So, you say you want to hit the casino tables or spin the reels but you’re hesitant and worried that you might not have a poker face?
Then advance to the metaverse and pick any face you want because earlier this year, according to the JPMorgan Chase Report, digital ownership will most likely infiltrate every sector in the coming years in some way or another relating to an estimated market opportunity of over $1 trillion in yearly revenues.
And, the gambling sector is undoubtedly part of that mix.
Online casinos were one of the first industries to accept cryptocurrencies as a payment method simply because anonymity plays an essential role in the gambling industry. It became essential for players to know that their personal details were safe and secure at all times, regardless of their locations, and cryptocurrency was the perfect solution.
Bitcoin was of course the first virtual currency to wriggle itself into the industry and although Bitcoin is still the number one favorite among players, other coins have been sprouting at lightning speed, surfacing in deposit and withdrawal wallets at almost all crypto casinos.
Something you might not have known is that as of March 2022, there are 10 363 active cryptocurrencies in existence with more than 300 million crypto users across the globe.
But, in the world of online gaming, there are four shining stars that are currently widely accepted as payment methods and I’ll discuss these big wings today.
1. Bitcoin (BTC)
Bitcoin, the godfather of cryptocurrencies was the first to be adopted by online casinos and is still to this day a player favorite. Although pioneering casinos like Bitstarz and mBit started to accept Bitcoin in 2013 / 2014, it saw a massive rise in popularity between 2018 and 2020 when people, in general, became more open to this virtual way of trading thanks to casinos attributing to learning players more about its advantages.
2. Ethereum (ETH)
Ethereum is short on the heels of Bitcoin and is the second most popular crypto used at popular online casinos like King Billy Casino and 7Bit Casino although it beats Bitcoin fair and square in terms of its functionality.
The reason why it has taken this honorable space is that it has remained free from a scandal, like the Ripple vs SEC saga, and also because it has the second-largest market value which makes it the obvious and most viable option.
Ethereum also has a very appealing feature, a smart contract, that acts as a medium for holding funds until specific conditions are met, guaranteeing fairness which is another reason for its rapid increase.
3. Litecoin (LTC)
The Speedy Gonzales of crypto, Litecoin, is almost four times faster than Bitcoin in terms of confirmation of transactions which is most likely the one thing gamblers are after at online casinos.
It was first created in October 2011 by Charlie Lee, a former Google computer scientist who was inspired by the idea following his experience with Bitcoin, specifically to ease the time spent registering. While Bitcoin takes up to 10 minutes, Litecoin takes only 2.5 minutes for transactions to register.
4. Bitcoin Cash
Fourth on the list is Bitcoin Cash which seems to confuse a lot of people thanks to its name. It was initially created to make transactions faster by increasing the block size and although it was born with the focus on not holding as much value as Bitcoin, it is a firm favorite at many online casinos such as Cloudbet and Fortune Jack Casino to name a few, simply because it is faster and cheaper.
The rise of cryptocurrencies is evident in every sector and is fast becoming a welcomed guest in almost all industries. In my opinion, you’ll most likely be safest sticking to the most popular coins accepted by online casinos and although I’ve only mentioned four today, there are a number of other cryptocurrencies that are seeing a sharp rise in popularity like Dogecoin, Dash, and Tether. And, I’m pretty sure this list will remain to grow as players continue to experience the many advantages of using crypto instead of fiat at online casinos.