After being properly introduced to the market, Bitcoin gradually gained more and more fans and users as a new, fast, cheap and safe online payment system. Online stores, gambling destinations and service providing companies, as well as many others eagerly included the crypto-currency into their banking options. More and more people got involved by using, earning, selling.
The result of the boom brought effects opposite to those introduced by the original concept. Due to a small 1MB block that the developers didn’t want to make bigger, Bitcoin became a slow and expensive method, where if you don’t have extra to offer bigger service fees, you can wait for completion of your financial transactions for quite a long time.
How so? In order to receive cash, users of the system had to make their withdrawal requests included into the block – metaphorically, a virtual elevator to the top floor. Those not willing to wait could offer higher fees and get into the elevator faster. Others, preferring cheaper solutions, could simply wait for the next elevator to come. Considering all the hype around the digital currency, though, the line became longer, and to get to the front of it cost more and more money.
As a result, in August 2017, the Bitcoin Cash, known as BCH or BCC, was introduced. Some experts say it brings back the values originally written in the Bitcoin Whitepaper – being an electronic peer-to-peer cash system, where as the prognosis of Bitcoin Core will return to what it was created for in the first place – not a payment method, but a storage.
Bitcoin Cash is still as safe and secure, as its predecessor. It still ensures anonymous status due to the absence of verification procedures. Rights of the clients are still protected by the non-reversibility. It means that once the withdrawal was approved, it cannot be claimed back by the sender.
The biggest and most significant difference is that BCC introduces 8 MB blocks as opposed to the 1 MB ones for BTC. This makes cashouts much cheaper and faster – up to ten minutes, as there is now enough room for everyone to fit into that metaphorical elevator.
The question is – how do you obtain BCC? Those owning BTC accounts had some of it automatically, the minute the division was announced. For most of those not possessing any, the procedure is quite simple – getting crypto-currency from the local buyers and sellers or going to major online exchanges.
Free of a centralized approach, BCC is protected from the political or social instabilities or control.
Bitcoin cash fees, as mentioned earlier, are much lower than the ones offered for BTC. They can be adjusted manually based on preferences and budget, from as low as 2 satoshis per byte.
With all that being said, it is no wonder more and more players are gradually switching to Bitcoin cash gambling. While many of even reputable and experienced online operators receive complaints about slow or expensive withdrawals in regular currencies from time to time, BCC seems to be free from all these problems.