Best Alt Coins to Use on Cryptocurrency Gambling Sites
The first Bitcoin transaction in 2009 cemented it as the poster child for cryptocurrency. This status allows it to hijack most of the crypto media coverage. Bitcoin has also paved a solid path in the betting industry.
Thirteen years and thousands of cryptocurrencies later, many gaming sites are still hesitant to accept crypto as a banking option. While crypto-casinos primarily accept bitcoin, their eclectic consumers require various options. As a result, many other cryptocurrencies (altcoins) are now on par with bitcoin as a trusted payment method.
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Knowing the best altcoins to use on crypto betting sites is essential, and this article provides all the details.
A Summary of Alt Coins
Alternative coins (Alt) refer to cryptocurrencies other than Bitcoin. These are follow-ups built on the principles and success of Bitcoin. Essentially, they perform similar functions to Bitcoin while improving its limits.
Some altcoins are bitcoin forks – created from the original Bitcoin blockchain – while others are based on newer blockchains. TRON and Ethereum are among the latter, and like other crypto tokens, they have unique advantages and disadvantages. The use of smart contracts and fewer resources are the main advantages of altcoin, as these features make transactions cheaper and faster.
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Gamblers can use altcoins in cryptocurrency gambling sites just like they use bitcoin. Additionally, online casinos that accept cryptocurrencies support them for a huge collection of games, including card games and slots.
Ethereum is the second largest cryptocurrency by market capitalization, second only to Bitcoin. Its blockchain or network was the first to use smart contracts, which run decentralized applications (dApps). More than 2000 applications run on the Ethereum network, including those for punting.
Due to Ethereum’s growing popularity (sometimes overtaking Bitcoin), some people argue that it shouldn’t be considered an altcoin. Either way, it’s often cheaper and faster to send Ethereum to an online casino than Bitcoin, making it a great betting altcoin.
Litecoin is generally referred to as the money from the gold of Bitcoin, and it appeared on the cryptocurrency scene in 2011. Litecoin’s main advantage over Bitcoin is speed, made possible by a generation rate of faster blocks which allows users to confirm transaction times faster.
Although it has lost market share and general popularity over the years, it remains a top choice for bettors at cryptocurrency casinos. Additionally, low-stakes players have a particular fondness for Litecoin.
The developers of Ripple (“banking coin”) set out to speed up transactions between banks and other financial institutions. However, the betting industry is reaping the benefits of this faster, safer and cheaper alternative to the SWIFT money transfer system. It is one of the fastest cryptocurrencies for transactions (takes 5 seconds on average), making it a top choice for altcoin betting.
What started as a parody of Bitcoin in 2013 has a current market capitalization of $15.90 billion. Dogecoin is now a popular coin in crypto-casinos, mainly due to the influence of billionaire entrepreneurs like Mark Cuban and Elon Musk.
More and more cryptocurrency betting sites are adopting Tether as a payment method, and its popularity is growing. Tether – formerly Realcoin – was created in 2012 to keep it constantly at $1. It is a relatively stable coin and ideal for crypto betting.
The rapid adoption of Tron by online casinos may shock many. However, this is hardly a surprise, given that its parent company has a particular interest in blockchain betting. Tron may be a new kid on the block (established in 2017), but it is a top altcoin in the crypto gaming space.
Monero is elevated on the totem pole of anonymity and security, ideal for players who value their privacy. Betting at online casinos often involves disclosing some form of personal or banking information, which makes bettors extremely suspicious. Monero’s entry into the market in 2014 was therefore a welcome relief to many.
Benefits of Using Alt Coins on Cryptocurrency Betting Sites
The many benefits of altcoins attaching them to users of cryptocurrency betting sites include:
Altcoin transactions can continue without your personal data, and this is vital for players in countries that restrict punting. Monero is one of the most widely used privacy coins for crypto betting, and it protects transaction history better than Bitcoin.
Besides anonymity, decentralization is one of the main advantages of cryptocurrencies, including altcoins. You are in full control of your funds, with no scrutiny or interference from banks or governments. As long as altcoins remain decentralized, there will be no freezing of your accounts or seizure of your money.
Transaction speed and fees
With online betting, players want immediate access to their money. Unfortunately, processing fiat transactions takes too long and Bitcoin’s transaction speed is slower than most altcoins. Ripple and Ethereum transactions take five to 15 seconds, while Bitcoin requires about ten minutes.
Blockchain transaction fees are much lower than online casino sites and e-wallets. By using any altcoin on cryptocurrency betting sites, you keep more of your winnings instead of losing them to excessive fees. Litecoin and Ripple are significantly cheaper than Bitcoin
Disadvantages of Using Alt Coins on Cryptocurrency Betting Sites
Nothing in this world is without drawbacks, and you may face the following if you bet with altcoins:
The number of online casinos gearing up for cryptocurrencies is growing, but not enough to meet user needs. Additionally, cryptocurrency betting sites that accept altcoins, especially smaller tokens, are hard to find.
Some casinos advertise acceptance of altcoins, but may require conversion to Bitcoin before allowing transactions.
This double-edged sword remains one of the biggest risks to bark with cryptocurrencies, especially altcoins. Most of these coins haven’t been around as long as Bitcoin, and novelty is a big driver of volatility.
If the value of an altcoin suddenly drops, players may lose money faster than they think, and it’s not an outcome that many can handle. Another issue with altcoins is longevity. There are over 1400 altcoins in the world, and some die as fast as new ones appear.
There are many altcoins to use on cryptocurrency betting sites, but it is essential to use the best one at all times. It can be easy to overlook the significant risks of using altcoins for gaming with attractive benefits. Remember to weigh the risks associated with the currency before transacting with an online casino.