Since Satoshi published the Bitcoin whitepaper and launched the cryptocurrency in 2009, the world of currencies has changed. Crypto may not have taken over from the Dollar, Pound, and other major currencies, as was predicted during the early days of the first Bitcoin bubble, but coins like Bitcoin, Ether, Doge, Ripple, and others have become popular as alternative payment methods.
They are popular for making ecommerce purchases and thousands of businesses now accept cryptocurrency payments. They have also become popular in the iGaming industry. Online casinos and other gambling sites enable players to deposit with crypto, providing fast and inexpensive transactions while ensuring secure, private payments, according to gambling expert Vlad Grindu.
The concept of crypto casinos isn’t that new. Satoshi Dice launched not too many years after Bitcoin, in 2012. Players sent payments to different crypto wallets depending on their bet and would receive their winnings back to the wallet they sent money from. It was basic, but it set the tone for crypto casinos to follow.
Modern iGaming sites not only offer more variety of games and features that are more akin to those found in traditional online casinos but most also accept many different cryptocurrencies.
Some of the most popularly accepted currencies include:
- Bitcoin
- Ether
- Litecoin
- Ripple
- Doge
- Solana
Widespread Acceptance
Bitcoin accounts for almost two-thirds of the entire cryptocurrency market. It was the first to market and is, arguably, the only cryptocurrency that truly meets the ethos of decentralization that is supposed to be critical to crypto.
Speak to most people about crypto and they assume you’re referring to Bitcoin, and many people, even including some crypto investors, have only really heard of Bitcoin. For these reasons, it is the most widely accepted of all cryptocurrencies. For players who like to have multiple betting accounts or who like to swap from one casino to another to benefit from new player bonuses, Bitcoin is the only choice.
Ether is the second most widely accepted coin, simply because it is the second largest. Litecoin is widely accepted because, despite its market capitalization being dwarfed by other currencies, it is one of the oldest altcoins. Its use is legacy at this point.
Tether is another widely accepted coin, and it has gained popularity because it is a stablecoin, which means its value is tied to that of the US Dollar. It doesn’t suffer the same volatility and price fluctuations, so it is safer for players to hold.
Transaction Times
Transaction times for cryptocurrencies vary according to various factors, but the single biggest determining factor is the cryptocurrency used. Bitcoin is faster than a lot of traditional payment methods.
The time it takes for a Bitcoin transaction to complete varies according to the fee paid as well as how busy the network is, but users can expect payments to be completed in anywhere from 10 to 40 minutes. While this is faster compared to the three days it takes for credit card payments to finalize, it is slow in cryptocurrency terms.
Ripple offers some of the fastest transaction times of the commonly used crypto casino coins. Payments complete almost instantly, which means players can access their betting funds straight away, and have access to their winnings almost instantly.
Ethereum and Litecoin transactions are faster than Bitcoin transactions, too, and Dogecoin, which is a relatively new addition to the list of accepted coins, is also known for its speed. Solana, although not as widely offered by crypto casinos, can be found at some, and its transactions are among some of the fastest of all cryptocurrencies.
Transaction Cost
Similarly, Bitcoin offers much lower fees than fiat currencies and traditional payments. Credit card payments can attract fees of 3% or more on every transaction. The fee is paid directly by the casino, but it is either directly or indirectly passed on to the casino’s players.
In contrast, transactions cost a fraction of a percent on cryptocurrency payments, and the sender pays the fees. Because more deposits are made than withdrawals, this means that casinos keep more money. Lower overheads mean that Bitcoin casinos can offer better bonuses and improved prizes.
But, players do have to pay the fees. While they are minimal, those looking for the lowest fees should consider Litecoin, which is known for its low transaction costs, or Ripple, for the same reasons.
Privacy And Anonymity
One of the primary reasons a lot of players use cryptocurrency is the privacy that it offers. Every player has the right to a degree of privacy, and customers who live in jurisdictions where gambling is prohibited need this level of privacy to be able to use online casinos at all.
Bitcoin is billed as being anonymous. This is only partially true. Skilled groups can link wallet addresses to other details, with a lot of analysis, and may be able to link a wallet to an individual.
Privacy coins like Monero, however, use techniques like ring signatures and stealth addresses to help further obfuscate user details and ensure total privacy while paying online.
Conclusion
Cryptocurrencies have become a popular means of online casino payment. Transactions are faster and cost less. They offer greater privacy and anonymity, but not all cryptocurrencies are equal.
While Bitcoin offers benefits compared to traditional payments, and is the most widely accepted cryptocurrency, it is not as quick, as private, or as cheap as some altcoins. Players should research alternative coins like Litecoin, Ether, Tether, and Ripple to find the one that offers them the best benefits.
