No one can deny the fact that placing a bet using cryptocurrency has gained increased popularity over the past couple of years. Online casinos tend to prefer digital currencies by virtue of their fast transactions, anonymity, and lower fees. Have you ever wondered which currencies casinos prefer over others? Although the most popular one is Bitcoin, other ones in the background are growing.
In this article, we’ll explore the top options used in online gambling, why casinos prefer some over others, and which lesser-known coins might be the next big thing on 22Bet!
Why Do Online Casinos Love Cryptocurrencies?
Before diving in, let’s understand why they embrace crypto in the first place.
1. Faster Transactions
Traditional banking methods can take days to process withdrawals. Crypto, though, settles in minutes or hours.
2. Lower Fees
Credit cards and bank transfers come with hefty fees, but crypto transactions often cost just pennies. This makes them the most effective option.
3. Anonymity & Privacy
Many people prefer keeping their gambling activities private, and this alternative allows for pseudonymous transactions. No personal details are tied to deposits or withdrawals.
4. Global Accessibility
Not all countries have easy access to online payment methods. Digital coins bypass banking restrictions. They allow participants to place wagers down from almost anywhere.
The Big Players
Most online casinos openly support Bitcoin (BTC) and Ethereum (ETH). But are they the only favourites?
Bitcoin (BTC)
Bitcoin is the most widely accepted cryptocurrency in online casinos. It’s stable (compared to altcoins), widely recognised, and trusted. Many casinos even offer exclusive Bitcoin bonuses to attract parties.
Yet, its high transaction fees during peak times can be a downside, so some casinos are quietly shifting to alternatives when fees spike.
Ethereum (ETH)
Ethereum is another darling due to its smart contract capabilities. Some casinos use ETH-based tokens for provably fair games. A system that ensures transparency.
Its faster block times also make it more efficient than Bitcoin for smaller, frequent bets. Still, like Bitcoin, gas fees (transaction costs) can be unpredictable.
Under the Radar
Nowadays, some playing halls are quietly pushing other virtual coins, and here’s why:
Litecoin (LTC) – The Faster, Cheaper Alternative
Litecoin is usually referred to as Bitcoin’s little brother. It is also more rapid in transactions, and the charges are low. LTC is good for small to medium-sized bets since it is cheap and dependable.
Dogecoin (DOGE) – The Meme Coin with Real Use
Dogecoin, which started as a joke, is now an acceptable payment currency inside most halls because of its cheap transactions and the high speed of transferring coins; this makes it best suited to micro-betting. Some casinos have DOGE-specialised promotions.
Privacy Coins: Monero (XMR) & Zcash (ZEC)
Privacy coins such as Monero and Zcash are also on the rise as these are intended to obscure transaction information, perfect for those pursuing total anonymity. This is attractive to high-rollers who tend to appreciate discretion and privacy at the forefront of their experience.