Betbit accepts bitcoin cash as a deposit and withdraw method. Bitcoin Cash is the 3rd most popular method of funding a Betbit account. Players like bitcoin Cash due to the speed.
Bitcoin Cash started as a hard fork from the original Bitcoin blockchain. With rising fees on the Bitcoin network, the community got together and chose to do the fork in July 2017. So in doing the fork they chose to increase the block default size from 1mb to 8mb. Also the new Bitcoin Cash cryptocurrency signs all transactions with the new SigHash protocol which the original Bitcoin didn’t have. Bitcoin Cash is currently the 4th most valuable of all the coins. The reason it’s been soaring in value is the fast transaction the Bitcoin Cash network takes to verify blocks. Bitcoin cash like Bitcoin will only ever have 21 million coins.
At present moment a lot of exchanges that supports Bitcoin have also added on the support for Bitcoin Cash. The advantage of Bitcoin cash generally has been that transactions are faster and the network also experiences less congestion than Bitcoin. What the future for Bitcoin Cash holds, no one can really tell, but there is potential that one day it may overtake Bitcoin itself as the most preferred coin.
Average transaction speed is 9m 36s for 1 confirmation at the time of writing. There is no significant advantage in speed using bitcoin cash instead of bitcoin. Bitcoin Cash has increased the block size limit to 8MB. Due to issues on its security and stability, awfully long delays can be experienced. The cost of a transaction is very inexpensive, only costing an average of $0.015 for each transaction. Here is a chart showing the most recent block times and transactional costs for bitcoin cash.
Dependent on the size of transfer however about $0.015. However, some exchanges have their own fees. As it’s the one of the most famous of all the coins, you are able to buy it on almost every exchange:
You are also able to convert it easily using a service such as Changelly and Shapeshift.io . The nice thing is that it offers instant money exchanges with no deposit storage. It also supports 2FA. The site currently has about 3 million users per month.
Bitcoin Cash is supported by a variety of wallets from physical to virtual based. Some wallets that are popular are…
At the moment the Betbit Wallet only supports Bitcoin. However, you may make deposits and withdrawals from Bitcoin Cash. Please note however that it can take up to 10 minutes for your coins to be confirmed. You may also qualify for deposit and cash back bonuses by using cryptocurrency at Betbit.
It is advisable to mine Bitcoin Cash in mining pools. You are able to mine it solo however due to the complexity and the computational power needed, doing so in pools are much better. Miners in the pool share the reward according to their pay share agreement. If you are serious about mining Bitcoin Cash and joining a pool its best to look at a few factors when thinking to join a pool. Firstly check how profitable the pool is. Then check the Hash rate, as the higher the hash rate, the better your chance to secure and verify a block. Then check other factors like fees and reputation levels. Pools such as Easy2mine, ViaBTC, Rawpool, and Antpool are great to join. However, if you wish to mine alone it can be quite costly, similar to mining Bitcoin. You will use a lot of electricity and will need to run very powerful mining rigs. Antminers and Avalon are popular for mining Bitcoin Cash. Software to use will be either CGMiner or BFGMiner. Both of these software packages will allow for both solo as well as pool mining. However, at the present moment mining Bitcoin Cash is seen slightly more profitable than mining Bitcoin.