Bitcoin Cash enters the crypto scene as BIP 148 UASF launches. While the UASF or the fork takes place, Bitcoin users are advised to avoid transferring their cryptocurrency due to the unstable network. This includes transactions in Bitcoin casinos.
Thanks to the implementation of BIP 91, BIP 148 will not split the network where Bitcoin will still be a single blockchain. The new Bitcoin Cash altcoin is also something cryptocurrency enthusiasts will get excited about.
How Bitcoin casinos react to Bitcoin Cash
As the days toward the much-awaited fork was counting down in the middle of July, some Bitcoin casino players are showing some concerns about their account wallet. Certain players think the fork will wipe out all of their funds in their account wallet. Some think it will negate any payout from any games.
BestBitcoinCasino.com reached out to several Bitcoin casinos last week to ask if there was a contingency plan for Aug. 1. mBit Casino, being one of the popular Bitcoin casinos, emerged as one of the brands worth tapping. However, it turned out that the casino’s live chat support team did not have any idea about what would happen at the beginning of the month of August.
The support agent, however, said that they will send an email regarding the upcoming fork. Sure enough, mBit Casino sent an email on Friday last week. It said that mBit will not accept the latest Bitcoin Cash after the fork occurs. Other Bitcoin casinos such as Oshi.io and BitcoinCasino.us also sent out an email this weekend to their players with the same policy of not accepting Bitcoin Cash.
As the UASF is being implemented, the network will be unstable and is open to vulnerabilities. Transferring Bitcoin at this time or even within three days after the fork take place could be risky. Owners could lose their Bitcoin during the transfer. This is why BitcoinCasino.us and other gambling sites are suspending Bitcoin deposits and withdrawals for a certain period of time.
The fork will not affect the payouts or account wallet in every Bitcoin casino. Players who still have some Bitcoin in a casino can still play the games and receive their payout. It is still advisable to withdraw winnings from any casino in four to seven days after the fork. Players can also check Bitcoin news sites or forum page to see if the Bitcoin network is stable.
Bitcoin Cash info
The result of Bitcoin scaling after Aug. 1 is the latest altcoin – Bitcoin Cash, which is technically Bitcoin’s offspring. The most notable difference with this altcoin is its block size difference which is 8 MB. The previous block in the Bitcoin network is only 1 MB. Increasing the block size can add more space for transaction rates and therefore can result in lower fees.
Bitcoin Cash also introduces a new transaction type that has input value signaling. This helps to boost hardware wallet security as well as workout problems with quadratic hashing.