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The online gambling world offers a wide variety of betting options. You can enjoy casino games, e-sports betting, poker, sports wagering, and more over the internet. But you can’t enjoy them without having a way to deposit online. Unfortunately, placing internet gambling deposits is easier said than done for some countries. The US government, for example, has made it very tough for Americans to make deposits. However, cryptocurrencies have become a popular way to work around the draconian laws in the US and beyond. They allow you to fund a gambling account just like credit cards, e-wallets, and bank transfers. That said, you may be interested in using crypto to place deposits. The only problem is that you might have no idea where to begin, because over 2,000 cryptocurrency projects exist right now. This massive number makes depositing a confusing matter.
The problem with using traditional payment options at gambling sites is that third parties have involvement. If you use PayPal for online gambling, then you’re at the mercy of those working for the company. If you want to do a bank transfer, you must deal with a bank rep. You may be fine with this situation as long as your deposit doesn’t get rejected. But sometimes, gambling related transactions get canceled for no good reason. Cryptocurrencies, on the other hand, don’t suffer from this problem. Most of these projects are thoroughly decentralized. They’re not controlled by a bank board, e-wallet management, or central government. The lack of government control is key to cryptocurrencies working in a variety of situations. Americans who struggle to place deposits because of the UIGEA can lean on crypto to fund their accounts.
How Do Cryptocurrencies Work?
The focus is slowly shifting towards blockchain technology, the much-talked-about decentralized system where governments or individuals can barely dictate proceedings on the financial front. Much of 2020 saw a surge in the number of industries adopting Bitcoin and other digital coins as a payment mode. It was also towards the end of the year 2020 that PayPal, one of the leading online payment systems, announced it would be incorporating Bitcoin into its range of products. To learn more about blockchain, visit their official website.
There has been a lot of talk regarding cryptocurrency in general, with many people still holding reservations about its safety. However, more than ever, it is becoming increasingly popular, thanks to its promise of anonymity and immutability during transactions. One industry where anonymity plays out as an essential feature is the gambling and casino industry. Trust is a big part of the financial world. You need to trust the bank or e-wallet that you’re using to avoid losing your money.
Unfortunately, trust also means handing over some control of your funds to unknown third parties. For instance, you just have to trust that a banker won’t botch your deposit or steal your money. Once a transaction begins, a network’s miners decide whether to take on a transaction based on the fees involved. The higher the fees, the quicker miners get to the task. In most cases, though, you can expect reasonable transaction fees for a very low percentage of your deposit. Furthermore, your transaction won’t last for days, like with a bank transfer.
Best Cryptocurrencies in Online Gambling
Most crypto-friendly online gambling sites only accept Bitcoin. However, operators are beginning to expand their horizons and accept more cryptocurrencies. Below, you can see the most used crypto at the time of this writing.
Bitcoin was the first and, without a doubt, the most popular cryptocurrency in the world today. It is believed that the whole blockchain idea was meant for Bitcoin, which has gone through the years, beating controversies left, right, and center to emerge as one popular form of payment across several online casinos. It accounts for more than 80 percent of the cryptocurrencies used across different industries, making it the biggest cryptocurrency. Bitcoin witnessed a significant growth between 2018 and 2020 in casinos, attributed to more people learning about it and its advantages in the gambling space. Initially, it was viewed as an exclusive investment tool, but after it emerged that blockchain offered the ultimate anonymity and online privacy, it continues to appeal to the masses.
Bitcoin is so strong as a peer-to-peer payment system that some online casinos accepting deposits in other cryptocurrencies immediately convert those deposits into bitcoins. That says something. It says that merchants intrinsically trust Bitcoin as the standard for cryptocurrency trading. Whether or not converting other crypto deposits into bitcoins is a smart idea is up for debate. There are some who frown on the practice given the volatility of cryptocurrencies in general. There are others who believe that, as long as you’re going to hold cryptocurrency, it might just as well be BTC. We suggest visiting the Coinbet24 Bitcoin Casino for the best crypto-options in the gambling game.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is the result of a hard fork from Bitcoin in August 2018. It has since gone on to become fairly popular thanks to its close relationship with BTC. The latter sometime suffers from high miner fees and slow transactions when the network is congested. A segment of the Bitcoin community proposed that they hard fork to increase the block size. In crypto, block size refers to the max limit of transactions each block can hold. Roger Ver, an early crypto entrepreneur, favored this move and led the fork from BTC.
That’s how Bitcoin Cash came to be. Its block size (32MB) is much larger than what Bitcoin offers (1MB) and promises faster transactions. A number of crypto-focused gambling sites accept BCH alongside BTC. Bitcoin Cash offers many of the same benefits as Bitcoin along with the aforementioned larger block size. Bitcoin Cash was born, with the main focus not to hold so much value like Bitcoin. While its value is much lower than Bitcoin, it still makes a great cryptocurrency for online gamblers. Additionally, it is now a digital currency that a lot of casinos accept.
