Over the past decade, we have seen an astonishing increase in the number of Bitcoin casinos, and we’ve also witnessed a significant surge in the usage of cryptocurrencies globally.
Online casinos are evolving with each passing year and are becoming more accessible to players of all types and backgrounds. Suppose you judge by the amount of Bitcoin casino reviews alone. In that case, you’d already see that many of these websites offer players novel ways to deposit and withdraw money to/from their casino accounts.
With the intent of making the payment process as simple as possible, more and more online casinos are switching to cryptocurrencies like Bitcoin today.
But why? Because it’s safer, faster, and sometimes there’s also the possibility of online casino bonuses where you can play and bet in cryptocurrency.
This article will acquaint you with a few cryptocurrencies commonly accepted on online casino platforms.
Selecting the Right Crypto for Gambling
There are thousands of cryptos available, but which one is the best for online gambling? It is obvious that popular coins will be supported on most online casinos, which means you will have more options to choose from. But the crypto market is very volatile, and many coins can fall in and out of favor. However, some cryptos are still well-known within the gambling community.
Depending on your gambling or sports betting preferences, some cryptos might be better suited than others, but here are a few general factors you should consider:
- Popularity and support;
- Payouts;
- Network fees;
- Transaction processing times;
- On-chain betting.
Most Common Coins Used to Play at Crypto Casinos
Bitcoin (BTC)
The most famous cryptocurrency accepted in casinos is Bitcoin; many people across the world consider the term Bitcoin synonymous with cryptocurrency.
Considering its growing popularity and worldwide acceptance, Bitcoin is now the payment medium of choice for a great multitude of online Bitcoin games to choose from. Here are some top-rated online casinos that accept Bitcoins.
In addition, Bitcoin offers plenty of advantages over conventional payment means, including better security and speed of transactions. For instance, digital currency now allows 224 Bitcoin casinos to process instant deposits and withdrawals at lower costs. It also protects users’ privacy as they do not need to upload any sensitive financial information, and it’s possible to avoid geo-location restrictions when using cryptocurrencies.
Besides, Bitcoin is arguably the most straightforward digital currency players can use, as they can take advantage of a wealth of information about it.
Ethereum (ETH)
Ethereum is another prominent cryptocurrency rapidly emerging as a viable alternative to Bitcoin, mainly because of how it works. Besides, Ethereum is probably Bitcoin’s biggest rival.
Ethereum is an advanced blockchain platform that enables direct on-the-chain gambling through smart contracts. Making bets incurs a transaction fee, and settling times can take several minutes, depending on the network’s traffic. Most casinos supporting Bitcoin also allow players to make deposits in Ethereum, as it has been among the top 3 cryptos for several years.
Besides, its blockchain ecosystem is such that it offers various distinct advantages to users and companies.
Bitcoin Cash (BCH)
Created as a Bitcoin fork, Bitcoin Cash made its debut in 2017 and was developed to increase the block size, allowing faster and lower transactions than Bitcoin.
It may be an offshoot of Bitcoin, but the basic principles (except for blocks of 32 MB instead of 8 MB) are intrinsically the same, including the number of coins capped at 21 million. It’s a popular altcoin usually accepted by most casinos with Bitcoin support.
Litecoin (LTC)
Litecoin is one of the Bitcoin hard forks that has taken off and left the cohort of altcoins that are worth pennies. It’s not the fastest-growing altcoin right now. However, it does have a couple of benefits when compared to Bitcoin.
Litecoin costs way less, dozens of times less, than Bitcoin, so it’s easier for the uninitiated to deal with the decimals. Apart from this relatively simple benefit, Litecoin also costs less to send due to its lower price. The transaction itself will take less time to complete. Compared to the average BTC transaction that may take up to 10 minutes to fully get confirmed, it’s a blessing.
There are way fewer LTC casinos than there are BTC casinos out there, simply because Bitcoin is the most popular of all altcoins. But with the number of online casinos adding LTC to their payment method portfolio, it’s fair to say things are going in the right direction.
Dash (DASH)
Dash is also a Bitcoin fork, but one that has a trick up its sleeve. Like Bitcoin Cash and Litecoin, Dash significantly improves upon transaction time, cutting it down to approximately two minutes. The transaction fee is one of the best among altcoins on this list, as it rarely exceeds two cents. Compared to Bitcoin’s regular fee, let alone its transaction fee during price hikes, it’s virtually nothing.
That alone would make Dash the leader in making everyday transactions. But it’s not the only thing that makes it popular among cryptocurrency users. This altcoin gives you a choice when it comes to anonymity. You can either send your coins faster, compromising your anonymity as the transaction will be publicly available on the blockchain explorer, or opt for a longer waiting time but send funds covertly.
This feature is probably why many Bitcoin casinos have started adding Dash to their payment methods.
Monero (XMR)
Dash may provide some anonymity, but if you’re interested in cryptocurrencies, for this reason, there probably isn’t an any better option than Monero. While this altcoin is not as anonymous as paying in cash, it’s one of the best payment options regarding privacy. Every transaction registers in the blockchain network, but it first goes through an enciphering script that ensures the transaction isn’t traceable to the sender.
