The news seems to be full of stories about Bitcoin and cryptocurrencies lately. Some say the whole thing is a crazy speculative bubble, others believe that digital currencies will be the future of finance and a potentially world changing technology. The truth probably lies in between these extremes. As with any revolutionary technology, people try to find ways to get rich off the hype.
You can see it now with the craze for initial coin offerings. There are new projects coming out every day that are buzzword heavy and promising the earth. Most are little more than get rich quick schemes from their creators and a huge number of them have already failed or simply disappeared.
One thing remains consistent in cryptocurrencies, however – Bitcoin’s dominance. There are lots of reasons for this but the most important is that Bitcoin is completely anarchic. There is no single leader, no single point of failure, and this makes it very powerful and completely unique. Now that the cat is out of the bag with cryptocurrencies, the grass roots growth of Bitcoin couldn’t be recreated. There is just too much attention around the whole space.
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What is Bitcoin Cash?
Bitcoin Cash, for its proponents, is the original Bitcoin. According to those who created it back in August 2017, it is closer to the original vision of Bitcoin’s anonymous founder Satoshi Nakamoto. There are some important reasons why most of the community isn’t united around this idea though. To understand them, we need to understand how and why Bitcoin Cash was created.
Bitcoin Cash was created from the original Bitcoin by a process known as a hard fork. The Bitcoin network is secured by computer systems known as miners. These miners validate transactions on the network. They also enforce the network’s rules. If some of these miners decide to change the rules and some do not, a hard fork results. This creates two copies of the blockchain, the first keeps the original network’s rules, the second runs with the split off group of miners using a different set of rules.
This is what happened in August 2017. Pretty much the entire Bitcoin community wanted to increase the network’s capacity to handle more transactions. This is because the cost of transactions had increased to a point that the network was unusable for small transactions. Every transaction on the network pays a fee to the miners to incentivise them to secure the network. If there are too many transactions occurring, there is a backlog of transactions and they essentially queue in what is known as a memepool. The miners automatically choose the transactions with the largest fees attached to validate first. This creates a race to the top in terms of the cost of fees. Fees on the Bitcoin network reached levels of $40-$50 in the spring of 2017 – obviously, this is unacceptable.
There were various methods proposed to scale the network (increase the numbers of transactions occurring on it). One was known as SegWit and one was to increase the size of the blockchain’s blocks. The group in favor of the block size increase started to mine their new rules in August 2017. This caused a fork in the network and the new coin, Bitcoin Cash was created. Since the split and the two scaling solutions have been implemented, both networks now have manageable fees again today.
The reason the entire community isn’t united around Bitcoin Cash is that there is fear that the solution will lead to centralisation. Since the blocks on the Bitcoin Cash network are 8MB instead of 1MB, the miners need to run much larger computer systems with far more memory. Obviously, this memory is expensive. The fear is that eventually, only the richest miners will be able to afford to download the entire blockchain and thus, the network will be controlled by the wealthy few.
Despite these problems, for now, Bitcoin Cash is a viable cryptocurrency for payments online for goods and services. One of these services is a no deposit Bitcoin Cash casino.
What is a No Deposit Bitcoin Cash Casino?
A no deposit Bitcoin Cash casino is an online casino that you can actually win Bitcoin Cash at without making a deposit. These promotions allow you to get some first-hand experience using cryptocurrencies without using any of your actual money. You can see how bets are made and how winnings are paid. If you’re lucky, you’ll be able to make a withdrawal with Bitcoin Cash too and see for yourself how great cryptocurrencies are for making payments online.
Why Play at a No Deposit Bitcoin Cash Casino?
There are lots of reasons to use a no deposit Bitcoin Cash casino. The first and most obvious is the chance to win some cryptocurrencies without spending any of your own money. If Bitcoin Cash ends up as valuable as Bitcoin one day, this could turn into a huge amount of money too!
After the initial promotion at the no deposit Bitcoin Cash casino is finished, there are loads of good reasons to continue playing with the operator too.
Permission-less and Borderless
The best thing about cryptocurrencies like Bitcoin Cash is that no one needs to give you permission to use them. They also work across national borders in a way that bank transfers struggle to. These factors are ideal for those wanting to play at an online casino for a number of reasons:
- People who don’t have bank accounts can use Bitcoin Cash to play at an online casino. All you need is an internet connection. That’s literally it!
- If you live in a country with harsh regulations surrounding online gambling, you can still use Bitcoin Cash to deposit at an online casino. Perhaps gambling is illegal in your country or perhaps the government charge some obscene level of taxes on your winnings. With a few tools, such as a VPN, you can easily get around this oppressive legislation.
- Withdrawals are much faster since they don’t usually require anyone’s permission to make. This has the added bonus of reducing the amount of trust that you need in an online casino. For example, regular players don’t need to keep large bankrolls online and hope that the casino is still there in the morning. Instead, they can deposit a small amount and play with that. They can then withdraw any winnings within less than ten minutes or deposit some more cash if they run out of funds. This is great for online poker players who traditionally would keep massive amounts of money online to fund their playing.
Pseudonymity means that it can be difficult to trace who is using Bitcoin Cash. If you use certain tools to conceal your identity further, this can make it virtually impossible to tell who is playing at the online casino. This also promotes freedom from government oppression. In countries where gambling is illegal, you can still enjoy a punt at a no deposit Bitcoin Cash casino thanks to their almost anonymous qualities. Just read up on peer-to-peer exchanges and using a VPN first and you will be spinning the reels in no time!
Cheaper Transactions Mean Better Bonuses!
Since the casino doesn’t need to pay for Visa and MasterCard transactions, there are much fewer overheads that the operators themselves need to pay. This sounds like it would only be great for the casino themselves but to stay competitive, they have to get creative to lure new players in. This means higher return-to-player ratings and juicier bonuses! It’s not uncommon to see the Bitcoin Cash equivalent of a 200% welcome bonus on $1,000 or $2,000. When compared with regular online casinos, these figures are huge! Also, expect to see slots with 98 or 99 percent RTPs on slots too! Nice!