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Cryptocurrencies opened online casino doors to many punters. With different digital currencies available though, picking out the right crypto coin can be hard for anyone who only knows about Bitcoin.
When choosing a crypto gambling operator and currency, the important points to keep in mind are:
- wide availability – can you use it on multiple trustworthy gambling sites?
- fast transactions – the time between a request is made and when it is fully completed
- low volatility – especially compared to FIAT currencies if you plan to cash out earnings
- anonymity – important if you reside in a jurisdiction in which gambling is poorly considered
- minimal fees – you don’t want to lose too much in fees especially if you frequently move your coins around
- safe storage – can you store these in a trusted wallet or exchange in between casino transactions?
- trust – you need to understand and trust the coin(s) you are actively involved in, their pros and cons (none is perfect!)
In this article, we take a closer look at the most commonly accepted cryptocurrencies on online crypto casino sites , including slots, sports betting, poker, and other table games.
1. Bitcoin (BTC)
Ask any punter “what crypto coins do online casinos accept?” and you will notice that Bitcoin is a common answer . BTC paved the way for other altcoins to follow in the online gambling industry. Being a pioneer cryptocurrency in the industry makes Bitcoin the only crypto coin accepted by several crypto casinos and exchanges.
Bitcoin is generally widely accepted in blockchain-friendly casinos, I can’t think of one that refuses bitcoins. However, if you just want to get going and play, bitcoin transactions are a little slow to complete. Indeed, it is important to note that transactions with Bitcoin is much slower and costs more than with some other altcoins. Certain reasons for the speed includes its small block size and validation process.
2. Ethereum (ETH)
Ethereum is known for its smart-contract network and its superior security measures . Crypto casinos have widely adopted Ethereum as one of their payment options because of its flexible application for different industries.
Transactions with Ethereum are the same as with Bitcoin, making it slower than a few other available altcoins. Fees to deposit and withdraw ETH are also not consistent in every transaction.
Online casinos enjoy Ethereum thanks to the focus it offers on privacy and it is a trusted blockchain-based currency.
3. Litecoin (LTC)
Litecoin is dubbed as the silver to Bitcoin’s gold status since the crypto coin was made to fix Bitcoin’s slow transaction speed. A majority of crypto casino sites are welcoming LTC since it shortens the decision to play time. Gamblers often want to gamble their deposits as soon as they are made, not minutes later. And crypto gambling sites love this as it means the players get hooked. LTC shines in this scenario even though there are faster transacting coins out there.
In terms of fees and costs, there are better altcoins in the market than Litecoin. LTC is also less secured due to its falling hash rate, which reached a low 230 TH/s, making it potentially vulnerable to cyberattacks.
4. Tether (USDT)
Tether is made to be consistently equal to $1, providing punters with a less volatile crypto coin option. Every winning you have can also be cashed out immediately without having to worry about the crypto coin dropping in value.
One issue many have with Tether is its requirement for proof of identity to buy the crypto coin. With the strict rule on online gambling in a certain area, USDT is not an ideal digital currency although it is a somewhat stable one and offers very quick transaction times.
5. ZCash (ZEC)
Anonymity is the main feature of ZCash as it allows punters to hide their transaction information such as where the crypto coin is coming from and who is receiving it. Along with the low transaction fees, people benefit from using ZEC in areas where gambling sites are tightly restricted and monitored.
In exchange for privacy, ZEC transactions take a long time to complete due to the blockchain’s required complicated calculations. Fewer wallets can also store the cryptocurrency. Punters can only store their ZCash winnings in the online casino they are playing in or with the digital wallet on some exchange sites.
6. Bitcoin Cash (BCH)
Bitcoin Cash is a fork from Bitcoin and offers faster and free transactions than Bitcoin thanks to its large block size of 8MB that quickens the verification process. BCH is readily available at most local exchanges due to having Bitcoin in its name, allowing punters to easily cash out their winnings.
Punters should be wary of Bitcoin Cash’s volatility since its price can easily increase or decrease within a day. Indeed, BCH has a high volatility, similar to BTC’s.
7. FunCoin (FUNC)
FunCoin is the cryptocurrency for crypto casinos running on the FunFair platform . Built upon a smart contract network, FunCoin offers private transactions with very low costs. Because of its exclusivity, few exchanges offer to buy and sell FunCoin. You will need to turn your FunCoin winning into BTC or other cryptocurrencies accepted by your local exchange.
Whilst FunCoins are very gambling-specific, they are a good way to get started thanks to their wide availability. However, you will need to use other crypto currencies to cash out your earnings and use them elsewhere than on gambling sites.
8. CoinPoker (CHP)
Built for poker players, CHP allows players to buy the crypto coin without using any personal information. Games are ensured fair thanks to the anti-fraud and security features of the CoinPoker platform.
While CHP is suitable as one of the crypto coins for gambling, barely any exchanges let you exchange it for fiat currencies. CHP winnings will need to be converted to Bitcoin or another altcoin before they can be turned into actual cash. This means, you will probably get less than it was originally worth during that process.
9. Monero (XMR)
Monero bolsters the anonymity factors of cryptocurrencies for crypto casinos by making transactions private. Using the CryptoNight hashing algorithm , Monero can make all transactions untraceable. Any punter around the world can easily access restricted casinos from their area thanks to the anonymous transactions of Monero. Monero’s deposit and withdrawal speed are also significantly faster than Bitcoin.
Due to its specific block system, there are very few wallets that can store Monero. You need to send your crypto coin directly to an exchange that supports it just for storing your winnings in a safe place.
10. Ripple (XRP)
Ripple is a payment solution mostly built for the financial industry. Over the years, XPR is also one of the widely accepted cryptocurrencies for gambling. Unlike other crypto-coins used in gaming sites, Ripple costs very low. You can easily buy 100 XRP and use it on any crypto slot. Transactions with Ripple are also fast and cheaper, making it accessible for punters around the world.
It is important to note that Ripple is not entirely decentralized since every XRP has been pre-mined. Certain parties can have a major influence over the price of this crypto coin, leaving the value of your casino winnings volatile in the end.
Bitcoin and various cryptocurrencies accepted by crypto casinos, betting exchanges, and poker sites have their advantages and disadvantages. You need to do your due diligence and only pick the crypto coin(s) you feel the most comfortable with.