Traditional online casinos are pretty popular, but with the rise of crypto, there are even more modern online options for bettors. While some traditional online casinos allow players to bet for free, most of them also offer a paid experience where players can spend, bet, and win real money.
In traditional online casinos, bets are made with fiat money that is transferred and deposited into their casino wallet. When bets are made, they are made with the player’s real money (or a virtual currency that is bought with real money) and when bets are won, real money is then rewarded to the winning player’s account. When cashing out their winnings, users are then given their prize pool in real, fiat money. Traditional online casinos require users’ bank information in order to allow the transactions to occur.
What’s The Difference?: Traditional Vs. Cryptocurrency Gambling
Crypto casinos operate similarly to traditional casinos with their library of games still including the most popular casino games such as table games, card games, and slots. However, the only difference is that all transactions are made with a cryptocurrency of the users’ choice.
There is often a set selection of crypto coins that each crypto casino will accept and from there, it is as simple as picking the one that you want to invest in. All bets in crypto casinos are made with cryptocurrency and all winnings are then cashed out in cryptocurrency.
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Why Use Crypto?: Advantages To Gambling With Cryptocurrency
There are quite a few advantages for bettors who choose a crypto casino over a traditional online casino.
First and foremost is security. When making wagers on other traditional online casinos, bettors must first enter their banking information. This is sensitive information that some players are (rightfully) skeptical of sharing online.
With online crypto casinos, the player’s online wallet is all that is needed. Once it is linked to their casino account, they can begin betting without the need to give up any personal bank information. All crypto transactions (regardless of which crypto coin is used) are done via blockchain technology, keeping all transactions in and out of users’ digital wallets safe and secure. Not only is this more secure but also keeps transactions more anonymous.
Every online transaction (fiat or crypto) requires a small fee to be paid. Traditional bank fees tend to be higher than the average cryptocurrency transaction fee. Crypto casino users would also have the advantage of paying less in overall fees when making deposits or withdrawals in their casino accounts.
Not only do crypto transactions cost less for users, but they are also completed much faster than the average traditional bank transactions. Fiat money transactions handled by traditional banks can take anywhere between one to four days (sometimes more) to be finalized. However, when using crypto, these transactions can be completed within hours or even minutes in some cases.
Lastly, one of crypto’s biggest advantages is its global accessibility. All fiat money is tied to a specific country or region, thus limiting its overall use. One currency cannot be used in a region that it does not belong to. However, crypto is not tied to any one region or place and can be used all over the world. Just about any user from any part of the world can register for crypto casinos and partake in betting with no hassle of exchanging currencies or worrying about being locked out because of their region.
Best Gambling Crypto Coins
Gambling with crypto is best started with research. It’s important to differentiate a traditional online casino from betting sites that accept crypto. After picking an online crypto casino that is safe, trusted, and hosts a library of games that interest you, it’s as simple as registering and getting your online wallet ready to be linked. After linking an online wallet with the casino, players can begin playing and betting.
However, when it comes to blockchain gambling, many newcomers may be wondering which kind of crypto is the best or most accessible to use. Here are a few of the best gambling crypto coins for casino cryptocurrency.
Bitcoin (BTC)
In general, Bitcoin is by far the most popular form of cryptocurrency as it was the original form of crypto after its initial release in 2009. Bitcoin is one of the most widely accepted forms of cryptocurrency in online stores and casinos. Bitcoin takes up about one-third (75%) of crypto used in online crypto casinos, meaning it is by far the most wagered crypto coin on the internet. Many online crypto bettors use the Ledger Nano X as their wallet of choice. The Ledger Nano X is a hardware wallet that supports and holds over 1,000 cryptocurrencies (including Bitcoin).
Ethereum (ETH)
Ethereum takes up about 8.4% of the overall crypto wagered in online crypto casinos and is the second most popular cryptocurrency used in the USA. For bettors who are interested in using Ethereum, the best crypto wallet for gambling Ethereum is MetaMask as it is one of the most popular options for Ethereum investors.
Litecoin(LTC)
Litecoin is one of the most popular options offered in online crypto casinos and makes up 5.1% of the crypto used in online casinos. While there are quite a few different digital wallet options for Litecoin users, the best option for mobile users is Trust Wallet. Beginners may choose the Exodus Wallet but when it comes to wanting a seamless mobile experience, Trust Wallet is the best crypto wallet for online gambling.
Ripple (XRP)
Ripple is best known in the crypto world for its lightning-fast transaction speeds. While crypto transactions are typically faster than fiat money transactions, Ripple transactions are exceptionally fast. Binance is one of the safest software wallets for XRP users.
BitcoinCash (BCH)
Bitcoin Cash is a fork (an altcoin) of Bitcoin that was created in 2017. Bitcoin Cash is separated even further into Bitcoin Cash and Bitcoin SV. It was created by Bitcoin’s original creator, Satoshi Nakamoto.
Dogecoin(DOGE)
Despite its status as a satirical form of crypto, Dogecoin eventually became one of the most popular forms of cryptocurrency online. It is often accepted in online casinos and makes it easy to gamble crypto.
Tether (USDT)
Tether is a stablecoin. This means that its overall value is tied to another asset, such as traditional money. Tether is referred to as USDT because of its pegged exchange rate to fiat money. Due to its ties to fiat money, Tether is a more consistent crypto coin for those who are worried about crypto volatility.
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