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Cryptocurrencies are no longer a niche area of technology. They’re now part of mainstream financial culture, and it’s not just tech-savvy trendsetters using them. For example, cryptocurrency is used to play casino games like slots at some of the most popular online casinos.
Crypto transactions are expected to continue to grow in popularity for many years. As such, one could expect to soon see more cryptocurrencies being used in the gambling industry. This article will give you a quick rundown of some of the most popular cryptos used at online casinos in 2022.
What Are Crypto Casinos?
Crypto casinos are online gambling sites that offer an alternative way to play: using cryptocurrencies instead of traditional payment methods. Cryptocurrencies are digital currencies with no physical form. They’re anonymous, so you don’t have to worry about anyone stealing your credit card information and running up debt in your name.
Why Are Crypto Casinos Better?
Cryptocurrencies are entirely decentralised. There’s no central authority overseeing them like there’s with regular currency. This decentralised blockchain ensures that you have better privacy with protected transactions and smart contracts protecting your personal data. The same smart contracts also ensure that your transactions are instantaneous, with deposits and withdrawals taking mere minutes. You can play live roulette and other casino games at a crypto casino of your choice, without worrying that your transactions and data will be hacked.
Popular Cryptos Accepted at Casinos
Bitcoin is one of the most popular cryptocurrencies used at online casinos. This means that players can make deposits and withdrawals in Bitcoin. Bitcoin is actually the first cryptocurrency to exist in the financial crypto market and is completely decentralised. This means that it doesn’t have a central authority or a bank behind it.
When using Bitcoin at an online casino, you’ll be able to make both deposits and withdrawals. Your withdrawals are often processed almost immediately, depending on the casino you’re playing at.
Bitcoin Cash came into being after a group of people who felt that the original Bitcoin was too slow and expensive to be used as a day-to-day currency and was no longer following Satoshi Nakamoto’s whitepaper. They decided to “fork” the Bitcoin blockchain and create a new one with different rules for recording transactions.
The result was Bitcoin Cash, which is now one of the most popular cryptos used at online casinos. Since it’s faster and cheaper than Bitcoin, it’s better suited to handling smaller transactions like casino deposits and withdrawals.
Ethereum is used by many people at online casinos and other websites. It’s a popular cryptocurrency because it can be used to gamble on many different types of casino games.
Ethereum is a decentralised cryptocurrency that uses blockchain technology. To use it, users must first create a crypto wallet through a third-party website or software program that stores their Ethereum or Ether. Users then send the funds to the crypto wallet from their bank account or another third party service. Users can then use the funds in their crypto wallets to buy items or gamble at online casinos.
Dogecoin may be a meme-based cryptocurrency, but it has profound value in online gambling. One of the main reasons for this is that Dogecoin offers speedy and very low transaction fees. This is great for both players and casinos.
Players can receive their winnings as soon as possible, while casinos don’t have to worry about losing money on high transaction fees. In addition, Dogecoin’s consensus mechanism makes it very difficult to hack into a crypto wallet, which adds an extra level of security for all parties involved in the transaction.
Tether is one of the most popular cryptos used at online casinos because it’s easy to purchase and store in a digital wallet and unlike most cryptos, it’s a centralised crypto. Being a centralised crypto means it’s directly linked to a fiat currency, in this case USD. The great thing about Tether is that because it’s a centralised crypto, it’s more stable than other cryptos. There are less chances of the value of Tether falling or rising suddenly and is often a safer crypto to use than, for instance, Bitcoin.