• What an Upcoming Bitcoin Fork Means for Players

    28 March 2017

    What an upcoming bitcoin fork means for players

    A few years ago, when bitcoin exploded in popularity, people saw it as a viable option for deposits and withdrawals for online gambling. These days, there are several popular bitcoin casinos that offer a wide range of games to players from all over the world. A potential hard fork in the bitcoin blockchain could be coming up, and that has a lot of players wondering just what they should do. Here we'll explain exactly how you can handle it smoothly and without incident.

    What Does a Hard Fork Mean?

    A hard fork for bitcoin means that all existing bitcoin is split into two groups, one of which has an updated protocol. Whether this means increased safety or security, or if it just means better accessibility, is actually somewhat irrelevant. The bottom line for players is that there will be a "regular" bitcoin and a "new" bitcoin when this type of thing happens.

    For players with existing bitcoin on a wallet, it will be split up according to its position on the blockchain between the two resulting currencies, and you'll be able to use your same wallet as always to send both. However, if you have bitcoin on an exchange, then it's recommended that you pull it back to your wallet or exchange it for a fiat currency before the fork because they will probably freeze withdrawals for a couple of days before and after the event.

    How This Can Affect Bitcoin Gambling?

    Hard forks of this type are necessary for crypto-currencies like bitcoin to evolve, and the industry is equipped to handle them. For players who enjoy online slots and other games with bitcoin, it won't really change much, and you can pretty much go on about your business and play how you normally would.

    In terms of how this will affect bitcoin gambling as a whole, while no one can guess the exact consequences of this type of thing, the bottom line is that it's very unlikely to cause any type of serious issue. Casinos and other sites that offer the crypto-currency may have to slightly adjust some of the things they do with how they operate, but effects for the players are likely to be minimal.

    Sources

    Jamie Redman, This Happens to Your Coins During a Bitcoin Hard Fork and Possible Blockchain Split news.bitcoin.com, March 20, 2017


    Related News

    • 29 June 2019

      Play'n GO's Rise of Merlin Slot Provides a Daily Dose of Spinning Magic

      Leading supplier of slot games within the iGaming industry, Play'n GO, has been on a rampage recently with a bounty of new titles added to their expansive portfolio. The latest addition to it is Rise of Merlin, another Arthurian game that will boost the overall quality of global gaming market. The 5-reel slot is based on the legendary tales of Merlin, a wizard from the mythical stories of King Arthur.

      Read full article
    • 26 March 2019

      NetEnt Releases New Temple of Nudges Slot

      Players can unleash their inner adventurer with the most recent video slot release from NetEnt. Set deep in the heart of a lush and wild jungle, Temple of Nudges is packed with a host of exciting features that can spell big wins for anyone brave enough to venture in. Plunder the Temple of Nudges The game is set against a backdrop of detailed, exotic flora, wild animals and a soundtrack that delivers the perfect infusion of excitement and intrigue.

      Read full article
    • 18 March 2019

      Mega Moolah Progressive Jackpot Hits Twice in 48 Hours

      2019 is already shaping up to be a great year for Casino Rewards brand players. In a thrilling turn of events, two players landed absolutely massive jackpot wins on Microgaming's Mega Moolah progressive slot title. Two Big Wins in Two Short Days On Tuesday, March 5, the first jackpot was struck for a mind-blowing amount of €11,546,388.15. Then, in a completely unexpected and exciting win, the jackpot was hit for a second time just a day later on Wednesday, March 6.

      Read full article