In this article we tell you about some of the advantages of gambling with cryptos other than everybody’s go-to favorite, BTC.
Everybody knows that Bitcoin (BTC) is superior to gambling with regular (fiat) currency in just about every way: you can send it quickly, cheaply, and securely. Best of all, there’s no need to involve your bank or other financial institution into the mix — all can be done entirely from your end. But is BTC really the best coin to gamble with these days? Well, the competition has become stronger than ever before over the last few years. There are other cryptocurrencies that do what BTC does faster and cheaper and are perhaps worth taking a look at if you are a crypto casino novice or regular.
There’s a number of factors to take into consideration when deciding what makes a cryptocurrency “good” for gambling with, some of which include:
- Popularity and liquidity. Coins that have been around for a while and tend to have the biggest user bases are also those most likely to be accepted at a crypto casino. This also means they tend to be traded on a decent number of exchanges and have a decent amount of volume, which is important if you want to cash them out for fiat currency (or other cryptocurrencies).
- Transaction fees. Obviously, coins with lower transaction fees are cheaper to move around, meaning it will cost you less overall to gamble with them rather than those with comparatively high fees. Among casinos that have withdrawal fees, it will also cost you more to withdrawal a coin with relatively high fees than those with low fees.
- Confirmation time. Cryptocurrencies with shorter block lengths times (the time in between two blocks) will transfer their coins faster than those with longer block times. Some casinos will allow you to have “zero confirmation” deposits, which means your funds will be credited to your account before the transaction is confirmed. However, you will still need to wait for a certain number of confirmations to occur on your deposit before you will be able to make a withdrawal.
- Volatility. Crypto is notoriously volatile, which means the price of your coin can go up or down quite a bit during the time you are gambling with it. Thus using crypto to gamble with can almost be like gambling on top of gambling. Coins with big market caps (like BTC) tend to be the least volatile, while those with smaller market caps tend to be more volatile.
Taking these factors into consideration, we decided to come up with a list of the 4 best cryptocurrencies (other than Bitcoin) used for gambling. We’ve included a few important statistics for each one to give you an idea of how well each coin fills the aforementioned criteria. “Active addresses” is perhaps the only one that requires an explanation, and it pertains to the total number of coin addresses that have moved coins in or out of it in the last 24 hours (this gives you an idea of how widespread its actual usage is, which market cap size does not always do).
#4. Monero (XMR)
- Market cap rank: #17
- Median transaction fee: $0.018
- Average block time: 2 minutes
- Active addresses (last 24 hours): ~5000 (exact number unknown)
- Best casino for XMR: FortuneJack
Monero (XMR) is a privacy-centric cryptocurrency that is based on the CryptoNote proof of work hash algorithm. Unlike Bitcoin, Monero uses an obfuscated public ledger, which means that while anybody can send or receive a transaction, no party outside the transaction can determine its source, amount or destination. In addition to being nearly completely anonymous, Monero transactions are also very fast compared to Bitcoin (with block lengths between 1 and 5 minutes), and much cheaper as well (currently, XMR has an average transaction fee of about $0.08). This combination of features makes it a great choice of coin for use in crypto casinos. It also provides a far more powerful degree of OpSec than that which is possible when using Bitcoin or most other coins. Its one downside is that, despite being around for 6 years now, it still isn’t accepted by a large number of crypto casinos.
#3. Dogecoin (DOGE)
- Market cap rank: #32
- Median transaction fee: $0.0025
- Average block time: 1 minute
- Active addresses (last 24 hours): 37,500
- Best casino for DOGE: mBit Casino
Though it was not a usage envisioned by its founders, Dogecoin is actually a great coin to gamble with. It has been around for longer than most other coins, has an abundant supply of over 100 billion coins, transaction fees much less than $0.01, and an average block time of about 1-2 minutes. This makes it far and away much cheaper and faster to send than BTC. Dogecoin is ideal if you are looking to place small bets quickly. Its fast transaction times make it perfect if you are looking to get an account funded and a wager in on a sporting event right before showtime. Because it has been around for a number of years and retained a good deal of popularity, it is also easy to find at crypto exchanges. One of the only downsides of using DOGE for gambling is that there is not a giant range of casinos that support it. However, it has long been a staple among several casinos, and we don’t see that changing any time in the near future.
#2. Litecoin (LTC)
- Market cap rank: #7
- Median transaction fee: $0.0012
- Average block time: 2 minutes and 20 seconds
- Active addresses (last 24 hours): 54,200
- Best casino for LTC: BetChain Casino
Litecoin (LTC) is the 3rd most popular coin currently being accepted by major crypto casinos, for a number of good reasons. First off, Litecoin is the 3rd cryptocurrency to ever be launched, meaning it has been around for quite a while. In this time it has established a major following and good penetration of crypto exchanges. Most crypto casinos of any notability are aware of this and therefore have been including it as a deposit option for several years. Second off, the average time it takes to confirm a LTC transaction is just over 2 minutes. This means its transactions confirm almost 5 times faster than BTC. Lastly, with a median transaction fee of less than 2 cents, Litecoin remains one of the cheaper coins to send, which makes it perfect for depositing at a crypto casino.
#1. Ethereum (ETH)
- Market cap rank: #2
- Median transaction fee: $0.10
- Average block time: 13.3 seconds
- Active addresses (last 24 hours): 419,000
- Best casino for ETH: 7Bit Casino
Now coming up on its 5 year anniversary, Ethereum (ETH) is still a great choice of cryptocurrency for the purpose of crypto casino gambling. Not only are its transaction fees low and confirmations fast, it is exceptionally easy to purchase (currently available at over 100 different exchanges). It is also second only to Bitcoin when it comes to being supported by major crypto casinos. Most casinos of any decent status will accept ETH deposits these days. Like Bitcoin, Ethereum has proven itself to stable, secure, and a good medium of exchange. It is also one of the few coins that has casino bonuses denominated separately from BTC bonuses. It’s true that Ethereum is more than just a coin and hosts a whole ecosystem of other tokens, dApps, etc., but it also works quite well as a currency in its own right — especially when it comes to crypto casino gambling.
There are a few other coins that are also great for gambling purposes but that we won’t go into depth about in this article. They are still relatively popular coins, have their benefits, and can be found at some casinos — just not as many as the coins above. These include:
- Tether (USDT): pegged 1:1 to the US dollar, Tether takes the volatility factor completely out of crypto.
- Dash (DASH): the second most popular privacy coin (after Monero).
- Bitcoin Cash (BCH): the second Bitcoin, much cheaper to transact than BTC.
- TRON (TRX): cheap, plentiful, tiny transaction fees.
- Ripple (XRP): very fast and inexpensive to send.
If you are looking for a casino in particular that carries not only your coin of choice but the selection of games you are interested in, check out our Casinos page where you can search through 100+ casinos to find the one suitable for you. What is your favorite cryptocurrency to gamble with? Did we miss anything? Feel free to let us know in the comment box below.
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