There is no doubt that cryptocurrencies are becoming more accepted in the online gaming industry. It should no longer surprise you to see advertisements for one cryptocurrency casino after another. The number of cryptocurrencies accepted by these casinos has also grown in recent years, which is related to the previous point.
The vast majority of crypto casinos, on the other hand, continue to accept only a limited number of coins as payment. Most of the time, this is determined by a combination of factors, which may include the following:
- The coin’s widespread acceptance.
- Price consistency in comparison to other coins
- Transactional velocity
- Aspects of the underlying blockchain aimed at protecting users’ security and privacy
This section will go over the top five most popular cryptocurrencies in online gaming. If the rumors are true, you should be able to use any of these coins to wager on virtually any bitcoin casino.
BTC (Bitcoin)
Bitcoin is by far the most commonly used cryptocurrency in cryptocurrency casinos. This should come as no surprise given that Bitcoin is the most popular cryptocurrency and has the largest market capitalization. Because Bitcoin serves as the foundation for all other cryptocurrencies, its price is highly correlated with that of Bitcoin (at least, for now).
The first cryptocurrency to gain widespread acceptance in the gaming industry was Bitcoin. The fact that almost all crypto casinos accept Bitcoin does not demonstrate its popularity; rather, the number of casinos that accept Bitcoin for deposits and withdrawals in addition to fiat currency does.
Furthermore, there are a large number of online casinos that only accept Bitcoin as a form of payment. Bitcoin is the only form of payment accepted at these Bitcoin casinos; no other cryptocurrencies or fiat currency are accepted. Although this may appear to be a poor choice for a business, the reality is that almost all cryptocurrency enthusiasts own some Bitcoin.
Last but not least, various iterations of Bitcoin, such as Bitcoin Cash, are widely used in online cryptocurrency casinos. Despite this, they are in no way comparable to BTC, and other solutions have a higher adoption rate.
Anchorage (USDT)
Tether is rapidly gaining traction as the second most popular cryptocurrency for use in online gaming. With the exception of those that will only accept Bitcoin, the vast majority of cryptocurrency casinos will accept USDT as payment.
This is due to the coin’s widespread adoption as well as the design of the blockchain that it employs. Tether is a stablecoin, which means that its value is always linked to that of a specific fiat currency. The United States Dollar is the currency being discussed here when discussing USDT.
This allows coin owners to select a strategy that combines traditional monetary systems with cryptographic ones. They gain not only the benefits of blockchain technology, but also the price stability that comes with using the dollar.
Players who want to avoid the risk of their funds depreciating in value over time can use USDT for online gambling transactions. In almost all cases, one dollar will roughly represent the coin’s value. Furthermore, price stability allows casinos to better manage their operations, which contributes to Tether’s popularity as a currency choice among gamblers worldwide.
Remember that not all stablecoins are created equal in terms of features. Other stablecoins, such as Terra (LUNA), have experienced significant drops, in contrast to Tether, which has remained pegged to the US dollar. As a result, users seeking long-term stability should stick with coins that have already proven their worth.
Litecoin (LTC)
Litecoin is the next digital currency on our list of the most widely used crypto coins. Despite the fact that it has become more obscure in recent years, cryptocurrency casinos continue to favor Litecoin for one reason: the speed with which it can be transacted. Litecoin was built from the ground up to be fast. When you are in a hurry to withdraw or deposit money into a casino, the fact that transactions are completed quickly is all that is required of you. Litecoin, along with Bitcoin and USDT, is the digital currency most commonly found in gambling establishments.
Ethereum (ETH)
Because of the vast number of use cases it possesses in blockchain-based applications and the ecosystem that it supports, Ethereum is typically cited as the digital currency that has the most promising future. Because of this, it has gained a lot of popularity, and also because of this, individuals who bet online utilize it.
When it comes to online casinos, the only usage that makes any sense for Ethereum is as a form of currency. This is because Ethereum is a decentralized digital asset, which is the reason for this situation. Ethereum, on the other hand, is currently the second most popular cryptocurrency, behind Bitcoin; as a result, it is regarded to be slightly more stable than the bulk of other coins. Bitcoin is currently the most popular cryptocurrency. When you use Ethereum for gambling, you automatically gain access to the ecosystem it supports, in addition to a plethora of other benefits on top of those offered by Ethereum itself.
A new iteration (XRP)
Ripple is the last cryptocurrency that we will cover in this article. The bulk of today’s most successful casinos started accepting ripple payments because it was a prevalent currency at the time most of these establishments came into existence. This is the key motivation behind the implementation of Ripple.
As a consequence of this, it was determined that the inclusion of XRP as one of the currencies that may be used in casinos was an absolute requirement. In spite of the fact that there has been less excitement surrounding Ripple in recent years, the vast majority of casinos continue to support it.
We believe that Ripple has an advantage over the other cryptocurrencies because it is supported by a slightly greater number of casinos than the other cryptocurrencies. Although the position of the fifth and final cryptocurrency on this list is debatable between Ripple, Monero, Dogecoin, Bitcoin Cash, and Dash, we believe that Ripple has an advantage over the other cryptocurrencies.