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The Most Popular Cryptocurrencies for Online Casino Gambling

There are more than 10,000 types of cryptocurrency on the market. Each type of crypto has its own perks, its own downsides, and its own uses. This article will focus on the best and safest coins used to gamble with crypto

Bitcoin (BTC)

ATH Market Cap: $1.2 Trillion

Bitcoin was the first cryptocurrency, established back in 2009. Decades later, it is still far and away the largest cryptocurrency in the world, with a market cap more than twice that of the second most valuable coin (Ethereum). As a result, Bitcoin is considered the face of cryptocurrencies. Generally, the entire crypto market follows a similar price trajectory to that of bitcoin.

bitcoin

It shares the same anonymity and fast transaction speed that is the signature of cryptocurrencies, which is a match made in heaven for gambling. But what really sets Bitcoin apart is its immense popularity. You will never struggle to find a casino accepting Bitcoin. There are even dozens of Bitcoin-exclusive casinos and games. And after you win bitcoin in a casino, you will have no trouble finding a wallet to store it, a retail location to spend it, or even an exchange to cash it out into fiat cash.

However, before dabbling in Bitcoin, you should be aware that its price is heavily volatile. In addition, there is a big distinction between Bitcoin and its hard-fork versions, such as Bitcoin Gold, Bitcoin Dark, and BitcoinZ; these forks are not accepted in nearly as many casinos.

BTC Pros
  • The most stable cryptocurrency
  • The most widely accepted cryptocurrency
  • Compatible with all wallets and exchanges
  • Welcome to all crypto casinos
BTC Cons
  • Since BTC is more expensive than all other coins, it is less likely to 10x in value
  • A higher profile coin means more attempted cyberattacks – bitcoin holders need to think more about security options like cold wallets
  • A higher transaction fee than most coins 
  • Limited anonymity as the BTC chain is very well tracked by law enforcement

Ethereum (ETH)

ATH Market Cap: $497 Billion

Ethereum is a platform that is home to its native currency: Ether (ETH), non-fungible tokens (NFTs), and decentralized applications(DAPPs). Ether itself is used to power the Ethereum platform, just as Bitcoin is compared with gold, ETH is usually likened to oil. Although it might not be the most common casino cryptocurrency, it has the potential to revolutionize the gambling industry. ethereum coin crypto

Many blockchain games have been created on the Ethereum network, which means that casino games can also be made in the same way. This may introduce us to a new breed of decentralized games made specifically for casinos that have a superior level of transparency. Since Ethereum is a decentralized and open-source network, everyone can check the code themselves to make sure the result of every game is completely random.

 ETH Pros
  •  ProsSecond largest coin in the world, meaning a lot of familiarities
  • Low price for a single coin — the average price for 1 ETH in 2021 is around $3k. Low price per coin makes for easier budgeting, which is especially important for gamblers
  • The Ethereum network is undergoing a series of energy reducing upgrades in 2021, meaning the price is likely to go way up
 ETH Cons
  • Ownership distribution is too concentrated, meaning that a group of just 400 owns over one-third of all Ethereum. This could lead to pump and dumps or other pitfalls
  • Ethereum often has higher transaction fees than some other altcoins, a major drawback for gamblers especially

Dogecoin (DOGE)

ATH Market Cap: $90 Billion

Dogecoin has no supply limit and it’s most often used on social media like Reddit and Twitch to ‘tip’ content creators. Its name and brand originate from a Reddit meme and even the coin itself was developed as a joke. This is why many people doubt the legitimacy of this crypto even when the Dogecoin market cap has exceeded 40 billion dollars.

dodgecoin

One figure instrumental to the explosion of DOGE is Elon Musk, who heavily endorsed the coin on his Twitter. As the number of people interested in Dogecoin was rising, more and more casinos started adding the currency into their payment options. 

Also, Dogecoin is believed to be more practical in day-to-day usage than Bitcoin. Most people treat Bitcoin like literal gold, which is to just hold it to resell it later for a profit. In contrast, Dogecoin is a casual currency that people are more willing to actually spend whether on buying things or gambling.

DOGE Pros
  • The large price fluctuations of dogecoin will probably appeal to gamblers — just holding the coin is almost like an online casino game in itself!
  • Low transaction fees, which is a godsend for gamblers who are constantly withdrawing and depositing
  • The community is very active and vocal on social media, so it’s easy for even casual gamblers to keep up with market trends
DOGE Cons
  • Dogecoin supported wallets have poor ux as its a very old project with limited use cases
  • It is highly volatile — just a series of tweets from Elon Musk sent the price of Dogecoin soaring and then brought it back down to earth

Tether (USDT)

ATH Marketcap: $64 Billion

One of the major reasons why some people including gamblers are hesitant to use cryptocurrencies like Bitcoin is their market volatility. Stablecoins were introduced to bridge the gap between fiat and crypto, the most popular of which is Tether.

tether

Tether offers ‘the best of both worlds’, that is the security, privacy, and lightning speed of cryptocurrencies, combined with the stability of fiat. It achieves this by having every Tether token backed by a reserve asset so 1 USDT per token is always recognized by Tether as 1 USD.

It is a great option for gamblers who just want to bypass the government’s restriction on gambling yet don’t want to participate in the volatile crypto market. What’s more, because the value of Tether is the same as dollars, it helps gamblers manage their bankroll. When you lose 0.003 BTC, the small number tricks your brain into thinking it’s nothing when it’s well over 100 dollars already.

USDT Pros
  • It’s extremely stable and serves as a nice safe haven for crypto gamblers who don’t like the price volatility of most currencies
  • When using the TRON network there are no major transaction fees to trade Tether P2P with gamblers or other crypto holders
  • Minimal fee.
USDT Cons
  • It doesn’t have the “excitement factor” of most currencies, which are more volatile
  • It’s harder to remain anonymous while dealing in Tether, since most exchanges that convert from fiat will require KYC

Ripple (XRP)

ATH Market Cap: $123 Billion

Ripple is a private company behind the cryptocurrency: RXP. Ripple acts as a payment settlement platform that uses less energy than Bitcoin for transactions. The transactions themselves are more efficient regarding time and cost as well.

ripple

The thing that makes Ripple stand out is that its tokens are already mined before it was introduced to the public and it is backed by many major banks and organizations. This is because Ripple is made to mainly accommodate the banking industry rather than individuals. But this means gamblers can feel more secure using XRP knowing that there are huge institutions behind the currency.

XRP Pros
  • XRP mining is more environmentally friendly than for most cryptocurrencies
  • It has very fast transfer times thanks to the XRP network’s powerful infrastructure
  • The team behind Ripple has a good relationship with big players and banks
  • Low cost — a single XRP has never cost more than $3.30, and it usually a lot less
XRP Cons
  • Ripple itself owns 63% of the XRP out there, which means it is more subject the whims of the company
  • Ripple plays ball with the banks, so it’s not as removed from major financial institutions as most crypto

All of the types of crypto on this list can be easily obtained on Binance or Coinbase. If any of these coins appeal to you more than others, check out this quick reference to find some of the top online casinos that accept your crypto of choice.

Cryptocurrency

Top Casinos 

Bitcoin (BTC)

7Bit Casino, Bitstarz, mBit Casino

Ethereum (ETH)

Super Slots, Las Atlantis, MyBookie

Dogecoin (DOGE)

Rocketpot.io, Cloudbet, 1xBet

Tether (USDT)

BetShah, Rolletto, Cloudbet

Ripple (XRP)

Stake Casino, True Flip, EarnBet