What are the best cryptocurrencies to use at online casinos?

Cryptocurrency enthusiasts are already aware that if you invest in the more popular crypto coins, you can use them in a variety of ways. Now, a range of casinos, sports betting sites and other online gambling venues are happy to accept cryptocurrencies. This is great news for crypto investors who also like to indulge in a little online gambling. You can use your digital currency to fund your casino account at a variety of venues. An increasing number of online casinos are accepting crypto deposits, usually making it very easy to fund your account this way. 

There are, of course, thousands of different types of digital currencies available, but you won’t find many casinos accepting the more obscure altcoins. Well-known and frequently traded cryptocurrencies, however, are accepted at plenty of crypto slot casino venues, via mobile casino apps and at regular online casinos. There are many advantages of using cryptocurrency at an online casino. Deposits and withdrawals are usually quick, and often instant, and payments by cryptocurrency are generally very easy to make. Here are some of the best cryptocurrencies to use at online casinos.

Bitcoin (BTC)

Unsurprisingly, the original, most valuable and best-known cryptocurrency, Bitcoin, is widely accepted at online casinos. As most crypto investors know, the pros of Bitcoin are that it is widely available at crypto exchanges and brokerages. It is also accepted as payment at various online shops and venues, and is generally considered a good investment, having grown in value significantly over the years, making millionaires of many early Bitcoin investors. One disadvantage of the coin is that it is still highly volatile, meaning short-term investors in Bitcoin can easily lose money. Bitcoin transactions can also be slower and more expensive than some of the less popular but more agile altcoins available.

Bitcoin is now so valuable that many of those who just dabble in crypto investing never actually own a whole Bitcoin. You can buy fractions of a Bitcoin, such as the satoshi which is the smallest denomination of the currency, equivalent to 100 millionth of a Bitcoin or 0.00000001 Bitcoin. Online casinos will allow deposits of fractions of a Bitcoin, although each will have its own specified minimum deposit. Using Bitcoin in online casinos has many benefits. It is widely available, highly liquid and offers players anonymity and security, as there is no need to link your regular bank account or credit card to your online gambling account. 

Ethereum (ETH)

Ethereum is often considered second only to Bitcoin in terms of its popularity as a cryptocurrency. As many crypto investors are aware, Ethereum itself is actually more than just a cryptocurrency. It is the decentralized blockchain platform on which many other digital assets are built. The native cryptocurrency of the Ethereum network is Ether or ETH, and this is the token you buy and sell when you are trading this cryptocurrency.

Launched in 2015 by computer programmer Vitalik Buterin, ETH has grown immensely in value since its inception and is predicted to become significantly more valuable long-term. However, like all crypto assets, it can be highly volatile. There are a few advantages to investing in ETH. Year on year, the token has historically had a return of investment of almost 300%. It is still considered a good investment by many experts and is accepted at a wide range of online casinos. A disadvantage to be aware of is that while ETH is commonly traded and highly liquid, fewer than 400 individuals own more than a third of all circulating currency. This makes the token susceptible to extreme volatility, and even price manipulation, as a few major investors selling all their ETH assets at one time could have an immediate impact on price.

Ripple (XRP)

The Ripple native crypto token, XRP, is another popular cryptocurrency that is accepted at a range of online gambling venues. While not quite as well-known as Bitcoin and Ethereum, this altcoin is popular among investors and offers reasonable liquidity. The advantages of XRP are that it can be easily traded on crypto exchanges, and offers fast, low-cost transactions that make it a popular way to pay for goods and services online on various platforms that accept crypto payments.

XRP was launched in 2012, with 80bn tokens going to the company and 20bn to its co-founders. While XRP, like most cryptocurrencies, has some features in common with Bitcoin, it has many more coins on the market. As a total of one billion tokens were pre-mined when the altcoin was originally launched, these have been slowly released onto the market. While the faster processing times and lower transaction costs of this coin make it a popular option, the fact that it was pre-mined in this way is a potential disadvantage of the coin. The mining of new coins is part of what causes the value of a token to increase. The value of XRP cannot appreciate in the same way as some other altcoins, as it is not being constantly mined.

Litecoin (LTC)

Litecoin is a popular cryptocurrency that was originally created from a fork in the Bitcoin blockchain in 2011. It is now a successful token that can be mined and is widely used as a peer-to-peer payment option.

The pros of Litecoin include its high liquidity, the reliability of its underlying software, and the fact that transactions are quicker and cheaper than Bitcoin. However, it is important to know that in recent years, Litecoin has been losing its market share. In 2017, the coin was one of the top five cryptocurrencies on the market. In 2022, it has fallen to number ten. While it is still increasing in value, the percentage increase is much lower than Bitcoin and Ethereum.

Ultimately, if you are a crypto investor who uses online casinos, these are a few of the best and most widely accepted cryptocurrencies to consider. It is worth considering casinos that accept crypto deposits as, in general, you will find that they are processed quickly and are a highly convenient way to fund your online casino account.

Author Details

Karen Banes
Karen Banes is a freelance writer specialising in creating content about finance, cryptocurrency and virtual casinos. Her work has been featured in Wealthtender, Making of a Millionaire, and The Washington Post.

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