Play online casino games with these top 5 cryptocurrencies
Top 5 Cryptocurrencies to Gamble With
Playing in an online casino is becoming increasingly popular. At the same time, the interest in paying with digital coins is increasing. Therefore, it is not surprising that at more and more online casinos, you can top up your play credit with crypto coins.
At regular online casinos, your cryptocurrency is first converted into the common currency, for example, the euro or the dollar, and then that amount is added to your credit balance.
Five Most Popular Cryptocurrencies
However, there are also online casinos that even work exclusively with cryptocurrencies. Such casinos are rare, and they are also unregulated, just like cryptocurrencies are unregulated. You don’t just deposit crypto coins at so-called crypto casinos, but you also play with the corresponding cryptocurrency.
So, for example, if you deposit bitcoin, you also play with bitcoin. Everything in the casino is geared towards playing with cryptocurrencies. So, for example, you will also receive bonuses in the form of cryptos.
Any profit you make in a crypto casino will also be paid out in cryptos.
In this article, you can read about the different cryptocurrencies you can use in a unique crypto casino or a regular online casino. We will also give you some background information on each cryptocurrency.
Playing with Cryptocurrencies at a Regular Online Casino
At the regular online casinos, you can’t play with many different cryptocurrencies. Most casinos have limited their crypto play options to Bitcoin.
Here you must first deposit crypto coins, and these are then converted into dollars. When withdrawing profits, the same method is always used. Your winnings are converted to Bitcoin and then added to your Bitcoin wallet.
At a land-based casino, you can choose to deposit with cryptocurrencies or play with AUD dollars. You can even combine the two. The casino keeps track of how much was deposited with crypto coins and how much was deposited with regular currency.
Payouts are always made using the same method and currency you deposited with.
Which Cryptocurrencies can you Use the Most and the Best?
When you play at a real crypto casino, you often have the choice of many cryptocurrencies to play with. Most crypto casinos allow you to use any cryptocurrency, but that doesn’t mean it’s always wise to play with just any crypto. Other crypto casinos have already made this choice a bit easier, as they only accept the most common cryptocurrencies for playing in their casino.
The five most common coins you can use in a crypto casino are, of course:
- Bitcoin
- Ethereum
- Ripple
- Dash
- Litecoin
Here you can read more about each of these cryptocurrencies.
Bitcoin
The coin of all coins, as Bitcoin is also known, because it was, of course, the first digital currency that was traded. Due to Bitcoin’s enormous popularity and rising value, more types of cryptocurrencies soon appeared on the market. Today, just over 50% of all transactions on the crypto market are Bitcoin transactions.
The advantage of Bitcoin is that it is accepted in both crypto casinos and regular online casinos. This can make choosing a casino to play at a lot easier. Another advantage is that it is not an ‘endangered’ cryptocurrency.
The chance is high that this digital currency will still exist in twenty years.
And that cannot be said for every cryptocurrency. The disadvantage of Bitcoin is that its value is very volatile. The value can rise or fall by a few thousand dollars in one day.
In addition, Bitcoin transaction fees are pretty high as it takes a long time to mine a Bitcoin.
Ethereum
This digital currency is one of the late bloomers. It only came to the market in 2015 and used much of the same technology as Bitcoin.
Ethereum is a digital currency that has been around for a long time, but it is faster to mine and less volatile than Bitcoin. Therefore, the advantage of using Ethereum is that it is a reasonably stable currency.
Ethereum is also running to become one of the leading currencies in ‘Edgeless’ gambling. In this form of gambling, no house advantage is calculated anymore. The disadvantage of Ethereum is that the price is linked to Ether.
And one always has enough of that, which means that this coin will probably never be worth very much.
Ripple
The Ripple is a digital currency that came onto the market in 2012. It used technology all of its own and was designed to be used particularly within internal networks. Think of paying for coffee in the canteen with the salary you get paid in Ripple.
The entire structure has been designed to allow this to happen as quickly as possible. Therefore, transactions are carried out extremely quickly, which cannot be said of many other cryptocurrencies. In addition, the costs for a transaction are relatively low, especially when compared to Bitcoin.
The advantage of Ripple is that banks and financial institutions have embraced this coin. So it is a currency with a lot of trust, which makes it very strong. In addition, it is undoubtedly a very secure currency because of the different techniques used. The disadvantage of this coin is that, unlike other cryptocurrencies, it is not decentralized.
Therefore, some form of control takes place, which brings the necessary disadvantages.
Dash
This digital currency could well be the future of casinos. It is one of the few coins that can quickly process transactions, like Ripple. And that, of course, is grist to the mill of gamblers and casinos.
The interface used with Dash is also much more user-friendly than with other coins. Unfortunately, this coin has a limitation.
The size of a block cannot exceed 1 MB, which sometimes makes this coin less available.
Litecoin
Litecoin was conceived as an alternative or counterpart to Bitcoin. The name says the purpose of the coin: to reduce the time of transactions and, therefore, the costs.
Litecoin uses precisely the same technology as Bitcoin and is now almost as famous as its big brother. The advantage of Litecoin is that it is faster and cheaper. The disadvantage, however, is that Litecoin is showing more and more of the characteristics of its big brother, Bitcoin.
Therefore, it appears that Litecoin will be almost the same as Bitcoin very slowly, only slightly less frequently traded.
Conclusion
Playing in a crypto casino is still a matter of caution. There are no regulated casinos in Australia yet where one can only play in cryptocurrencies.
For now, it might be better to play at regular online casinos where your cryptocurrency will first be converted into standard dollars.
If you still want to play in a typical crypto casino, you know which five coins you can use for this purpose.