Online casino and sportsbook operator Bovada has recently announced its implementation of Bitcoin Cash (BCH) as a depositing option, giving players one more cryptocurrency to wager in other than Bitcoin (BTC), CoinGeek.com reports. The move signals a growing shift towards the new digital currency, which offers faster processing times and lower fees than the original Bitcoin.
Bitcoin Cash is a Bitcoin offshoot created by a planned “hard fork” split in Bitcoin’s blockchain ledger that was initiated on August 1 this year. The split, which was executed to increase the blocksize limit from 1MB to 8MB, gave any Bitcoin holder at that time a mirror balance with the new cryptocurrency. The original $USD value of Bitcoin Cash was approximately one-tenth of the price of Bitcoin but it has since grown noticeably, particularly during last week when another blockchain update called SegWit2x was canceled.
According to Coinmarketcap.com data, after the SegWit2X plan failed Bitcoin Cash rushed to a price range of $2,400 per 1 BCH, only to roll down below $1,300 at the start of this week. But what is more evident than the price increase is the record trading volume, which at one point surged to $10 billion, surpassing Bitcoin’s trading volume by almost twice. In turn, the price of BCH grew to record highs.
Bovada’s sportsbook and casino site has played a key role in establishing Bitcoin in the online gaming community along with other early adopters of the cryptocurrency. The site’s embrace of Bitcoin Cash is seen as proof that the new digital currency will have a future in the online casino industry but also the general cryptocurrency market.