Crypto gambling has become very popular in recent years, largely because it offers total privacy and in many cases, faster transaction times and overall, much less fuss when it comes to making a transaction.
However, there are a lot of cryptos out there, and a lot of options to choose from. If you’re not a crypto expert, like most of us, it pays to do a little research before converting your cash into crypto. Knowing which is best suited to your needs can really make a big difference in terms of your experience when using the new digital currency. So let’s take a look at some of the best coins out there that come highly recommended for gambling uses, and hopefully disseminate some helpful facts on the issue.
So Bitcoin is really the ‘big daddy’ when it comes to cryptocurrencies and is widely regarded as the most popular around. It is the first cryptocurrency that was ever created and is generally considered the most accepted and used on the market today. However, Bitcoin is quite an expensive coin to invest in, and over the years the price has shot up to well over $50,000, although it has since come down again somewhat, at the time of writing.
On that note, Bitcoin is known for being relatively stable – at least these days it is, and has one really great advantage going for it – it’s widely accepted. Most casinos have a method that allows for Bitcoin payments both from and to the casino.
In some cases, sites like those in a list provided by B2C might even offer you an additional bonus as an incentive for using Bitcoin because the processing costs are a lot less for them. This means they save and you save when you use Bitcoin. Since Bitcoin is generally quite trusted, the processing times are usually quite low and can take anywhere from a few seconds to five minutes on the slow end. Obviously, this also depends on the casino, as some are simply better equipped to handle Bitcoin transactions than others.
Price stability is another really important factor when choosing a crypto for gambling with, and that is why you should consider using stablecoins when making transactions. While there are other cheaper cryptos out there, Tether is a stable coin that usually costs about $1, making it much cheaper per coin than Bitcoin.
Its value is pegged to that of the US Dollar, meaning that it won’t gain or lose significant amounts of value overnight like Bitcoin has in the past.
Essentially, if a coin is very volatile, it forces you to convert your crypto back into cash as quickly as possible, so that you don’t run the risk of losing money on your final winnings value, or vice versa, having to pay more to get the same thing. A simple rule to remember is the less a price fluctuates, the better suited it is to online transactions. So be sure to study the historical data of the crypto’s price changes over time to get a good idea of how stable it is.
If Bitcoin is the ‘big daddy’ of crypto, then Ethereum is its little brother. Ethereum is the second cryptocurrency to have ever been created, and it’s generally touted as being the cheaper option to Bitcoin. Its price hasn’t climbed above $2,000 a coin, and while there are cheaper coins out there, this is still a lot cheaper than Bitcoin.
The reason why we’d recommend Ethereum for gambling purposes is mainly that it’s a.) stable, and b.) widely accepted. These are really the two main deciding factors when it comes to selecting an appropriate crypto for your needs and in these categories, Ethereum really excels. It’s available on practically every crypto exchange and supported by every crypto wallet, which means you won’t struggle to find a place to acquire some or keep it safe and make transactions with it.
The transaction times with Ethereum are also very quick and generally comparable to Bitcoin. It runs on its own dedicated protocol and distributed server network, which means it’s purely dedicated to tracking price history and processing those transactions. It is also known for ushering in the waves of different coins available today, as its protocol (or the system that it runs on) has been used to create coins like Ripple, Dogecoin, and many others.
They also use Ethereum’s distributed network, meaning transactions are processed very quickly between merchants i.e. the person buying something, and the person receiving the crypto. Ethereum’s price is incredibly slow-moving, meaning you can leave your money in Ethereum for a long time without having to worry about gaining or losing too much – making it ideal for gambling when you don’t want the value of any potential winnings to fluctuate too much.