When cryptocurrency was introduced, there wasn’t much hope for its use. However, over the years, digital currency warranted consideration as an alternative to fiat payments. Blockchain transactions offer unique features that make them particularly suitable for online gambling. As decentralised currencies, crypto fills certain gaps in online the gaming sector that traditional methods can’t. They allow operators to process payments directly from customers as opposed to relying on an intermediary. The past five years saw cryptocurrency gambling rise in popularity as more players turned to virtual coins. Gamblers who prefer using digital currency have more than enough casinos from which to choose.
One challenge players face when using crypto for gambling is finding the right option. Presently, more than 16,000 digital currencies are available, and this figure keeps growing. The blockchain industry is still novel to some people. So, deciding which coins to use for casino gaming isn’t easy. Popular currencies like Bitcoin, Ethereum and Litecoin might be safe bets for many gamblers, but they are not without disadvantages. Therefore, players should be aware of the qualities to look for when picking a gaming coin.
A big determinant of whether a virtual currency is suitable or not for online gambling is its accessibility. Granted, the availability of cryptocurrencies increased dramatically with time. However, some payment solutions remain out of reach for many consumers. When Bitcoin, the first digital coin, hit the market, it was only available to a few people. Several factors affect the access players have to blockchain payments. Usefulness is one. The more use people have for a particular coin, the higher the demand. You will find that some cryptocurrencies only exist on paper because almost no one uses them.
Hype is another aspect that affects a coin’s availability. Cryptocurrency is overly sensitive to outside pressures. When the right people talk positively about a particular currency, its popularity surges, increasing the demand. You will find some coins are more available than others due to such factors. The accessibility of a digital currency also inspects its offering at online casinos. For example, almost every crypto gaming site accepts Bitcoin. You also wouldn’t have trouble finding reputable Ethereum Casinos. However, you would struggle to find Cardano sites since the coin is less known. Note that some cryptocurrencies are hard to locate in some regions. Hence, you have to consider this element, as well.
One of the main reasons blockchain transactions work for online gambling is payment speed. Fiat payments, especially cards and bank transfers, take a significant time to process. A casino withdrawal via credit card can take up to 5 business days. Cryptocurrency solves this problem. The absence of a third party during payment processing reduces the transaction duration. You don’t have to wait for a bank to approve your casino deposit.
Digital coins deliver lightning-fast transactions. Speeds range between 15 minutes and one hour for payouts, while deposits are instantaneous. As you compare various currencies, look at the processing speeds. The faster your request is handled, the quicker you can receive your money and use it. Rather than spend time waiting for a casino to process payments, you could be gambling or taking care of other tasks. Additionally, fast transactions reduce the risk of losing money if a coin loses value, given crypto’s high volatility. A currency’s prominence influences its transaction speeds. Coins with a high demand, such as Bitcoin, might have slightly longer wait periods than lesser-known options.
If you gamble regularly, you have to think about the expenses accumulated. Besides the bankroll, you must factor in transaction costs. Every time deposit and withdrawal at an online casino incurs service charges. These fees are lower for cryptocurrency compared to fiat. Nonetheless, you have to weigh the charges from different coins before settling on one. Popular currencies tend to have high network fees, hence driving up your gaming costs.
Another element to look at when discussing cost is a coin’s price. You have to acquire cryptocurrency to gamble with it, and for most people, that requires buying coins from an exchange. Virtual currencies are valued according to their demand, reputation and usability. Prices also fluctuate depending on various market influences. Therefore, your coin choice dictates how much it costs to acquire the funds you need for gambling. Bitcoin is still the highest valued cryptocurrency on the market. Thus, if you decide to game with it, be ready to fork out a substantial amount for your bankroll.
A majority of online gamblers that chooses cryptocurrency does so for the increased security promised. By design, digital currencies are safer than fiat because they offer a higher degree of privacy. When gambling with crypto, your personal information is only necessary when opening an account at a coin exchange. For transactions, you only need your wallet address. Individual coins also have specific safety features, making some alternatives more suitable than others for internet gaming. Some currencies like Monero, Dash and ZCash havea greater privacy level than most coins. So, if you wish to keep your gambling activities private, these are some options to consider.
On-Chain vs Off-Chain Gaming
Crypto coins also vary depending on whether they support off-chain or on-chain gambling. When gaming on the chain, you send tokens to a smart contract, which pays out wagers directly. It means you are gambling straight from the network. EOS and Ethereum are the top options for on-chain wagering. Off-chain betting requires you to deposit funds to a casino account before using them. Most virtual coins support this type of gaming.
The cryptocurrency market sees a new coin come up every other week. As blockchain payments gain more traction than ever, developers are rushing to produce alternatives to Bitcoin and other top coins. As much as the variety favours consumers, it makes picking the best virtual currency for online gambling tedious. Therefore, it helps when you know the features to prioritise.