The online casino industry is booming with the addition of brand new digital tokens almost on a daily basis.
It has been a testing ground for the wider adoption of cryptocurrencies, with casinos worldwide accepting payments and offering withdrawals in Bitcoin, Litecoin, Ethereum and other staple crypto assets.
In this article, we will review ten most popular cryptocurrencies currently on display at online casinos anywhere.
Bitcoin
Bitcoin is a payment method powered by users, meaning there is no intermediary or central authority that governs it. The concept of cryptocurrency was introduced by Wei Dai in 1998 when he described and prophesized the implementation of Bitcoin. In 2009, a cryptography mailing list published the Bitcoin specification.
Using Bitcoin as a payment method makes purchasing goods and services with a debit or credit card much easier since a merchant account is not required. Online and mobile payments are both supported.
Pros:
- Accessibility and Liquidity: Cryptocurrency has the advantage of often having no borders, and Bitcoin is no exception.
- User Anonymity and Transparency: While Bitcoin users are not entirely anonymous, they can identify themselves by numerical codes and have multiple public key addresses.
- Independence From Central Authority: A decentralized currency like Bitcoin is not regulated by any central bank or government, meaning anyone can own it.
- High Return Potential: The Bitcoin market price can fluctuate dramatically on a daily and even a monthly basis.
Cons:
- Volatility: A Bitcoin is incredibly valuable, but it keeps fluctuating because the price is now the only element that can alter the demand for a Bitcoin. In addition to headline-making news, investors may also perceive security breaches and uncertainty about Bitcoin’s future value as influencing its volatility.
- No Government Regulations: Bitcoin transactions are not regulated by a central bank and are generally not reversible, making them vulnerable to scams.
- Irreversible: Due to the irreversible nature of Bitcoin transactions, nothing can be done if you send the incorrect amount or if it is sent to the wrong recipient.
- Limited Use: There is still a lack of acceptance for Bitcoin. In contrast to credit or debit cards, this limits what you can buy with your money.
Bitcoin Cash
Bitcoin Cash was created because the 1 MB capacity of Bitcoin could not compete with the volume of transactions, resulting in long confirmation times, high fees, and a drop of over 50% in market share.
As a result, a scaling approach was prioritized by forming Bitcoin Cash with an 8MB block size.
While technically identical, the fork incorporates certain growth and scaling improvements to enable faster and cheaper payments while sacrificing Bitcoin’s decentralized, independent, and public characteristics.
In order to ensure that users who held Bitcoin before the split have the same amount of Bitcoin Cash after the split, all owners have been automatically credited with the same amount.
Pros
- The Bitcoin Cash network has excess block space, which means users pay lower fees.
- Smart contracts with more advanced features have been added to Bitcoin Cash.
- Roger Ver, an early adopter of Bitcoin, has given significant support to Bitcoin Cash.
Cons
- Concerns have been raised about Bitcoin Cash’s security.
- As a result of the increased block size limit on Bitcoin Cash, full nodes become more expensive to operate.
- Unlike Bitcoin, Bitcoin Cash does not contain SegWit (Segregated Witness).
- The alternative difficulty adjustment algorithm for Bitcoin Cash has caused some mining issues.
Ethereum
Since Vitalik Buterin created Ether in 2014, it has been designed as a means of payment rather than a currency and is intended for users of the Ethereum network.
A smart contract Ethereum uses is a variation scenario used to fulfill the terms of a contract on the Ethereum blockchain, which allows the whole system to function. That being the case, the online exchanges can support Bitcoins and other virtual currencies, and they can also be used to purchase Ether.
Pros:
- Volatility: The volatility of the markets was viewed as a negative characteristic, but astute investors recognize market cycle patterns and are profiting from the parabolic profits generated by market bubbles.
- Liquidity: Ethereum is undoubtedly one of the most liquid financial assets today due to the creation of numerous trading platforms, exchanges, and online brokerages worldwide. You can quickly cash out by converting Ethereum into cash or valuables such as gold at incredibly low costs.
- The lower danger of inflation: The inflation strategy of Ethereum makes it less susceptible to tampering. The blockchain system is limitless, so you don’t need to worry about your cryptocurrency deflating.
Cons:
- Scaling issues: It can be vulnerable to flaws, breakdowns, and hacks due to its multiple functions, unlike Bitcoin, which has a single purpose.
- Makes uses of a difficult programming language: Solidity, Ethereum’s native language, is harder to learn than C++, Python, or Java, even though it is Turing complete. Getting beginner-friendly lessons is one of the primary issues.
