The top-listed crypto coins used in online casinos.
The days of fiat money being the only paying option in online casinos are long gone. Cryptocurrencies are faster, private, more secure, and overall much better for iGaming. However, there are thousands of different crypto coins available on the market. The overwhelming quantity of information can often intimidate newcomers and shun them away from switching to crypto. To help you with that, here’s a list of the most popular crypto coins online gamblers use in the industry.
Cryptocurrencies For Online Gambling
Many cryptocurrency projects have revolutionary ideas. Some of the most ambitious projects have the potential to change our economy as we know it but that doesn’t mean they’re necessarily good for online gambling. At the end of the day, gambling is about getting money discreetly in and out in a snap. Here are key characteristics of a good crypto gambling coin.
- Fast transactions - Instant transfers are essential, especially when withdrawing.
- Low fees - More money in your bankroll means for a more enjoyable gambling session.
- Liquidity - What’s the point of a trendy crypto if you can’t sell it? Your coin needs to be readily convertible to cash!
- Casino support - An online crypto casino isn’t an exchange. Although some support a large number of cryptos, most gambling sites support only a few.
- Privacy - Not mandatory, but most people want to spend their money how they want without being judged by others.
- User friendly- The blockchain is extraordinary, but the only thing gamblers need is practicality.
Bitcoin - BTC
The original crypto coin easily checks all the boxes above. Although not a novelty, Bitcoin is simply the good ol’ reliable currency. Pretty much every online gambling site accepts Bitcoin payments, even the ones that aren’t pure crypto casinos. Its transactions are extremely fast, cheap, and as user-friendly as they can get. Additionally, as the face of the entire crypto community, pretty much everyone wants to buy it, so liquidity will never be an issue.
The price of Bitcoin, while somewhat volatile, is about as stable as a cryptocurrency can get. Cryptocurrencies have a reputation for wild price swings, however, in the case of Bitcoin, it is not so severe. For gamblers worried about stable bankroll, Bitcoin is one of the safest cryptocurrencies to hold long-term. There is a reason BTC is often compared to gold as many are treating it as such.
BTC Pros & Cons
Accepted by all casinos
Fees are slightly higher most coins
The most widely accepted crypto coin
Very stable price compared to most
Less growth potential in terms of investment
Easy to use
Bitcoin Cash - BCH
Anyone making an argument for Bitcoin has to also consider Bitcoin Cash. In terms of functionality, it is just as good since it is a fork of Bitcoin. It has larger, bigger blocks and therefore faster transactions and lower fees. Also compared to Bitcoin, it is much cheaper and even less volatile. In terms of utility, it is widely accepted by many online casinos. Not as much as Bitcoin but it’s definitely up there.
The elephant in the room for Bitcoin Cash is the controversy around its developers. Most Bitcoin supporters vocally disapprove of BCH and reject the idea. However, for gambling purposes where crypto is mostly used for transferring funds, Bitcoin Cash is always a solid option.
BCH - Pros & Cons
Accepted by most casinos
Bigger blocks than Bitcoin
Lower price than Bitcoin
Less volatile than Bitcoin
Ethereum - ETH
Ethereum is the second most popular cryptocurrency behind Bitcoin. However, besides being just a coin it is also a huge network platform for other crypto projects and as such, it is necessary in order to interact with a variety of other tokens. These include most non-fungible tokens (NFT), Shiba Inu tokens (SHIB), or Axie Infinity’s Small Love Potions (SLP).
Due to so much traffic though, the Ethereum network is often congested and its fees can get ridiculously high. This is the main downside when gambling with Ethereum. The blockchain offers some amazing features such as smart contracts but they are mostly unnecessary for the average gambler. People who gamble with Ethereum are mostly crypto veterans who happen to have ETH on hand.
ETH - Pros & Cons
More than just a store of value
Congested network overloaded with transactions
Second largest crypto and therefore widely accepted
Extremely high fees for simple transfers
Large growth potential
Many cheaper alternatives on the market
Faster transactions than Bitcoin
Dogecoin - DOGE
Dogecoin is a tricky cryptocurrency to explain as its whole existence started as a joke. It originates from the popular internet Doge meme and its original purpose was to mock cryptocurrencies themselves. The whole idea of Doge is to remind users that anything can become a cryptocurrency. Even a silly dog picture. That idea has shown within itself to be extremely valuable.
Despite being questioned by many, Dogecoin is a legitimate cryptocurrency with an entire blockchain. Notable figures such as Elon Musk have been heavily endorsing the coin and its market cap even exceeded $90 billion at one point.
The large exposure from celebrities and insane volatility is what attracted many people, especially gamblers. Numerous casinos now support the coin but it is not always a guarantee.
DOGE - Pros & Cons
Insane growth potential
Crazy price fluctuations
Not as widely accepted
Tether - USDT
Tether is the most popular stablecoin and the perfect middle ground between crypto and fiat for online gambling. Stablecoins are crypto coins that match the market value of an external asset. In this case, Tether (USDT) will always match the price of the United States Dollar (USD). This means you’ll possess all the qualities of cryptocurrencies while also not engaging in the wild price fluctuations crypto is known for.
The biggest downside of Tether is its network fees. Tether is a token built on the Ethereum platform and as already mentioned,the Ethereum network fees can be quite high at times. This can be easily fixed though as Tether is available on multiple other blockchains. You can have Tether also on Solana, Bitcoin Cash, EOS, Liquid Network, Omni, and Tron blockchains.
USDT - Pros & Cons
Stable currency immune to crypto market fluctuations
High fees on Ethereum network
Tron network fees are almost free
Controversial backing. Founders claim each USDT is backed by real assets in reserves, but have not been able to prove that.
Great for newcomers
These are the most popular cryptocurrencies used in online casinos. Looking at their profiles, they are massively different. Each coin has a different background, price, and purpose, which goes to show that iGamers come from all walks of life but also that there isn’t really a wrong choice. Try them out for yourself and see what’s the best pick for you.