In the last decade, the concept of cryptocurrency has evolved in many ways. Because of its volatile history, investing in this digital asset remains to be a risk. However, more online platforms have been using this payment method for some of their transactions.
One of its advantages is privacy. Unlike traditional methods, cryptocurrency transactions require little information to complete. Regular dealings usually only do a balance check to ensure sufficient funds are available. With cash or credit systems, your complete history becomes a reference for the bank or credit agency, which can affect your future rating.
Another benefit of cryptocurrency is the lack of transaction fees. Most people have probably experienced looking at their bank statements and getting surprised by the charges.
Banks usually impose a fee for any of their operations, such as transferring, depositing, or withdrawing funds. With this digital method, transaction fees seldom apply, unless you engage a third-party service to maintain your wallet.
Lastly, cryptocurrency networks employ reliable encryption techniques to safeguard owners against fraud and account tampering. This detail also ensures that the customer has complete privacy over their digital funds.
Numerous online casinos have already jumped in the cryptocurrency bandwagon, although not all of them share the same quality. Some of the popular websites accepting this method are El Royale, Wild Casino, Vegas Casino Online, BetOnline, BitStarz, FortuneJack, and CloudBet.
If you like online gambling but have not tried this method yet, we have come up with the top three cryptocurrencies used in online casinos.
Bitcoin was the first cryptocurrency developed back in 2009. Though there are thousands of coins available now, Bitcoin remains the most widely accepted cryptocurrency in online casinos.
Make sure to transact with licensed gambling sites, especially when using Bitcoin. Some shady platforms may take advantage of the anonymity associated with this cryptocurrency.
This method generally allows fast deposits and withdrawals with zero to minimal fees. Whether you are playing on a Bitcoin-only site or not, there should be no difference with the quality of the games and available support options.
This cryptocurrency came up in the market a mere two years later, thanks to the brains of a former Google employee. Litecoin has a more rapid block creation time than Bitcoin, so it serves as a great alternative when there are more transactions involved.
Developers released this global platform only in 2015, and they made use of that time to improve upon the shortcomings of the original. Ethereum has better technology, and experts argue that it is Bitcoin’s biggest rival. The speed of its transaction is much faster, so more online casinos are accepting this cryptocurrency.
There are thousands more available, but these three cryptocurrencies round up our list for the best ones used in online gambling sites. Make sure to read an online casino’s terms and conditions before converting all your funds into your chosen currency.