A cryptocurrency is a set of digital numbers people allocate value to and then exchange for goods and services just like how we allocate value to paper currency and coins.
Whereas traditional banking transactions are private and individual means you can’t just look at someone else’s history, the cryptocurrency network automatically tracks every record of transaction ever made with the money. Because these records are translucent and protected by a quite brilliant mathematic security and digital signature system, cryptocurrency is highly secure and corrupt proof.
This cryptographic transaction system is known as block-chain, and it’s implemented in 2009 with BTC (bitcoin), other cryptocurrencies and block-chain platforms, and applications in different industries.
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What Cryptocurrencies Can I Gamble With?
It is very difficult to say that which cryptocurrency is the best for gambling because you’re never going to get consensus because everyone’s got their choice.
So now we’re not here to tell you that one particular crypto coin is king and the rest are useless – far from it. They’ve all got their uses in fact, but when it comes to online casinos, some coins are better appropriate than others. The list of other coins accepted by online gambling sites is really lengthy and constantly increasing. While we can’t review every single cryptocurrency out there, here’s our breakdown of the best.
Let’s start with the father that started it all. Back in the Satoshi Dice days, gambling was one of the few ways in which you could spend Bitcoin. You don’t need to spend the last 5 years eagerly browsing the Bitcoin talk forums to be grateful that Bitcoin is worth a lot more now – like, several thousand percent more. Bitcoin currency is held within a digital wallet. This can be kept on your computer in a private place or at a website online that specializes in hosting Bitcoin wallets. A recent study estimates that there are up to 3 million regular cryptocurrency users, the majority of them use bitcoin.
There are increasing numbers of online casinos that offer gambling and money based games in bitcoin currency. Bitcoin casinos function from all over the globe, though they are supposed to be subject to local laws. Through bitcoin transactions, these casinos give a wide variety of choices for players to bet their bitcoin money on:
- Casino Games
- Gambling Games
- Sports Based Betting
- Online Lotteries
- Spread Betting
Bitcoin casinos were quick to spring up once the currency gained even a small amount of momentum.
The web’s second oldest cryptocurrency, Litecoin is basically a replica of Bitcoin with faster block times. It’s much affordable although, making it more suited to everyday use such as gambling.
Litecoin is relatively stable, and trouble-free to get from a wide range of exchanges and online marketplaces. The Litecoin is defined as a peer-to-peer virtual currency. With the help of Litecoins, you get your transactions fast and instant purchases that don’t embrace any extra costs as with traditional currencies. Such costs are usually imposed by the banks that process the transactions. It works on a very similar concept like the Bitcoin.
It is based on an open source network for global payments, which means there is no centralized power to take benefit of your money. No banks, no governments and no financial institutions have the right over this currency. On the contrary, you are the one that control your own finances. Litecoins are used completely over the Internet.
One of the longest recognized cryptocurrencies after Litecoin and Bitcoin, Dashcoin is a no-nonsense crypto that is designed for spending on things: goods, services and gambling.
Unlike Bitcoin, gambling with Dash doesn’t call for a decimal point followed by an extremely long number of zeroes, and the currency also provides more secrecy than Bitcoin. The only real downside to Dash is that it’s not accepted at as many crypto casinos as the likes of Bitcoin.
All your financial transactions won’t be revealed as well. Therefore, if you don’t want anyone to trace what you did with your money and what you have bought with it, then Dash is a great choice.
Ethereum is amazingly stable, by the notoriously volatile standards of cryptocurrencies. Its value tends to stay sensibly constant against the dollar, give or take 5%. This makes it much more appropriate to betting, as players can store the coin in their casino wallets in the information that it’s not likely to noticeably drop in value suddenly. If we compare this with Bitcoin then Ethereum is also easily available and boasts fast transaction times.
Several crypto casinos sprung up the Ethereum block-chain, including ‘provably fair’ models in which players can determine with complete certainty that the house hasn’t tampered with the odds in any way. Ether is the currency that powers the Ethereum network – is highly adaptable and is particularly suitable to the demands of online gambling.
Where to Go Now?
So it is very hard to say that which cryptocurrency is best for gambling. Bitcoin is definitely the easiest to get hold of, but for multiple reasons, it’s falling out of support with gamblers. Instead, try Ethereum or one of the many Ethereum tokens that are offered, which are much more resourceful and easier to part with than an asset that costs several thousand dollars a coin.
The Benefits are here
For new players, all this exchanging of currency can be done namelessly without ever attaching any personal information to your transactions. With no middleman (like a bank or other payment service) essential to send money, users can send money directly to one another with greater trust.
And distinct from banks, these transactions can be done 24/7, faster, and with smaller transaction fees. In theory, blockchain’s automatic recording of all transactions will ultimately make everything from taxes, business finance, record keeping, and everything in between much more efficient and simple.
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How the Casino Industry Uses Cryptocurrency?
The very first cryptocurrency accepting casinos started appearing a few years ago and since then countless others have joined the fray. Some of these casinos are newly-launched Bitcoin-only casinos and sportsbooks, while others are already established casinos that have begun offering as a payment/withdrawal option like any other banking method.
Because this option eliminates the middleman, you may soon be able to play casino games directly from your e-wallet. This means no need to wait for deposits or withdrawals to process and the open-source nature of the procedure makes the games ‘provably fair’.
Block-chain and gambling make a serious drive to be first in figuring out how to best regulate and capitalize on cryptocurrency gambling.
Advantages for Online Casinos and Their Players
The appeal of using cryptocurrencies at online casinos stretches far beyond just speed and originality. In this era where big data leak scandals seem to happen often, using cryptocurrencies at casinos online avoids having to give yet another entity your banking information.
Also, some banks have very tight limits on sending and receiving money to online casinos. Using digital currency easily avoids these kinds of problems and permits you to deposit, withdraw, and play with more freedom and anonymity.
Online casino players that regularly find themselves under legal hands where online gambling isn’t legal, often run into troubles with placing bets online too. Since there is currently little-to-no legislation on gambling and cryptocurrency, this makes gambling online less of a pain.
It’s also much more cost effective. Unlike with regular currency, the transaction fees are lesser when depositing and withdrawing cryptocurrency. It also offers larger sign-up bonuses when you deposit with cryptocurrency.
Cryptocurrency’s Future in Gambling
Online casinos are still trying to get in on or near the ground floor by using cryptocurrencies. As for online casinos, they’ve been active in discovering how Ethereum can make using cryptocurrency at casinos even easier for customers, and also further increase their safety and trust.