If you haven’t been unconscious for the last few years, you probably know what a cryptocurrency is. Regarded as a digital asset, cryptocurrency forms a type of financial transaction made through cryptography across crypto wallets. The pioneer of decentralized cryptocurrencies was the Bitcoin(BTC) created in 2009. Since the introduction of BTC, other cryptocurrency alternatives have emerged and there have also been various crypto wallets created for different cryprocurrencies. Most of these currencies have gained a place in the heart of casino operators hence their growing use. Here are some of the best cryprocurrencies to try.
Bitcoin (BTC)
This is the most extensively used cryptocurrency in the world. There are even Bitcoin-specific gambling sites that cater for Bitcoin users. The currency is famous, and you would not expect it to disappear so soon. Apart from its promising long stay, there is already a huge community of its users who can help in case you experience any problems with it.
Ethereum (ETH)
Ethereum (therum) runs on the blockchain- a public ledger where all transactions are recorded. It uses computer protocols or smart contracts that verify, enforce and facilitate cryptocurrency transactions. The growing popularity of Etherum (therum) has forced many online gambling sites to adopt it. From a gaming perspective, the transaction fees for ETH are lower while the cashout processing is faster than BTC. This is because Ethereum network presently runs cheaper and faster as compared to BTC.
Litecoin (LTC)
Litecoin is a peer to peer crypto which runs on an open-source network. Since its release in 2011, it has gained stream so fast thanks to its high-speed block generation time and bigger circulating supply of coins. With this kind of effectiveness, more online gambling sites are embracing Litecoin, making it the third most in-demand cryptocurrency in online gambling presently.
Ripple (XRP)
Ripple experienced an unexpected rise in 2017. However, the XRP has since dropped to a value that is more reasonable. With the publicity it gained during its rise, it caught the eyes of the online gambling industry. Its design has offered confidence to various investors such as Google Ventures and the Standard Chartered Bank. It is secure and anonymous despite getting into the hands of financial institutions.
Monero (XMR)
Monero operates on open source network and calls for decentralization of payment systems. However, it has significant privacy features since it further masks both the recipient and sender during transactions. That said, it has been able to win the hearts of the black market operators. It is famous among illegitimate online publishers and hackers, and this does not paint it in a reputable light. However, it is still a better choice for online gamblers looking forward to maintaining anonymous transactions. It also does not require the users, in online casinos, to report to third parties like with a credit card company or an eWallet.
ERC20
This digital currency is backed by Ethereum and is found majorly at esports gambling and sports betting operations.Both project developers and online gambling operators have the ability to offer their own distinct token via the ECR20 platform. This cryptocurrency accepts Etherum and enables its users to customize and label their currency, but the tokens have to follow the standard rules laid down by the Ethereum network. Additionally, the customized tokens cannot be used outside the business or gambling site that creates them, but the tokens can be converted to Etherioum and then to fiat currency or be used as a payment medium where accepted.
BitEther (BTH)
This is the tokenized version of Bitcoins. Having been tokenized on the
Ethereum blockchain, it is expected to offer transaction speeds faster than BTC, considering that the BTC`s average block time is 8 minutes while that of Ethereum is 24 seconds. It is also expected to have cheaper transaction costs due to the lower Etherioum transaction fees. Finally, BTH is able to work with the smart contracts on Ethereum blockchain which BTC currently does not support, hence giving it an edge over BTC.
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