Top 8 Cryptocurrencies for Gambling – Which One is the Best?
Is there one best cryptocurrency for gambling? Or are they all the same when it comes to slots? Casinos today are starting to offer more and more cryptocurrency gambling opportunities, and seeing the option everywhere might get you thinking that maybe, just maybe, you should experiment a little bit on your own. And after all, why not? It’s fun to explore new technologies, and after you become comfortable with “crypto speak”, you might actually see it as a brand new way of investing.
Why? What’s wrong with your e-wallet? If you have played slots or table Find out if there are certain cryptocurrencies that have the upper hand when it comes to gambling – or if they really do? The truth is, using bitcoins is safe, completely anonymous and if inflation keeps going the way it is, it might save your gambling stash against losses. A lot of people see cryptocurrency as protection against inflation – as they seem to be protected from its effects.
What is cryptocurrency – a quick rundown
Cryptocurrency is a digital currency that is created and managed through the use of advanced encryption techniques known as cryptography. Cryptocurrency made the leap from being an academic concept to (virtual) reality with the creation of Bitcoin in 2009.
While Bitcoin attracted a growing following in subsequent years, it captured significant investor and media attention in April 2013 when it peaked at a record $266 per bitcoin after surging 10-fold in the preceding two months.
Cryptocurrencies have a finite amount of coins to be mined (all that is, except for Dogecoin – more on that below.) For example, Bitcoin has a fixed supply of 21 million coins. The last fraction of bitcoin will be issued around the year 2140.
What is cryptocurrency mining? Can I dig up some cryptocurrencies now?
Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. It can be perceived like the Bitcoin data center except that it has been designed to be fully decentralized with miners operating in all countries and no individual having control over the network.
This process is referred to as “mining” as an analogy to gold mining because it is also a temporary mechanism used to issue new bitcoins. What’s the catch? Mining isn’t that quick – it takes up a lot of energy and computer power – the amount of power a miner consumes is dependent on the hash rate, which is directly related to the amount of computing power being used by the miner.
The higher the hash rate, the more power is required to mine. Of course, using just a laptop won’t get you far – the amount of crypto you can mine with one machine is very small.
The 5 most used cryptocurrencies are Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash. Casinos are eager to please returning clients
Bitcoin
When Satoshi Nakamoto launched Bitcoin in 2009, it became the first decentralized cryptocurrency in the world. Since then, cryptocurrencies have become extremely popular. The number of cryptocurrencies available over the internet as of 19 August 2018 is over 1600 and growing.
Think about it – over 1600 different cryptocurrencies and we’re only talking about 10! And there are a few good reasons that we’re going to talk about Bitcoin first. It’s not only because it was the first-ever cryptocurrency – it has stood the test of time and held strong – it’s still a very hot asset on the market.
Is Bitcoin good for gambling?
Bitcoin is great for gambling – it was the first to be used in casinos when they started to experiment with using crypto. It’s been around for a long time, so it has higher consumer trust and is often the first cryptocurrency that people start to learn about and use.
Ethereum
Ethereum is different from other cryptocurrencies because it allows developers to build decentralized applications. It’s a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
The story of ethereum starts in 2013 when its founder, Vitalik Buterin, a young programmer born in Russia, conceived of it as a platform on which decentralized applications could be built.
In the past year, the value of Ethereum grew over 900% – this is great news for anyone who invested, and shows the power that even a small amount of good crypto can have if you’re testing it out. Of course, there are good times and bad times – but it sure makes that $100 win look a lot better in the long run, doesn’t it?
Is Ethereum good for gambling?
Yes, most crypto casinos do take Ethereum because it is so popular. It is trustworthy and easy to use, and a lot of people choose it as their first cryptocurrency for testing out how to make transactions, gambling and investing.
Dogecoin
Ok, let’s stop for a minute – we just described the two most popular crypto coins – they do have a certain futuristic, mysterious, computer-sciency feeling about them, don’t they?
Now, let’s talk about Dogecoin. Yes, it’s based on the meme. Yes, it looks like a joke – and that’s because it started as one. In 2013, two engineers from Adobe and from IBM decided to make a peer-to-peer sharing cryptocurrency that also poked fun at the incredible cryptocurrency hype happening at the time.
Dogecoin reached a market capitalization value of $85 billion – nothing to laugh at here. This oddly adorable little crypto has gained popularity with the help of NBA stars, Elon Musk and Snoop Dog (a coincidence? We think not…).
This is a cryptocurrency that has been embroiled in too many scandals and social controversies to cover in one article – it’s a pretty volatile currency, going hot and cold. Unlike other cryptocurrencies, it doesn’t have a mining cap. In fact, 5 million coins are added on a yearly basis, and this means that there’s going to be more Dogecoin to go around as time passes.
Is this a good thing? Only time will tell.
