Cryptocurrencies and digital e-Wallets have become common in the modern age, revolutionizing the way that online transactions happen. One of the industries where cryptocurrencies have had the biggest impacts is the online gambling and iGaming industry. The anonymity, rapid withdrawals and deposits, along with the reduced transaction fees, allow crypto to rule when it comes to players using it for online gambling. However, as crypto has grown, the market has surged and expanded. There are even new ones continuing to emerge, which you can check out here. This has meant there are now loads of different cryptocurrencies to choose from, and choosing which one to use can be difficult. We are going to take a look at the preferred crypto for online casinos and why.
Bitcoin (BTC)
Bitcoin is the most well-known and widely used cryptocurrency. Millions across the globe use it, has made its mark on Wall St, and is preferred by massive investors. The online casino industry is no different. Bitcoin remains king here. It is widely accepted across many online casino platforms and, due to its reputation, has had broad acceptance by many users.
Bitcoin is also very easy to trade into fiat currencies for users due to its prominence and this means that many players prefer it for gambling. However, Bitcoin does falter when it comes to transaction speeds, taking up to 10 minutes per block, which is much slower than other competitive cryptocurrencies. Because of this, high-stakes players typically tend to opt for Bitcoin for the reputation and safety without the need for the transactions to be rapid.
Ethereum (ETH)
The Blur to Bitcoin’s Oasis is Ethereum. It falls in as a close second competitor to Bitcoin but offers something a little bit different to the giant of crypto. Ethereum provides smart contracts, which are a significant bonus for provable fairness. Smart contracts functionality on Ethereum enables online casinos to implement provably fair gaming when players use this crypto on their platforms. Due to this, the majority of decentralized online casinos solely use Ethereum. Whilst there are many pros to using Ethereum whilst playing online casinos, the high fees that are incurred during high network periods, along with the less user-friendly nature of Ethereum, do put some people off.
Litecoin (LTC)
After emerging as one of the earliest altcoin alternatives to the two main cryptos, Litecoin was specifically designed to be lighter and faster than Bitcoin. This is appealing for those using it for gambling purposes, as it is the perfect currency for quick transactions with lower fees. An ideal combination allows players to wager and withdraw their winnings rapidly, which increases playing time and casino turnover. This is a major draw for many punters. However, Litecoin does not support smart contracts, and despite making recent inroads to more widespread accessibility with an increasing number of online casinos beginning to accept LTC, it remains much less supported than BTC and ETH.
Monero (XMR)
Whilst cryptocurrencies are favored by many over fiat currencies for their more secure and anonymous transactions, they can still be somewhat traceable. Monero is a cryptocurrency that has been set up with a specific focus on privacy. Monero is designed to hide transaction amounts whilst not disclosing sender and receiver data. This appeals to many online gamblers who favor the anonymity offered and untraceable transactions. This crypto is also free from being analyzed, which many players value. Monero is fairly new and is much more scarce as an option in the iGaming industry, and has also come under wider regulatory scrutiny as part of an ethical dilemma.
Dogecoin (DOGE)
Dogecoin managed to turn the joking satirical meme into a serious contender in the crypto world. Dogecoin was started by the community and continues to have a strong community grounding, which makes it accessible for many and easy to use. It is very much the people’s crypto due to its fun and lighthearted brand, which makes it favorable to many players playing online casinos. Not only does it boast this community aspect. Dogecoin has refined its service as a rapid and low-fee service, which allows it to be very handy for punters who partake in micro-betting at quick paces or continuous betting periods without worrying about transaction fees. It maximizes game time and, as such, continues its theme of entertainment further.
As Dogecoin remains fairly new and under established compared with other cryptocurrencies, it can be very volatile at times and is particularly prone to inflationary prices. Its lack of credibility due to its image means it sometimes falls victim to rapid changes in worth, which can sometimes put people off using it as a means for funding online casino betting.
Tether (USDT)
The beauty of Tether is that it is one of the most famous stablecoins on the crypto market. Stablecoins are pegged to the USD and other fiat currencies, which means that they reflect fiat currencies and are less reactive or volatile compared to other cryptocurrencies, which can often fluctuate regularly and be hugely affected by global news and markets. The beauty of this stability means that players can enjoy the benefits of using cryptocurrencies whilst also relying on the stability of the coins and bet confidently knowing that their wager or winnings will not fluctuate at any given moment. By firming up the volatility, players avoid the volatility of other cryptocurrencies such as BTC and ETH, which means that punters can manage their money more accurately and effectively.
Final Thoughts
Whilst Bitcoin very much remains the king of all things crypto even when it comes to iGaming and the online casino world, there are an increasing number of cryptocurrencies cropping up in the industry, creating their own little pockets of niche. The best kind of crypto for you depends on what kind of gambler you are and what it is you are looking for from the cryptocurrency you are using. Every cryptocurrency on this list has both its pros and cons, and working out which coin aligns best with yourself allows you to choose which one to use next when you are having some fun at online casinos.
