In the past few years, cryptocurrency has been drastically changing the finance world. The number of crypto investors has reached millions, and many experts are predicting that it will only go up in the future. After all, younger generations are far more likely to invest in cryptocurrency, than put their stock in more traditional institutions.
However, the investment and finance industries are not the only ones impacted by crypto. The digital currencies have also hugely impacted gambling. Indeed, there are plenty cryptocurrency-only casinos, such as Reel Crypto Casino, where you can place bets using your favorite cryptocurrencies. It is worth noting though, that not only cryptocurrencies are created equal.
How to Determine Good Crypto?
There are several different factors when it comes to determining whether a cryptocurrency is good, not just for gambling, but in general. The following is a list of factors that should go into analyzing a cryptocurrency, before you decide to invest:
- Reputation: the first and simplest factor is reputation. If the crypto is reputable, then it is likely safe. You can learn more about a crypto’s reputation by joining forums, reading articles, and going through the history of the crypto market.
- Community: if there is a strong community backing the crypto, then it is likely a good option. Most crypto investors spend a lot of time reviewing and analyzing the industry, so they usually rally around trustworthy projects.
- Utility: If a crypto has uses other than investment, then it is worth checking out. One such utility would be gambling. So, let us get into the meat and potatoes of this article, and discuss the best cryptos that you can use to gamble.
Bitcoin (BTC)Â
Was there any doubt that Bitcoin would make the top of the article? One of the most successful cryptocurrencies on the market also happens to be the first. In 2009, Satoshi Nakamoto, first unveiled his Bitcoin project to the world. At the time, a single token was worth less than a dollar. Which makes it all the more impressive that in 2023, the total price of a single Bitcoin equates to over $20,000.
If you visit any crypto casino, there is almost no doubt that they will allow Bitcoin-based deposits. But, it goes much further than that. Crypto has become so popular, that many FIAT-money casinos also have begun accepting Bitcoin-based deposits. The success of the digital asset cannot be understated. Its importance to the world of crypto is also large, as it was the blueprint for all of the other cryptos we will mention in this article.
Ethereum (ETH)Â
Ethereum was a joint effort between Vitalik Buterin and a dozen other programmers and crypto enthusiasts. The coin officially launched in 2015, and pretty soon rose through the crypto market ranks, almost catching up to Bitcoin at the time. One of the major reasons for Ethereum’s success has to do with their early acceptance of NFTs on their blockchain.
Much like Bitcoin, Ethereum is a staple of online gambling. If a website accepts cryptocurrency, they will likely accept Ethereum. If you choose to play at a crypto casino as an Ethereum investor, then you have nothing to worry about. It is almost certain that you can place Ether coin-based wagers.
Tether (USDT)
It is about time that stablecoins got some representation on this list. Some of you may have never heard the term stablecoin before. What exactly does it mean? Well, it is actually quite simple. Stablecoins are decentralized, digital assets, whose price is intricately tied to a FIAT currency. Whether that be the Dollar, the Euro, the Yen, or the Pound is irrelevant. The idea is simply to have the stablecoin’s price rely on the fiat currency’s price.
In the case of Tether (USDT), its price relies on the American dollar. If the American dollar takes a dive, Tether takes a dive as well. However, if the price of the dollar rises, Tether also grows in esteem. Currently, Tether is sitting at $0.9995, with prospects of growing in the future. However, during its tenure, Tether has managed to surpass Bitcoin in popularity several times, and its market cap even exceeded Bitcoin at one point.
Stablecoins like Tether are quite popular at crypto casinos for one obvious reason; they are stable. While still affected by volatility, Tether is not nearly as volatile as Bitcoin or Ether. One of the biggest downsides of using crypto to gamble is volatility. So, it isn’t shocking to find out that a way to mitigate said volatility is very successful.
The Pros and Cons of Gambling with Cryptocurrency
We’ve discussed the top three options for crypto-based gambling. However, some might ask the question: Why might one want to gamble with cryptocurrency? It is only fair that we spend the final section of this article discussing why crypto has become a popular option for many online gamblers.
- The Pros
The main pro of crypto-based gambling is the fact that online casinos offer incredibly fast crypto payouts. Whereas usually you would have to wait a week to collect your money, crypto deposits make it possible to collect the cash within a few hours.
The other reason cryptocurrency has become so popular has to do with anonymity and safety. It is nigh impossible to trace most crypto deposits. For people who want to maintain their online anonymity, cryptocurrency is the best option.
- The Cons
The main disadvantage of using cryptocurrency is the volatility involved with the crypto market. Bitcoin, Ethereum, and even Tether can change their price drastically within a day. Naturally, this impacts the amount of cash you can earn and even the amount of cash you’ve lost.
Final Thoughts
Crypto gambling continues to grow in popularity. As more and more people are discovering crypto casinos, the market continues to grow. We hope that this article can point you in the right direction when it comes to crypto gambling. Apart from Bitcoin, Ether, and Tether, a lot of crypto casinos have also embraced other popular cryptocurrencies, such as Litecoin, Ripple, Dogecoin, and some of the more popular Bitcoin hardforks.
