Bitcoin Cash Update Will Enhance Sports Betting Experience
Date Posted: May 11, 2018
Punters who own Bitcoin Cash will experience better transactions with crypto sportsbooks and will see a gradual increase in the value of their bankroll after the upcoming fork on May 15. The Bitcoin Cash update via a hard fork will increase the coin’s block size and add more functions to the cryptocurrency.
The block size parameter upgrade from 8MB to 32MB is one of the changes to happen after the fork next week. Bitcoin’s limited 1MB block size is one of the reasons why Bitcoin Cash was created. The 1MB block size was earlier predicted to lead to a scalability problem that would create a bottleneck on the Bitcoin network. The scalability problem came true in the last two months of 2017, in which several Bitcoin transactions took nearly a week to complete because of network congestions.
Bitcoin Cash’s 8MB blocks allow the cryptocurrency to handle larger transaction volumes. The quadrupled block size of 32MB will further enhance the coin’s ability to handle more transactions per day and with guaranteed faster speed.
Another important change to Bitcoin Cash is the reactivation of the coin’s op-codes. Bitcoin’s op-codes were deactivated before because these provide an attack vector for criminals. Bitcoin Cash developers, however, believe they have had enough time to prevent the op-codes from turning into a security risk.
Op-codes are similar to Ethereum’s smart contracts, which perform various automatic functions. One notable function is the creation of colored coins or tokens that represent the ownership of digital or physical assets. These tokens are similar to ERC20 tokens used in ICO campaigns.
A Bitcoin ABC project representative, an organization responsible for the upcoming Bitcoin Cash hard fork, said:
“Our top priority for Bitcoin Cash is to keep improving it as a great form of money. A secondary goal is to enable enhanced features, when it is safe to do so. We can facilitate use-cases such as timestamping, representative tokens, and more complex transaction scripting, when these features do not detract from the primary money function.”
How will the Bitcoin Cash Upgrade boost the Betting Experience?
Immediately after the fork, punters who only use Bitcoin Cash to make sports bets will experience faster transaction speeds and cheaper fees. This is the result of the upcoming increase in the coin’s block size. With the 32MB block size, punters will have a peace of mind knowing that they will rarely experience network congestions that result in longer transaction periods and higher fees.
With the reactivation of op-codes and a 32MB block size, Bitcoin Cash will become even better than Bitcoin. This can encourage regular Bitcoin users to transact with Bitcoin Cash instead.
Punters may expect the value of Bitcoin Cash to increase as more people start using the cryptocurrency. This makes it a good time for bettors to win more Bitcoin Cash by making more sports wagers.