The Best Cryptocurrencies (for online casino players)
Cryptocurrencies are now everywhere on the internet. Not all online casinos accept them, but there are more crypto casinos launching every week.
Bitcoin is the original and most popular cryptocurrency. However, there are loads of alternatives that are even easier and faster to use than Bitcoin.
Unfortunately, though there are hundreds of cryptos to choose from, the wrong investment could lose you money.
That’s why we’ve gone through some of the most popular options here. From advantages to disadvantages and their suitability for online casino gaming, read on for our expert opinion on each of the main cryptos available today.
Bitcoin / BTC – Most common at online casinos
If you know about cryptocurrencies, you’ve probably heard of Bitcoin. The original crypto has been a hot topic all over the world for the past half-decade after its remarkable price rise since it debuted in 2009.
Created anonymously by someone under the alias of Satoshi Nakamoto, Bitcoin was worth less than a cent when it launched. There’s been so much interest in the unique blockchain technology Nakamoto created that the price has risen tens of thousands of times in just over a decade.
There are only a certain number of Bitcoins available, with 21 million being the ultimate cap. This helped the value rise, as, unlike fiat currencies, nobody can just create more Bitcoins.
Although Bitcoin is the most popular and widely used crypto, it isn’t actually the most efficient or easiest to use. Because so many blockchain transactions happen with Bitcoin, the system can get clogged up – especially at peak times – and transactions can sometimes take ten minutes or so to confirm.
However, BTC transactions at online casinos are nearly always free, and they remain simple and anonymous, too. Plus, as it’s the most popular, you’ll find Bitcoin at all crypto casinos. Check out our Bitcoin casino guide for our rundown of the best sites for this OG crypto.
Bitcoin Cash / BCH – Upgrades with more users
Bitcoin Cash is a simplified version of Bitcoin that launched in 2017. Lots of people buy Bitcoin as an investment, but Bitcoin Cash was designed to be used for payments from the ground up.
This results in faster transactions – not by a lot at the moment because Bitcoin Cash still uses similar tech to Bitcoin. However, its innovative take on the blockchain means that the more people buy into BCH, the faster transactions will be in the future. Could be a good bet!
Litecoin / LTC – Fits smaller amounts
Litecoin has been around for almost as long as Bitcoin, debuting in 2011. It has become a popular alternative to Bitcoins among businesses and traders because, as the name suggests, it is “lighter” than Bitcoin. That means faster transactions!
Litecoin has a market cap of some 84 million, of which 66 million are in circulation right now. Bitcoin and Litecoin are very similar in code, but Litecoin is just that much more efficient.
For you, that means faster transfer times – around two minutes in most cases.
Dogecoin / DOGE – Fast and cheap transfers
Dogecoin is what is known in the crypto world as a “meme” coin. It was made as a joke and based on a meme template involving a cute Japanese dog breed called Shiba Inu that was popular in 2013.
However, somehow, it became massively popular and shot up in value. Then, the world’s richest man and crypto enthusiast Elon Musk tweeted about it, and it exploded even further. The original joke has now taken on some seriousness, and the team behind the project rushed to give it actual practical applications beyond laughter.
Today, there are about 129 million Dogecoins in circulation. The tech is based on Litecoin, which means fast transfers – in fact, some of the fastest on the market.
However, the fact remains that Dogecoin is a meme. This makes it the riskiest of all the cryptos on this page – but also the most unique and interesting. Plus, it offers fast transactions that take a minute or less.
Ethereum / ETH – Unique transactions in 15 seconds
Ethereum is a super-interesting cryptocurrency and the second-most valuable on the market today. Ethereum, or Ether, was launched in 2015. Its main selling point is the customization it offers. Users can create their own additional decentralized apps, or “dapps,” for a variety of purposes.
Smart contracts have also been explored in recent years. These allow near-instant transactions between two wallets without the need to authorize or enter any information after the first time.
In the world of online casino gaming, this can mean completely seamless real-time betting and wins, from your account to the casino and back again with no intermediary. Game-changing!
Smart contracts can also ensure 100% fair gaming, as every single transaction can be viewed on the blockchain. There’s no way a casino (or you) can dispute a transaction if it’s there for everyone to see. Of course, it’s still anonymous to everyone but the parties involved.
About 118 million Ether are in circulation as of this writing. Unlike Bitcoin, there’s no upper limit. This means transactions can potentially get faster and faster. The team behind Ethereum is also debuting ETH 2.0, which will automatically upgrade for any ETH holders when it launches.
ETH 2.0 might make things even faster and will add more features. Currently, ETH transactions take about 15 seconds, so any improvement on that will be crazy!
Read more about Ethereum, smart contracts, and ETH casino gaming at our Ethereum casinos page here.
Tether / USDT – Corresponds to the value in EUR or USD
Tether is a different cryptocurrency to most, as it is in its own class known as a stablecoin. Its value is attached to that of the USD. This means Tether shouldn’t (and historically hasn’t) lose or gain value in the same way as other cryptos. So, it’s not really an investment but more like a blockchain-based alternative to traditional currencies.
Tether can also be bought directly from its website and then sent to a wallet of your choice. You can then use it to buy other crypto, purchase stuff online, or deposit at a casino.
The advantage to Tether is that its value won’t change while you hold it, and you’ll also avoid any fees associated with fiat currency and exchanges.
A Tether transaction takes 3-5 minutes to complete, which is nicely in the middle of the cryptos on this list.
Does it sound like Tether is the crypto for your online casino sessions? Then go check out our Tether casino top list.
At the end of the day, what we listed are just a few of the options available, and other currencies may overtake them in the future.
However, for the moment, these are your best picks for cryptocurrency online gambling. Whether it’s a stablecoin like Tether, the world-beating Bitcoin, or Ethereum and its smart contracts – each currency comes with its plus points and downsides for online casino play.
We hope our guide has given you the information you need to make a decision in this sometimes-confusing market. Good luck!
Nano is the fastest cryptocurrency on the market with transaction times averaging around one second or less.
Bitcoin, but many players also use Ethereum, Tether and Litecoin.