- Ethereum investing can be dangerous: Ether’s price has fluctuated a lot in the past, which may be a problem for novice investors of cryptocurrencies. Cryptocurrencies, including Ethereum, are risky investments. Ethereum’s fee structure is also erratic, which makes them problematic.
Litecoin
Former Google employee and MIT graduate Charlie Lee created Litecoin in 2011 as a fully decentralized digital currency. In many technical aspects, it is identical or similar to Bitcoin.
It is a peer-to-peer currency based on supply and demand, unmediated by any centralized authority or banking institution, controlled and managed by individuals based on supply and demand.
Pros:
- Liquidity: Litecoin currently holds one of the top ten positions in terms of market capitalization, with a market cap of $11.6 billion. Its size indicates that the cryptocurrency is relatively visible and liquid. On average, it is traded over 2 million times daily.
- Reliability: Concerning Litecoin’s software, investors can rest easy knowing it’s one of the oldest cryptos, and it was forked from the Bitcoin (CCC: BTC-USD) blockchain. LTC is decentralized and open-source, just like Bitcoin.
- Performance: Litecoin has several advantages over Bitcoin because Lee wanted to improve. It usually takes Bitcoin less than nine minutes to verify a transaction. It usually takes LTC less than 2.5 minutes to verify a transaction.
Cons:
- Uphill brand battle: Ethereum (CCC: BTC-USD) generally remains the preferred alternative to Bitcoin despite Litecoin being designed to be an alternative.
- Losing market share: Litecoin’s declining market share is another discouraging factor for investors.
Dash
The interactive gambling industry would not be too far behind in incorporating Dash since it is one of the many digital currencies. Nowadays, the popularity of dash casinos is due mostly to the currency’s advantages and ease of use.
Blockchain technology is used to record transactions in Dash, a digital currency based on Bitcoin. In January 2014, founder Evan Duffield released the program. Its value and application have since risen.
Pros:
- Decentralization: A completely independent currency is not controlled by any centralized authority, allowing users to transact with minimal fees and maximum security.
- Speed: Players don’t lose time waiting to play their favorite games since transactions are processed in one or two seconds due to the specifics of the currency.
- Security: In addition to the security inherent in digital currencies and blockchain technology, PrivateSend functionality added to Dash using the master node network ensures optimal security and protection of all funds and information. The mnemonic seed provides an added layer of security.
- Irreversibility: Once the transaction is confirmed, it cannot be reversed, so the funds cannot be used for other payments.
Cons:
- Volatility: As with all commodities, the value of Dash fluctuates depending on supply and demand.
- Availability: Several merchants accept Dash as payment, but its availability lags behind other crypto tokens, such as Bitcoin.
Tether
To achieve greater security and stability while ensuring full transparency, Tether is a cryptocurrency based on the Bitcoin blockchain and the Omni platform. This digital currency can represent the regular US dollar currency (USD) and is designated with the symbol USDT.
This cryptocurrency’s tokens (coins) function as the equivalent of fiat currency. USDT can be bought or sold for the same price (=$1) at any given moment, which goes against the principle characteristic of these cryptocurrencies – their volatility.
The fluctuations will still influence the USDT in the fiat currency to which it is tied (such as the USD), but these will be much less likely considering that governments and central banks are backing the currency.
Pros:
- Transaction Time: Using Tether as a medium of exchange for payment or receiving payment takes minutes, making the whole transaction as convenient as possible.
- Transaction Fees: Typically, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) charges a fee of $30 for a traditional bank transfer.
- Security: Omni’s platform ensures a high degree of security and transparency, thanks to high-level encryption standards.
- Price Stability: Tether tokens are pegged to fiat currencies (USD primarily and EUR) and maintain the same value.
- Availability: This cryptocurrency can be found on both cryptocurrency exchange platforms and hybrid platforms, in addition to other services such as online casinos. There is no doubt about its convenience.
Cons:
- Relation to Bitfinex: A major bank withdrew as a partner of Bitfinex exchange platform in the last few years, and as a result, Bitfinex’s assets were frozen.
- Reserve Controversy: There was still controversy over Tether’s ability to match the value of its related fiat currency – they were required to always have a reserve of the same currency at all times.
