How to Choose the Right Cryptocurrency for Online Gambling in 2019
The popularity of cryptos has led to an increase in the number of online casinos accepting digital currencies. There are now plenty of gambling establishments that allow the player to bet with crypto in a variety of games, such as roulette, dice, poker, and online pokies slots, as well as sports bets.
Choosing the Right Crypto Casino
There are a number of features that have emerged since crypto gambling became popular:
Provably fair policy: If the site is provably fair, it means that its games can be verified by players through a client seed, a server seed, and a nonce to check the randomness and results of their bets.
Invest in the house: Several crypto casinos allow players to bankroll the house for a part of their winnings.
On-chain betting: Casinos based on decentralized applications allow the placement and settlement of bets directly on the network.
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 preferences, some cryptos might be better suited than others, but here are a few general factors you should consider:
- Popularity and support;
- Network fees;
- Transaction processing times;
- On-chain betting.
Bitcoin is the most known and used crypto in the world. There are many bitcoin games online to choose from, as almost all online casinos support the use of this coin.
Compared to other coins, Bitcoin games have the highest payouts, but the downside is that processing times are slow, and network fees can get high during congestion times. Slow transaction times mean that on-chain gambling cannot take place, so you will be required to deposit funds into the casino’s own wallet address before betting. The inconvenient is that you will have to wait at least 30 minutes for the transactions to be settled.
Bitcoin Cash (BCH)
Bitcoin Cash is a popular altcoin which is usually accepted by most casinos that feature Bitcoin support. Of course, the payouts will be lower, and you will probably not be able to make deposits for all the games available on the platform. But, waiting times and fees are much lower compared to Bitcoin.
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 that support Bitcoin also allow players to make deposits in Ethereum, as it has been for several years among the top 3 cryptos.
There are gambling sites built on Ethereum, the most popular being FCK, which allows users to play games such as dice poker, roulette, and many others directly on the network.
This means that you can make bets directly from your Ethereum wallet using an in-browser wallet, and your payouts will be directly credited to your wallet address.
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 wallet.
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, and World War Endless, a hybrid strategy and gambling game. Be aware that some of the top EOS gambling sites lost funds because of a hack that exploited the smart contract code.
Finally, you will have to take into account that, even though several casinos accept other cryptos, such as Litecoin, Monero, and Dogecoin, your options will be very limited.
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