It’s no secret that cryptocurrency is quickly becoming the new norm for online gambling. Joo Casino Sign Up button got X50 more hits after the gambling hub started accepting Bitcoin and other digital currencies as payment methods. So, if you’re looking to get into crypto gambling in 2022, which coins should you use to bet? Here are our top three picks!
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What Is Crypto Gambling?
Cryptocurrency gambling is a relatively new phenomenon that has emerged in the last few years. Yet, the best online casinos did not hesitate to embrace the technical novelty. Crypto gambling refers to using digital currencies like Bitcoin to place bets on casino games or sporting events. Due to the anonymous nature of cryptocurrency transactions, crypto gambling has become a popular way for people to gamble online without having to reveal their identities.
In addition, blockchain technology means that crypto gambling is typically more secure than traditional online gambling. However, crypto gambling is still in its early stage of thriving. As such, it is important to do your research before using a cryptocurrency gambling site.
What Makes Crypto A Good Fit For Gambling
Cryptocurrency is fast becoming the currency of choice for online gamblers. Here are a few reasons for this:
- Crypto transactions are fast and free. Withdrawals can be made quickly and without fees, meaning more of your winnings are in your pocket.
- Many online casinos offer huge bonuses for depositing with cryptocurrency. These bonuses can sometimes be worth hundreds of dollars, making them an extremely attractive proposition for gamblers.
- Crypto casinos often offer exclusive games that can only be played using cryptocurrency. These games tend to have high RTP and are provably fair, making them even more appealing to gamblers.
3 Crypto Coins Most Commonly Used To Play In Online Casinos
Gamblers can use many different cryptocurrencies for online gambling, but the three most popular ones are Bitcoin, Ethereum, and Litecoin.
Gambling cryptocurrency #1: Bitcoin
Bitcoin has quickly become the most popular cryptocurrency for online gambling, and there are several reasons for this. Thus, Bitcoin is super popular overall: it is far more renowned than any other crypto coin in the market. As a result, many gamblers choose Bitcoin simply because they have heard about it instead of Bitcoin alternatives that are new to them. Besides, Bitcoin is relatively stable compared to other cryptocurrencies, meaning there is less volatility risk when using it for gambling.
Gambling cryptocurrency #2: Ethereum
One of the reasons why Ethereum is so popular in online gambling is because it offers free payouts. That means you don’t have to pay any fees when withdrawing your winnings. Ethereum also offers faster transactions than most other cryptocurrencies. Its transactions usually take a few seconds only. That is important for online gambling because you want to be able to get your winnings as quickly as possible. Lastly, Ethereum uses smart contracts. That allows online casinos to ensure games are provably fair.
Gambling cryptocurrency #3: Litecoin
Litecoin is one more popular cryptocurrency in online gambling. Being largely similar to Bitcoin, Litecoin has a better market price, making it more affordable for small-scale transactions. Besides, it is easy to acquire through exchanges and peer-to-peer transactions. And finally, Litecoin has high TPS (transactions per second), meaning it can handle many transactions quickly and efficiently. For these reasons, Litecoin is an attractive choice for online gambling operators and players.
How To Use Crypto For Gambling
If you’re interested in using crypto for gambling, there are a few things you need to know:
- First, you require a gambling center that accepts crypto. Many traditional online casinos now accept crypto, and there are also several dedicated crypto casinos.
- Once you’ve found a casino, you’ll need to deposit some crypto into your account. Typically, you’ll be able to do this by sending crypto from your wallet to the casino’s wallet address. Many crypto casinos allow purchasing crypto on their website via Moonpay or other services.
- Once your deposit has been processed, you’ll be able to start playing games at the casino. Playing with crypto opens access to specialized crypto games for you. These games are always provably fair and often have some added features or bonuses.
- You can withdraw your winnings momentarily when it is cash-out time. Crypto withdrawals are much faster than withdrawals in traditional currencies and can be free, too.
Key Takeaways
The benefits of gambling with cryptocurrency are clear. Not only can you gamble without worrying about your personal information being stolen, but you can also enjoy faster withdrawals and lower transaction costs. In the meantime, as more and more online casinos accept crypto, the scope of crypto coins available for online gambling gets wider, too.