How Many Kinds of Cryptocurrencies Are There,and Which Ones Can You Use at Casinos?

Many online casinos have moved with the times and accept cryptocurrencies for depositing funds and paying winnings. 

Cryptocurrencies are digital assets that can be securely transacted. Blockchain technology is used as an online ledger that stores information about transactions enacted with these digital assets.

The first cryptocurrency came into being in 2009 when Satoshi Nakamoto launched Bitcoin. In the past 12 years, the number of cryptocurrencies traded has reached 15,000. These decentralised currencies are valid in many countries globally. However, many governments and central banks will have nothing to do with a “stateless” currency that isn’t supported by physical assets.

When choosing online slots with free spins look for one that will accept the most common cryptocurrencies as a means of depositing funds and withdrawing winnings. 

Here are five of the most popular cryptos you can use at reputable casinos.

#1 – Bitcoin

This is the most popular of cryptocurrencies and is the most valuable and widely traded. Since 2018, when the security and anonymity of blockchain transactions became more widely known, e-wallets for Bitcoins have proliferated. 

The anonymity appealed to the gambling fraternity, so they were early adopters of this form of currency. Some online casinos cater specifically for Bitcoin owners.

Today most reputable casinos will accept this crypto.

#2 – Ethereum 

Ethereum was first launched on the 30th of July 2015 and is now running a close second to Bitcoin.

The Smart Contract offered by this crypto has boosted its popularity. Smart contracts are programs that run within the Ethereum blockchain. They can be interacted with and will undertake transactions. This technology has become immensely popular with gamblers.

Another factor in this crypto’s favour is its very close links to a casino that uses Smart Contracts, minimising the house take on bets.  

#3 – Litecoin

Litecoin came into being on the 7th of October 2011 and has since grown steadily in popularity.

The speed at which Litecoin transactions take place has boosted the popularity of this crypto amongst the gambling fraternity. Bitcoin transactions can take up to 10 minutes to register, while Litecoin transactions show up in less than 2½ minutes. Added to this is the fees associated with the transactions. They are significantly lower than those charged by Bitcoin.

These two factors have contributed to the growing popularity of this crypto with online and in-house gamblers.

#4 – Ripple

Ripple boasts savvy investors such as Google Ventures and Standard Chartered Bank, so you can be sure that it’s a wise investment. Ripple is the closest to a banking institution that you can find in the crypto space, but it retains its anonymity and security away from a conventional financial institution.

Ripple is still fighting a lawsuit brought about by the US Securities and Exchange Commission, which alleges that Ripple raised over $1.3 billion through an unregistered securities offering.

#5 – Dogecoin

Bitcoin was designed to be a scarce commodity and provide a stable environment, while Dogecoin was created to be a fun, low-stakes alternative that would be abundantly available. It was launched in 2013 and has attracted an enthusiastic following. It’s most famous for raising funds to send the Jamaican bobsled team to the Sochi Winter Olympics in 2014.

Final Thoughts

Cryptos are here to stay, and the gaming fraternity, both online and in-house, have taken to this anonymous, secure environment like fishes to water. There are significant benefits to supporting those casinos that offer cryptocurrency options.