Is Dogecoin good for gambling?
Yes! Many casinos now take Dogecoin because it’s not to be laughed at – when a cryptocurrency becomes the first to sponsor space flight (with SpaceX)
Ripple
Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network created by the Ripple company. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native cryptocurrency called XRP (ripples).
Released in 2012, Ripple purports to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks.” Not many people realize that it’s actually older than a lot of other popular currencies.
Ripple supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. It doesn’t use blockchain – instead, it’s based on tokens called Ripples (or XRP) – it uses a distributed consensus ledger using validated servers that work as a network.
Ripple supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. It doesn’t use blockchain – instead, it’s based on tokens called Ripples (or XRP) – it uses a distributed consensus ledger using validated servers that work as a network.
Cryptocurrency companies sometimes get into public scuffles about which one is better – take a look at how Ripple is trying to trash talk Dogecoin on CNBC.
Is Ripple good for gambling?
Yes and no – there is nothing wrong with it as a currency, but the fact is that you will find less casinos that accept it. Maybe it’s better to stick with Bitcoin, Ethereum or even Dogecoin if you’re looking for the “one” currency you’re going to be using. If you’re looking to diversify, it’s a good option!
Litecoin
Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee. The Litecoin network went live on October 13, 2011. It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm (script, instead of SHA-256), and a slightly modified GUI.
In layman’s terms: Litecoin was the original “altcoin” – or something created as an alternative to Bitcoin. It runs on a very similar system and uses blockchain. It was supposed to be the “silver to Bitcoin’s gold” – and let’s face it – the hype for Bitcoin was so huge at the beginning that it needed an alternative for people who wanted to play but felt a bit rebellious, or suspicious of hypes and “mass crypto hysteria”.
Now, it’s a good old steady choice for choosing your first cryptocurrency to gamble with or make any other “first`’ transactions.
Is Litecoin good for gambling?
Yes! Most casinos that deal with crypto take Litecoin. And yes – it’s very good for beginners because it’s simple to use and has low transaction fees.
Bitcoin Cash
You have probably seen “Bitcoin Cash” around lately – Bitcoin Cash was made because some people wanted to increase the size of blocks in the blockchain. So in a way, you can think of it as a sequel.
Remember that Bitcoin itself is finite – it will run out once all the coins are mined, and it’s projected that the value of Bitcoin will then go down. Bitcoin Cash is meant to keep the party going, so to speak.
Bitcoin Cash is relatively new – and although it’s connected to Bitcoin it is NOT Bitcoin. It’s like a child of Bitcoin – which means it has a separate market and if you’re on the fence, most experts agree to just get Bitcoin itself. On the other hand, there are projections that the value of Bitcoin cash will grow, and that it’s a good long term investment.
Is Bitcoin Cash good for gambling?
In short – yes it is. It’s safe, works faster than Bitcoin, which means not only less of a wait time but also lower transaction fees – so if you just need a fast, reliable and cheap way to process your casino transactions like deposits and payments, this is a perfect choice. We’d recommend a bit more research if you want to invest long term.
The good news is that a large chunk of casinos deal with Bitcoin Cash.
Tether
Tether is probably the most controversial cryptocurrency we’re going to talk about, whether for gambling or investing. First, a bit about it: Tether was created in 2015 by a company called Tether Limited.
Tether is what’s called a “stablecoin” – this means that it’s actually backed by fiat currency, unlike most cryptocurrencies. There are other stablecoins on the market. There are many stablecoins on the market.
They are: Tether, TrueUSD, USD Coin, Gemini Dollar, Paxos Standard, and the Dai Stablecoin. So – are they really that “stable” or is that just a marketing catchphrase?
For more interesting information, take a look at this Gizmodo article from November 2021. It might make you think about how safe Tether actually is and if it could be the cause of some crypto calamity in the future. The definite con of Tether is that it is not decentralized like other cryptocurrencies.
Some might say that the creators wanted to have their cake and eat it too – only time will tell if they actually can do that.
Is Tether good for gambling?
Again, if you’re simply looking for anonymous transactions that are quick, safe, easy and cheap then Tether is a good choice. You can find casinos that accept Tether transactions. If you’re looking into investing, then you should read more about this stablecoin and make an informed choice.
Conclusion – so where do I get cryptocurrency to gamble with?
If you want to start your cryptocurrency gambling adventure, you can start buying cryptocurrencies on Coinbase. Coinbase is a digital currency exchange headquartered in San Francisco, California. It’s a very easy way to buy, sell and invest – and to keep track of your crypto currencies. We’re not doing them any favors by mentioning them – Coinbase is the most popular way to trade cryptocurrencies, period.
So get the app, get some starter cash ready and try to make your first transaction with crypto today – see how easy it is for your casino payments to be completely untraceable and anonymous.