Top 5 Cryptocurrencies Used in Online Gambling
Without a doubt, the invention of cryptocurrency started a new era in the financial industry. Despite the fact that it took the world almost a decade to see Bitcoin as not only a valid form of payment, but as an investment instrument, it’s gaining recognition in the eyes of a common man pretty fast.
However, cryptocurrencies are still rather far from the goal of being widely accepted as payment. Luckily for us, crypto is taking the world step by step, industry by industry. While paying with a BTC or ETH transfer is not yet standard for your regular online shopping, some industries start to incorporate cryptocurrency payments. These industries include web hosting and crowdfunding. However, the biggest industry to adopt crypto so far is online gambling.
If you judge by the amount of Bitcoin casino reviews alone, you’d see that there are dozens of casinos that take crypto as a valid form of payment. What’s even more important, many casinos not only accept the most popular and hyped Bitcoin but other cryptocurrencies as well. Here are the top 5 altcoins that are accepted at online casinos around the world.
Ethereum is second only to Bitcoin in the world of cryptocurrency. Even though it’s nowhere near the current Bitcoin price, it’s the second-best crypto with over a million daily transactions. Ethereum was created in 2015 with the explicit purpose of making cryptocurrency transactions better than what Bitcoin offered at the moment.
This meant faster transaction time, lower transaction fees, and more control over your transactions. With the smart contract function, you have the level of control that is impossible with any other crypto. It acts as the binary middleman between people sending funds to each other, making sure fraud is almost impossible.
This feature is not what makes ETH a good investment opportunity, but it’s what makes it one of the best cryptos for making payments while online shopping. This is also why Ethereum is number one when it comes to being accepted at online casinos.
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 rather simple benefit, Litecoin also costs less to send due to its lower price. The transaction itself will take less time to complete. In comparison with 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.
Bitcoin Cash (BCH)
At half the price of Ethereum, Bitcoin Cash isn’t nearly as popular. Evidently, this is shown by the fact that BCH only has a third of Ethereum’s daily transactions, around 300,000. This doesn’t let BCH be forgotten, though.
It shares the core features with Litecoin, having lower transaction costs and transaction time. The average transaction cost in the BCH network is below 50 cents which is a significant improvement over Bitcoin. Recently when BTC has seen surges in price, transaction costs were as high as $30 on the peak. That’s all well and good if you’re looking into buying BTC as an investment, but not exactly what you’re looking for in a payment method.
BCH may not see such great price hikes, but it’s a reliable way to pay for services online, and this is why multiple casinos are happy to accept it.
Dash is also a Bitcoin fork, but one that has a trick up its sleeve. Just like Litecoin and Bitcoin Cash, 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 common transactions. But it’s not the only thing that makes it popular among cryptocurrency users. This altcoin gives you the 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 start adding Dash to their payment methods.
Dash may provide some anonymity, but if you’re interested in cryptocurrencies, for this reason, there probably isn’t any better option than Monero. While this altcoin is not as anonymous as paying in cash, it’s one of the best payment options when it comes to privacy. Every transaction does register in the blockchain network, but it first goes through an enciphering script that makes sure the transaction isn’t traceable to the sender.
The only problem is, it’s banned in several countries exactly due to the fact that it’s untraceable. If it wasn’t for that, Monero would be featured in many more online casinos. But even now, there are dozens of casinos that accept it.
What’s in It for a Non-Gambler?
You may think, I’m not the type to indulge in gambling, what’s in it for me? The best thing in 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 considering the fact that the average age of a gambler is 45, the audience who’s starting to use crypto is not what you typically think of as a crypto enthusiast.
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