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New Crypto Currency “Bitcoin Cash” Launches
With the use of crypto currencies heating up around the online casino world, more and more of the digital currency varieties are coming into use nearly every day:
However, even with the proliferation of blockchains and platforms in recent years, Bitcoin continues to be the most well-known and used variety. Which is why it’s not an exaggeration to say the creation of a new crypto currency – Bitcoin cash – is sending shockwaves through nearly the entire world.
Bitcoin Cash was born by “forking” Bitcoin itself.
Usually, creating a new crypto currency from scratch entails beginning at the beginning with a fresh blockchain. Bitcoin Cash’s “new” blockchain will break that mold. Instead of starting from scratch, its blockchain will be an exact replica of every Bitcoin transaction ever processed up until the point of the “fork.”
Moving forward, new transactions using Bitcoin Cash will be entirely independent of the original Bitcoin, with all transactions entered solely recorded on its independent blockchain.
Double the Crypto
In theory, this means that anyone who held Bitcoin at the time of the split will now be in possession of the same amount of Bitcoin Cash.
However, for practical purposes things are not proving to be that simple. Not every crypto currency provider is on board with the split; if you are a Bitcoin holder who has currency tied up in such a provider, you now have an issue getting your matching Bitcoin Cash.
Given the potential huge sums to be gained by users having their Bitcoin essentially doubled, it remains to be seen how long these holdout providers will last. Their current assumption is that Bitcoin Cash will be worth next to nothing in the future, making going through the trouble of being compatible with the technology more trouble than it’s worth.
For now, no one is really sure what the future value of Bitcoin Cash will be. It has been traded for as much as $400, but due to the currently limited options for using and trading it, it’s unclear if that is where the market truly values it. That being said, currently the smart moneys on a massive selloff once the transactional gears are lubricated.
Will online casinos and casino players be as welcoming of Bitcoin Cash sometime in the near future? Certainly crypto has become popular in many circles, but only time will tell if this new entry into the ledger will catch on.
But for now the word on the street is definitely caveat emptor.