Ripple
Are you interested in using cryptocurrency to pay for your online casino games? If you want to invest your money in a cryptocurrency, Ripple (commonly abbreviated as XRP) could be a great option. This payment method has been around since 2012, so it’s not that much more popular than Bitcoin at the moment, but it has amassed a loyal following during that time. It is thanks to the fact that the site offers a high level of safety and very smooth transactions and that there are no charges at all.
Pros:
- The fact that you do not have to convert currency makes this cryptocurrency so popular. But, unfortunately, Ripple makes it unnecessary to convert currencies, which is only beneficial to the player.
- This payment method will find it exceptionally fast because the need for conversions has been eliminated. They are just as fast compared to other cryptocurrencies, such as Bitcoin.
- Another benefit of this payment method is that it’s completely free. XRP has no fees, unlike some other cryptocurrencies.
Cons:
- There is not much acceptance of it. With this site, you’ll be able to find the various gambling sites available to you.
- XRP wallet login details must be remembered at all costs. However, you can easily reset them if you forget them, unlike forgetting an email password.
Dogecoin
On December 6, 2013, a half-joking attempt was made to create a cryptocurrency that would be a fun complement to Bitcoin, Dogecoin. As a digital currency, this is unique among all its digital siblings, and the story of how it was created is quite different and interesting.
An internet meme featuring an adorable Shiba Inu rescue named Kabosu inspired its founders, Billy Markus, an Oregon programmer, and Jackson Palmer, a manager at Adobe. However, co-founders are still baffled by the popularity of her whimsical expression.
Pros:
- Community support:?The popularity of Dogecoin has steadily grown since its introduction to the cryptocurrency market. As a result of its community support has become popular among people who trade crypto as an absolute value as a result of its community support.
- Celebrity influence:?Elon Musk, CEO of Tesla, has recently endorsed using Dogecoin after extolling its virtues. Dogecoin’s market price has increased because of his constant tweets.
- Exchange availability:?Because Dogecoin is one of the most famous cryptocurrencies available today, you can trade and invest with it. This availability allows Dogecoin to attract more activities, liquidity, and usage of cryptocurrencies.
- Easy transaction:? Almost identical to bitcoin’s coding, Dogecoin makes transactions secure and easy.
Cons:
- Its fun nature contradicts any real innovation:?The DOGE cryptocurrency was designed to poke fun at other cryptocurrency services like Bitcoin and Litecoin. But, unfortunately, Dogecoin’s nature prevents it from being integrated and adopted by the larger community.
- Too much reliance on celebrities to drive its price:?On May 8, 2021, social media platforms like Facebook, Reddit, and Twitter were flooded with anticipation about what Elon would say about Dogecoin when he was hosted live.
- Dogecoin is not the number one transactional currency:?As opposed to other digital currencies such as Tronic (TRX) and Ether (ETH), which both have their blockchains and serve as transactional currencies, Dogecoin primarily functions as a digital currency.
Monero
Monero is a decentralized digital currency that may be used without any third party to maintain privacy. As a result, it ranks in the top 20 most popular cryptocurrencies globally. Monero features three specific features: Ring Signatures, Confidential Addresses & Ring Confidential Transactions, which provide privacy to the sender, recipient & transaction.
Pros:
- The blockchain doesn’t have a limit and transactions can’t be traced.
- Transaction fees are affordable even when used in a large amount; you can choose who can see your transactions.
- It is impossible to discover destination addresses with Monero because it is a mix of public keys. It is also resistant to ASIC mining, unlike Bitcoin.
- Monero does not have such a problem. There is no limit to it.
Cons:
- It is impossible to determine whether it was involved in illegal transactions because of its anonymity.
- Because Monero can’t be traced, this may limit Monero’s widespread adoption among black markets and the dark web.
- Neither hardware wallets nor multi-crypto solutions like Jaxx support Monero.
Binance Coin
Binance Coin is issued by the Binance cryptocurrency exchange and is traded under the symbol “BNB.” There is a limited supply of 200 million tokens of BNB, which are based on the Ethereum blockchain and follow the ERC 20 standard.
Therefore, in addition to fueling the operations of Binance and the corresponding ecosystem of the exchange, BNB will also help power Binance’s growth.
Pros:
- Tokens such as BNB are among the best utility tokens.
- The Burndown Policy at BNB is unique.
- Using BNB, users can get discounts on Binance’s exchange platform.
- Binance offers low transaction fees as well as fast transactions.
Cons:
- BNB holdings and trading can be affected by regulations.
- The Binance exchange is the only place where BNB is available.
- Among the main targets of cyberattacks is the finance industry.
- BNB currently does not support smart contracts.
