In recent years, the rise of cryptocurrencies has been a major disruptor to global financial markets and industries like online gaming. Among digital currencies, Bitcoin (BTC) and Bitcoin Cash (BCH) stand out, especially for their use in gaming platforms. When used for gaming, each offers various advantages.
Since they were distinguished back in 2017, Bitcoin Cash and Bitcoin have each evolved distinctly from their common origin. This differentiation is crucial for gamers and online gambling enthusiasts, as it impacts their gaming experience, transaction speed, and overall costs. Bitcoin Cash casinos frequently highlight advantages such as reduced transaction fees and quicker processing times, making BCH an appealing choice in the gaming sphere.
Differences in Their Speeds and Block Size
Bitcoin is used extensively in the iGaming industry, but many players may not be aware of Bitcoin Cash, in this context, as a better alternative. Michael Graw highlights the best Bitcoin Cash casinos that offer superior gaming experiences, noting that it’s a cheaper and less congested alternative. The reason is that Bitcoin and Bitcoin Cash differ significantly in their block sizes, which is the primary distinguisher between the chains. Bitcoin maintains a 1 MB block size, accommodating approximately 7 transactions per second. This constraint often causes network congestion and higher transaction fees during periods of high demand.
In contrast, Bitcoin Cash started off using an 8 MB block size. This was later expanded to a whopping 32 MB. This larger capacity enables BCH to handle up to 100 transactions per second, effectively mitigating congestion and lowering transaction expenses.
Bitcoin’s solution for addressing its scalability issues is through systems like Segregated Witness (SegWit) and the Lightning Network. These prioritize off-chain transactions to ease network congestion. Although effective, these solutions can be intricate and demand additional setups.
On the other hand, Bitcoin Cash advocates for on-chain scalability, advocating that transaction data should stay within the blockchain. This approach is crucial for reducing transaction fees and advancing quicker processing times, benefits that are vital for gamers seeking rapid and economical transactions.
Bitcoin is More Suited to Being a Store of Value
While often referred to as “digital gold,” Bitcoin can be used as a store of value and is sometimes more suited to this function than being a universally viable means of exchange. Bitcoin, or BTC is characterized by:
- Higher transaction fees. Some transaction fees can be as much as $50.
- Slower processing times.
- Ideal for less frequent, small transactions.
These traits make the currency less suitable for the transactions commonly made in gaming environments. Bitcoin’s focus on security and decentralization ensures its value retention over time, appealing to investors looking to hold their assets long-term.
Bitcoin Cash aligns more closely with cryptocurrency’s original goal for use as a peer-to-peer electronic cash system. BCH offers the following advantages:
- Prioritizes usability for everyday transactions;
- Offers lower fees. Fees are seldom more than $10, as reported by Ted Late from CoinCodex;
- Offers faster confirmation times.
These characteristics make BCH more suitable for gaming and other real-time applications. The commitment to on-chain scaling and maintaining low fees positions Bitcoin Cash as a practical choice for gamers and online casinos.
Gaming Experience: Bitcoin vs. Bitcoin Cash
For gamers, the speed and cost of transactions are paramount. Bitcoin’s propensity for lagging with transaction times can be frustrating for online gamers who are more accustomed to a fast-paced experience. Fees for the Bitcoin network are also prone to being far more expensive when transaction numbers are high, making microtransactions less feasible.
Conversely, Bitcoin Cash’s larger block size allows for quicker transactions and significantly lower fees. This efficiency makes BCH an attractive option for online casinos and other gamers who need swift, cost-effective payments. The ability to process more transactions per second without substantial fees enhances the overall gaming experience, making it smoother and more enjoyable.
Bitcoin’s widespread recognition and larger user base provide a broad acceptance across various platforms, including major online casinos. However, the increasing adoption of Bitcoin Cash by gaming sites is noteworthy. Many Bitcoin iGaming sites now accept BCH due to its lower fees and faster transaction times, offering an equally reliable gaming experience.
Security is a critical concern for any financial transaction. Bitcoin’s longer history and larger network make it one of the most secure cryptocurrencies available. According to David Rodeck from Forbes, Bitcoin Cash is less secure than Bitcoin. Its conservative approach to changes ensures stability and security, making it a trusted choice for long-term value storage.
Bitcoin Cash, while newer and less widely recognized, also offers robust security features. Its network, although smaller, is capable of providing secure transactions. The focus on maintaining a low-cost, high-speed transaction environment makes BCH particularly appealing for gaming applications, where rapid and secure transactions are essential.
Conclusion
Both Bitcoin and Bitcoin Cash have factors that distinguish them and make them good fits for the gaming community at large. Bitcoin’s strong security and wide acceptance make it a solid choice for those who prioritize stability and long-term value. However, for gamers and online casino enthusiasts who seek quick, low-cost transactions, Bitcoin Cash stands out as the superior option.