The rise of online casinos in recent years has been nothing short of stratospheric. By 2028, the industry is expected to be worth $138.10bn, and, with that, the use of crypto in online gambling is set to increase, too. Crypto and online casinos, after all, largely go hand in hand, with almost 50% of crypto holders using their crypto exclusively for gambling.
As we approach the end of 2023 and look to an exciting new year in online gambling, what are going to be the best cryptocurrencies to use at online casinos? Luckily for you, we have the answers.
Ethereum
Ethereum, often dubbed the “world computer,” is more than just a cryptocurrency: it’s a platform that introduced smart contracts, which are self-executing contracts with terms written directly into code. And this revolutionary feature has had significant implications for the online casino industry.
For one thing, these smart contracts provide a decentralized environment and ensure fairness and transparency in online casino operations. Decentralization is pretty much vital for establishing trust, and preventing any manipulation of games, or tampering with the odds. Ethereum’s decentralized nature ensures that no single entity has control over the entire network. In layman’s terms, this basically makes sure that outcomes are determined solely by code, so there’s no chance of interference with the odds.
The transparency of the Ethereum blockchain is another critical aspect that makes it an ideal choice for online casinos. Every transaction and smart contract execution is recorded, allowing players to verify the fairness of the games. Ethereum’s robust security features enhance the overall safety of transactions, meaning there’s next to no risk of hacks or your money and details making it into the wrong hands. Plus, its transaction speed and cost-effectiveness further contribute to making playing casino games with Ethereum a relaxed and fun online experience.
Bitcoin
Bitcoin, the pioneer of cryptocurrencies continues to hold a place in the hearts of casinos because of its simplicity, widespread adoption, and established reputation. Being the first decentralized currency, Bitcoin laid the groundwork for the entire blockchain ecosystem. Its significance in the casino industry reflects its enduring popularity and acceptance.
As mentioned, one of Bitcoin’s main strengths lies in its simplicity. The straightforward nature of Bitcoin transactions makes it accessible to a range of people including those who may be new to cryptocurrencies. Players appreciate how safe it is to use, intuitive and user-friendly.
Bitcoin’s lengthy history and established reputation contribute heavily to its recognition. Online casino players, operators, and even regulators often view Bitcoin as a dependable form of currency. Its recognition extends beyond the community, creating a sense of familiarity and confidence among users.
(Similar to Bitcoin, Bitcoin Cash is also experiencing growth. The main distinction between the two lies in the infrastructure size, with BTC having a 1 MB capacity while Bitcoin Cash boasts an 8 MB capacity which allows for more data storage. Moreover, as transfer costs for Bitcoin continue to rise, Bitcoin Cash offers a cheaper option for online fund transfers. With this alternative, you won’t incur charges beyond your winnings, meaning it could be a serious crypto contender for 2024.)
Litecoin
Known as the “silver to Bitcoins gold“, Litecoin has become one of the most preferred cryptocurrency for online transactions, including online casino gaming.
One of Litecoin’s standout qualities is its speed and efficiency. With faster block generation times and a superior hashing algorithm compared to Bitcoin, Litecoin ensures a rapid processing time. This is particularly important in the paced world of casinos where players expect speedy deposits and withdrawals of winnings.
The efficiency of Litecoin transactions enhances the gaming experience by providing players and casino operators with the speed they desire. This efficiency, coupled with Litecoin’s established reputation for security and reliability makes it an excellent choice for those who prioritize both speed and stability when engaging in casino transactions.
Dogecoin
And lastly, enter Dogecoin into the online casino sphere, and you might be surprised to discover its unexpected ascent as one of the premier cryptocurrencies this year, with 2024 looking just as promising. Originating in 2013 as a playful parody of Bitcoin, Dogecoin’s evolution from a jest to a serious contender in the crypto landscape is nothing short of truly remarkable (and even quite comical).
Renowned for its swiftness (and infamous meme coin, of course), Dogecoin is another crypto that has carved a niche for users who prioritize rapid deposits and withdrawals in online casinos. Surpassing the pace of Bitcoin, Dogecoin’s block confirmation time is a mere one minute, which is a vast improvement of a notable improvement on Bitcoin’s ten-minute confirmation period. This accelerated transaction speed positions Dogecoin as an appealing choice for those seeking efficiency and responsiveness in their online gaming transactions.
What makes Dogecoin stand out, however, is its lower value in comparison to Bitcoin. This makes it an attractive option for online gamblers operating on a tighter budget. But beyond its financial practicality, the cryptocurrency boasts a vibrant community spirit that adds an element of enjoyment to the online gambling experience.
Final Thoughts
As of the initial quarter of 2023, Bitcoin seized the lion’s share of online casinos, commanding a total market share of 76.5%. Following in the ranks, Ethereum secured an 8.4% slice, and Litecoin trailed with a 5.1% share.
The resilience of the top three contenders underscores their enduring appeal, even as the distribution of their market shares reflects the changing tides of the fluid cryptocurrency market. And yet, there’s a new contender in town to rival the top three, Dogecoin. But, only time will tell if it does well enough to unsettle the top ranks in 2024.