Altcoins for gambling

The appearance of Bitcoin in 2009 revolutionized the whole financial system. While the idea of a digital currency was considered an unorthodox idea back at that time in 2017 a real furor happened, and Bitcoin broke a record in the value passing $20,000.

Alongside Bitcoin, other cryptocurrencies emerged respectively. In simple words, altcoins are cryptos that are not Bitcoin. Of course, they cannot come closer to the reach and value of Bitcoin but gradually a lot of people are using them.

In addition to Bitcoin, altcoins are actively used in the online gambling industry. This trend has gained a foothold in recent years and shows no signs of slowing down. Let’s have a look at altcoins for gambling, their advantages, and what are the most popular ones players use frequently.

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The Essence of Altcoins

Currently, there are over 1500 altcoins in the world. Not all of them are used for gambling for sure but online casinos always try to integrate as many of them as possible into their payment system. Altcoins also stick to the principles of peer-to-peer money transactions and offer enhanced characteristics. It is a general idea of cryptocurrencies that they provide high speed, anonymity, and safety of transactions. With altcoins, these characteristics are improved. For example, a popular cryptocurrency Monero has way better security and anonymity than Bitcoin and it is really useful for players involved in online gambling.

There is also rampant discussion about whether some altcoins should be deemed as altcoins or not. Ethereum is one such example. People assume that due to its increasing popularity it should no longer be considered an altcoin.

What are the most popular altcoins for gambling?

The number of altcoins exceeds 1500 and the process of creating new ones is still ongoing. Most of them have flaws and not worth our attention but we can single out some of the most used and demanded ones such as Ethereum, Litecoin, Dogecoin, Bitcoin Cash (not confuse it with Bitcoin, because the latter is completely different crypto), Monero, XRP, zCash, Dash. Once again, a particular crypto casino decides which cryptos to integrate for gambling.

The Use of Altcoins in Online Casinos

Altcoins in online casinos can be used the same way as Bitcoin. Altcoins are supported for every game – from slots to card games. Furthermore, they are perfect for betting. Similar to Bitcoin they have their limitations for minimum betting requirements.

Games based on different altcoins can be characterized by improved design and gameplay. These games are also provably fair, meaning that the results can be checked and verified.

Advantages of Altcoins for Gambling

Altcoins similar to Bitcoin, come with a bunch of advantages that will delight all casino players. Here we can mention some of them to have a better understanding of why people use them in gambling:

Anonymity

Online gambling is prohibited in most countries of the world. Altcoins are a perfect way to avoid such restrictions. It is possible to play from any part of the world without disclosing personal information about yourself. Transactions are protected and your privacy remains untouched. The same Monero is the epitome of anonymity. While with Bitcoin there are still chances that transaction history might be revealed, Monero eliminates such possibilities, making everything safe and secure.

Speed

A lot of altcoins are faster than Bitcoin and when it comes to online gambling when players want to have their winnings available as fast as possible speed is the determining factor. Ethereum is one of the fastest cryptocurrencies in the world executing transactions within 10-15 seconds, while Bitcoin needs almost 10 minutes. Litecoin is also really fast crypto, needing 2 minutes for finalizing the transaction.

Investment

Altcoins by the majority of players are seen as a tool for investment. Their value changes constantly. They can be used for long-term purposes and sooner or later with the growing value, casino players will have more chances of getting an increased amount of money.

In short, if we do not consider Ripple which is relatively a stable currency whose value can be more or less predictable, other altcoins have a real potential to go up in value.

Disadvantages of Altcoins – Are There Any?

Almost everything in the world has strong sides as well as weaknesses. Altcoins are no exceptions of course. The number of people who are gradually moving to gamble with altcoins often face the following drawbacks:

Lack of Choice

Online crypto casinos that accept smaller altcoins are difficult to discover. The majority of them support Ethereum, Litecoin, Bitcoin Cash but you might have some problems finding the ones that support XRP for example. Most of them do not directly allow transferring funds in a particular altcoin and you need to convert them to Bitcoin.

Volatility

Volatility is a double-edged sword. It can be both powerful and at the same time cause major problems for players. Volatility means how fast the price of a particular asset changes. Talking about the possibilities of going upwards, altcoins can also decrease in value, meaning that by losing the price players might find themselves losing money. It is a huge risk for sure, that needs a thorough understanding.

Future of Altcoins – Can They Surpass Bitcoin for Gambling?

Mentioning altcoins and Bitcoin it is really hard to make some kind of predictions. We have listed some advantages of altcoins that offer better conditions for casino players such as speed, anonymity, which are improved compared to Bitcoin, but the latter remains the world’s first cryptocurrency for gambling and this status is unlikely to change in the future. However, the growing number of other digital currencies makes us think that eventually this trend will also be broken.