Cryptocurrency first hit the scenes in 2009, when Satoshi Nakamoto launched Bitcoin. Inspired by proposed digital coins, libertarian philosophy, and the beliefs of Friedrich Hayek, Bitcoin quickly became a huge hit on the internet. However, it wouldn’t be until 10 years later that the digital asset attained mainstream success.
In a similar manner, online casinos took a decade or so before they became mainstream. The success of iGaming may seem incredible, but some forget that it wasn’t until the 2010s that internet casinos really took off. However, it was during the late 2010s that online casinos and cryptocurrency were both huge mainstream successes. Which is why many decided to bring them together.
Online Casinos & Crypto
Today, online casinos are a lot more popular than ever before. Most people who are into gambling check the web before they check their local gambling shop. And, the first thing some notice when they visit their favorite online casino is that there is a crypto-payment option. Usually, these options include Ethereum, Tether, and of course Bitcoin. If you are interested in such an offer, Casinodays Casino is one of the most reputable and trusted online casinos in India.
However, there are those who would prefer to gamble using some less well-known cryptocurrencies. For example, Dogecoin, or similar memecoins that not many have heard of. For the most part, mainstream gambling websites do not deal with such obscure assets. That is why crypto casinos were first formed.
What are Crypto Casinos?
Crypto casinos are exactly what they sound like; gambling websites where you can pay using exclusively cryptocurrency. Some may have limits on the coins you can use, albeit the options are much more broad than those at regular online casinos. On the other hand, there are crypto gambling sites where you can use any standard and approved cryptocurrency.
Still, even at crypto casinos where everything goes, there are some digital coins that rise above the rest. These are the ones that people trust the most, or simply the ones that they are most aware of. Certainly, you can guess which ones we are talking about, if you are an experienced crypto trader. However, if you are new to the crypto market, and are just now starting out with gambling, the following is a list of the most popular cryptocurrencies that you can gamble with.
- Bitcoin
There is no doubt that Bitcoin is the most popular cryptocurrency today. Created by Satoshi Nakamoto in 2009, the digital coin was also the first of its kind. For that reason, it remains a top choice for many gamblers, as well as the most traded asset in the crypto market.
- Ethereum
If Bitcoin is crypto gold, then Ethereum would be its silver. For a long time, Ethereum has remained in second place, however, during its initial rise in popularity, it briefly overtook its older brother, Bitcoin. The reason is that the Ethereum blockchain was among the first to accept NFTs. Though NFTs have largely gone out of favor, Ethereum has managed to retain its immense popularity.
- Tether
Tether is one of the first and most popular “stablecoins” in the crypto world. For those who don’t know, crypto is quite a volatile asset. However, some crypto developers have found a way around this problem. They’ve introduced stablecoins, which are tied to a FIAT asset. In the case of Tether, it is tied to the value of the US dollar, which is why it is often called USDT.
The Advantages and Disadvantages of Crypto Casinos
We’ve gone over what crypto casinos are, and we’ve talked about some of the most popular cryptocurrencies that can be used to gamble. The only question left is; why do people use them? What attracts fans to cryptocurrency, and therefore crypto casinos? Well, to answer that, we have to look at the advantages that come with gambling at a crypto casino.
- The Pros of Crypto Gambling
The main advantage of crypto-based gambling is anonymity and privacy. Most people are interested in preserving their online privacy these days. With cryptocurrency, that is possible, as these assets are decentralized, and encrypted. Transactions are difficult to trace, and therefore, anonymity is much higher when dealing with crypto.
The other major benefit is the speed of the transactions. With crypto casinos, transaction speed can last as short as an hour, or even be instant. Online casinos, on the other hand, may take a while to process all the necessary information, before they accept your deposit.
The final advantage we would like to take a look at is the fact that, by using crypto, you don’t subject yourself to any sort of transaction fees or exchange fees. When paying online, often times we have to deal with the costs of exchanging the money and the cost of the transactions themselves. With crypto, these problems are eliminated, as all cryptocurrencies operate on a Peer-to-Peer system. That means transactions are direct, with no middle-man in between.
- The Cons of Crypto Gambling
It is now time to address some of the most common complaints regarding crypto-based casinos. That being, the volatility that many have come to associate with cryptocurrency. A lot of detractors may have some misconceptions about crypto’s volatility. However, misunderstanding or not, there is no denying that crypto is one of the most volatile markets in the world.
The other major downside of crypto gambling is one of the things that people love most about crypto; namely that it is decentralized, and operates on a peer-to-peer system. While, in many cases, this is a positive, it could also result in some fans being unable to follow any recourse during a dispute. There is really no paper trail to follow, and no real way to prove that you’ve made a transaction. In other words, crypto gamblers are susceptible to scams.
That is why it is important to note that, unless you have experience dealing with crypto, it is best to avoid crypto casinos, at least if you are a new gambler. Once you’ve garnered more information and knowledge regarding the market, you can feel free to try your luck.
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