The only problem is it’s banned in several countries precisely because it’s untraceable. Monero would be featured in many more online casinos if it wasn’t for that. But even now, dozens of casinos accept it.
EOS (EOS)
EOS probably has the most on-chain gambling activity out of all the other cryptos, as it has no fees, and transactions are settled instantly. Compared to Ethereum, EOS has significantly more on-chain gambling games.
Players can use their EOS account to log into different gambling sites and bet with the funds they have in their wallets.
EOS gambling sites also include a feature where they can stake their tokens on the EOS network to receive a payout from the site’s proceeds.
Popular games on the EOS network are Dice, where you can play dicing, baccarat, lottery, roulette, online pokies slots, World War Endless, a hybrid strategy, and other gambling games. Be aware that some of the top EOS gambling sites lost funds because of a hack that exploited the smart contract code.
Ripple (XRP)
This one is slightly different compared to all other cryptocurrencies in the manner that it is connected with the banking establishments on the back. This cryptocurrency provides players with plenty of versatility, especially in terms of how it can be used as an exchange service or for making online payments.
Ripple is widely accepted by many online casino platforms, providing users with a useful way of making quicker payments compared to other popular means.
Dogecoin (DOGE)
Dogecoin started in 2013. Unlike Bitcoin, Litecoin, and others, there is no limit to the number of Dogecoins that can exist. This means that the value of Dogecoins remains relatively low but stable, especially compared to the rapid rise (and sudden fall) in the value of Bitcoins over the last two years.
Dogecoin is super safe (probably more so than other options) and is ideally used for small transactions. If players prefer to bet small amounts, Dogecoin is a suitable crypto money.
Stablecoins – The Future of Crypto Gambling
Crypto gambling is now awash with different currencies, and one growing trend also is stablecoin-based betting. Stablecoins are designed, so their value does not fluctuate in tandem with the wild rides of the overall market. Instead, their value is tied to stable assets like major world currencies or assets like gold.
By making use of these tokens, gamblers can make deposits and withdrawals with the confidence that the value will not fluctuate. Basically, they fulfill the original objective of digital currency without putting users through the pains of destabilization.
This nascent form of cryptocurrency essentially hits the sweet spot between crypto and fiat money. It offers all the benefits associated with cryptocurrency gambling. But at the same time, it circumvents the disadvantages associated with traditional banking systems. These include fraud, censorship, and other weaknesses of a decentralized currency system.
Thanks to the launch of stablecoin gambling, there is a whole new world of innovative games for punters to enjoy. With the introduction of these new tokens, decentralized casinos are taking the crypto-gambling experience to a whole new level.
Pros of the sports wagers with BTC
Now, let’s also take a look at sports betting, as coins like BTC also help this sub-branch of the gambling industry. BTC is also one of the most widely used cryptocurrencies in the industry. Often, the most popular advantages sought by bettors are:
- Speed: Professional bettors who played sports wagering their primary source of income know that fast money drifts play a considerable role in profitable betting. Bitcoin transactions are the quickest way to deposit and withdraw on the sportsbooks’ channels. With any other old-pocket payment method, punters should wait from 48 hours to 5 days to receive their deserved wagering winnings.
- Anonymity: Unlike banks and credit card companies that annoy customers with tons of unnecessary paper bills, Bitcoin is under nobody’s control. All deals between bettors and bookies remain in the house. While fin institutions often place an embargo on wagers, bettors must address their banks to resolve them. With Bitcoins, bettors can say farewell to this entire bureaucracy and keep their anonymity. Everything they earn on wagers stores under seven locks, and how much they gain or lose is not uncovered in monthly statements.
- Reasonable charges: Draconian fees and service charges are what punters have to deal with during funds movement via credit cards (similar story with bank transfers). When bettors make serious cash on wagers, they can be sure that banks will grab their share. With Bitcoin, bargain fees are not so stringent. Some sites show even more flexibility in this matter, and punters may not require paying any fee.
- Convenience: As a fully decentralized virtual cryptocurrency, BTC operates on unique peer-to-peer software, meaning that no third parties will interrupt the deals between sportsbooks and bettors. Users can cut back on the stress and save precious time as they can run funds transactions in a couple of mouse clicks when they pick up Bitcoin instead of any other old-schooled alternative. To complete a transaction, they need to provide a one-off key to an operator, and voila – money is en route!
However, don’t forget that many of these strengths are present in most cryptocurrencies mentioned and regularly used in online casinos.
What’s in It for a Non-Gambler?
You may think I’m not the type to indulge in gambling, but what’s in it for me? The best thing about the fact that the gambling industry is getting overrun by cryptocurrency is the fact that it’s getting the recognition it deserves.
It’s receiving exposure to the uninitiated, and because the average age of a gambler is 45, the audience starting to use crypto is not what you typically think of as a crypto enthusiast.
This article was written in collaboration with https://worldbookmakers.info/.
* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
Source: https://coindoo.com/cryptocurrencies-used-for-gambling/