Ranked: The 5 Best Cryptocurrencies for Gambling
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The world of online gambling has managed to become uber-successful in recent years due to the exponential growth of digital technologies and conveniently accessible casino sites. Whatever your preferences might be you can find a reliable casino in just a couple of clicks.
In the ever-changing iGaming market, there is another digital revolution that is taking place right now, and as a result many new crypto and bitcoin casinos emerge on the market. Offering safe payment method methods was always an essential aspect of any casino sites and the rise of cryptocurrencies provided another opportunity for casinos to connect with crypto users.
Even though technically the crypto market has been around for over a decade it has attracted worldwide media attention with the latest Bitcoin bull cycle which started in 2020. It is also one of its longest bullish cycles which is why many brick-and-mortar businesses as well as online businesses decided to jump on the crypto bandwagon and accept crypto payments.
The mainstream adoption of crypto motivated online casinos to offer cryptocurrencies as a payment option on their platforms. If you want to wager with your crypto funds but you don’t know what is the best cryptocurrency for online gambling, here you will find in-depth overview of major virtual currencies.
Bitcoin
Bitcoin is the oldest cryptocurrency of the crypto market and the reason why there is a crypto market at all. Satoshi Nakamoto is the creator behind blockchain technology and Bitcoin in 2009. It’s considered more stable in relative terms because we’re talking about the crypto market which his fully decentralized, than the other new cryptocurrencies since its market cap is around $356.52 billion.
It also offers anonymity, short processing times, and secure transactions. Each BTC transaction is processed and approved by the miners on the blockchain network which adds another level of security. So, if you choose to use your BTC on online casinos you should be aware that you have to use your crypto wallet but otherwise it’s very easy to make any withdrawals and deposit with your BTC.
Also, it’s worth noting since this is one of the most popular cryptocurrencies it’s generally easily accessible on any online casino. So, if you own Bitcoin, you should be able to play on most casino sites. In case you’re looking for the casinos that are not on Gamstop here you will find the very best online casinos not on Gamstop, and you’ll be able to learn all about them.
Litecoin
Litecoin is also one of the most popular methods on casino site since it was created not long after Bitcoin and it’s therefore also considered as a stable cryptocurrency with a market capitalization of around $4 billion.
The main purpose of Litecoin is to improve the processing time of crypto transactions and thus online wagering can be much easier. On Litecoin’s blockchain new blocks of transactions are added every 2.5 minutes, which is significantly faster than using BTC.
Dogecoin
Dogecoin was initially created as a joke and based on a famous meme. It wasn’t expected that it will achieve mainstream success, but as a community-based coin it has grown exponentially since its initial launch in 2015.
It has a market cap of around $15 billion which ranks it as one of the top ten cryptocurrencies based on market cap. Moreover, it is expected for Dogecoin to go from PoW to PoS in 2022, which will further accelerate the processing time on the platform.
But, keep in mind that this is quite a volatile cryptocurrency and isn’t as widely available as Bitcoin for example or Litecoin. Still, there are quite a few reliable casinos which also accept Dogecoin transactions.
Bitcoin Cash
Bitcoin Cash was developed as a result of a hard fork in 2017 on Bitcoin’s blockchain. The main reason for its development was to speed up the processing time of the transactions and to allow more transactions to be added in one single block. In simple terms the transactions are processed faster with minimal processing fees.
Because it has been part of the crypto market for a long time it’s also easily accessible on most online casinos and the above-mentioned advantages make it great digital payment option especially if you’re short on time.
Ethereum
Ethereum is an innovative crypto currency because it has propelled the rise of DeFi, Dapps, NFTS and it’s also the second largest crypto after Bitcoin based on its market cap. Ethereum was also based on proof-of-work but it has moved to proof-of-stake which further improved the process of validating ETH transactions. Since Ethereum is widely used for different purpose, it’s also a major currency on UK casinos not on Gamstop.
Summary
If you are looking to play on Non Gamstop casinos, you will be glad to know that there are reputable casinos that accept crypto payment and let choose from major cryptocurrencies. The main advantage is that that cryptocurrencies are based on the decentralized blockchain network which secures the transactions and also the transactions are processed fairly quickly without additional processing fees.
