Cryptocurrencies have attracted the attention of both investors and common people. Having been around for over a decade, digital currencies managed to quickly gain traction and find their application in many profitable businesses. With cryptocurrencies, you can buy goods, services, and even fund your gaming account at an online casino.
For those of you who are still not familiar with the term “cryptocurrency”, it is a currency that exists only in the digital world. It is a decentralized currency with no issuing body or central authority. The price of the different cryptocurrencies is extremely volatile. A report published by Casino Guardian explains that a growing number of casino fans prefer using cryptocurrencies when playing online as these offer many advantages, including an increased level of safety and anonymity. Not to mention that deposits and withdrawals are processed in a lightning-fast manner.
There are different types of cryptocurrencies, but Bitcoin is undoubtedly the most well-known. The increased demand and the limited supply resulted in the surge of its price. In this article, we would like to focus on the most popular cryptocurrencies among casino fans based on their market share.
Cryptocurrencies in the iGaming Industry
Many web-based casinos embraced digital currencies to attract a new customer base. In addition to that, a growing number of operators stimulate their customers to use digital currencies, offering them mouth-watering bonuses. In many jurisdictions, cryptocurrencies are not recognized as official currencies. Therefore, players residing in countries where remote gambling is prohibited can still bet at online casinos as cryptocurrencies are not viewed as “real cash”.
What is more, cryptocurrencies allow casino enthusiasts to remain anonymous as they do not have to share their bank details. This minimizes the risk of unauthorized third parties accessing your sensitive information and drain players’ bank accounts. Another notable reason to use cryptocurrencies is the promptness with which financial transactions are carried out. You can deposit and withdraw funds in a matter of minutes.
If you want to do your budget a favor, cryptocurrencies can be your best friend. Digital currencies cut out the middleman, meaning that the transaction fees are lower compared to other traditional payment solutions.
Due to being new, many casino mavens avoid using cryptocurrencies. However, initiating financial transactions via crypto wallets is not rocket science. In a nutshell, you have to choose a crypto wallet depending on the digital currency you intend to use, set up an account, and fund it.
Top 5 Major Cryptocurrencies in the Online Gambling Industry
As we already mentioned above, Bitcoin is the most widespread cryptocurrency of all. Some web-based casinos accept only Bitcoin, while others have a long lineup of supported digital currencies. However, you will barely see a gambling website that accepts crypto payments but does not offer Bitcoin.
Ethereum (ETH) is yet another widespread cryptocurrency. Ethereum and Bitcoin share a lot of similarities. Ethereum was launched to complement Bitcoin. The main difference between the two cryptocurrencies is that Ethereum utilizes a smart contract address, enhancing the level of safety.
Litecoin, or just LTC, is the third most popular cryptocurrency among casino enthusiasts. One of its most appealing features is the promptness with which it processes payments. Many people believe that it will eventually surpass the success of Bitcoin.
Bitcoin Cash (BCH) is another importan crypto in the online gambling industry. It was created with the idea to increase the size of the block, enabling quicker transactions compared to Bitcoin.
It is arguable whether Monero or Dogecoin takes the fifth spot in the list of the most popular cryptocurrencies among online casino fans. As for Monero (XMR), it offers absolute anonymity thanks to an encryption process in the blockchain network. One of its downsides is that it is banned in many exchanges. Dogecoin brags about its unique design inspired by Shiba Inu – a breed of a hunting dog from Japan and it has been the subject of an amazing price increase during 2021.
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