Ethereum is an interesting candidate for online gambling because it is not just a cryptocurrency. In fact, it wasn’t originally developed as a crypto platform at all. Rather, it was developed as a blockchain-based distributed computing platform with characteristics of an operating system. In short, Ethereum is a development platform on which all sorts of blockchain-based applications are built. It just so happens that the platform also supports cryptocurrency. For the record, the coin that’s in association with Ethereum is Ether (ETH).
After Bitcoin, Ethereum honorably takes the second spot. It comes second in terms of popularity, but it beats Bitcoin squarely in terms of how it functions. So far, Ethereum has stayed free of scandals like Ripple has, making it one of the most viable options for people who make or receive online payments often. One appealing feature of Ethereum is its smart contract, which allows users to conduct safe deals. It acts as a medium for holding funds until conditions are met, which in this case is a guarantee of fairness. As of now, the number of wallets working with Ethereum is increasing rapidly.
Among the top 10 cryptocurrencies by market capitalization, Litecoin is most frequently seen as the one best positioned to compete with Bitcoin. They are not anywhere close in terms of market capitalization or coin value, but Litecoin continues to hold his own in the crypto-sphere. Litecoin’s history dates to October 2011 when its open source code was released on GitHub by Google employee Charlie Lee. Interestingly, Lee built the platform as a fork of the Bitcoin Core client. The client is essentially a bitcoin node that processes transactions on the Bitcoin network.
Despite Litecoin being a fork, it differs from Bitcoin in several ways. For starters, Lee’s network design made for much faster transactions. A Litecoin transaction back then could be processed in 2.5 minutes as compared to more than 10 minutes for Bitcoin. The time disparity is not as great seven years later, but Litecoin is still faster. The other difference is that Litecoin uses a proof-of-work algorithm built on a memory-hard function. As such, mining rigs require more memory and computing power. They are also more expensive to build.
One oft-cited advantage of Bitcoin is that it allows for completely anonymous transactions. However, the 2013 bust of Silk Road dashed such delusions. BTC is still relatively anonymous, especially when compared to other crypto. But entities can often tie an identity to a wallet address when they put enough effort into the matter. Monero (XMR) was developed as a solution to the privacy concerns regarding Bitcoin and other crypto. Its technology allows for transactions that are nearly impossible to trace.
As a result, Monero has become very popular among criminal organizations. You may not be operating a drug cartel, but you might find its anonymity to be useful for gambling with real money purposes. This is especially true if you’re from a country where internet betting is illegal. With XMR and a virtual private network (VPN), you can gamble online with little fear of anyone learning about it.
The strength of Monero is its biggest enemy, though. It is so secure that it has attracted the attention of bad actors willing to use it illicitly. It has been linked to the dark web and the sale of illegal substances. Nonetheless, investors and day-to-day users alike use it because of its security. Evidence of Monero’s security is observed in the fact that payments and account balances remain completely hidden within the blockchain. That is not true for most other cryptocurrencies. Payments and account balances may go through encryptions in other platforms, but they are still visible. Not in Monero. That data remains hidden to all but those entrusted with the privilege of mining.
There are several other cryptocurrencies adopted across different sectors, and the rise in adoption could mean the birth of more. Facebook announced earlier that it would launch one of its own, and it is widely expected that it will take advantage of its social media popularity to take it to the mainstream. The benefits of cryptocurrency are there for everyone to see, and in many ways, tend to favor online casinos.
Bitcoin is definitely the most popular option. It was the very first cryptocurrency and continues to hold a prominent place in gambling and beyond. Ethereum is also pretty popular among gamblers. Usually, it offers lower fees and quicker transactions than Bitcoin. Bitcoin Cash and Litecoin are suitable alternatives to BTC. They both work like Bitcoin, but with quicker deposit speeds.
You get privacy as a guarantee when betting and gaming online. This point will be important to people who prefer to keep their gambling activities to themselves. There are also people who don’t particularly enjoy others watching them in the casino. This is obviously something they don’t have to worry about when playing online. Security isn’t an issue either. It’s not really a major issue offline, but there have been cases of people not getting their winnings when leaving the casino or bookmakers. This is not a concern online. Providing you use only reputable and trustworthy sites, your funds (and personal data) have all the protection in the world.
Even when you want to withdraw winnings, you don’t have to wait days like with FIAT transactions. For that reason, we suggest visiting the Coinbet24 Bitcoin Casino. A simple tour of the website will show you that everything mentioned above is correct.