The huge growth in popularity that cryptocurrencies have seen in recent years has changed the way many industries and businesses operate in a big way, especially when it comes to online casinos. Many platforms are now choosing to opt for cryptocurrencies as a form of payment due to their many benefits for both the platform and the user. From anonymity and secure transactions to lower fees and much faster payments, it’s clear to see why they’ve become so popular.
But as with many other industries, it can be hard to know which cryptocurrency is the best for you. Here are some of the main digital currencies used in the online casino industry and what benefits they bring to the people who use them.
Bitcoin is the most popular cryptocurrency by a considerable margin. Bitcoin was the first digital currency and continues to hold the largest market capitalisation. In the current market, Bitcoin is widely accepted across an array of industries, including online gambling. It has been reported that “Bitcoin casinos have grown in popularity because they allow players to avoid the restrictions imposed by traditional online casinos.” (Source: https://cryptonews.com/news/best-bitcoin-casinos.htm)
The great thing about Bitcoin transactions within the online gambling sector is they are secure, fast, and anonymous: the perfect combination for gambling online. As the first digital currency, Bitcoin is accepted across all online crypto casinos. It’s also the cryptocurrency that most of us are familiar with, meaning there are plenty of players using it to fund their gaming.
As the second largest cryptocurrency by market cap, Ethereum is accepted by many online casinos. Ethereum’s ecosystem is growing exponentially, thanks to its expansion and popularity among dApps and NFTs.
Ethereum uses smart contracts which are very convenient in the casino sector as they allow automatic payments, ensuring the transparency and fairness needed within online gambling. There are a few online casinos that currently accept Ethereum, but it is likely to grow much further in the future as the ecosystem continues to develop.
Litecoin is also popular for online gambling for many reasons, one being that more and more online casinos are beginning to accept this coin. The advantage that using Litecoin gives players is that it offers reliable and fast transaction operations. This coin is also an open-source, decentralized digital currency offering low fees and supreme security.
Litecoin casinos are a reliable choice for players with an incredibly user-friendly interface. The strong reputation promotes the safety of the coin as many others have chosen to use it. The speed at which Litecoin generates blockchains is much quicker compared to Bitcoin. It takes around 10 minutes for a blockchain to be created by Bitcoin, while Litecoin only takes around 2.5 minutes. The faster the blockchain is created, the faster transactions can be confirmed, making playing online casinos with Litecoin much more efficient.
Ripple was created in 2012 with the sole intention of delivering fast and secure transactions across the world. The characteristics of fast transactions combined with the low fees are the reasons why this digital currency is growing increasingly in popularity. Ripple is expected to be seen in many more online casinos in the future but is currently already accepted by many, along with various sportsbooks.
Ripple's exceptional feature lies in its low energy consumption, which sets it apart from Bitcoin, and its remarkably fast transaction processing speed.
The meme-coin Dogecoin was initially created as a joke but has developed some traction over the last few years, becoming very popular within the online gambling community. The coin is very secure, fast, and has much lower fees compared to some fiat currency transaction options. There are numerous online casinos and sportsbooks that now accept Dogecoin as a means of payment, making it a great option for those players looking to use this fun cryptocurrency when gambling.
Bitcoin Cash was developed as a hard fork from Bitcoin. There are lots of similarities between Bitcoin and Bitcoin Cash, but Bitcoin Cash has a larger block size. This allows fees to be much lower and transactions to be faster, perfect for online gambling when users want to play and withdraw funds instantly. There are a few online casinos and sportsbooks that now accept Bitcoin Cash, making it a great option for those who want to continue using the Bitcoin network but with a lower fee rate and faster transaction times.
Disclaimer
The information on Coinsniper is user-generated and not verified. Coinsniper does not provide financial advice or facilitate transactions.
Also note that the cryptocurrencies listed on this website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments.
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