Online casinos have evolved to meet the majority of gambling and gaming needs of diverse players worldwide. While some players enjoy playing live at brick-and-mortar casinos, others prefer to use cryptocurrency to play online casino games and earn great rewards.
Casinos have grown in popularity because they allow players to avoid the restrictions imposed by traditional online casinos. This guide reviews the top cryptocurrencies to use in online casinos in 2023 and the different features they provide.
Bitcoin (BTC)
Yes, you guessed it, this list starts with the all-time favorite Bitcoin. As you can see on the chart, this crypto-original far outweighs its stealthy peers. It hit the scene in January 2009 and has since dominated the market. What makes it so invisibly popular? Well, even though other coins far outweigh it in terms of scalability, among other things, Bitcoin was here first and has paved the way for other currencies to follow.
This crypto is popular among online casinos because of many reasons. It was the first one to appear on the scene. The early online casinos that decided to include it as a payment method ended up reaping big in the short and long term after crypto casinos started becoming very popular.
As mentioned on BitcoinCasinoKings, the crypto was first accepted by a couple of revolutionary casinos like Bitstarz and mBit back in 2013 but saw massive growth between 2018 and 2020, when people, in general, started to see the real value and perks of this respected coin.
Now, if a casino touts that it accepts crypto, Bitcoin will undeniably be one of the payment methods, with some casinos even offering tailor-made bonuses specifically designed for Bitcoin deposits.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Ethereum (ETH)
Ethereum, or ETH, is one of the most popular alternatives to Bitcoin with potential. It was founded in 2013 by Vitalik Buterin, a Russian-born Canadian programmer and writer, and has since made shockwaves in crypto circles thanks to its appealing features.
It has the second-largest market value, making it an obvious and viable option plus, the recent upgrade, which was fully released in September 2022, improved the speed, scalability, and efficiency of this network. It enables building and deploying smart contracts, decentralized applications, and among other things, crypto casino gaming.
The main difference between Ether and Bitcoin lies in the fact that Bitcoin was created as an alternative to national currencies. However, Ether was intended as a tool to facilitate digital contracts and applications via a global virtual machine. Therefore, they differ in the medium of exchange and store of value.
So if you are wondering whether you should buy one or the other, know that Ether has many different uses. If you are someone who uses a lot of smart contracts and dApps, Ether might be for you. It is, indeed, one of the top cryptocurrencies to use in online casinos in 2023.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Dogecoin (DOGE)
If you like a bit of comical relief and a sense of community where you can find others with a similar sense of humor, then Dogecoin is a great altcoin for you. It was actually founded by Billy Markus and Jackson Palmer in 2013 as a joke. They actually never intended this virtual cryptocurrency to serve as anything more than a comedic parody of Bitcoin, using a picture of a Shiba Inu dog talking in comic sans to make fun of the wild speculation of crypto at the time.
Well, no one is laughing now because it has become one of the most favored cryptocurrencies accepted by online casinos and is still seeing a steady rise in popularity.
Doge is quite similar on many fronts to Bitcoin, but it is a much faster cryptocurrency to use at online casinos. Furthermore, when it comes to block confirmation, Bitcoin takes around 10 minutes while Dogecoin takes just 1.
Moreover, unlike Bitcoin, there is an unlimited number of Dogecoins that can be issued to users. Though, it is important to say that only 5 billion can be issued each year. Overall, Dogecoin is a lighter alternative with a smaller value and a great community behind it. You can find excellent support for any inquiries on their forums, which is only the case for some cryptocurrencies.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Litecoin (LTC)
Litecoin is based on the same blockchain as Bitcoin. However, there are a few differences that might suit you better. As the name suggests, Litecoin is essentially Bitcoin-lite. It operates on a much lesser scale than Bitcoin and differs in market capitalization and the total dollar market value of created coins. Where Bitcoin operates on a crypto-to-dollar exchange rate, Litecoin has a much smaller capacity. This might suit those who find BTC values too great.
Furthermore, due to this great value, Litecoin can have a much larger number of coins than Bitcoin. This increases the distribution factor, where there are more Litecoin tokens for users globally. Litecoin can accommodate 84 million coins, whereas Bitcoin can accommodate only 21. The key takeaway is that Litecoins are generated faster and in greater amounts, but Bitcoins are worth more. Weighing these factors can help you decide what is better for your casino needs.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Final Words
Cryptocurrencies and online gambling get on like a house on fire, and their affair seems to get stronger and stronger as new innovations and ideas are bursting into the scene.
It is estimated that crypto-gambling currencies are worth around $939 million, which means that it has seen a growth of a monstrous 170% over the last year. And this growth is going to continue in the near future.
Read More: