Crypto is about to infiltrate the online gambling industry. For decades, the online gambling industry and the cryptocurrency market were two distinct entities. The only intersection between them was that some cryptocurrency enthusiasts would gamble on the price of their favourite coins.
In recent years, with more casino operators accepting Bitcoin as a payment method and more cryptocurrency-based games launched. We are starting to see a convergence between these two worlds.
Here are three of the most cryptos in online gambling:
Despite Bitcoin’s recent drop in value, it is still by far the most popular cryptocurrency for online gambling. Many of you will already own some. You should consider getting some before playing at an online casino or sports book like pirateplay.
The advantages of using Bitcoin are numerous. No one can track it back to you. Therefore, preserving your anonymity. You no longer have to worry about your local bank asking why you are depositing so much money into an offshore gambling site.
As long as you use a reputable online casino or sportsbook, there is an assurance that it will pay out any winnings within minutes of cashing out. There is no more waiting for checks to arrive in the mail or a bank wire transfer.
You can deposit as much as you want without worrying about fees. There is always a fee attached every time you deposit with traditional banking methods such as credit cards and e-Wallets.
Another popular cryptocurrency used in online casinos is Ethereum. It can be considered the most widely accepted crypto for playing casino games. So far, there are about 30+ casinos that accept Ethereum as a means of payment.
What makes Ethereum so popular? Ethereum’s smart contract feature is arguably the most popular reason many online casinos use it as a form of payment. Through smart contracts, gambling operators can be transparent with their players and provide them with a fair gaming experience every time they play with real money.
On top of that, Ethereum provides fast banking transactions between the player and the casino. Unlike fiat currencies, Ethereum features a decentralized nature. This means that no third party gets involved in any transaction. Because of this, players can expect faster and more reliable payments when using Ethereum in online gambling.
The third most used cryptocurrency in online casinos to date is Litecoin. It is one of the first cryptos accepted by casinos as a deposit and withdrawal option.
Litecoin’s design explicitly fits for payments. The coin has faster transaction speeds than Bitcoin and allows for lower transaction fees. This makes it ideal for use in online gambling and betting sites.
In addition, the cryptocurrency is active on the market since 2011. Thus, making it one of the oldest cryptocurrencies in existence today. It has become so popular in online gambling because of its speed and low fees. Thus, making it very attractive to players worldwide.
It is important to know the popularity of different crypto of used to play online. There are top three most used crypto: bitcoin, ethereum and litecoin. Bitcoin is the most popular cryptocurrency in the world, as well as its price as bitcoin rises, other crypto follow its pattern.