The cryptocurrency market has seen an impressive growth in the last years, and this kind of digital assets are massively contributing to a significant change in the way we transact in our day-to-day life.
Electronic payments are rapidly being adopted by almost any industry around the world, and the gambling industry is no exception. Online gambling actually benefits greatly from the development of digital/virtual currency transactions, as they are the easiest and fastest way to get funds in and out of a website. Additionally, the fees are low and there is no intermediary as funds go directly back and forth to your wallet.
Just to remind you, virtual currency is a digital asset that works as an exchange medium for secure transactions through cryptography.
Some of the best cryptocurrencies for online gambling are Bitcoin, Litecoin, Ethereum, Ripple, and Dash, which also happen to be among the most prolific out of the hundreds and hundreds of digital currencies that exist today.
When it first appeared in 2009, Bitcoin changed the economic environment forever. Almost half of all cryptocurrency transactions around the world are now made in Bitcoin. Considering its popularity and the fact that its value increases day by day, it was only natural to see it used in the gambling world as well. In 2013, a casino/sportsbook called Betcoin was created and it was the first to only accept Bitcoin deposits and withdrawals.
Alternatively, there is a sister virtual currency called Bitcoin Cash which is considered by many a better option for transactions nowadays because it has lower fees and faster confirmation times.
Created in October 2011 by Charles Lee, Litecoin is very similar to Bitcoin but with much lower fees and faster block times. Also, it can be much more easily mined with consumer-grade hardware. Litecoin is in the top 10 most used virtual currency and is perfect for gamblers who use to frequently transfer funds between accounts.
Though it has been created relatively recently, on July 30, 2015, Ethereum has managed to rapidly make a name for itself and gain popularity. To better understand how popular it has been from the very beginning, it’s enough to mention that 11.9 million coins were already circulating when the system went online, which represents around 13% of the total number of coins circulation at the moment.
Ethereum is a good cryptocurrency for gamblers as its long-term potential is far more sustainable than other such currencies, meaning that your gambling transactions will be valid for a longer time.
Ripple is a digital currency launched in 2012 which gained the trust of important investors like Andreessen Horowitz, Standard Chartered Bank and Google Ventures. It’s the ideal cryptocurrency for those looking for a secure and anonymous way to make transactions.
Released in 2014, Dash proved wildly popular from the very beginning, with no less than 1.9 million coins mined during its first 48 hours. It boasts the most active altcoin community at the moment, especially because transactions can be completed in just minutes, which makes it perfect for gamblers who need a quick deposit.