The focus is slowly shifting towards blockchain technology, the much-talked-about decentralized system where governments or individuals can barely dictate proceedings on the financial front. Much of 2020 saw a surge in the number of industries adopting Bitcoin and other digital coins as a payment mode. It was also towards the end of the year 2020 that PayPal, one of the leading online payment systems, announced it would be incorporating Bitcoin into its range of products.
There has been a lot of talk regarding cryptocurrency in general, with many people still holding reservations about its safety. However, more than ever, it is becoming increasingly popular, thanks to its promise of anonymity and immutability during transactions. One industry where anonymity plays out as an essential feature is the gambling and casino industry. Players would love to play their favourite casino dice games in peace, knowing their personal details are safe, regardless of their locations.
Besides Bitcoin, the most popular digital coin, other coins are slowly creeping across multiple sectors and are currently accepted as payments. In this article, we highlight five of the most commonly used cryptocurrencies in online casinos.
#1. Bitcoin
Bitcoin was the first and, without a doubt, the most popular cryptocurrency in the world today. It is believed that the whole blockchain idea was meant for Bitcoin, which has gone through the years, beating controversies left, right, and center to emerge as one popular form of payment across several online casinos. It accounts for more than 80 percent of the cryptocurrencies used across different industries, making it the biggest cryptocurrency.
Bitcoin witnessed a significant growth between 2018 and 2020 in casinos, attributed to more people learning about it and its advantages in the gambling space. Initially, it was viewed as an exclusive investment tool, but after it emerged that blockchain offered the ultimate anonymity and online privacy, it continues to appeal to the masses.
#2. Ethereum (ETH)
After Bitcoin, Ethereum honorably takes the second spot. It comes second in terms of popularity, but it beats Bitcoin squarely in terms of how it functions. So far, Ethereum has stayed free of scandals like Ripple has, making it one of the most viable options for people who make or receive online payments often.
One appealing feature of Ethereum is its smart contract, which allows users to conduct safe deals. It acts as a medium for holding funds until conditions are met, which in this case is a guarantee of fairness. As of now, the number of wallets working with Etherum is increasing rapidly.
#3. Litecoin (LTC)
Litecoin is seen as a Bitcoin kid, with a much higher maximum cap and consequently priced lower. It edges Bitcoin in one essential aspect; confirmation of transactions. With LTC, it is almost four times faster than Bitcoin, which could be one thing gamblers are looking for in online casinos.
The idea behind making Litecoin was actually to ease the time spent for registering; where Bitcoin takes up to 10 minutes, it only takes 2.5 minutes for the registration of Litecoin transactions to register. Also, the fee charged by the processing node is very little compared to Bitcoin.
These are the major factors that contribute towards the growing love for LTC in online casinos.
#4. Bitcoin Cash (BCH)
Bitcoin Cash still confuses most people to this day for the obvious reason behind the name. It was created purposely to increase the size of the block and to make transactions much faster. Bitcoin was created with a small node size, limiting the number of transactions that can take place in a second. The challenge triggered reactions from the community, who wanted an alternative.
Bitcoin Cash was born, with the main focus not to hold so much value like Bitcoin. While its value is much lower than Bitcoin, it still makes a great cryptocurrency for online gamblers and is now a widely accepted digital currency in casinos.
#5. Monero (XMR)
Monero is another altcoin that thrives on the offerings of Bitcoin, like the anonymity of transactions. Payments are processed in such a manner that they cannot be traced to the source. All this is done through a sophisticated encrypting process under the blockchain network.
The only thing against Monero is that it is not a public cryptocurrency, and it has already been banned in several exchanges following concerns of illegal activity. Besides, its cryptography is believed to have been cracked recently by a US firm.
Final Thoughts
There are several other cryptocurrencies adopted across different sectors, and the rise in adoption could mean the birth of more. Facebook announced earlier that it would launch one of its own, and it is widely expected that it will take advantage of its social media popularity to take it to the mainstream. The benefits of cryptocurrency are there for everyone to see, and in many ways, tend to favour online casinos.