With the introduction of cryptocurrencies into the financial world also came the same into the gambling industry. As such, it is commonplace to hear about no deposit mobile casino websites accepting crypto coins, and now more than ever. Although some casino gamblers may find it inconvenient to make use of these cryptocurrencies due to a lack of enough knowledge, they are, however, becoming increasingly popular among punters.
Now, there are several digital coins out there that are classified as cryptocurrencies but not all of them are accepted at popular casinos. Those that are accepted at these casinos are altcoins and there are a great number of them. As a result, we have provided you with the most impressive variety of top-dog altcoins that are accepted at popular online gambling platforms. Let’s get right into it!
Considered the founding father of cryptocurrencies, Bitcoin was the very first coin to be introduced into the crypto lineup in 2008. It is a method of transaction that is not governed by any central government nor does anyone have sole authority over the coin, rather it is powered by those using it. Thus, its value is not dictated by any person or authority in particular.
As a result of this, Bitcoin is beginning to become one of the most commonly used payment methods used by gamblers at online casinos. A major reason for this is that there are several benefits attached to it that place it above the conventional methods of transacting like bank wires and credit/debit cards.
One major advantage of using this cryptocurrency on gambling sites is the maximum level of security and privacy that comes with it. Transactions done via Bitcoin are secured through the use of state-of-the-art blockchain and so payments made are done through encrypted channels. Also, when making payments with Bitcoin, you are not required to provide any personal details. As such, you can play your favourite casino games without intertwining your personal and gambling lives.
One thing to note, however, about Bitcoin is that its value is very volatile and is thus, not fixed. As a result, the amount of Bitcoin deposited may not essentially be the same amount when withdrawals are initiated. This is why it is best to be conscious of your wallet and the exchange rate.
Second, only to Bitcoin, Ethereum is another digital coin that has found its way to the numerous payment options provided by most online gambling platforms. It is the coin with the second-largest exchange rate and as such, it is understandably a viable method opted for by punters.
Moreover, due to the introduction of Ethereum 2.0, which was a significant upgrade from the initial crowd-funded coin, its network is now faster and more efficient. Additionally, since Ethereum operates on its own network unlike Bitcoin, this allows it to support other virtual currencies and even Bitcoin.
Among the many benefits of using Ethereum for deposits and withdrawals at online casinos, here are a few of them:
- Liquidity. Without a doubt, Ethereum is one of the most easily liquidated financial assets and as such, it is very easy to convert it into cash whenever needed. This comes in handy when making deposits or requesting payouts at casinos.
- Low Inflation Risk. Since the Ethereum blockchain system is unlimited, punters do not need to worry about inflation since the coin cannot be tampered with.
- Speedy Transactions. Ethereum transactions are processed speedily in seconds and as such, gamblers easily have access to their winnings as soon as they initiate payouts.
Dogecoin is one other virtual currency that is becoming widely accepted at online gambling hubs. It was created in 2013 as a parody of Bitcoin and it was based on the popular internet meme known as Doge. However, since its inception, it has developed to become a major functioning coin that has a widespread community of users.
Just like other crypto coins used as banking methods, Dogecoin utilises a system of decentralisation to implement payments. That is, punters can send and receive money in and out of their casino accounts faster and with significantly lesser commission than conventional banking options. As such, several online casinos now allow their members to make payments in and out of their accounts using Dogecoin.
Moreover, since Dogecoin, otherwise known as a meme-coin, has a jolly aura about it, it is thus perfect for the gambling world. It helps contribute to the fun, immersive atmosphere that gamblers like to look out for at online casinos.
Additionally, with Dogecoin, punters do not need to worry about providing their personal information when initiating a transaction. This is because Dogecoin uses encryption technology and so there is absolutely no danger of identity theft.
Another peer-2-peer virtual currency that has gained much credence among punters and online casinos alike is Litecoin. In more ways than one, this coin created in 2011 is quite like Bitcoin but Litecoin is different in that it is much more efficient.
