Bitcoin Cash: Speed is everything to gamblers and Mega Moolah players
Online casinos willing to take cryptocurrency payments are gradually gaining a larger share of the gambling market as players look to do what they do without using fiat, their bank accounts, or their credit cards. Gamblers can now play their favorite games, including Mega Moolah, with a range of digital coins including Bitcoin, Litecoin, and Ethereum.
If you are a fan of playing Mega Moolah using digital currency, we invite you to consider Bitcoin Cash as a payment system. It has a lot to offer in the gambling marketplace. We also invite you to consider buying Bitcoin Cash (BCH) for future play while holding on to your Bitcoin (BTC) to take advantage of its value storage.
As we progress through this post, we will be discussing some of the fundamental principles of how cryptocurrencies work. If you have never taken the time to learn about crypto, you might find this portion of the discussion quite enlightening. For those who are experienced crypto users, the more important discussion is why BCH is the perfect digital currency for playing Mega Moolah.
Only four platforms
As things currently stand, there are only four distinct platforms that power all the world's cryptocurrencies. These are Bitcoin, SegWit, Ethereum, and Ripple. Believe it or not, Bitcoin does not run on the platform bearing its name. Rather, it runs on the SegWit platform. Bitcoin Cash, on the other hand, is on the Bitcoin platform.
This only makes a difference if you are interested in the original fork that created separate Bitcoin and Bitcoin Cash tokens. Otherwise, the platform is irrelevant for casual investing and spending. With that said however, it must be noted that the Ripple and Ethereum platforms are not true crypto platforms.
Ripple is essentially a payment platform dominated mainly by commercial banks and their settlement operations. Ethereum was created as a blockchain app development platform. Neither platform does cryptocurrency as well as the Bitcoin platform. As for SegWit, it has some limitations that rear their ugly heads when those cryptos based on it are used as monetary systems.
Bigger blocks, faster speeds
The fork that created Bitcoin Cash was the result of a disagreement among several key Bitcoin players about the direction of the original Bitcoin project. Due to its architecture and design, that original project was eventually overwhelmed by volume. It did not have the capacity to handle the growing number of transactions taking place as investors started buying up bitcoins.
One camp wanted to alter Bitcoin's code in order to create larger blocks and speed up transaction times. Another camp wanted to address Bitcoin's limitations in a different way that would allow them to remain true to the original code. The two camps eventually split and went their separate ways.
Bitcoin Cash was birthed with bigger blocks and faster speeds. Following network upgrade in May 2018, blocks got even bigger and speeds got even faster. The BCH network is now capable of completing transactions in seconds and confirming them in mere minutes.
BCH and online gambling
This brings us to the main point of this post: why BCH is the perfect cryptocurrency for playing Mega Moolah; why it is the perfect cryptocurrency for online gambling in general. At the top of the list of reasons is speed. The BCH network is one of the fastest in all of cryptocurrency. There is something to be said about speed, whether you are a gambling operator or a player.
Next up is reliability. Some of the same problems that plagued Bitcoin at the time of the original fork still exist. Limited capacity is one of them. When Bitcoin trading is particularly heavy, the network can be completely overwhelmed. This slows transactions down considerably. Where you might make a BCH deposit in mere seconds, you could wait 10 minutes or longer for a BTC deposit to go through. If the system is too overwhelmed, the transaction may take hours.
Another thing to consider is that some of the bigger online gambling operators looking to create a gambling token already have their eyes on Bitcoin Cash. They have good reason for doing so. After last year's network upgrade, OP_Codes not previously supported by the Bitcoin Cash network suddenly were supported.
Without getting too technical, OP_Codes offer the capability of executing trustless wagers. This allows for completely automated bets that rely on smart contracts to execute. In essence, it is a capability that allows direct interaction between gaming software and cryptocurrency networks.
What does that mean practically? It means that both gamblers and operators can claim their cryptocurrency winnings immediately after a bet is placed and completed. Perfecting this technology would eliminate the need to convert cryptocurrency tokens into gambling credits, and then back again.
The Bitcoin Cash network is not capable of handling the volume of traffic that would be generated with the implementation of a gambling token. But its technology has proved that a pure gambling token is feasible. And because of that, more gambling operators are warming up to accepting BCH as a payment method.
Playing Mega Moolah with Bitcoin
Bitcoin Cash holds a technological advantage over Bitcoin as a payment system for online gambling. Between speed, block size and network reliability, Bitcoin Cash wins hands down. But let's talk about why gambling with Bitcoin may not be such a good idea. Let us look at Bitcoin as a store of value.
- Two views on Bitcoin
There are two ways to look at the Bitcoin network and the bitcoin it generates. The first aligns with Bitcoin's original intent: to be an alternative monetary system. Taking this view means you are acquiring bitcoins for the purposes of using them to pay for things. You might use your coins to play Mega Moolah from your home in Canada or cover some of your holiday expenses in New Zealand.
The other view is that Bitcoin is a store of value. What does that mean? It more or less means that Bitcoin is an investment. You purchase and then sit on it, in the hope that the price will increase down the road. You may continue holding your coins in order to allow more value to build. Or you may decide to sell at some point so you can get your cash back out.
It has been argued that Bitcoin really has no utility as an alternative monetary system. That argument is based on the fact that widespread adoption of Bitcoin payments still has not been realized some 10 years after BTC was first released to the public. And yet people keep buying BTC at prices in excess of $10,000.
They do so because they see the value of BTC in future price increases. They buy coins because they believe they can make money off them. So just like conventional investors purchase stocks and bonds, Bitcoin investors load up on BTC. This makes a difference when you are talking about playing Mega Moolah with Bitcoin.
- Spending reduces value
Every time you spend Bitcoin, you are reducing the value of your digital wallet. Less Bitcoin in your wallet means you are not making as much profit as prices go up. Therefore, it's better to keep your bitcoins if you are relying on them as a store of value. You are not storing value in something you are spending.
On the other hand, Bitcoin Cash does not have the same appeal as a store of value. If you don't think that's true, just compare the market capitalization and trading price of the two coins. It's clear that investors are not purchasing BCH at the same level as BTC. But that's okay. BCH is actually gaining ground as a payment system.
We say all that to say this: it makes more sense to hold on to your BTC and treat it like an asset. If you want to play Mega Moolah using a cryptocurrency deposit, buy some BCH instead. And don't worry, there are plenty of online casinos that gladly take BCH deposits - here is one we have reviewed.
The future crypto gambling
Anyone worried that cryptocurrency has no future in the online gambling world probably doesn't have a clear understanding of the history of cryptocurrency. Cryptocurrency and online gambling have long enjoyed a mutually beneficial relationship. Indeed, online gambling accounts for the lion's share of cryptocurrency payments today.
Cryptocurrency is now so embedded that it is here to stay. It is not going anywhere. This suggests that the entire online gambling industry will be on board with it at some point in the future. Unless something changes on the Bitcoin network, said future adoption is going to be found in some other coin. That coin is likely to be Bitcoin Cash or something similar.
Bitcoin Cash is the perfect cryptocurrency for playing Mega Moolah online. If you already own some BCH, make a deposit and take a shot at the Mega Jackpot. Hold onto your BTC as an investment. Using both coins the way they are best used offers you maximum advantage.
Byline: This article was published by Mega Moolah expert Henry. Media and other enquiries.