Choosing the Right Cryptocurrency for Gaming
Cryptocurrencies are trending across Europe and Asia as a replacement for fiat currencies for many reasons. Real money is limited by the physical presence of a bank. You need to convert it if you wish to trade goods and services with people abroad. It is also frustrating to know that a bank stops a person from deciding what to do with his own money. Because of this, cryptocurrencies like Bitcoin became popular.
Since there is now digital money, it was only a matter of time before establishments learned to accept it. One of the first and most popular places to spend and earn cryptocurrencies are in online casinos like bitcasinoio. If you are a gambler at heart but new to the crypto industry, here are some of the best cryptocurrencies for online gambling.
Best Cryptocurrencies for Playing in Online Casinos
BTC | Bitcoin
Bitcoin is still considered ‘the best’ cryptocurrency in the world because of many factors. It is the first coin and it is the most discussed topic so almost everybody knows what it is or what it is about. Its popularity soared even further when people suddenly became USD-millionaires because of it.
Bitcoin’s popularity further increases its value because the demand became harder to satisfy! Since 1 full unit of Bitcoin is so expensive, it had to be divided into mBTC and uBTC. These are like ‘cents’ if Bitcoin is a dollar. 1 mBTC is equal to 0.001 BTC while 1 uBTC is 0.000001 BTC. Casinos like bitcasinoio allow users to deposit their BTC and convert it into these versions. That way, they don’t have to spend a full Bitcoin to wager.
BCH | Bitcoin Cash
Bitcoin may be the most popular but nobody forgets the reason why so many other cryptocurrencies and blockchains are developed instead of simply settling for BTC. Bitcoin Cash
was created by miners and developers because the original is too erratic to scale. The BTC is also quite slow. Bitcoin Cash is an attempt to create a more stable form of Bitcoin. Its value doesn’t shoot far beyond €200 (yet) while its lowest value is just above €170. It is also using a completely new blockchain, one that is faster and easier to maintain regardless of how many blockchains there are.
ETH | Ether
Ether is not designed to be a currency like Bitcoin. Its blockchain was developed to support applications rather than transactions. The ETH tokens are used as payment to fulfil smart contracts or to gain influence in a vote or application.
Ethereum is the platform where Ether is used. It works very similar to Bitcoin because it was inspired by the latter’s decentralized system. Despite its focus on software support, it is still considered as one of the most valuable cryptocurrencies in the world. For that reason, almost every casino accepts Ether. It is also one of the easiest currencies to withdraw and deposit.
LTC | Litecoin
There is not much to say about Litecoin. It is very similar to Bitcoin in terms of function and ambition. The only thing it changed is the number of coins in total available and the speed of adding new nodes to its blockchain. Its simplicity is perhaps the reason that it is currently the third most popular cryptocurrency in the world after XRP and BTC. Just like Bitcoin, it is very accessible and that is why so many online casinos always add LTC as an option.
EOS | EOS Token
EOS is to Ethereum what Litecoin is to Bitcoin. It aims to be a platform for developing software in a decentralized environment. It does have a few advantages such as being more user-friendly and it has a faster network. The only drawback is that not many outside websites can readily accept EOS as payment. That’s not to say that there are no online casinos that accept it. There are still plenty that do.
The way EOS works is not meant to be used as money but it can be used for gambling. Many developers have created gambling Dapps within the EOS-platform.
XRP | Ripple
XRP is treated more like an asset than a coin. Unlike Bitcoin, the Ripple network is meant to be used by banks and corporations, not individuals. The idea is to make currency exchange and remittance easier and quicker so transferring large amounts of money is never an issue. However, it still accepts individual investors. It is currently the second most valued cryptocurrency in the world and that is why many casinos are quick to allow its use.
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