Best Altcoins to Use in Online Casinos
Updated on November 8, 2022 | by Joseph Williams
The online gambling industry is slowly advancing to the cryptocurrency world and we can see more and more casinos that allow people to gamble with the revolutionary digital payment system. One of the reasons why cryptocurrencies have dominated the casino industry in the past couple of months is because of all the benefits that come from cryptocurrencies.
Apart from being a more secure and anonymous payment system, cryptocurrencies are also easier to manage, provide faster transactions, and have lower fees.
No wonder why cryptocurrencies are showing true dominance over the traditional fiat payment methods in the online casino industry and we can see new Bitcoin casinos opening up every day.
However, the biggest question is which cryptocurrency you should use when gambling online.
Well, cryptocurrencies are different from one another in their code. This means that different cryptocurrencies come with different attributes meaning that they are good for certain things. Some cryptocurrencies have an unlimited supply and the goal behind them is to encourage people to spend them while others are scarcer and provide a good store of value.
With many different altcoins, it can be difficult for a beginner to choose which digital currency to use in the online casino space. So, let’s dive right into it.
Best Altcoins to Use When Gambling Online
Since cryptocurrencies come with different characteristics and use different coding in the Blockchain and unique technologies, they are all different in terms of usability, especially in the online gambling industry.
This is why we decided to highlight the best altcoins that you should consider using in your next gambling session.
Even if you’ve lived under a rock for the past couple of years, you’ve definitely heard about Bitcoin, which is the most popular cryptocurrency in the world that pioneered this industry. Bitcoin is also one of the most popular cryptocurrencies in the online casino space and there is a good reason for that.
First of all, Bitcoin is great for gambling just because it is easier to find a casino or an app that supports Bitcoin payments. Being the most popular currency comes with its own perks, which is why Bitcoin is the most heavily accepted cryptocurrency of the lot.
Additionally, Bitcoin has proved to be a good store of value and many experts are speculating that this cryptocurrency will survive the long winter and become a dominant force reaching hundreds of thousands, if not millions per coin.
Bitcoin also offers availability, anonymity, and liquidity which are the three most important things when online gambling.
The second most popular cryptocurrency is Ethereum, and this cryptocurrency has reshaped the world of digital transactions through its unique infrastructure that allows smart contracts. Ethereum is a cryptocurrency that allows smart contracts to be built on top of the blockchain. These smart contracts mean that there is no need for a third-party authenticator and two parties can make a contract on the blockchain.
This technology marked the birth of things like non-fungible tokens and other forms of digital collectibles that are dominating the online gaming industry. Ethereum is also transitioning at the moment to proof-of-stake which will reduce energy use by 99% making the coin more efficient.
Judging from the name of this cryptocurrency, its biggest advantage is its ability to a faster response for transfer. The entire idea behind Litecoin is to provide people with a way to transfer digital currencies very fast on the internet by creating a lighter system that processes each transaction.
This means that if you use Litecoin as a digital currency for gambling, you can expect faster payments, and the wagering will be much easier. No wonder why online crypto casinos decide to add Litecoin support to their offerings.
One of the most used stable coins for gambling is Tether, and there is a good reason for that. Big cryptocurrencies like Bitcoin or Ethereum are still very volatile and we’ve seen Bitcoin climb from $9,000 to $60,000 in a couple of months, and drop back down to $19,000 per coin.
Volatility is not good when gambling just because it can eat away your profits when the price drops.
Such cryptocurrencies are good if you want to keep some long-term profits just because the price of these cryptocurrencies will most likely climb back to a new all-time high. However, if you want some short-term profits the best option is to use a stablecoin.
Tether is denoted as USDT and will always have the same value as the USD in the blockchain domain. This means that you can enjoy the stability of Tether by still getting all the benefits from the crypto world.
Ripple is another promising altcoin that isn’t much dominant in the casino space but still provides a good payment option for crypto gambling lovers. Ripple is a high-tech coin that offers great security and effortless payment options.
This means that Ripple transactions are processed very fast, and it is easier to convert Ripple into other cryptocurrencies just because it has a steady demand.
On top of that, many experts speculate that Ripple will go up in value in the future, which promises a good ROI for every gambler.