Cryptocurrencies have brought a revolution in the world of online gambling. Gamblers always want to play anonymously. Cryptocurrency allows them to enjoy their gaming sessions without sharing their personal and financial information on crypto betting sites. In addition to that, cryptocurrencies are the most flexible and fastest payment option. That is why online casinos and gambling sites offer crypto payment options for players’ convenience.
New terms like “crypto casino,” “bitcoin casino,” “crypto betting” and others are becoming more popular these days. Let’s have a look at some of the most popular cryptocurrencies running on the online betting market.
BITCOIN/BITCOIN CASH
There would hardly be anyone who had not come across the word “Bitcoin”. Bitcoin is the first decentralized cryptocurrency that came into existence in 2009. It is still one of the leading cryptocurrencies with a market capitalization of over $1.72 trillion (as of February 26th).
Bitcoin has one of the biggest market caps in the crypto-betting industry as well. Bitcoin, according to Data Art, had a staggering 41.9% market share by November 2021, covering a significant portion of the 2000 active cryptocurrencies.
Considering the dominance of Bitcoin in the crypto world, one can easily understand why it is the most frequently used digital asset in the sports betting market. Three major benefits of using Bitcoin as a payment method in crypto casinos are availability, liquidity, and anonymity. People who are new to the crypto betting industry should have a bitcoin wallet for a good start. Having a bitcoin wallet is like having a normal bank account. Once your wallet has been set up, the remaining steps of the process are the same as with using fiat currencies.
Bitcoin Cash is identical to Bitcoin, with the exception that the former has 1 MB of capacity and the latter has 8 MB. Due to its inability to process the same number of transactions as Bitcoin, Bitcoin Cash has lost more than 50% of its market value.
ETHEREUM
Ethereum is a decentralized and open-source blockchain that was first introduced in 2015. As per the market capitalization, it stands in the second position after Bitcoin. Ethereum accounts for over 20% of the crypto market with a market capitalization of around $487 billion. When it comes to the sports betting industry, this virtual currency has a market share of 19.4% with a price per unit cost of $2773.25.
Ethereum is one of the best cryptocurrencies for crypto betting. Why? Because online casinos can use Ethereum in application development. Still did not get it? In simple words, there are so many blockchain games and NFT games that use Ethereum. It might prove to be a valuable asset if you seek to thrive with a viable investment. That is why most of the crypto betting sites have Ethereum on their list.
If you prefer or use Ethereum over Bitcoin in the crypto-betting industry, the process is entirely different. After deciding on your deposit amount, you must first get an ETH address from the sportsbook. After that, you can deposit the specified amount of ETH to your Ethereum sportsbook address using a cryptocurrency exchange or wallet.
Depending on how congested the ETH blockchain is, fund transfers can take a certain amount of time. It typically takes a few minutes or a few hours. Money will be credited to your account once ETH reaches the sportsbook’s address. Remember that the money will no longer appear as Ethereum after processing because it will have been converted to the currency you choose.
LITECOIN
Litecoin has made its place among the top 10 positions for various reasons. It was first introduced in 2011 and was specially designed for instant transfer. It is roughly four times faster than Bitcoin. Players always seek faster transaction speeds. That is why they prefer Litecoin betting. As per the players’ preference and their convenience, most gambling sites have this currency on their list.
RIPPLE
Ripple was developed by Ripple Labs, a US-based technology firm, as a real-time gross settlement, currency exchange, and remittance network. With a total market capitalization of over $19.8 billion, Ripple is not far behind Bitcoin and Ethereum. Each Ripple token costs just a bit more than 50 cents when compared to Bitcoin and Ethereum.
The primary reason why players prefer Ripple and betting sites have it on their list is faster transactions. Transaction confirmations for XRP take between 3 and 5 seconds, compared to up to 10 minutes for Bitcoin transactions. The design of XRP allows it to handle 1,500 transactions per second.
However, because Ripple also utilizes blockchain technology, you need Bitcoin to purchase it in order to use it for sports betting. Therefore, Ripple is typically the best option for people who are familiar with Bitcoin. If you are using ripple coins for betting, you just need to send a transfer request to the betting sites you want to play on. After submitting the request, you can proceed as you would with other virtual currencies.
DOGECOIN
This dog-themed, meme-based cryptocurrency has grown exponentially in the crypto world. Dogecoin is a community-based coin, which is why online casinos have it on their list. It is also quite affordable when compared to other top cryptocurrencies. Its community and affordability are the major reasons why players prefer Dogecoin betting.
As a player on betting sites, if your major concern is faster speed of transaction and anonymity, you can consider using the aforementioned currencies. Features like decentralization, smart contracts, and lower transaction fees are making these currencies the first choice of online gamblers. Crypto betting is not just a payment method; it is an integral part of the blockchain and NFT gaming.
