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In case there was still any doubt, cryptos have proven themselves to be very viable investment vehicles. Bitcoin was declared the best-performing asset of the 2010s, even beating out the likes of gold. Just recently, the token achieved a new all-time price high weeks after being approved for a spot Bitcoin ETF.
Many altcoins have also become sought-after for investment purposes and this has become one of their best-known use cases. However, cryptocurrencies have also become very popular for online gambling, with many sites accepting them. While this is not exhaustive, here are some of the cryptos used on these sites:
Bitcoin
Bitcoin is undoubtedly the biggest crypto in the industry, both in terms of popularity and market cap. As such, it has become widely used in various casinos, from those featuring more traditional titles to the more modern ones. Chances are that if a casino accepts crypto, it accepts Bitcoin.
The use of Bitcoin for gambling is on track to increase this year as the token is currently in a bull run. With this, the appeal of making more Bitcoin and taking advantage of the price spike will drive new waves of users towards the casinos that already accept Bitcoin and the ones yet to launch.
Solana
Solana is another major token in the industry for several reasons. It is renowned for its speed and low transaction costs, which has made it popular on this site and others where up to 200% welcome bonuses are regularly up for grabs. On top of this, its underlying blockchain is one of the most utilized in the industry.
The Solana blockchain is the second most popular for NFT creation and is the foundation of many DeFi applications. This level of use means that the Solana token will likely retain its value over time, which is good news for those who trade and gamble with it.
Ether
As the second most valuable token in the industry after Bitcoin. Ether is very high in demand, including for gambling. In fact, there are dedicated online casinos that only accept Ether for their services.
The token has undergone several changes in the last few years, from switching to a proof-of-stake consensus to the upcoming Dencun Upgrade. In the wake of the spot Bitcoin ETF, Ether has been rumoured to be getting the same treatment soon. If this happens, the token’s market price will likely spike, as will its use cases, including in the world of gambling.
XRP
XRP has carved its niche in the crypto market as an efficient token for cross-border transactions. Amazingly, XRP has been able to send millions of dollars in only a few seconds and charge only pennies in fees while doing so. This has made the token popular for people trying to send money and also for completing transactions on online casinos.
One of the major pain points of many casino users is slow deposits and withdrawals and XRP can easily address this issue. The number of online casinos that accept XRP is fast on the rise and this shows no signs of stopping.
Dogecoin
Meme tokens like Dogecoin have been fairly controversial in the crypto space because of their origins. Based on the Shiba Inu meme, Dogecoin first exploded in popularity back in 2021, backed by an Elon Musk co-sign. But far from the fad that some critics predicted it would be, the token has gone on to enjoy steady use in the industry.
This has included use on online gambling sites, some of which even prefer Dogecoin. This has allowed the token to remain relevant in the industry years later, even ranking within the top 20 cryptos by market cap.
Cardano
Cardano was co-founded by Charles Hoskinson, one of the founders of Ethereum. The idea behind Cardano was to address some of the shortcomings of Ethereum, including its scalability and security. This has put Cardano in a class of tokens called ‘Ethereum Killers’ and has made it one of the most popular tokens in the market.
Cardano has been widely used in the gambling space and this is one of the many ways that it can be used to make money. Because it is based on a proof-of-stale consensus, its native token can be staked to earn rewards which has made it very high in demand.
Litecoin
Litecoin might not be as well-known as some other tokens in the industry but it is a favorite of online casinos for a reason. The token is known for completing transactions faster than even Bitcoin and also for charging very low fees. For casino users, this means that their funds can be deposited and withdrawn quickly while also losing as little money as possible to transaction costs.
If you were to check to roster of online casinos that accept Bitcoin, chances are that you’ll see Litecoin listed among them.
Conclusion
Anyone who is interested in gambling should know all the options that are available to them, including cryptocurrency. These novel digital assets have been used for all sorts of things over the years, including betting on online casinos.
Not every token is accepted for betting but, as of March 2024, those listed above commonly are. By leveraging them, users can enjoy faster transactions, more privacy, more control, lower fees, more profit, and all sorts of benefits. The variety of tokens and platforms means that whatever your preferences and unique needs are, you will probably find both a crypto and a site to meet them.
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