Online gambling grows every year, and cryptocurrencies are increasingly the method of choice for depositing, withdrawing, and placing bets. Crypto’s digital and decentralized properties provide several advantages for gambling over traditional fiat money. Let’s explore the top 10 cryptocurrencies making their mark on the iGaming space.
1. Bitcoin (BTC)
Bitcoin not only powers cryptocurrency, but dominates the industry for online betting as the most widely accepted crypto coin on gambling sites like the Guts Casino online platform. Bitcoin offers deposit bonuses of up to 5 BTC, instant transactions, improved security measures, greater anonymity, and 24/7 live support.
In 2022, 81% of online crypto casinos process Bitcoin transactions, proving its popularity. Gambling sites promote Bitcoin gambling for players, given its pioneering reputation and 90 million global users.
2. Ethereum (ETH)
As the second-largest cryptocurrency by market capitalization, Ethereum comes as the second most popular crypto used for online casino review. Ethereum provides lower transaction fees than BTC, smart contracts to eliminate third-party reliance, and top-grade encryption.
Approximately 33% of crypto casinos accept Ethereum for gambling activities in areas like sportsbooks, lotteries, or live dealer games. The versatility and huge potential of Ethereum fuel its adoption rate amongst gambling sites.
3. Litecoin (LTC)
| Cryptocurrency | Gambling Acceptance | Avg. Deposit Confirmation | Avg. Fee (USD) |
| Litecoin | 25% | 2.5 minutes | $0.03 |
Litecoin proves a competitive alternative cryptocurrency for internet gambling. Its speed and cost efficiency offer short deposit confirmation times of under 3 minutes and tiny fees of $0.03 on average. Litecoin’s compatibility with most crypto wallets/exchanges aids accessibility, too.
4. Ripple (XRP)
Another increasingly common cryptocurrency found on online gambling platforms is Ripple. Ripple touts high speeds exceeding even Litecoin and average fees of around $0.004 per transaction. Additionally, XRP processes over 1,500 transactions per second to avoid congestion.
For gaming criteria, Ripple has a 5-second block confirmation and exemplary scalability. Crypto sportsbook and casino brands now regularly integrate Ripple’s digital token. The affordability, reliability, and rapid deposits empower XRP gambling adoption rates.
5. Dogecoin
Originally created as a meme cryptocurrency in 2013, Dogecoin has carved a niche as the go-to coin for emerging iGaming brands. Its popularity is largely from Elon Musk’s consistent praise of DOGE, skyrocketing it to a $10 billion market cap as of 2022. Dogecoin supplies immediate deposits, microscopic fees, and a 1-minute typical confirmation time.
Because internet gambling sites offer 100x wagering on various games like slots or blackjack, more casual players gamble small amounts with the meme coin DOGE too. Now, over 20 major online casinos and sportsbooks include Dogecoin betting.
6. Monero
For players desiring complete privacy, anonymity, and discretion with their online gambling, Monero proves the prime crypto solution. XMR utilizes ring signatures, stealth addresses, bulletproofs, and RingCT technology for unrivaled, untraceable transactions. No personal or financial data is revealed on the blockchain, either.
However, some countries have restricted Monero and deemed its use in commercial activities like online gambling illegal due to concerns of money laundering or criminal malware attacks requesting Monero as ransom. Regardless, a niche XMR gambling market exists for legitimate players.
7. Cardano
As a form of digital cash allowing quick and secure transfers globally, Cardano expands its utility to online gambling domains too. Its average transaction fee of $0.5 makes Cardano affordable while touting the ability to manage over 250 transactions per second. Crypto betting sites promote ADA listings for low-cost, lightning-fast performance.
Incorporated at over 12 major casinos, sportsbooks, and other gambling platforms to date, Cardano continues expanding. Additional merits include open-source programming for transparency and a research-based approach aiding growth. The next few years should witness greater Cardano adoption for internet gambling.
8. Polkadot
Polkadot creates interoperability between additional blockchains as part of its services. It bridges connectivity gaps to enable a unified Internet gambling ecosystem across various cryptocurrency networks. Polkadot expedites transactions and enhances security, driving down costs for users.
Although support for Polkadot remains limited to around 3% of online crypto casinos, developers seek to leverage its benefits.DOT minimizes congestion while offering parallel processing for scalability. As Polkadot solves fragmentation hurdles in the blockchain space, its nascent popularity rises.
9. Uniswap
As a decentralized exchange, Uniswap converts cryptocurrencies via Ethereum blockchain support. Crypto bettors utilize Uniswap to swap between various digital assets and tokens when gambling online. Instead of relying on intermediaries and paying their fees, Uniswap uses automated liquidity pools.
Around 5% of crypto casinos currently integrate Uniswap capability for convenient exchanging between coins. However, industry observers expect more gambling platforms to incorporate Uniswap given crypto’s tendency to fluctuate in value. The tool empowers flexibility for players.
10. Chainlink
While not a cryptocurrency itself per se, Chainlink proves integral to online operations with digital currency. Its oracle networks enable external data relay across blockchains in a secure, reliable manner. All transaction records stay provably fair and players can verify gambling outcomes are unbiased.
For any internet gambling entity processing crypto deposits and wagers, Chainlink integration makes functionality smoother. The technology bridges real-world data to multiply utility. As the gambling industry further digitizes, Chainlink adoption rates climb.
Conclusion
Cryptocurrency advances internet gambling thanks to its promptness, reasonable fees, safety, anonymity, and global reach. As evidenced above, Bitcoin leads the charge as the foremost digital coin for placing online bets. However, altcoins like Litecoin, Ripple, Cardano, and others continue gaining traction for their perks.
The cryptocurrency sphere only expands over time, so expect its gambling use to grow in parallel. More casino brands, sportsbooks, poker rooms, and gaming entities overall will support digital asset transactions moving forward for customer convenience.
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