Litecoin makes use of a distinct and less complex cryptographic algorithm called Scrypt. This algorithm technology makes it possible for Litecoin transactions to be processed faster and with lesser fees.
Now, as a payment option for online gambling platforms, Litecoin’s lightning speed at processing payments comes in really handy. Also, since payments are carried out via encrypted channels, you can rest assured that any transaction initiated will end up at the right destination account.
Advantages of Litecoin Over Bitcoin
Although Litecoin is very similar to Bitcoin, they are not the same. This is evident in the benefits the former has over the latter. Some of these advantages are:
|Lower Fees||Generally, Litecoin has lesser fees than Bitcoin. This characteristic of lesser commission charged on Litecoin transactions is due to the use of the cryptographic algorithm Scrypt which is less complex than that used by Bitcoin.|
|Quick Transactions||Since it is designed to be faster, the time required to process Litecoin transactions is 2.5 minutes which is four times less than that of Bitcoin. As a result, Litecoin is a more effective method of making payments.|
|Convenience||Litecoin is more compatible with payment platforms already in existence, so it is more convenient to use for online transactions.|
Also known as XRP, is a digital coin created by Ripple Labs in 2012. Just like other cryptocurrencies, it was developed to make online transactions smoother and faster, and this extended even to online casino payments.
However, in contrast to other coins like Bitcoin that use a decentralised network, Ripple makes use of a centralised network simply known as the RippleNet. This RippleNet is just a network of servers that allows the processing of transactions to occur in seconds and at low costs.
Now, although some online casinos do not accept the Ripple coin, it is, however, still a major coin accepted at other casinos. Since Ripple gives room for instantaneous as well as cheaper transactions, it is frequently used by punters to make deposits and withdraw funds from their casino accounts.
General Advantages of Using Digital Coins at Casinos
The advantages of using crypto coins to carry out transactions can never be overemphasised, and so some general merits are as follows:
- Swift Transactions. As said before, a major benefit that crypto coins have over other payment options is that payments are processed faster. As such, players do not have to wait long periods for their payments to be approved.
- Anonymity and Security. For gamblers who thrive on anonymity and confidentiality, crypto payments assure this as there are no digital footprints. All transactions are encrypted, and as such, your personal details are kept safe and cannot be traced back to you. Also, due to the encryption technology used, players can be assured that their hard-earned money is secure and is not accessible by fraudsters.
- Lower Fees. Compared to other traditional banking options, digital coins require lesser fees to carry out transactions, and even at some casinos, no fees are charged. Thus, players can enjoy more of their winnings whenever they execute withdrawals.
- Easy Accessibility. Another advantage of digital currencies is that players from various regions can easily use them to play casino games. Thus, it makes it more convenient for punters to make payments without worrying about currency conversion.
Everyone can use Android or iOs based smartphones to make a crypto wallet.
Common Casinos Accepting Cryptocurrencies
Now, you may begin to wonder about some casinos that accept these cryptocurrencies. Well, not to worry, as listed below are some popular online casinos that accept payments made using digital currencies.
- 7Bit Casino. One major feature that makes 7Bit Casino stand out from others is that it accepts a wide range of cryptocurrencies, including Bitcoin, Litecoin, and Ethereum. Alternatively, punters can make payments using credit cards, bank wires, or even e-wallets. Moreover, 7Bit Casino assures an optimum gaming experience with the provision of various casino games from major game providers.
- MBit Casino. Operating under the laws of Curaçao, MBit Casino is another casino accepting digital coins such as Bitcoin Cash, Litecoin, etc. With these, gamblers can be assured of very swift and safe transactions.
All in all, cryptocurrencies are the future of casino payments, and they are slowly beginning to overtake all other methods. It comes with several benefits, and so if you are yet to try out this payment method, you can do so now to enjoy speedy transactions, among others.