Between 2 most popular crypto coins, what's the best option for online gamblers?
Bitcoin and Ethereum are currently the two largest digital currencies on the crypto market and the first choice of many gamblers. The two coins share some similarities, but they’re for the most part massively different. Despite their advantages and disadvantages, for crypto gamblers one option is clearly superior.
Bitcoin Vs Ethereum
Although Bitcoin and Ethereum are both cryptocurrencies, their similarities mostly end there. Developed in 2009 by Satoshi Nakamoto, Bitcoin was the first and original cryptocurrency. An idea that replaces regular government-controlled money. Its goal is to create a completely decentralized form of payment.
Ethereum on the other hand is something completely different. It is based on the same blockchain technology but besides being a currency, it is also a platform. This platform allows for building additional blockchain projects known as decentralized applications (dApps). All of the underlying applications run on Ether (ETH), which is Ethereum’s native coin. Applications such as Shiba Inu or Axie Infinity all use Ether for transactions.
All this sounds amazing on paper but in practical use, Ethereum can be a nightmare to deal with. Due to the overwhelming amount of projects, the network is often congested and this results in extremely high fees. Online casino players who use Ethereum can lose hundreds of dollars in transaction fees alone. Such high fees are the main deal-breaker for most iGamers, which is why most turn to Bitcoin. However, Ethereum still has some redeemable qualities.
Ethereum’s Advantages
Although Ethereum’s high fees could have a noticeable effect on an average person’s betting bankroll, some players still choose to use it. The Ethereum network has some undeniable benefits:
Decentralized Finance (DeFi)
The vast majority of DeFi applications are run on Ethereum. This gives the coin more use cases than Bitcoin. In order to interact with anything on the entire network, you’ll be in need of Ether. For example, if you’d like to deposit at a crypto casino with your Shiba Inu tokens, you’ll need to pay the transaction fee in Ether.
This is because, even though Shiba Inu is an entirely different cryptocurrency, it is still a token built on the Ethereum network. This makes Ethereum a great option for gamblers who are advanced crypto users already in the DeFi ecosystem.
Stablecoins
Stablecoins are cryptocurrencies that keep their value locked to the dollar. The majority of these are also hosted on the Ethereum network, which is what the Bitcoin network lacks. Bitcoin has no stablecoins on its network and in order to move your assets, you’ll need to exchange your coins externally.
With coins and tokens on the Ethereum chain though, players can move their assets into stables. Since the currency isn't affected by market fluctuations, it is less volatile. This allows for much more responsible gambling since you can affect the volatility of not just your bankroll but also your funds.
Bitcoin's Advantages
Bitcoin is simply the best at doing what it is supposed to. It is a store of value and nothing else. The ultimate form of cryptocurrency.
Low Fees & Fast Transactions
Throughout the years, Bitcoin’s fees have always been extremely low or very reasonable at the least. Transactions usually do not exceed 1% of your transfer and its processing is lightning fast. It is simply a reliable method of depositing and withdrawing at an online casino. Virtually every crypto casino accepts Bitcoin, which means you’ll always be able to get into a gambling session within minutes!
Liquidity
The best part of gambling is cashing out those sweet profits. Whether it’s chips at a land-based casino or your crypto at an exchange, there is nothing better than getting your money fast after winning. Bitcoin is the easiest cryptocurrency to exchange into ready cash ASAP. It’s as simple as selling your BTC on a cryptocurrency exchange or peer-to-peer.
Volatility
Cryptocurrency has a reputation for being extremely unpredictable and ever-changing. Some coins are known to go 500x in a day and some to go pretty much bankrupt. In a way, playing with cryptocurrency is another form of gambling. However, Bitcoin is one of the least volatile forms of crypto!
Although the price can fluctuate a bit, it’s the least volatile coin among all cryptocurrencies. For online gambling, this is paramount in order to maintain a good betting strategy and budget.
What’s The Better Option?
For most, Bitcoin is just hands down the better option. Although Ethereum has some neat features, they are mostly beneficial for solitary purposes and the average gambling joe isn’t going to spend potentially hundreds of dollars on a simple transfer. The transaction fees are simply too high and unreliable for online gambling. The extra cost could easily cover those few extra spins where you hit that big win in your gambling session.
One could make the argument that Ethereum is a better investment but that is a completely different conversation. In the gambling utility aspect, Bitcoin takes the cake. It has all the necessary features and virtually no downsides.
// Richard
