Which Cryptocurrency is the Most Popular in Gaming?
The growth and acceptance of cryptocurrency have greatly influenced its use in both land-based and physical casinos. A cryptocurrency is a digital form of money or currency. The main difference between real money and cryptocurrency is that monetary transactions are regulated and maintained by a central authority, and cryptocurrency is decentralized such that it runs on cryptography.
The advantages that come with cryptocurrency are numerous. One of the biggest disadvantages of money over cryptocurrency is that it requires a third party when making transactions.
On the other hand, cryptocurrency is peer-to-peer-based, meaning that no third party is required when doing transactions. Another advantage of crypto is that it employs blockchain technology, making it a more secure and transparent way of transacting compared to real money.
All these advantages make cryptocurrency in gambling more favorable. According to our expert Michelle Thomas, here are the most popular cryptocurrency in casinos:
Bitcoin
Having appeared in 2009, Bitcoin is the oldest cryptocurrency in the world. History has it that Bitcoin was created after the American banking crisis. The main reason for its creation was to give back financial power to all American citizens. Present-day Bitcoin has continued to grow in value after people globally embraced and accepted it.
Right after gambling sites allowed the use of cryptocurrency for transactions, most players embraced Bitcoin, making it the most popular cryptocurrency in casinos worldwide. Bitcoin in casino comes with many advantages in favor of online Canadian players. These include speedy transactions, simplicity in making transactions, and lack of transaction fees. Bitcoin may not be the fastest paying cryptocurrency, but it is the most popular in online casinos worldwide. The online casinos in Canada platform allows Canadian players to access some of the sites that accept bitcoin.
Ethereum
In terms of popularity, Ethereum comes next after the most famous cryptocurrency, Bitcoin. Though it is not as popular as Bitcoin, Ethereum’s functioning is better than that of Bitcoin. Unlike other cryptocurrencies like Ripple, whose scandals are on the rise, Ethereum has maintained a clean record making it a first option for casino players who often make transactions with online casinos.
The most outstanding feature of Ethereum is the Smart Contract feature. The smart contract is a safe transaction protocol that holds funds until the other party meets the full conditions of a contract. This ensures safe and fair transactions making it a favorite for online casino players
Litecoin (LTC)
Litecoin’s popularity in online casinos is significantly high but cannot be compared to that of Bitcoin and Ethereum. However, this popular cryptocurrency has many advantages over the popular Bitcoin and Ethereum. Litecoin is lower in value compared to other cryptocurrencies but has a maximum cap that is higher than them. Another advantage of Litecoin over Bitcoin is that confirmation of transactions on Litecoin is four times better than that of Bitcoin.
Time and cybersecurity in online casinos are of the essence, which makes Litecoin stand out. In literal terms, a Litecoin transaction will register within a minimum of 2.5 minutes, while a Bitcoin transaction will register in a minimum of 10 minutes.
Bitcoin Cash (BCH)
Bitcoin Cash continues to be a confusing cryptocurrency mainly because of its close resemblance to Bitcoin. It is, however, important to state that Bitcoin Cash is not Bitcoin. The sole reason for the creation of Bitcoin Cash was to increase the speed of transactions and increase the block size.
Bitcoin has a generally small node meaning that the transactions that can happen in one second are limited. This led to the birth of Bitcoin Cash as the masses needed an alternative to Bitcoin. Bitcoin cash is lower in value compared to Bitcoin but is very popular to online gamers as it allows for numerous and fast transactions compared to Bitcoin.
Dogecoin
Dogecoin is another popular cryptocurrency used in online casinos which developed as a joke. The most outstanding attribute of Dogecoin is that it is one of the most user-friendly cryptocurrencies available. This means that it is very easy to transact using Dogecoin. Dogecoin thrives on fast block reading which ensures that transactions are handled in less than one minute.
These are among the most popular cryptocurrency that are accepted in Canadian casinos and majority casinos all over the world.