Online casinos continue to grow in number while also offering new games, improved technologies, and new initiatives. One such initiative is the adoption and use of cryptocurrencies. These digital assets are faster, cheaper, and more private than traditional payment methods like credit cards and bank transfers.
The benefits of crypto use have made them popular among online casinos, and there has been a sharp increase in the number of Bitcoin and crypto platforms, as well as bonuses that cater specifically to crypto gamblers. However, since crypto assets do not have the same features, players may find it beneficial to hold a variety of coins instead of one.
Cryptos At Casinos
The crypto casino is one of the latest trends to emerge in the iGaming market, and thousands of sites licensed in jurisdictions around the world offer this innovative payment method. With a bit of research, you can find a Bitcoin casino that suits you and your needs, comparing several amazing perks like a 200% deposit bonus, thousands of crypto casino games, lightning-quick transaction deposits and withdrawals, and trusted anonymity. While most crypto casinos accept Bitcoin because it is the world’s largest and best-known cryptocurrency, players can also find platforms that support several other assets and offer advantages including the following.
Access Unique Bonuses
Because Bitcoin is the most commonly accepted crypto, it is tempting to hold your betting balance in this one currency. However, some casinos prefer other coins, a preference reflected in the bonuses on offer. For instance, one casino may offer 300% deposit matches on Bitcoin deposits, while another offers a higher bonus on Solana (SOL) or another asset. This makes it worthwhile to hold several cryptos.
Different Casinos, Different Coins
A popular alternative to Bitcoin is Ethereum (ETH), the world’s largest altcoin. Another is Litecoin, one of the earliest cryptocurrencies. While no longer one of the 10 largest options in the crypto market, Litecoin’s legacy is strong and well respected by many websites.
Solana is another popular option known for its fast, low-cost, and scalable transactions. Despite being a meme coin, Dogecoin is also commonly used following its impressive rise to become one of the biggest coins by market capitalization. It has also enjoyed endorsements from several popular figures, including Elon Musk.
While some casinos do support all of these coins, others may only accept one or two. This means a portfolio with varied options enables players to enjoy gambling at multiple casinos to enjoy the bonuses each one offers. Many of these altcoins are gaining prominence and seeing real-world use, which will likely increase their popularity and adoption
Transaction Speeds
Cryptocurrencies are known for offering faster transaction times than traditional payment methods. With options like credit cards and bank transfers, processing can take several days. In contrast, even the slowest cryptocurrencies need only a few minutes to conclude a transaction. Having several cryptocurrencies means you can take advantage of bonuses when they pop up while keeping a supply of other assets for their speed and scalability.
Low-Cost Transactions
Players have to consider the cost of transactions when initiating deposits or withdrawals regardless of the cryptocurrency. Whether highly scalable or relatively slower, these transaction charges usually apply. However, these fees are usually very low depending on the cryptocurrency and the blockchain network used. Ripple, Monero, Solana, Litecoin, and Dogecoin have lower fees than Bitcoin and are worth transacting with for this reason.
Even when transacting via a network that is not as cheap, the overall price is low and usually ignorable. Either way, the minute loss will likely outweigh winnings as some casinos may absorb withdrawal fees. Nevertheless, players should always look out for withdrawal terms and conditions as requirements may differ between platforms.
Managed Volatility
Cryptocurrency is volatile. While Bitcoin is known for seeing significant price increases and decreases in surprisingly short timeframes, meme coins like Doge, can be even more volatile. This means holding Dogecoin may lead to losses for the player even when they have not placed any bets.
In addition to assets like Bitcoin, which have less volatility than meme coins, players may consider a stablecoin like USDT. This asset is pegged to the value of the dollar and does not fluctuate like most other digital assets. Since its value depends on the dollar, players do not face the risk of volatility or loss of value.
Greater Privacy
Although Bitcoin is often described as an anonymous payment method, this isn’t strictly true. While blockchain data does not include personal information, public network details can be analyzed and tracked by hackers or government agencies. Instead of an asset like Bitcoin, players can expand their portfolios by holding assets like Monero, a privacy coin that uses ring signatures and pseudo addresses to mask the sender’s identity and hide wallet addresses. Privacy coins are a good way to ensure nobody can see your online gambling activity.
Regulatory Acceptance
Currently, regulatory acceptance of cryptocurrency is poor worldwide. For instance, El Salvador made Bitcoin legal tender in 2021 but has since amended the law to comply with IMF loan requirements.
On the other hand, regulations are advancing in courts and governments around the world. In time, currencies like Bitcoin and potentially the likes of XRP will likely enjoy more legislative acceptance. As such, some coins may become easier or more difficult to use at online casinos licensed in certain jurisdictions. This means that it is a good idea to have a supply of several or be prepared to pivot from one currency to another.
