The online casino industry continues to grow despite the ongoing health crisis worldwide. Trends in online casino gaming pop up and today, cryptocurrency gambling is making a lot of noise. This is mainly because cryptocurrencies, especially Bitcoin, have been making a lot of noise because of their value recently.
Cryptocurrency gambling is still in its infancy as Bitcoin has only been around for over a decade. It’s not exactly new but it’s just in the last few years that people started to gain more interest in using cryptos to gamble on casino sites.
Today, the biggest casino sites would accept cryptocurrency transactions. There are even Bitcoin casinos that would only cater to cryptocurrency users. This is why many believe that the future of online gambling is crypto and it’s not impossible. Here are some of the most popularly used cryptocurrencies on online casino sites and what you should know about them.
Known as the father of all cryptocurrencies, Bitcoin has been created in 2009 by an anonymous person or group of people called Satoshi Nakamoto. It’s still the most commonly used cryptocurrency and it is most likely available as an option for any online casino that accepts cryptocurrencies. It’s still convenient crypto to use when gambling online. Transactions with this may not be processed in real-time but this is one of the safest cryptos out there.
Ethereum is also one of the first altcoins made available to the public since Bitcoin’s success. This is popularly used on ICOs and IPOs but this is now part of the mainstream in the world of crypto. It is considered the second most popular crypto next to Bitcoin and this is the go-to of crypto users who want to save up on transaction fees.
Many are probably associating this with Bitcoin itself, but Bitcoin Cash is a completely different cryptocurrency. It is the result of a hard fork from Bitcoin in 2018 and since it is quite close to BTC, it has gained quite a popularity. It’s also popular with people who want to save up on transaction fees and we can say that it’s one of the most commonly used cryptos on gambling sites worldwide.
Litecoin came around in 2013 and is pretty much similar to BTC. However, what sets Litecoin apart from the father of cryptocurrencies is how transactions made with this coin are faster. It also has a large maximum supply of 84 million. Despite controversies, LTC is one of today’s most used cryptos throughout the internet.
Ripple is mainly known as a global gross settlement system instead of a payment option when it was developed in 2012. It’s the go-to of crypto users who are mainly concerned with processing fees. This can be exchanged to pretty much most cryptos and fiat currencies. It’s a cheap option to make cryptocurrency transactions which is why it is easily popular with online gamblers.
Big gambling sites like Bet22 accept cryptocurrency payments including Cardano. ADA has only been around since 2015 but if you’re one of the people who purchased it back then, you probably already have made a profit with this. Many crypto gambling sites transact with this and it is one of the most hyped-up cryptocurrencies this year thanks to billionaire businessman, Elon Musk.
Why People are Using Cryptocurrencies to Gamble
More people are starting to gain interest in cryptocurrencies nowadays and why wouldn’t they. Bitcoin’s all-time high value has already reached over 60,000 US dollars this year and many have already claimed that they have become millionaires because of it.
BTC’s value today is over 56,000 USD and many are predicting that there will be more all-time highs this year. Some even believe that it has the potential to skyrocket to a hundred thousand USD per coin. With that, many people are starting to buy BTC despite its current cost and are starting to look into altcoins as well.
As more people create cryptocurrency wallets, the more they realize that it is a great online payment solution. For gamblers, many are shifting to crypto gambling because of the privacy it gives. They no longer have to use their banking information for any crypto transactions. They don’t even need to disclose their details to send and receive cryptos. All they need is a wallet address.
Generally, the use of cryptos isn’t heavily regulated worldwide and this makes it the perfect payment solution for online gambling. Through this, online gamblers no longer have to endure the hassle that they experience with their banks whenever they make gambling-related transactions.