We are pretty sure of one thing this is not the first time you are coming across cryptocurrency. In recent years, this disruptive financial innovation has only grown more popular. Businesses in online industries all over the world have adopted cryptocurrency as a method of payment for transactions. Some of these industries include eCommerce, fintech, and of course online casinos. The best online casinos offer the latest no deposit free spins Canada and payout wins often do so in fiat and crypto.Â
There are a lot of betting possibilities with crypto involved. On a base level, people might feel uncomfortable sharing their financial details like credit cards, IDs, and account numbers with online gaming casinos. However, with crypto, you can open an online casino account, fund it with coins, place your bets, and withdraw your winnings at online slots at mega-game in crypto. All these transactions are very private and can hardly be linked back to you.
Cryptocurrency is still in its early stages, and because of this, it can be a little hard for organizations to decide which one to use for transactions. Even though Bitcoin is the most popular crypto today, other coins can also serve as a method of payment. You should know there are over 15,000 altcoins (Ethereum and other cryptos aside from Bitcoin) today, and you need to know the ones adopted by the best online casinos. In this article, we want to look at the top 6 cryptocurrencies used in online casinos.
Top 6 cryptocurrencies:
- Bitcoin
- Ethereum
- TetherUSDT
- Dogecoin
- Litecoin
- Ripple
Bitcoin
Naturally, this cryptocurrency comes first on our list. Bitcoin was first introduced in 2008 as a decentralized currency without the need for a central bank or any intermediaries. The history of bitcoin started with its invention and implementation by Satoshi Nakamoto, who integrated many existing ideas from the cryptography community. It accounts for over 40% of the total value of the crypto market. Bitcoin is the world’s leading and most widely adopted cryptocurrency. In May 2021, it broke the 60k mark, and organizations all over the world immediately recognized that this financial asset was here to stay. Even though this asset is not legal tender in most countries, online casinos realized that it is the best option for virtual gaming.
Even though the payment sequence is slow because of automation difficulties, online players still prefer it as a form of payment. The simplicity and no-fee transactions have made bitcoin one of the best options in the industry. Online casinos like BitStarz, Super Slots, CloudBet, Ignition Casino, and even 1XBet.
Ethereum
Think of Ethereum as the heartbeat of a decentralized Internet. Dapps, smart contracts, and a host of other special functions are hosted on the Ethereum blockchain. This cryptocurrency accounts for 20% of the entire crypto market, and the utility it provides in the Defi space is massive. For starters, the smart contracts feature of the Ethereum blockchain allows you to go into an agreement with any online entity without the involvement of a third party.
The question is, how does this play out in online casinos. High-end poker games with huge financial stakes can be played with Ethereum rewards on the line. You don’t need to worry about being scammed because the blockchain verifies your bet. Also, a lot of decentralized apps are built daily. There is a high probability that online casinos will catch this trend and build Dapps for gambling and other related activities. Guess which cryptocurrency will be used? Ethereum. Popular online casinos like BetOnline casino, Wild casino, and Super Slots already accept Ethereum on their platform.
TetherUSDT and Dogecoin
One of the major drawbacks of Bitcoin and other cryptocurrencies, in general, is price volatility. In the last ten years, Bitcoin has moved from less than 100 dollars to over 60,000 dollars. At the time of writing this article, Bitcoin sells for 41,000 dollars. Even though the dollar value of Bitcoin can always be calculated and paid out by online casinos, the process is not as seamless as fiat currencies. This is why some online casinos transact using USDT. USDT is a Stablecoin crypto directly equivalent to the US dollar. Simply put, if you have one USDT, you have one dollar. This allows for easy online casino transactions in crypto without the accompanying price volatility. Online casinos like 7bit, Mbit, and Cloudbet already accept USDT for staking and even give out some of it as a signup bonus.
Dogecoin is the popular meme coin backed by Elon Musk rose to prominence in 2021. Even though this cryptocurrency was launched as a joke in 2013, its user-friendly nature has allowed it to gain wide acceptance in the crypto community. Funds are super easy to transfer, and many online casinos have adopted them as payment. Another advantage of dogecoin is its low price and large-scale availability. Unlike Bitcoin, Dogecoin is not scarce, and you can easily stock up on as much as you want on your betting platform. Mbit casino. Stake.com, CloudBet, and other online casinos accept dogecoin as a means of transaction.
Litecoin and Ripple
Litecoin is one of the major competitors of Bitcoin. It provides all the accompanying utilities of Bitcoin but is faster. Litecoin is the 14th largest cryptocurrency in the world, according to market cap, and it is hard to ignore. If you have a few Litecoin in your crypto wallet, you can easily transfer them to a supporting online casino and stake your games just like that. Online casinos that already accept Litecoin deposits include Betway casino, Jackpot city, and wild casino, among others.
Ripple is a global payment solutions crypto launched in 2012. This crypto broke the one-dollar mark in the bull run of 2021, and it has been on the radar of many industries since that time. Ripple has a unique advantage for online casinos. The platform offers superfast global payment solutions to any industry. With ripple, you can easily pay millions of people in a flash and in real-time. You can send money internationally at a very low cost. Online casinos like Sports betting, Betonline, and other casinos also accept ripple deposits.
Conclusion
One of the defining events of the 21st century is the rise of the decentralized financial system. This innovation is majorly powered by cryptocurrency, and any organization that fails to get on board will be left behind. Online casinos around the world have already started transacting in crypto. You can deposit different cryptocurrencies in your online casino, stake games and withdraw your earnings through the same means. In this article, we have shown some of the most used cryptocurrencies in online casinos. You can decide to try out a few bets for yourself and see how it plays out.
