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When cryptocurrencies first appeared, people were skeptical as they were unfamiliar with the way they worked. But, not too long after, crypto took the world by storm and made its way into almost every industry, especially online gambling, where players are always searching for safe ways to make payments to their accounts.
Thanks to their functionality, ease of use, top-notch secure technology, more and more gamblers are choosing cryptocurrencies over fiat money. Over time, a myriad of cryptocurrencies have appeared, but not all of them are worth trying out. Therefore, we have decided to choose the best cryptocurrencies you can use in online gambling without worrying about the safety of your info and money.
Bitcoin has been in the game since the beginning, and that’s why it’s one of the most popular options when it comes to crypto payments. Even though the competition is heating up, and new cryptocurrencies are continually appearing, Bitcoin still manages to stay in the first place as the most common crypto payment option.
Initially released in 2018, EOS crypto is one of the newest additions to the cryptocurrency world, and it has quickly risen to the top of the ladder thanks to free transactions, speedy payments, and state-of-the-art security measures.
Safety has always been players’ top priority, but platforms that support EOS payments come with additional security, as EOS is thought to be among the safest crypto technologies available today. Since it’s a new payment option, you can read this intro to EOS crypto, to make yourself familiar with its benefits.
Similar to EOS, Ethereum is another blockchain-based crypto coin that uses smart contracts. That makes it impossible for third parties to get involved and makes every transaction perfectly safe. Thanks to the advanced technology, many players opt for this type of altcoin when they are making deposits and withdrawals in online gambling platforms.
Dogecoin stands out with its design because its symbol is a Shiba Inu dog. Even though no one was taking this crypto coin seriously in the beginning, it quickly became a full-fledged cryptocurrency platform with millions of users worldwide. Today, most online casinos that support digital coins include Dogecoin in their offer.
Usually referred to as the Bitcoin twin, Litecoin is an autonomous and decentralized currency that uses a more complex algorithm that allows it to process transactions faster than Bitcoin. Thanks to its speed, punters and casino players often choose Litecoin as their favorite payment option.
Benefits of Using Cryptocurrencies in Online Gambling
The blockchain technology is always changing, adding new features and improving its performance. The online gambling industry and its users benefit from the use of cryptocurrencies, and here’s why:
- Anonymity — Unlike other payment methods that ask for a variety of personal info, the storage that keeps your coins won’t require you to give out any personal data at any moment. Additionally, no third party is involved in managing your funds, which gives you complete control over your coins. Finally, most online gambling platforms won’t ask for your ID verification when you’re depositing or withdrawing via cryptocurrencies.
- No geo-restrictions — This is important if you’re playing in offshore casinos or bookmaker sites, simply because some countries don’t allow players to make payments via traditional banking options (credit, debit cards, e-wallets). That’s when cryptocurrencies come into play — it doesn’t matter where you are, you can always deposit and withdraw via digital currencies.
- Fast and free transactions — Compared to other payment methods accepted on online gambling platforms, crypto payments are by far the fastest ones. Moreover, they don’t impose additional transaction fees, which means you won’t be paying more than you’ve planned.