Eight Major Cryptocurrencies Accepted by Crypto Sportsbooks
The year 2020 was a year of boom for industries adopting cryptocurrency payments, most especially Bitcoin. For instance, in the latter part of 2020, the renowned Payment system, Paypal made an announcement that it was going to incorporate Bitcoin into its array of products.
Blockchain technology is steadily taking over various industries in the world, and the online gambling industry is not an exception to this development. With the security and anonymity (which are two very vital features in the industry) provided to users by cryptocurrency, it is no surprise that the casino industry has welcomed this form of payment with open arms. Several online casinos now permit cryptocurrency transactions, some of them include Stake.com, Cloudbet, amongst many others we have provided for you. You can find more online sportsbooks that accept cryptocurrencies on CryptoBetting.
When cryptocurrency payment entered the market, it began popularly with Bitcoin which is the most valued cryptocurrency, however, there has been a boom in the industry and other coins are now beginning to gain ground also. These coins include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero, Dash, Ripple, Dogecoin.
1. Bitcoin:
It is impossible to discuss online crypto gambling with the exclusion of Bitcoin, thanks to its status as the pioneer of all cryptocurrencies. It is also the largest cryptocurrency platform in the world and has the highest value amongst all available coins. This coin dates back to 2008 on the official registration of the name “Bitcoin.org” as a domain name, and in the following months, Satoshi Nakamoto circulated a Bitcoin white paper known as “Bitcoin: A Peer-to-Peer Electronic Cash System”. Less than three months after, an open-source code, “genesis block” was released which was the Bitcoin blockchain.
As it is the main cryptocurrency, several online casinos make use of it. Between 2018 and 2021, there has been a noticeable increase in the use of Bitcoin. Of all forms, this is the best to hold, as some online casinos are Bitcoin-specific.
2. Bitcoin Cash:
As the name implies, this form of payment has something to do with Bitcoin and many persons get confused due to the names. Although Bitcoin Cash is an offshoot of Bitcoin, they are separate cryptocurrencies. Bitcoin began with a node size that was small, and consequently caused a limit on the number of transactions that could take place per second, hence some portion of the Bitcoin community wanted an alternative. Therefore, it got created to improve and enhance the block size so transactions could be completed in a faster period of time.
Compared to Bitcoin in terms of value, Bitcoin Cash does not hold such a high value. However, even though it is not as valuable as Bitcoin, it is a good cryptocurrency that is accepted among online casinos.
3. Ethereum:
Ethereum is another major cryptocurrency. Released in 2015, it followed the pattern of Bitcoin but with slight alterations. Though, when it comes to functionality, Ethereum is ahead of Bitcoin at this. This coin has been scandal-free and is a very good choice when you wish to make and receive payments online.
Another exciting feature of Ethereum is users can easily carry out safe deals with it. This is because it can be used as a means to hold funds until the other party meets the conditions, hence, it guarantees fairness. When it comes to betting with cryptocurrencies, Ethereum is among the best due to its smaller house take-on wagers, thanks to its link to edgeless gambling tokens.
4. Litecoin:
This is somewhat an offspring of Bitcoin, though which has a lesser value. Litecoin trumps Bitcoin when it comes to confirming transactions, this is because it is nearly four times as fast as Bitcoin in confirming transactions. If there is one thing that online sports bettors want, it is swift and seamless transactions, hence this coin has provided that.
The entire basis of creating this coin was to reduce the time for registration; since Bitcoin could use as much as 10 minutes in registering transactions, Litecoin was able to cut this to about 2 – 2.5 minutes in registering transactions. Also, in terms of fees that the processing nodes charge when compared to Bitcoin, the fees using Litecoin are low.
5. Monero:
This is also an altcoin that has thrived on the benefits of Bitcoin, such as the ability of anonymous transactions. The selling point of this payment platform is its security. The payments made are handled in such a manner that tracing them to the source is absolutely impossible. This is a result of the complex encryption in the blockchain. However, the disadvantage of the coin lies in the fact that it isn’t a public cryptocurrency and is used for illegality on the dark web.
6. Dash:
Dash was previously known as Xcoin, which got released in 2014. The name got changed to DarkCoin before it then got changed to Dash. It has the highest active altcoin community worldwide. The main attraction of Dash lies in the fact that deposits can be made quickly and transactions are swift.
7. Ripple:
The idea behind the creation of this coin came way back in 2004. It started as Ripple.com which was created by Ryan Fugger, it was to bring about a decentralized currency that could be used by people within communities. The work inspired another system, OpenCoin, a project continued by Chris Larsen and Jed McCaleb.
It got released initially in 2012. The investors included Google Ventures and Andreessen Horowitz. The company was renamed as RippleLabs and continuing with the initial concept by Ryan Fugger, the Ripple cryptocurrency got released. It can be trusted as some of the investors are Google Ventures and Standard Chartered bank. It also offers you security and anonymity.
8. Dogecoin:
Introduced in 2013, This coin is represented by “Doge” the popular Shiba-Inu dog meme. The Dogecoin code is an offshoot of Litecoin which is an offshoot of Bitcoin. However, compared to the two, Dogecoin is newly being made use of in sports betting. Doge betting options can be found on online sportsbooks that offer the only cryptocurrency as their payment methods.
Just like the rest of the cryptocurrencies, Doge has no restrictions on the country. The downside of Dogecoin is that crypto-only sites usually will accept the coin directly, meaning you cannot withdraw winnings in fiat currency. Also, though some bookmakers accept payment in doge, your deposit and withdrawal will firstly get converted to BTC before you use it to bet. The coin is appropriate for minor transactions, since it is faster than BTC or ETH, makes use of a shorter processing time, and requires reduced network fees.
DOGE is an appropriate coin for small transactions, as it is faster than other big coins, such as Bitcoin or Ethereum, and it also has smaller network fees and processing times.
These cryptocurrencies are easily among the major ones you’ll find on top crypto sportsbooks, thanks to their early periods of introduction and reasonable values. If you were considering betting with crypto, go right ahead, you can rest assured that it is safe, secure, and ensures your anonymity.