain participants proposed altering the rules. There was a majority vote against changing the rules, resulting in the hard fork, creating two blockchain paths with a common origin: Bitcoin and Bitcoin Cash.
Although Bitcoin (BTC) remains the most popular cryptocurrency, it is not without flaws. As a result, it is not very useful for payments because it allows a relatively low volume of transactions per second.
A cheaper, faster way to process payments was offered by Bitcoin Cash (BCH) in 2017. Currently, Bitcoin Cash ranks among the top 30 cryptocurrencies in the world.
1. Different Missions
Bitcoin Cash is more open to hard forks and innovation than Bitcoin, which does not promote hard forks or push upgrades. In recent years, Bitcoin has attempted to scale by implementing the lightning network and SegWit.
The Lightning Network allows for faster transactions at lower fees by utilizing user-generated payment channels off the main chain. Despite slow adoption, it can speed up Bitcoin transactions to 15 million per second.
2. Smart Contracts
Unlike Bitcoin, Bitcoin Cash supports smart contracts by implementing Cashscript and other languages. CashSuffle and CashFusion are the two smart contracts currently running on Bitcoin Cash.
Therefore, to support Defi protocols, Bitcoin is investigating smart contract capabilities.
3. Fee Transactions
The Replace by Fee feature in Bitcoin allows users to replace stuck transactions with others for higher gas fees. By requiring all the same outputs in the transaction, RBF systems can make transactions faster and prevent double-spending. A few confirmations from the network are also required for it to be possible.
Which is Better for Gambling?
Considering all the advantages and disadvantages of both cryptocurrencies, Bitcoin Cash provides more options for the gambling industry. Not only is it more scalable, improving the innovation in games featuring smart contracts, but it is also more convenient to use on everyday transactions.
Due to the low price and high volume, Bitcoin Cash is a more everyday currency that has faster transaction time and lowers fees.
This is crucial for the crypto gambling industry as players want to get the most of their profits back without wasting them on gas fees.
Bitcoin, on the other hand, is the most popular cryptocurrency in the world. This brings many advantages to the table, such as availability. Nowadays, most online crypto casinos allow betting with Bitcoin, whereas Bitcoin Cash is offered by fewer casinos.
Additionally, Bitcoin is a good store of value, meaning that the coin’s future is promising, and players might get big returns as the price of the asset rises.
Last but not least, even though Bitcoin Cash is a smaller cryptocurrency, it still remains far less stable than Bitcoin. This means that if you analyze risk, it is much harder for Bitcoin to disappear, especially after the huge adoption by corporations compared to Bitcoin Cash.