Cryptocurrency Used in Online Casinos

Over the past year, the spotlight has been shining on cryptocurrencies due to a massive spike in value and popularity and altho some may think of crypto as just a faze that will soon pass, one place it is taken seriously is the world of online casinos. Crypto is becoming more popular in the online gambling world due to the security of transferring funds since it does not require all the personal information needed for a traditional money transfer. Another upside to using cryptocurrency is the lack of any middlemen such as a bank which means that transferring funds can be done 24/7, much faster, more trustworthy, and with lower transaction fees. The biggest safety feature of this new technology tho is whats called the blockchain, which is a fully transparent record of all cryptocurrency transactions ever made. This creates a system that is extremely secure, unforgeable, and tamper proof. The goal for the near future is to master this new technology so players would be able to log in and gamble directly from their e-wallets without actually having to wire money to the site. Here are a few of the top cryptocurrencies beginning to make an appearance in the online casinos.

Bitcoin

This is the most well known of all the different crypto types which has made it the most popular in the online casino sites. Some seem to prefer bitcoin to any of the others. Bitcoin is also the oldest of the cryptocurrencies which creates more of a trust for users. Being such a new technology at the start caused the online casinos to really have to think twice about whether or not to get involved with it and after reluctantly moving forward with it realized customers actually preferred it.

Ethereum

This model is much newer than bitcoin but is quickly growing in popularity. At just over two years old Ethereum is actually preferred to some over Bitcoin thanks to it being extremely secure to gamble with. This security is due to the fact that Ethereum was developed based on a system many of the online casinos are already implementing making them a very well matched pair. People who enjoy playing online poker will find Ethereum to be one of the best cryptos to play with.

Litecoin

Here is another example of why being the most well-known crypto doesn’t exactly make Bitcoin the best for all situations. Litecoin has two main differences than Bitcoin, first being the machines used to mine the crypto are much more expensive to build due to the use of a much more complex algorithm and it also has the ability to read data at four times the speed which gives Litecoin one of the fastest transaction times. This also makes Litecoin one of the best cryptocurrencies to use in online casinos.

Dogecoin

Maybe not as well known as some of the other forms of crypto Dogecoin was originally created as a joke and would soon grow to become one of the most used forms of cryptocurrency. The recognizable dog picture on the coin is its Shiba Inu mascot “Doge”. With around a $340 million capitalization many online casinos have started to take this coin seriously and began accepting it. The real selling point for Dogecoin is its extremely fast transaction speed. With a block reading speed of just 1 minute, this is the fastest transaction speed of the bunch beating even Litecoins impressive speed of 2.5 minutes making Dogecoin a favorite for online casinos and poker players.

Namecoin

This cryptocurrency not being as well known as some of the other more popular coins is not accepted at a wide range of sites but there is a handful that will accept it and it is just as secure and reliable to use as the others. Namecoin is somewhat similar to Bitcoin as it is the first crypto to use a lot of the same coding as Bitcoin.

Dash

The main aspect of Dash that users appreciate the most would be its security and privacy which is a must for almost all users of online casinos and poker players. Unmatched by even Bitcoins privacy Dash is quickly becoming more widely accepted and used by players.

Novacoin

The last on this list, Novacoin is not one of the most popular used cryptocurrencies in the online casino world as there are only three main sites that accept it. Similar to Litecoin in value makes it a good source of money for data miners.

Looking back over recent years and seeing how these technologies have advanced and began to work more in unison it’s almost as if they were made for one another. It seems that cryptocurrency has found its place with online casinos and they will continue to grow more and more compatible with each other.