The immutability of cryptocurrency transactions is one of several reasons that make them suitable for online gambling. In the past five years, or so, blockchain payments have experienced surging popularity, with Bitcoin setting trends. 2017 saw Bitcoin hit record prices, and since then, the digital coin has continued to set new highs. For this reason, Bitcoin is the virtual currency that many sectors turn to when considering crypto adoption. Almost every online casino that accepts digital coins offers Bitcoin as a banking alternative.
However, the growing prominence of cryptocurrency opened doors for numerous other coins and tokes. Cryptocurrencies other than Bitcoin are referred to as altcoins. As much as BTC has its advantages, it’s not the only currency that gamblers can use. Online casinos are realising that, as well, and now provide various crypto payment options. Some crypto gaming sites offer more than 20 currencies, allowing players to find banking solutions that match their gambling needs. Although cryptocurrencies operate on a similar principle – decentralised, pseudo-private and fast, they are not all the same. Therefore, players should be familiar with how different coins work so that they can pick wisely. Here, you can learn about a few altcoins that are revolutionising online gambling as much as Bitcoin.
Privacy is one of crypto’s unique selling points. From the minute Bitcoin hit the market, it was marketed as an anonymous way to pay online. However, the BTC blockchain is not entirely private. Transactions are still traceable to a certain degree. One coin that sought to offer the level of privacy some users desire is Monero. The currency’s infrastructure comprises robust encryption on the blockchain network to prevent tracking. It doesn’t indicate the sender recipient or amount to the public. Hence, currency holders can send and receive funds without worrying about leaving a trail. It’s one reason Monero is perfect for gambling. Some players don’t’ like to have records of their online entertainment.
Monero was created in 2014, meaning it has been around long enough to build credibility. However, the digital coin has attracted some attention lately, with various exchanges blocking it, citing concerns about illegal activities. If you prefer to gamble with Monero, you won’t have trouble acquiring it, though. Additionally, some of the best crypto casinos accept Monero.
Not a lot of people know about Cardano, even though it has been around since 2015. The virtual currency largely focused on the financial sector, but it is slowly gaining popularity in other areas, including online gambling. Charles Hoskinson, one of Ethereum’s founders, created Cardano, which claims to be more decentralised than the average cryptocurrency. The payment option allows users to invest in it, thus, giving currency holder control. Cardano is also highly scalable. Its processing power grows with the availability of more resources. Therefore, the crypto can handle a large number of transactions as its popularity continues rising. In 2020, Cardano’s performed well, and predictions are that it will keep gaining value through 2021 and 2022. So, it makes sense that leading crypto casinos started accepting the digital coin. As with any other cryptocurrency, ensure you learn everything about Cardano before using it for online gambling.
For gamblers searching for cryptocurrencies that resemble traditional banking institutions, Ripple is one. Ryan Fugger built Ripple in 2004 as a community-focused decentralised currency. He later left the project to Chris Larsen and Jed McCaleb, who used the same idea to develop OpenCoin in 2012. They then renamed the company RippleLabs, and the payment system is RippleNet. XRP is the native digital currency. Besides the currency, the network also supports a remittance system and a real-time gross settlement platform.
A huge difference that users should be aware of is that the Ripple network is centralised and private. So, it carries the risk of manipulation. Nonetheless, it is still secure and anonymous, making it ideal for online gaming. Ripple boasts big-name investors like Google Ventures and Standard Chartered Bank, which is a testament to its stability. Gamblers should know how Ripple transactions work and the associated costs before using the virtual token.
Originally XCoin, Dash launched in 2014 and borrowed from Bitcoin’s architecture to provide the market with another payment solution. Thus, the two coins are not much different, except that Dash has faster transactions. Players who appreciate quick payments at online casinos will like using Dash. Another advantage the coin has over BTC and several altcoins is that it’s extremely user friendly.
Cryptocurrency can be complex for some consumers to understand, which limits how they use it. Gamblers completely green to crypto gaming should consider Dash. As with many other coins, Dash has its limitations. Block size restrictions is the main one. The Dash network limits blocks to 1MB, which constrains its potential and availability.
Another digital coin that has been hitting new trends lately is Dogecoin. Tesla CEO, Elon Musk, contributed heavily to the surge in use that the currency is enjoying now. A series of tweets from Musk about Dogecoin saw the coin gain attention and, consequently, value. Even before that, though, Dogecoin was consistently in the top 20. The coin’s creation from a joke didn’t stop investors. Since 2013, the currency gained prominence and continues to see rising prices. Dogecoin is an open-source cryptocurrency that borrowed its core technology from Litecoin. The currency sells itself as a more consumer-friendly, adaptable and faster alternative to Bitcoin. Reportedly, Dogecoin is working on improving the efficiency of its transactions, which will make it even better for online casino gaming.
The performance of the cryptocurrency market indicates that it will shape the future of online gambling. As the gambling industry embraces digital currency transactions, players are growing more knowledgeable than ever about crypto. Although Bitcoin remains the top digital coin, it is no longer the only alternative available to gamblers. Altcoins, such as Monero, Dogecoin and Cardano are proving to be suitable gambling payment solutions.