Cryptocurrencies like bitcoin are all the rage on resource platforms like this https://www.gambleonlineaustralia.com/deposits/bitcoin/ and top gambling sites. Gamblers and online casinos love them because they are secure, fast, and anonymous. And as online gambling sites in Australia and across the world accept digital currency as a transaction option, it is increasingly important for players to familiarize themselves with them. Here is a breakdown of the best cryptocurrencies you can use to play your favorite casino games today.
Bitcoin was developed in 2009 by Satoshi Nakamoto – an entity that remains shrouded in mystery. Over the years, there have been speculations about who Satoshi Nakamoto is and whether they are a person, group, or company but their identity remains unknown. This, however, has not stopped Bitcoin from becoming the most popular and used cryptocurrency in the world.
Bitcoin broke the internet and completely revolutionized the financial market, starting the cryptocurrency revolution. It broke into the online gambling scene in 2012 but only recently started gaining ground as an acceptable transaction method. Today, it is available on most top casino sites and used widely by players and bettors to deposit and withdraw funds.
Thanks to its popularity and well-established market domination, Bitcoin is unlikely to go anywhere anytime soon. It is the safest cryptocurrency option, offering the highest level of security and anonymity in the online space. On most gambling sites, Bitcoin transactions are also not subject to fees, allowing users to retain most, if not all, of their profits.
Altcoins are non-bitcoin cryptocurrencies. In this area, there is no currency more popular than Ethereum. In fact, Ethereum is ranked second after Bitcoin in terms of market cap. Transactions with this currency are very reliable and fast, making it great for online gambling. As a direct Bitcoin rival, Ethereum is also widely accepted and available on most top online casino sites. You can use it to bet on sports, play slots, and make other similar transactions. As an investment option, it is also very viable and predicted to be around for a very long time. The well-established digital currency also uses a heavy encryption system to allow for maximum anonymity – another attractive feature for gamblers.
Litecoin – LTC
Released in 2011, Litecoin was worth $1 billion in 2013. This unprecedented success made it very popular in the cryptocurrency world and among many industries. Litecoin was also the first digital currency to use Segregated Witness and among the few that still use it. In many ways, it is very similar to Bitcoin. Its established reputation makes it a great investment and a reliable method of transacting. Developed by a former Google employee, Litecoin is also widely accepted as an alternative to bitcoin. This makes it ideal for online gambling.
Ripple – XRP
Developed in 2004 and released in 2012 by Ryan Fugger, the Ripple cryptocurrency is often called the banking coin. It was initially created to enable transactions between banks and is comparably faster than other altcoins. Thanks to its speed and ease of use, Ripple is well-suited to online gambling.
Dogecoin – DOGE
Dogecoin was initially modeled after an internet meme. During the crypto-craze, it gained widespread popularity thanks to endorsements from billionaires like Mark Cuban and Tesla’s Elon Musk. It is a good, reliable cryptocurrency for gambling and is offered as a transaction option on many gambling sites.
There are so many cryptocurrencies available today and many of them are suited to your online gambling needs. If you are new to the digital currency scene, you cannot go wrong with these five. Of course, your choice will depend on the online gambling site you use and what they allow so check with your provider before making a decision.