In recent years, online gambling has garnered popularity amongst players and, with it, an increase in the use of cryptocurrencies as a payment method. Bettors adopt this method because of the anonymity and security that it offers. However, it’s pertinent to note that adopting blockchain technology in the online gambling industry means that some cryptos will be more popular than others.
According to Michelle H. Thomas, an iGaming and blockchain technology expert, the popularity of certain cryptocurrencies is directly proportional to their acceptance as a method of payment by gaming sites and vice versa. Online casino sites have benefited mainly from this innovation as it attracts newbies into the gambling world and affords experienced players the confidence to stake more money.
It’s essential to note that of all the available crypto, only a few are popular in the gambling space for now. This article highlights the most acceptable digital assets in the iGaming sector.
Bitcoin is one of the most popular cryptocurrencies that is increasingly used in online gambling. One of the main advantages of using bitcoin in iGaming transactions is its decentralized nature. Bitcoin transactions are peer-to-peer; there is no need for a middleman such as a bank or credit card company to facilitate the trade. This can lead to faster and cheaper transactions and increased security and privacy for users.
As a bettor, it’s crucial to note that in a country like Canada, there are now several crypto casinos where you can play any of your favorite casino games using cryptocurrencies as a payment method. Bitcoin is a global currency that can be used by anyone, anywhere in the world; this makes it an attractive option for gambling sites that operate in countries where traditional banking options may be limited or restricted.
Ethereum is another popular cryptocurrency currently being used in the online gambling industry. One of the main advantages of using Ethereum is its smart contract functionality, which can ensure fairness and transparency in online gambling, as all the rules and payouts are encoded into the contract and can be publicly audited. This can increase trust and confidence in online gambling sites that use Ethereum.
Another advantage of using Ethereum as a payment option in casino gaming is that it is a decentralized platform, meaning there is no central point of control or failure. This can lead to increased security and privacy for users. Ethereum also supports tokenization, which allows the creation of unique and verifiable digital assets that can be used in various applications, such as in-game items, rewards, or even chips on gambling platforms. This can provide additional benefits such as interoperability and ownership rights to these assets.
It’s worth noting that while Ethereum is a widely adopted and popular platform, it’s still relatively new and not fully regulated. As a result, its value can be volatile and may have some associated risks. And also, like any other decentralized platform, it’s essential to evaluate the security of the gambling platform and the smart contract itself before using it.
Litecoin is one of the cryptocurrencies in the online gambling industry that is gaining significant popularity. Launched in 2011, Litecoin is often considered the “silver to Bitcoin’s gold.” Like Bitcoin, it uses a proof-of-work algorithm to validate transactions on its blockchain. Additionally, it is designed to offer lower fees than Bitcoin. This has made it an attractive option for online casinos and other gambling sites that need to process many transactions quickly and efficiently.
One of the main advantages of using Litecoin for online gambling is its fast transaction speed. Transactions using Litecoin usually attract transaction fees which are usually a fraction of what they are for Bitcoin, making it a more cost-effective option for both the gambling site and the player.
Many casinos are now starting to accept Litecoin as a form of payment, alongside more traditional options like credit cards and e-wallets. Some popular Litecoin-friendly online casinos include Bitcasino, 1xBit, and mBit casino, among others. As cryptocurrency adoption grows, we may expect more online gambling sites to add Litecoin as a payment option soon.
Aside from the above-listed cryptocurrencies, other digital assets used in the iGaming industry include Bitcoin Cash, Dogecoin, XRP, among others. These digital assets have gained widespread acceptance and adoption in the gaming industry due to their fast and secure transaction processing and ability to provide users anonymity.
Additionally, the decentralized nature of these assets means they are resistant to government censorship and control, making them an attractive option for users in countries with restrictive gambling laws. Overall, the use of cryptocurrencies in the various industries of the world is expected to continue growing in popularity in the coming years as more people become aware of the benefits they offer.
Crypto assets have become a veritable means of making casino payments. Check out the most popular cryptocurrencies used in internet gambling.