Introduction
Undoubtedly, cryptocurrency has made significant transformations in the world of online gambling. Right now, there are even numerous platforms that are crypto-focused, catering millions of users across the globe. Cryptos really are game changers in the digital casino industry.
This has all begun with Bitcoin, the first and most recognized cryptocurrency of all time, the go-to option not just by players but for most online as well. However, as the crypto world has continuously evolved, the development and rise of more currencies, also referred to as altcoins, gained popularity. Thus, in this guide, we will be reviewing both Bitcoin and altcoins to help you assess which fits best.
What are Bitcoin and Altcoins
Here's a brief and thorough break down of both Bitcoin and Altcoins, exploring more details about them:
BITCOIN
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The first ever cryptocurrency, launched in 2009, and remains to be the most popular up to date.
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This mainly operates through blockchain which is a decentralized network.
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With the use of Bitcoin, peer-to-peer transactions are allowed without the need of third-parties including banks.
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BTC is known to prioritize secure and private transactions, attracting players to use it as a primary payment option in online crypto casinos.
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It is among the widest accepted cryptocurrency, supported by almost all crypto casinos, and even traditional casinos who adopted the use of cryptos.
ALTCOIN
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This is a term used to refer to any cryptocurrencies other than Bitcoin - a short term for alternative coin.
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This includes some of the most popular cryptocurrencies such as Ethereum, Litecoin, Ripple, Dogecoin, and more.
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What makes altcoins different from the king of crypto, Bitcoin, is that these are typically embedded with much promising features such as faster transaction speed, lower fees, and unique capabilities such as Ethereum's smart contract.
The Benefits of Cryptocurrencies in Online Casinos
Generally, both are just forms of cryptocurrency which usually shares the same characteristics, features, and highlights, including the following:
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Fast transactions - Since there are no intermediaries, using cryptocurrency allows transactions to be processed in a faster manner, such as deposits and withdrawals. This is far different from traditional banks in which successful transactions may take up to a few hours to days.
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Anonymity - Privacy is among the best features of cryptocurrencies which can be highly benefited when online gambling. This allows players to conduct several transactions without the need to disclose personal details.
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Lower fees - High transaction fees, encountered in credit cards or e-wallet services, can discourage players from exploring online gambling. In contrast, with cryptos, players can ensure to get the bigger and most of the portion of their earnings mainly because of the lower fees. If you're interested in this more rewarding experience, you might want to check out our beginner's guide to crypto gambling.
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Global access - There are countries that implement strict gambling laws but cryptocurrencies allow players from around the world to have seamless access to online casinos.
Comparing Bitcoin Vs. Altcoins for Online Casino Use
Lets thoroughly review the differences of both cryptocurrencies in different aspects:
Transaction Speed
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Bitcoin transactions are considerably fast, it can take anywhere from 10 to 30 minutes to be completely verified. However, if there's a high network activity, it can take longer.
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In contrast, altcoins such as Litecoin and Ripple are designed to do lightning-fast transactions, generating almost instant confirmations.
Transaction Fees
During congestion, Bitcoin fees can increase wildly. It can vary from a few dollars and above.
- Altcoins, on the other hand, are consistent with charging less than a dollar per transaction, making them more appealing to players who have frequent transactions.
Casino Acceptance
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Bitcoin definitely wins in this aspect as it is accepted by almost every online casino that supports cryptocurrency.
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Unfortunately, only selected altcoins are typically accepted by most casinos, limiting the option of players who use a not so popular crypto currency.
Security and Privacy
Since both are dependent on blockchain technology, these two are embedded with promising security features. However, the level of privacy depends on the specific cryptocurrency and wallet you use.
Price Stability
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Overall, Bitcoin has already established its reputation in the market, now costing millions of dollars. That means to say that BTC is generally more stable. This stability has led to discussions on The Benefits and Downsides of Using Cryptocurrencies for Online Casinos
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On the other hand, not all altcoins share the same stability level. While some altcoin are connected with fiat currency which encompasses a more consistent value, some currencies are highly volatile and value can fluctuate wildly anytime.
Conclusion
Overall, both have their own set of advantages and challenges. Choosing which is the best for you can be subjective, depending on your goal, risk-tolerance, and preference. Moreover, if you are equipped with an understanding of these digital currencies, you can for sure take advantage of their features in crypto gambling. As long as you know your direction, you can never go wrong regardless of what option you think is best for you.
