Online casinos are often referred to as virtual casinos and internet casinos. These casinos are the online version of traditional casinos that enable gamblers to play and wager on casino games via the internet. Depending on the online casino selected the payback and payout percentage differs. There are two types of online casinos which include web-based casinos and download-only casinos.
Web-based online casinos allow the players to gamble without downloading software to their local computer, whereas he download-based casinos requires the download of the software to play and wager on the casino.
Cryptocurrency become a revolution in the online crypto casino industry that allows the players to gamble securely, fastly, and in an anonymous way. This article explores the top cryptocurrencies used in online casinos. The crypto’s unique features and much more about it are explained below, check it out:
Bitcoin
Bitcoin is the original cryptocurrency and is characterized by broad acceptance and robust security features. This cryptocurrency is popular for its established reputation and larger user base. Making bitcoin deposits will award the gamblers with exclusive bonuses and promotions, furthermore, this crypto can be easily converted to other cryptocurrencies or fiat currencies.
Transactions made with Bitcoin are fast and secure since this crypto is decentralized, there is no need for a central authority to proceed with the transaction thereby mitigating the risk of censorship or interference. Another attraction is the transparency of the blockchain as it can permit the players to verify transactions to provide an extra layer of security and trust.
The benefits of Bitcoin include its easiness to convert it into fiat or other cryptocurrencies, mostly all crypto casinos accept this cryptocurrency, and its blockchain technology ensures tamper-proof transactions. Despite the positives, it has some negatives including its volatile nature and slower transactions during network congestion.
Ethereum
Ethereum gained popularity with its smart contract functionality that can enhance the transparency and fairness of crypto casino games. These features help to verify the fairness of each game and also to automate various aspects of casino operations especially reducing the need for intermediaries, improving the efficiency of the casino, as well as reducing the operational costs.
The cryptocurrency also offers a broad array of innovative games to facilitate a unique gaming experience. It also comprises decentralized apps to allow for new types of games that can leverage blockchain technology.
Ethereum cryptocurrency can be considered for its high transaction speed which is typically faster than Bitcoin, for its blockchain-based games, and since more platforms started accepting Ethereum. However, it has some disadvantages including network fees that upsurge during high demand and the volatile nature associated with any cryptocurrency. This cryptocurrency is highly suited for tech-savvy players who like innovative gaming platforms and dApps.
Tether
Tether is a stablecoin linked to the US dollar which is best suited for the players who need to avoid the volatility of cryptocurrency. Since the value of this cryptocurrency is stable, managing funds in online casinos is easier. These features had been the key reason for its acceptance.
The benefits of Tether include its stability in its price, facilitating fast and cost-effective transfers, and regular audits to verify its USD reserves. But, Tether is managed by a single entity as it is centralized and the ongoing debates about its reserves might impact the trust.
Dogecoin
Dogecoin is a meme coin that was originally introduced as a joke and gained traction for its active community and low transaction fees. The coin features a vibrant community and playful nature along with that it is easily accessible and imposes low fees. Furthermore, it is a reliable and efficient cryptocurrency for making online transactions.
Fast and affordable transactions are guaranteed, this has been another reason for its increased acceptance, and with this low transaction fees, the gaming budget can be maximized.
Dogecoin transactions are faster like 1-minute block times, also the transaction fees are almost negligible when compared to Bitcoin and Ethereum but, this is highly volatile, and currently, only a few of the casinos are accepting Dogecoin. This cryptocurrency is a sure shot for players who enjoy casual gambling and are not bothered by its speculative nature.
Litecoin
This cryptocurrency offers much more faster transaction and lower transaction fees compared to Bitcoin. Transactions are confirmed within minute so it could effectively reduce the waiting times and players can enjoy the seamless gaming excperinces.
More casinos have started accepting Litecoin due to its quick transaction rate and this makes Litecoin a reliable and efficient payment method. As more casinos start accepting, players will be provided with more options and flexibity when choosing where to play.
The positives of Litecoin include the speed that its 2.5-minute block time vs. Bitcoin’s 10 minutes, its low transaction fee that makes it ideal for micro-betting and making frequent transactions, and lastly its long-standing blockchain with a strong track record. The drawback includes smaller acceptance which means currently only a few casinos support Litecoin compared to Bitcoin and Ethereum and it is less stable than Tether but less volatile than Bitcoin.
Factors Should Be Considered When Choosing A Cryptocurrency
There are several factors to be considered when choosing a cryptocurrency and the key factors are discussed below:
Volatility Tolerance
If you are concerned about preserving the bankroll’s value then you should consider stablecoins. Conversely, of you are comfortable with taking risks, then consider choosing cryptocurrencies such as Bitcoin or Ethereum.
Transaction Speed And Fees
If you belong to the high rollers and frequent bettors category that go for coins that facilitate faster confirmations and low fees.
Casino Compatibility
Confirm whether the platform supports the chosen cryptocurrency. Two types of casinos specialize in specific casinos like Tether-focused platforms and others prioritizing Bitcoin or Ethereum.
Security Preferences
If the preference is anonymity, then decentralized coins like Bitcoin might be the perfect choice. Stablecoins such as Tether may require Know Your Customer (KYC) verification based on the platform.
Long-term Goals
Conclude the purpose of gambling whether for fun or investment. Choosing Bitcoin and Ethereum would be a greater option for players who are there for money-making.
Also read: Crypto Gambling Licenses Guide: What Does The Licence Say About The Casino Site?
The Final Thought
Cryptocurrency in online gambling is a revolutionary introduction to the casino industry. A wide range of cryptocurrencies can be found and each serves a different purpose. Choosing a cryptocurrency includes a personal choice. Choose a cryptocurrency that perfectly aligns with your preferences.