There is no denying that the focus is shifting towards blockchain technology in 2021, the decentralized system where individuals and governments can barely dictate proceedings when it comes to the financial front. Most of 2020 witnessed a surge in the number of corporations and industries accepting Bitcoin and several other digital currencies as a payment method. It was also towards the end of 2020 where PayPal, considered one of the leading e-wallet options, announced that it would incorporate Bitcoin into its selection of products.
There have been loads of discussions around cryptocurrencies in general, with players still holding reservations in terms of safety. However, it's becoming increasingly popular, now more than ever, thanks to the promise of immutability and anonymity when performing transactions online. One area where anonymity plays an essential part is in the online casino industry. Players would love to enjoy their favorite casino games in peace, knowing that their personal and financial details are safe and secure, regardless of where they are situated.
Apart from Bitcoin, regarded as the most popular cryptocurrencies for casinos on the planet, there are several other digital currencies that are surfacing on multiple platforms as a reliable payment option for gamblers. In this article, we are going to highlight the top 5 cryptocurrencies for casinos that you can use to make deposits and withdrawals with ease.
Bitcoin is widely regarded as the first, and undoubtedly the most popular, cryptocurrency in the world. It's a peer-to-peer, decentralized method of sending and receiving funds supported by an enormous technological infrastructure called a blockchain. Bitcoin offers a reliable and fast way of transferring digital currency over the internet.
Bitcoin surfaced in 2009 and was developed by an anonymous programmer by the name of Satoshi Nakamoto. The digital currency has managed to grow from a radical concept to a mainstream method of exchange in less than a decade. The most monumental year for Bitcoin was in 2017 when its consumer acceptance and valuations skyrocketed. The price of Bitcoin rose from $959 in January 2017 to $18,614 in January 2018.
When you search for cryptocurrencies for casinos, there's a 99% chance that you'll come across Bitcoin. It accounts for more than 80% of all cryptocurrencies used in the digital space, making it one of the biggest in the world. There are several online casinos that allow Bitcoin as a payment method and players can also look forward to attractive BTC no deposit promotions and bonuses when using this popular cryptocurrency.
Ethereum is essentially a publicly available software platform that is based around blockchain technology. This allows it to facilitate the trade of Ethereum and provides support for user-built applications. In contrast to Bitcoin, the primary purpose of Ethereum is not to change the transfer of funds between parties, but to ultimately decentralize the internet.
With the use of blockchain technology to eventually replace third-party storage merchants, Ethereum's primary goal is to revolutionize the existing client-server model and develop a world computer. Launched in 2015, Ethereum is considered the most well-established and largest open-end decentralized software platform in the world and is the second most popular cryptocurrency on the planet.
Ethereum is growing in popularity across the globe, especially when it comes to cryptocurrencies for casinos. You will encounter loads of online casinos that provide Ethereum as a payment option for both deposits and withdrawals. You'll even benefit from attractive bonus offers, making Ethereum a great choice if you want to pay less for cryptocurrencies.
Litecoin is basically a peer-to-peer cryptocurrency that operates in a similar fashion to Bitcoin. Litecoin was initially established in 2011 by Charlie Lee who was a former Google employee. The digital currency was designed to complement Bitcoin while also eliminating a handful of drawbacks. Some of the most prominent features of Litecoin include speed, fees, and mining.
Litecoin will add to the blockchain every 2.5 seconds. This means that transactions are processed 4 times faster than the traditional processes of Bitcoin. The cost of transactions while using Litecoin is approximately 1/50th that of Bitcoin. You will also find that Litecoin mining occurs faster when compared to Bitcoin. Therefore, it's easy to understand why Litecoin is regarded as one of the Top 5 cryptocurrencies for casinos in 2021.
Bitcoin Cash can be seen as a variation of the immensely popular Bitcoin. Developed in August 2017 by a change in protocol by Bitcoin itself, Bitcoin Cash aims to make Bitcoin transactions far more efficient. This is achieved by increasing the data amount that is included in each block, making it possible for Bitcoin Cash to dramatically increase the speed of your transactions.
The release of Bitcoin Cash has been a hot topic of discussion among those in the cryptocurrency industry. Those that support Bitcoin Cash claim that bigger block sizes greatly increase the efficiency when it comes to mining practices and makes Bitcoin more accessible to the general public. With more efficient transactions, you can understand why Bitcoin Cash is ranked in our top 5 list of cryptocurrencies for casinos.
Along the same line as Bitcoin, Bitcoin Cash, and Litecoin, Ripple is a popular cryptocurrency platform that offers exchange between users in the digital space. However, instead of creating an anonymous and decentralized peer-to-peer network of transfer, the primary objective of Ripple is to target audiences in traditional banking institutions.
The banking industry is attracted to Ripple due to the speed at which transactions are processed. Ripple operates very quickly where transactions can be processed in only 3.6 seconds. With such extraordinary capabilities, over 100 banks have accepted the blockchain version of Ripple. The list of banks includes some of the biggest names in the industry, including Westpac, American Express, and UBS. With banks accepting Ripple as a reliable cryptocurrency, it's easy to see why gambling sites have adopted this digital currency as one of the best cryptocurrencies for casinos.
It's been a rollercoaster ride for cryptocurrencies since the inception of Bitcoin in 2009. Thankfully, players have access to more options in 2021 when it comes to finding the best cryptocurrencies for casinos. Apart from a bigger variety of options, gambling sites are also offering exclusive promotions and bonuses for those that want to use a digital currency like Bitcoin or Litecoin. Don't forget to visit our Bitcoin casino review section to find a gambling site that is right for you!