Cryptocurrency has become very popular especially in the gambling world.
Before we go on, it is worth noting that every crypto coin is designed to perform a specific function. But among the more than 4,000 cryptocurrencies, there are those that are good or preferred by gamblers. There is no clear winning when it comes to picking the best crypto coin because every other person has their own favourite coin. UK’s new online casinos guide looks at the most common coins that you will find being used for online gambling:
Bitcoin is the oldest cryptocurrency in the market. It is widely accepted and has the highest market cap to the tune of $139 billion as at April 19th, 2018. The second largest crypto is ETH which has a market cap of $52 billion. It’s easy to see why gamblers will prefer Bitcoin especially those who want a currency that is widely used and is less likely to crumble and lose value overnight. Bitcoin is preferred by many online gamblers and casinos because there is a very large and active community behind it. In case you encounter a problem, it will be easy to find a solution. The main disadvantage with Bitcoin is that its transactions attract comparatively high fees to other currencies.
Ripple is one of the main cryptos which is widely accepted by traditional financial institutions. Standard Chartered Bank and Google are just a few of those institutions which have embraced Ripple XRP. This cryptocurrency is closest to banks but it offers you anonymity and security. Its disadvantage is that it is not decentralized like the other cryptos and this raises, even though small, the probability of manipulation.
Ethereum is the most popular or widely used cryptocurrency in the virtual currency world. A majority of altcoins use Ethereum blockchain as their base. This then means that Ethereum has long-term potential and is by far a sustainable crypto than others. Ethereum is closely linked with the Edgeless gambling tokens whose popularity and versatility increases by the day. The disadvantage associated with this crypto is that it is value is limited because of the link between ether and Ethereum.
Litecoin is more like Bitcoin but the transaction fees here are smaller. Miners don’t charge a lot because mining is much simpler than in Bitcoin and a large number of cryptos. For a gambler, this is a good crypto because their money will reduce minimally because of the transaction fees involved. The crypto introduced Segregated Witness and this makes it very similar to Bitcoin, but less popular.
Gamblers want to transact almost instantaneously. Dash transactions are completed fast and this it a preferable crypto coin for many gamblers. The crypto is also user-friendly and many gamblers with limited knowledge of crypto will still find themselves at home when they use it.