Cryptocurrencies in Gambling: Not Bitcoin Only

Cryptocurrencies have caught the fancy of investors and common people alike in the last few years. Bitcoin is the most popular cryptocurrency but there are many more digital currencies that have appeared and also being accepted by financial institutions for payments. The use of cryptocurrencies is not limited to regular transactions like online purchases and investments, as growing number of online casinos, are also accepting digital currencies. Today, more and more iGamers are switching to these digital currencies for online gambling.

There was a time not so long ago when gamers searched on the Internet for Bitcoin casino, crypto casino, etc., to be able to use their digital currency for transactions. Today, realizing the craze and popularity of these Cryptocurrencies, more and more casinos are offering the facility to use a variety of Cryptocurrencies to carry out transactions. Blockchain technology, on which digital currencies are based upon, is not only safe and secure but also gives gamers the freedom to stop using their bank accounts and debit cards for online gaming. There are many other advantages of using a digital currency for making transactions. These are as follows.

• Low chances of fraud as transaction is digital and no party can say it didn’t take place

• Low fee associated with Cryptocurrencies

• Payment gets confirmed in very quick time

• Gamer is not asked for any proof of identification

Today, the total market cap of gambling specific Cryptocurrencies is more than $500 million. More than 30,000 gamers make transactions using Cryptocurrencies in online casinos every week. All a gamer needs to do is buy cryptocurrency and add it to a virtual crypto wallet. Now he/she is ready to make payments using this wallet in online casinos without facing any of the hassles they would have otherwise faced if paying through banks.

Image source: Blockchainnews

Bitcoin

Without a doubt, Bitcoin is one of the most popular cryptocurrency being used by iGamers to play their favourite games in online casinos. This digital currency has gained a lot of respect and legitimacy with PayPal announcing it to be included in one of its products. Earlier, Bitcoin was regarded as an investment tool only. Today, gamers see it as a safe and secured currency to maintain their privacy when playing in online casinos. Also, it is one of cryptocurrencies that is widley accepted at online casinos worldwide.

Ethereum

Ethereum is also a very popular cryptocurrency among gamers. This digital currency has caught the fancy of gamers because it is not as controversial as Ripple and it also offers higher functionalities to the owners. Ethereum is a very safe and secure digital currency that is increasing in value with each passing day in the current year. The best feature that iGamers love about Ethereum is ‘smart contract,’ which increases the safety of the customer. Funds are not released until all conditions are fulfilled.

Litecoin

Also referred to as simply LTC, this is another popular cryptocurrency among the gamers. Many investors treat it as is a Bitcoin kid with a lower price tag but high potential to replicate the success of Bitcoin. Gamers love the speed of this digital currency that completes a transaction in a lightning speed. Because of its speed, Litecoin has become one of the most favorite Cryptocurrencies of the iGamers. Another feature of Litecoin loved by gamers is the low transaction fees associated with this digital currency.

There are dozens of Cryptocurrencies in the world with new ones cropping up every few months. While Bitcoin is still the most popular of these Cryptocurrencies, many new digital currencies have caught the imagination of the gamers because of their safety features. With new Cryptocurrencies being specifically created for use in online casinos, the future of these digital currencies appears to be bright.