Most Popular Cryptocurrencies at Online Casinos
The rise of cryptocurrencies has transformed various sectors, from banking to online gambling. Since Bitcoin’s debut in 2009, digital currencies have steadily grown in popularity and numbers.
Some data say that there are over 25,000 cryptocurrencies in the market, with 40+ of them having a market capitalisation of over $1 billion. These numbers are huge, indicating just how popular cryptocurrencies generally are.
Virtual currencies offer players enhanced security and near-instant transactions, so it comes as no surprise why cryptos became a preferred casino banking option for many of them.
Understanding the potential of cryptocurrencies, online casinos quickly jumped on the crypto bandwagon. The number of crypto-oriented casinos increases, with more and more payers choosing these platforms to enjoy this type of entertainment.
In this crypto guide, we cover the most popular cryptocurrencies at online casinos, highlighting their advantages and disadvantages.
Bitcoin (BTC)
When you think of cryptocurrencies, the first thing that comes to mind is Bitcoin – and for a good reason. BTC was the first digital currency launched in 2009. Being a trailblazer that paved the way for other virtual currencies, Bitcoin is still the best-known and most popular crypto in the world.
Bitcoin was first introduced as a casino banking option in 2012, and since then, it has become the preferred cryptocurrency for many casino players. BTC transactions are fast, secure and cost-effective, with low processing fees.
However, BTC has some downsides, too. This digital currency is highly volatile, meaning its value can rise or fall overnight. In other words, you can sometimes benefit from these fluctuations but also experience significant losses.
Ethereum (ETH)
The second largest and most popular crypto among players is Ethereum or ETH. What sets ETH apart is that it’s not just a digital currency but a platform that offers smart contract functionality. Smart contracts provide even better security and transparency, automating many processes.
Moreover, the ETH network supports the development of crypto-based games, ensuring that game outcomes are fair. It means you can verify the fairness of each game yourself, building trust between you and casino operators, especially if you play at new crypto casinos. Also, ETH transactions are faster than Bitcoin, and gas fees are lower.
If we need to pick a disadvantage of using ETH for online gambling, it would probably be the complexity of this payment option.
Litecoin (LTC)
Some call Litecoin a faster alternative to Bitcoin. This altcoin was created in 2011 as a better version of BTC, providing faster processing times and lower transaction costs. Therefore, many casinos adopted LTC thanks to its ease of integration and popularity.
At the same time, many crypto gamblers realised the benefits of using Litecoin, such as speed and lower fees, so they started using LTC as an alternative to Bitcoin. One of the main reasons why players turned to Litecoin is that LTC payments are processed way faster, making Litecon one of the most efficient virtual currencies on the market.
The main disadvantage of Litecoin is its lower adoption rate compared to Bitcoin. Not all Bitcoin-friendly online casinos will also offer Litecoin.
Tether (USDT)
Now, it’s time to introduce you to another term used in the crypto world – stablecoin. We’ve already mentioned Bitcoin’s high volatility, which can significantly affect your budget. Tether was created and launched in 2014 to address and resolve this issue.
You may already infer from its abbreviation – USDT – that Tether has something to do with USD. It does, as it is a stablecoin pegged to the US dollar at a 1:1 ratio. In other words, 1 USDT is worth $1. This way, Tether ensures the stability that many cryptocurrencies lack. For this reason, many players have adopted USDT as their preferred casino payment option. Simply put, players want their funds to have stable value.
However, if you’re looking to profit from rising exchange rates, which is characteristic of Bitcoin, you should skip USDT.
Dogecoin (DOGE)
Originally created as a joke and meme cryptocurrency, Dogecoin has beaten the odds and has become one of the most popular digital assets worldwide. Moreover, DOGE has a strong community of supporters who are loyal to their favourite “dog”. As a result, Dogecoin was introduced as a payment method at the best crypto casinos.
Dogecoin’s unique appeal is not only in the fact it started as a joke currency. DOGE offers seamless and quick transactions with minimal costs. Moreover, Dogecoin is reliable and easy to use, so it’s ideal for players who are not very experienced in using digital coins.
However, Dogecoin is not as available as other digital currencies. Not all crypto operators accept Dogecoin, and crypto volatility is also an issue with DOGE.
Ripple (XRP)
Ripple was introduced in 2012. It appeals to players who want to maximise their casino profits with low-cost transactions. However, the main thing that sets XRP apart from other cryptos is its exceptional transaction speed and scalability. Simply put, the network can handle large volumes of transactions without lagging. If you choose Ripple for online gaming, you can expect your transactions to be approved and proccessed in seconds.
Ripple is not only fast, but it’s cost-effective, too. The fees associated with this crypto are so low you won’t even notice them. The low transaction costs are ideal for gamers who want to keep their bankroll positive and use it for games rather than spending it on fees.
Although XRP obviously meets the expectations of many casino players, unfortunately, it is not as widely available as other virtual currencies.
Biljana Lukovic
Casino Reviewer
Biljana is a seasoned casino reviewer who is also passionate about cryptocurrencies. Her enthusiasm for innovative digital payments and the exciting realm of online casinos drives her to delve into both, sharing practical insights and firsthand experiences. While fascinated by the online casino industry, she doesn’t hesitate to point out the downsides when she sees them. Her goal is to provide objective and honest crypto casino reviews, so she leaves no stone unturned in her quest to help gamers enjoy the best possible gaming experience.
