Introduction
Cryptocurrency has become the next new way to pay. Online gamblers no longer need to use their credit cards or their bank accounts to play their favourite games. Neither do they need to use electronic payment systems or prepaid cards – instead, they can gamble with crypto.
The crypto coin that consistently hits the headlines is definitely Bitcoin. From Bitcoin reaching a record high of $60,000 for the first time, to Tesla founder Elon Musk investing billions in it; it’s constantly on the news nowadays. Thanks to this, cryptocurrency is gaining momentum all around the world, with people investing not only in Bitcoin (the crypto that started it all), but also in altcoins. Altcoins are alternatives to Bitcoin, so any coins that are similar to Bitcoin in certain aspects, but differ in others.
Crypto gambling is becoming increasingly popular, especially in the US. We’re here to tell you the best crypto to gamble with, starting off with Bitcoin (BTC) and exploring a number of different altcoins: Ether (ETH), Ripple (XRP), and Litecoin (LTC). We’re about to give you the pros and cons of using each coin to gamble online, along with a brief introduction to each currency and how they work.
Bitcoin (BTC) Pros and Cons
The first mention of Bitcoin was in 2008, when the domain bitcoin.org was registered on 18th August. The Bitcoin software was released as open-source code, which means that its code is available to all those who want to view it, copy it, learn from it, alter it, or share it. This made it easier for altcoins to be created.
Bitcoin is one of the best crypto to gamble with. It offers the promises of lower transaction fees than traditional online payment mechanisms, and it is operated by a decentralized authority. This means that there is no central bank or single administrator, but instead is sent through a peer-to-peer network without the need for an intermediary. This peer-to-peer network means that each Bitcoin user’s device is part of the network, sharing the computing burden of generating Bitcoins and logging transactions. Therefore, since no middleman is needed, there are fewer fees.
But is it really the best crypto to gamble with? Decide for yourself after reading these pros and cons.
Pros
- Bitcoin is the most widely accepted cryptocurrency in the world. This means that when gambling with crypto, you won’t be short on options. There are plenty of casinos that accept Bitcoin, including Bovada. If you want to know how to buy BTC to start gambling with crypto on Bovada, follow this helpful guide.
- It is decentralized, which means that there are no banks, regulatory authorities, or other third parties that can take your Bitcoins away from you or freeze your account. The crypto is yours to keep, and you control all the transactions.
- It is private and secure. Bitcoin transactions do not require any personal data, and there is no information linked to your wallet. This means that you are completely anonymous, despite the transparent ledger system, where anyone can access each other’s Bitcoin balances in a public ledger.
- Its popularity means that it won’t be disappearing anytime soon. It’s expected that the value of BTC will keep increasing as time goes on. Also, if you encounter any problems, there is a whole community of BTC owners who can help you.
Cons
- BTC is very volatile in price. In March 2021, BTC reached an all-time high of $60,000. As of May 2021, the price stands at $35,000. The price has been fluctuating wildly since its beginning in 2008.
- Its privacy and security is an advantage to some, but a disadvantage to others. The fact that it can’t be traced can be problematic when it comes to transactions regarding illegal activities or items.
- The supply of BTC is limited to 21 million. Once 21 million Bitcoins have been unlocked, there will be no more unless there is a change in protocol. BTC miners are rewarded with Bitcoin for their work in validating transactions; however, if the supply ends, they will be incentivised to process transactions with fees.
- Paying taxes on Bitcoin can be a bit complicated. Once you move the crypto gambling money from your wallet to a bank account or a governing authority of some sort, you need to pay taxes on the money. However, don’t despair! You can find out information on BTC gambling taxes here.
Ethereum (ETH) Pros and Cons
Although Ethereum is referred to as a cryptocurrency, this is false. It’s actually the name of the network itself! The currency is called Ether and is abbreviated as ETH.
ETH is similar to BTC in that they are both powered by distributed ledgers and cryptography. However, the Ethereum network contains executable code, while the data attributed to BTC network transactions is only for keeping notes. However, the most crucial difference is the difference in processing time. An ETH transaction is confirmed in seconds compares to the minutes for BTC – and time is money.
Here are some pros and cons on whether ETH is the best crypto to gamble with – and if you’re ready to use it to gamble, here’s a helpful guide on where to buy it.
Pros
- Unlike BTC, ETH has no issuance or circulation limit. This means it could be more stable as an economic resource, and therefore safer crypto to gamble with.
- The transactions when using ETH to gamble online will be notably faster than when using BTC.
- In 2021, ETH is planning to turn into a proof-of-stake algorithm. BTC uses a proof-of-work system which means that miners are rewarded for processing transactions. However, a proof-of-stake algorithm means that participants “stake” their ether to the network, resulting in far less required energy and even faster transactions.
- It enjoys the same security, privacy, and popularity benefits as BTC does. Also, it is the second most popular type of cryptocurrency, meaning that it will also be around for a long time.
Cons
- A lot of casinos accept BTC, but not ETH quite yet. It is still trying to catch up to BTC’s popularity.
- Ether comes with inconsistent transaction fees. While BTC fees are fixed, ETH fees are based on how much you’re transferring.
There you go! The pros and cons of BTC and ETH as the best crypto to gamble with. Now you can decide on what to use for yourself. To conclude, here is a list of the 11 best casinos where you can gamble with crypto. Good luck!
