Tokens and Gambling, What You Need to Know

Early on in the development of the cryptocurrency industry, Bitcoin was the only cryptocurrency many enthusiasts had heard of. In the years since, however, thousands of altcoins have been created, many of which focus on improving upon what Bitcoin does (or does not do). Nowadays, there are even custom tokens designed only for gambling. The result has been revolutionary changes to the way people interact with technology, including online gambling and casinos. With so many different cryptocurrencies out there, here’s what you need to know about tokens and gaming to understand where this trend is going.

The Need to Evolve Payment Methods

Crypto casinos accept a variety of currencies and payment methods. However, the public’s increasing adoption of cryptocurrency has made this form of payment the main one for online gambling sites. Players can use major crypto coins like Bitcoin or Ethereum at just about any casino buying crypto with fiat through a digital wallet and depositing into their preferred game. As the needs and desires of players change, so do the specificity of features casinos have to offer. A player could prefer to use coins with a less busy blockchain to reduce the transaction time. For instance, Litecoin (LTC) has a much faster transaction speed since the coin takes two and a half minutes to produce a blockchain block while Bitcoin’s blocks are produced every nine minutes.

Why Casinos Incorporate Tokens

Altcoins or tokens are basically cryptocurrencies other than the pioneer Bitcoin. Some casinos still support only Bitcoin. But the most future-forward sites also support altcoins like DOGE and the swapping of tokens through the integration of wallets and swapping apps like Metamask. The considerable growth of decentralized finance and, accordingly of DeFi tokens, during the past year has made some kind of incorporation of tokens mandatory for online casinos to stay competitive. But, why tokens? The gambling audience is diverse and as such, they have different needs when it comes to choosing how to invest and play with digital assets. This is where the development of such a variety of tokens comes in. Every token is designed to cover certain necessities of the market, for example, gaming tokens. These coins are used as currencies in video games to buy features like characters, weapons, and they even can allow the players to own the games partially. Tokens allow deeper involvement from the community that purchases them. Some coins are distributed on a play-to-earn basis, rewarding players for their performance on the platform. The possibilities are endless since each token can be designed for an immense amount of purposes, hence the need to make them available in gambling, the main use for cryptocurrencies worldwide.

Most Used Altcoins in Gambling

Ether (ETH) Ether is until today one of the most popular tokens in the casino community. Its popularity lies on the fact that it is significantly more stable than any of the new tokens. However, Ether transactions are becoming more expensive since the network is getting more and more busy thus increasing the gas money per transaction. 

Litecoin (LTC) This coin was created based on the protocol of Bitcoin but with the intention of making a more “lite” version, with better scalability, more capacity for micro transactions and much quicker transactions. 

XRP Developed by Ripple Labs, this altcoin offers a lot of benefits for gamblers like fast confirmation times and cheap transactions. All XRP coins already exist which eliminates the need for mining. The down part for many players is that XRP is not a decentralized token since it depends directly on the company Ripple Labs.

To Sum Up

While Bitcoin is still king when it comes to converting real money into digital cash, there are plenty of alternative coins that are slowly making their way into casinos as an alternative. Altcoins are growing more prominent in every sector of society; whether you play games on your phone or gamble for sport with friends, there’s an altcoin that can help you. The gambling scene is no different—and as a result, we’re seeing new tokens popping up all over the place to improve the experience offered by mainstream crypto like Bitcoin.