With the rise of cryptocurrency, gamblers on the Internet are now spoiled for choice. What used to be a few select options can now be counted in the dozens for those who prefer using cryptocurrencies over traditional online payment methods, and if you’re looking for more ways to gamble with your coins then there’s no end in sight!
One of our most popular articles is about crypto-currency and gambling – The Rise and Rise of Crypto for Gambling Online – so we decided it might be useful to put together this list of some of our readers’ favorite crypto coins and tokens so they can see all their options at once.
The most popular cryptocurrency in the world, Bitcoin is the go-to option for most gamblers, as well as many other online and offline businesses. It’s not without its downsides but BTC is accessible, easy to use (even beginners can manage it!) and has an established network of ATMs and exchange partners worldwide. Bitcoin is great for gambling, but it’s always best to diversify your cryptocurrency portfolio.
Founded by Vitalik Buterin in 2013, Ethereum is the second-largest cryptocurrency in terms of market cap and is used by many online casinos as their base cryptocurrency. ETH is mined like BTC, but has some key differences that make it more attractive to gamblers who value anonymity and security, such as the ability to maintain smart contracts that act as autonomous agents to hold deposits, process payouts and communicate with other parties without any sort of third party. ETH has become known as a store of value due to its limited coin supply and is accepted at hundreds of online casinos.
Another strong contender for the top slot among altcoins’ legitimacy, Dogecoin is one of the older cryptocurrencies on this list (founded in 2013) but still enjoys widespread popularity due to its low transaction fees and large community of users. Like other coins on this list Dogecoin also features decentralized mining, so no single person or group can the supply of new coins being created. DOGE is becoming a favored currency for online gambling because of these advantages and its fast transactions.
Often seen as the ‘silver to Bitcoin’s gold,’ Litecoin has been around almost as long as BTC but has never managed to reach the same status despite offering many similar features. Probably the biggest thing going for LTC is that it’s one of the most widely accepted cryptocurrencies on this list, with hundreds of casinos accepting Litecoin alongside Bitcoin and other altcoins. The main downsides are that mining is more difficult than newer cryptocurrencies which increases your cost per coin, and also that there aren’t anywhere near as many ATMs or exchange partners available in comparison to Bitcoin.
Litecoin is an early altcoin that was created through a fork from the Bitcoin blockchain; it has since surpassed many other digital currencies in market cap, but some experts still consider it too closely tied to Bitcoin for its own good. Like most altcoins it’s less anonymous than Bitcoin, but has faster transaction speeds and lower fees.
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A relative newcomer on the cryptocurrency scene, Monero was launched in 2014 and immediately caught the attention of online gamblers for its strong focus on anonymity features. This makes it much more difficult to track transactions compared with other top crypto coins like BTC and ETH, making it a favorite among people who value their privacy. It’s also highly secure because unlike many other coins there aren’t any weaknesses in the encryption protocols used by Monero which means that unlike some problematic coins (looking at you Verge) your funds are safe from theft or hacking attacks.
The above coins are some of the top choices for people who wish to use cryptocurrency for gambling. This list, however, is far from exhaustive. There are more than 1,300 cryptocurrencies on the market and dozens of other coins and tokens that serve specific niches within the gambling industry.
You’ll need to research further if you want to make sure you’re getting your hands on the best possible altcoin for your needs; we hope this article has given you a good place to start!