Cryptocurrencies are now widely used in online casinos. What makes them so popular? Learn here.
Online casinos: cryptocurrencies are welcome
With the development of the Internet, it is now possible to pay bills, exchange money, and make other financial transactions, as well as play casinos from home. At the same time, cryptocurrency, the idea of which was born in the 1980s, has evolved. Currently, there are more than 700 types of cryptocurrencies available to users. The most famous of these, Bitcoin, was created in 2009. Cryptocurrencies have become a popular payment method in online casinos. We present the most important coins here in an overview.
Cryptocurrencies have become a sought-after payment method in online gambling. In addition to pure crypto casinos, “classic” online casinos also offer their players payments via cryptocurrency. In this article, we would like to introduce you to the currently most popular cryptocurrencies in the world of iGaming.
Bitcoin
Bitcoin is by far the best-known cryptocurrency. It is not surprising that it is accepted as a means of payment in virtually all crypto casinos. Conventional online casinos offer their members Bitcoin payments frequently. The currency has existed since 2009 and is thus one of the oldest options among cryptocurrencies.
The globally accepted digital currency has the advantage that it enjoys a high level of awareness. People can use it in many countries to pay for goods and services. Bitcoin has been a payment option in online casinos for several years. Here are some of the advantages of using Bitcoin in online casinos:
- No betting limits.
- No deposit limits.
- In fact, no debit limits.
Players can play virtually anonymously with Bitcoin. However, this only applies to pure crypto casinos. In conventional online casinos, personal data must always be stored in order to be able to register.
Ethereum
Ethereum is the only cryptocurrency that can compete with Bitcoin in terms of awareness. Ethereum also plays in the same league in terms of market capitalization. With a capitalization of 521 billion euros, the currency is far ahead of competitors such as Binance Coin and Tether. The price is similarly volatile to that of Bitcoin. Of course, this does not detract from Ethereum’s popularity.The open-source platform is based on blockchain technology. It allows users to create a range of decentralized applications. These include, for example:
- Security programs.
- Payment methods.
- Electoral systems.
Litecoin
Litecoin is a popular currency in crypto casinos. Compared to Bitcoin, it offers some advantages. It can generate up to 84 million coins. Bitcoin, on the other hand, generates up to 21 million coins. Another plus: the transaction duration of Litecoin is only 2.5 minutes. With Bitcoin, transactions take around 10 minutes.
Litecoin was launched in 2011. The currency is based on the Bitcoin code. The volatility is roughly the same as that of Bitcoin, with a Litecoin having a much lower value. Currently, a Litecoin is worth around 59 euros. The value of Bitcoin is almost 500 times higher.
Dogecoin
Dogecoin is another digital means of payment accepted in crypto casinos around the globe. This is a so-called meme token, which was originally developed as a joke to question the seriousness of cryptocurrencies. Surprisingly, it turned out that the community by no means rejected Dogecoin but widely accepted it.
The rise of Dogecoin is due to the fact that numerous influential people have praised it. The user community is considered one of the largest in the field of cryptocurrencies. The value of Dogecoin is extremely low at 0.06 euros. This is one of the reasons why many users of online casinos choose this currency for deposits.
Bitcoin Cash
Bitcoin Cash is not to be confused with Bitcoin. Basically, it is a spin-off from Bitcoin. Both currencies come from the same blockchain. They are, therefore, relatively similar. Bitcoin Cash has a block size of 8 MB, which is why the transactions take shorter than when using Bitcoin. Here the block size is 1 MB.
While Bitcoin is abbreviated with BTC, Bitcoin Cash is traded under the abbreviation BCH. Investors can often buy and sell both currencies from CFD brokers. Both currencies can often be used in online casinos. Pure Bitcoin Cash casinos have only existed in a few cases so far.
Ripple
Ripple (international abbreviation: XRP) is much more than a cryptocurrency. It can be described as an open-source protocol that is used as a peer-to-peer payment system. The system enables lightning-fast transactions that take place within a few seconds. The current rate is 0.36 euros. In terms of value, Ripple is more of a non-spectacular cryptocurrency.
The network was founded in 2004. The inventor Ryan Fugger introduced the XRP in 2012. Since then, this cryptocurrency has enjoyed growing popularity. Most of all coins (about 55%) are owned by Ripple. The majority of coins are, therefore, not in free circulation.
Ripple has been used in online casinos for quite some time. As far as acceptance by regular online gambling providers is concerned, the XRP cannot compete with Bitcoin. In pure crypto casinos, on the other hand, Ripple is on the ascending branch. More and more game providers are adding this currency to their portfolios.
Monero
The XMR has been available since 2014. With a current price of 166 euros, the Monero is one of the more valuable cryptocurrencies. It stands out from the other currencies by its strong anonymity. Another feature is the proof-of-work algorithm optimized for commercially available processors. So far, around 16 million XMRs have been generated.
Conclusion
All seven cryptocurrencies mentioned can be easily used for online gambling. Every currency has certain advantages and disadvantages. The payment method the player chooses depends on individual preferences and requirements. There is certain anonymity in all cryptocurrencies mentioned. If anonymous gaming is more important to you than game selection, you are in good hands in pure crypto casinos.