Best cryptocurrencies for online gambling

I doubt that any of my readers are new to cryptocurrencies, you would either have to be living under a rock or recovering from a coma that has lasted several years. Cryptocurrencies have been taking over the currency market in recent years, and if they keep this pace they will eventually get fiat money out of the picture.

People tend to embrace ground-breaking innovations and cryptocurrencies hit the jackpot. They offer a broad innovative capacity like no other coins before them. Not to mention they assure you of financial freedom, they are built on an advanced technology called the Blockchain, they are fast, secure and global.

Gambling, being a sphere that deals with money cannot afford to ignore this perfect storm called cryptocurrencies. Today, most gamblers are turning to cryptocurrencies for online betting. It is therefore not surprising to see more casinos taking advantage of the popularity of these coins.  A strong connection has been forged between the online gambling sector and the cryptocurrency industry. As of now, many players globally have already switched to betting using a decentralized currency and virtual accounts rather than the traditional fiat currency. Players today have a diverse range of crypto options to bet with at online casinos.

The very first cryptocurrency to emerge was the Bitcoin back in 2009. Since then, hundreds of alternative cryptocurrencies have been launched, they are commonly called altcoins.  Today we have over 1,300 cryptocurrencies in circulation and all of them have similar uses such as gambling. Deciding on what cryptocurrency to use for betting can be rather difficult, they are all so great and they offer amazing advantages. This is why I decided to make work easy for you and provide a convincing yet credible list of the best cryptocurrencies for online gambling. 


Choosing the right cryptocurrency

The options we are about to explore are available at all cryptocurrency-betting sites. Each coin has its perks and their popularity varies from player to player. After all, beauty lies in the eyes of the beholder. I recommend that you read the list and go-ahead to carry out further research before settling on a coin. This way you will be able to make a smooth transition from betting with fiat currency to using cryptocurrency.

Bitcoin 

Being the firstborn, this coin is the most popular and the most commonly applied option. Ten years later and it is still killing its game. It has remained at the top thanks to its widespread acceptance and the trust that people have in this coin. Most gamblers and online gambling sites use Bitcoin; it is the most widely offered cryptocurrency on online gambling sites. It is arguably the most straightforward coin that gamblers can easily interact with and understand. Also, it was the first coin to debit and most of its rivals use its format. Not a single cryptocurrency online casino does not support this coin. It is widely used in the online poker world especially. It may be the older but if I were to bet on a cryptocurrency that will still be around in the next ten years, my money would be on Bitcoin, it is a safe wager. 

Pros 

 -Gambling with Bitcoin has several perks to it. They include 

-High speed

-Simplicity 

-Very short payout period, it is a matter of minutes rather than a matter of days as was with traditional currencies.

-Very popular 

-Global 

-Reliability 

Cons

Unfortunately, every good thing has a few cons and since you are putting your money on this, it is good that you are aware of some of the cons, and they are as follows.

-Huge transaction fees, where there is demand there is always money to be made. Miners prioritize larger fees because mining takes a lot of time. 

-High market value, back in 2011 the price of bitcoin was $30 however today, one coin costs about $6,000. This makes the purchase and gambling a very expensive endeavor. 

Ethereum 

It was released to the public in 2015, it is significantly faster, has a better coin supply, built on better technology and it is more efficient than Bitcoin. Also, it has more applications than Bitcoin hence most informed players tend to look in this direction. 

It was created with the idea of scalability and futureproofing in mind. And the coin happens to be a great way to manage one’s bankroll in online gambling. It may not be as widely accepted as bitcoin but its transaction method is way superior from a technical point of view. Needless to say, it borrows a lot of its identity from Bitcoin.  

It is popular for its application in the creation of smart contracts, software, programs, and decentralized applications. The smart contract feature makes it convenient for gambling since it eliminates intermediaries and increases trust between the participating parties. Ethereum online gamblers can seamlessly conduct their payments and then receive their payouts later.

Pros 

-ustainability, ethers are required to execute code on Ethereum hence giving it long term potential. Ethereum gambling transactions remain valid for a long period.

-Fair gambling, it is closely linked to Edgeless which the houses takes on bets

Cons 

-Limited Value. Ethers are required to execute code on Ethereum and this link between ether and Ethereum limits the value of the coin greatly.

 


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Zcash 

This currency has a very strong cryptography technology that makes it stand out from all the other available cryptocurrencies even Bitcoin. Its users enjoy the following pros from its advanced cryptography 

Pros 

-Maximum user privacy 

-Wise and prudent transactions 

Dash

It was previously called Xcoin and it was released in January of 2014. Later on, it was named Dark coin before they finally landed on Dash. This coin branched out from the Bitcoin protocol.  The users of this coin are the most active altcoin community in the world.

Dash gambling is based on a Decentralized Autonomous Organization.  Its most significant and remarkable feature is its high transaction speed. Its transactions are so fast that it is impossible to track them down. 

Pros

-User-friendliness

-High transaction speed  

Cons

-Limited block size which further limits its potential  

Litecoin 

This coin is not only autonomous but also decentralized just like the rest. It is very similar to Bitcoin some people even argue that the two are identical. It is, however, less popular than its twin among gamblers, also it has fewer features compared to Bitcoin.

Litecoin is faster and cheaper to use, it creates new blocks every two and a half minutes as opposed to the ten minutes that Bitcoin takes. It can also handle a larger number of transactions compared to most coins. It adopted segregated witnesses to counter malleability.

It is older than most cryptocurrencies, its transactions are very quick which means that your money will be stuck in the limbo for a shorter period.

It is one of the many supported online gambling cryptocurrencies out there. It may not be as popular as its twin but it enjoys a significant amount of recognition by gamblers. If an online casino accepts several cryptocurrencies odds are, Litecoin is one of them. 

Pros

-Small transaction fees

-Fast transaction speed 

-Reliability 

-Perfect for frequent gamblers 

-Experienced creators, its creator is a former employee at Google 

Cons 

-Steep completion from Bitcoin, after bitcoin borrowed the segregated witness idea Litecoin has more or less become a less popular version of Bitcoin. 

Dogecoin 

This cryptocurrency uses the image of the Shiba Inu dog as its symbol and a peculiar logo. It was conceived in 2013 as a joke, inspired by an internet meme. People did not expect it to last so long, however, it has maintained a steady and solid presence in the crypto-sphere.

Unlike most coins, there is no limit to how many Dogecoin can exist. This means that its value remains relatively small but stable especially compared to Bitcoin which is very volatile. The value of on Dogecoin is ridiculously low the highest value it’s ever held was $0.015 per coin. Since it is affordable, it is certainly usable and many gambling websites adopt it with open arms.

It is very easy to make transfers with Dogecoin, and so it has become one of the “friendliest” currencies. Also gambling with Dogecoin has become the perfect choice for thousands of audacious players. It is more secure than most cryptocurrencies and it is the most convenient for small transactions. if you are looking to bet with small amounts this is your best option.  

Monero 

This coin was first introduced in 2014, some of its best features that its gamblers appreciate include high privacy level, its fungibility, and its decentralization. It uses a PoW mechanism to generate new coins as well as secure transactions.

Conclusion

As illustrated above, all cryptocurrencies have their pros and cons when it comes to online gambling. Are you a gambler and you cannot decide which coin to use? My advice is to dig a little deeper beneath the surface. Bitcoin doesn’t have to be your obvious choice; you have so many options to choose from.

 


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