The first Bitcoin transaction in 2009 cemented it as cryptocurrency’s poster boy. This status allows it to hijack most of the media coverage about crypto. Bitcoin also blazed a strong trail into the betting industry.
Thirteen years and thousands of cryptocurrencies later, many gaming sites are still wary about accepting crypto as a banking option. While crypto casinos chiefly accept bitcoin, their eclectic consumers require various options. As a result, many other cryptocurrencies (altcoins) are now on par with bitcoin as a trusted payment method.
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Knowing the best altcoins to use at crypto betting sites is vital, and this article provides all the details.
A Summary of Alt Coins
Alternative (Alt) coins refer to other cryptocurrencies besides Bitcoin. They’re follow-ups built on Bitcoin’s principles and success. Essentially, they perform similar functions as Bitcoin while improving on its limitations.
Some altcoins are bitcoin forks – created from Bitcoin’s original blockchain – while others sit on novel blockchains. TRON and Ethereum are part of the latter, and like other crypto tokens, they have unique benefits and pitfalls. The use of smart contracts and fewer resources are top altcoin benefits because these features make transactions cheaper and faster.
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Punters can use altcoins in cryptocurrency gambling sites just like they use bitcoin. In addition, online casinos that accept cryptocurrencies support them for a vast collection of games, including card games and slots.
Ethereum is the second-biggest cryptocurrency in terms of market cap, right behind Bitcoin. Its blockchain or network was the first to use smart contracts, which run decentralized applications (dAppa.). Over 2000 apps run on the Ethereum network, including those for punting.
Because of Ethereum’s growing popularity (sometimes surpassing Bitcoin), some people argue that it shouldn’t be considered an altcoin. Regardless, it’s often cheaper and quicker to send Ethereum to an online casino than Bitcoin, making it an excellent betting altcoin.
Litecoin is usually called the silver to Bitcoin’s gold, and it emerged on the cryptocurrency scene in 2011. Litecoin’s primary advantage over Bitcoin is speed, made possible by a faster block generation rate that allows users to confirm transaction times quicker.
Although it has lost market shares and general popularity over the years, it remains a top choice for bettors at cryptocurrency casinos. Additionally, small stakes players maintain a particular fondness for Litecoin.
Ripple’s (‘banking coin’) developers set out to expedite transactions between banks and other financial institutions. However, the betting industry is reaping the benefits of this faster, more secure, and cheaper alternative to the SWIFT money transfer system. It’s one of the quickest cryptocurrencies for transactions (takes 5-seconds on average), making it a leading choice for altcoin betting.
What started as a Bitcoin parody in 2013 has a current market cap of $15.90B. Dogecoin is now a popular coin at crypto casinos, mainly due to the influence of billionaire entrepreneurs like Mark Cuban and Elon Musk.
More cryptocurrency betting sites are adopting Tether as a payment method, and it’s rising in the popularity ranks. Tether – formerly Realcoin – was set up in 2012 to maintain it at $1 constantly. It’s a relatively stable coin and is ideal for crypto betting.
Tron’s quick adoption by online casinos may come as a shock to many. However, it’s not much of a surprise, considering its parent company has a particular interest in blockchain betting. Tron might be a new kid on the block (created in 2017), but it’s a leading altcoin in the crypto gaming space.
Monero is high on the anonymity and security totem pole, ideal for players who value their privacy. Betting at online casinos often involves divulging some form of personal or banking information, making punters extremely wary. So Monero’s market entrance in 2014 was a welcome relief to many.
Benefits of Using Alt Coins at Cryptocurrency Betting Sites
The many benefits of altcoins endearing them to users of cryptocurrency betting sites include:
Altcoin transactions can proceed without your personal details, and it’s vital for players in countries that restrict punting. Monero is one of the foremost privacy coins in use for crypto betting, and it protects transaction history better than Bitcoin.
Along with anonymity, decentralization is a top benefit of cryptocurrencies, including altcoins. You control your funds fully, without control or interference from banks or governments. As long as altcoins remain decentralized, there’ll be no freezing your accounts or seizing your money.
Transaction Speed and Fees
With online betting, players want immediate access to their cash. Unfortunately, processing fiat transactions take too long, and Bitcoin’s transaction speed is slower than most altcoins. Ripple and Ethereum transactions take five to 15 seconds, while Bitcoin requires about ten minutes.
Blockchain’s transaction fees are much lower than online casino sites and e-wallets. By using any altcoin at cryptocurrency betting sites, you keep more of your winnings instead of losing it to excessive charges. Litecoin and Ripple are notably cheaper than Bitcoin
Drawbacks of Using Alt Coins at Cryptocurrency Betting Sites
Nothing in this world is without disadvantages, and you may face the following if you bet with altcoins:
The number of online casinos warming up to cryptocurrencies is growing, but not enough to meet users’ needs. In addition, cryptocurrency betting sites that accept altcoins, especially smaller tokens, are challenging to find.
Some casinos advertise acceptance of altcoins, but they may require conversion to Bitcoin before permitting transactions.
This double-edged sword remains one of the most significant risks of punting with cryptocurrencies, especially altcoins. Most of these coins haven’t been on the market as long as Bitcoin, and novelty is a driving factor of volatility.
If an altcoin suddenly decreases in value, players may lose money faster than they expect, and it’s not a result many can handle. Another problem with altcoins is longevity. There are over 1400 altcoins globally, and some die off as fast as new ones come up.
There are many altcoins to use at cryptocurrency betting sites, but it’s essential to use the best at all times. It can be easy to forget the significant risks of using altcoins for gaming with attractive benefits. Remember to weigh the currency-associated risks before transacting with any online casino.