Cryptocurrency casinos are an inventive and interesting new way to place casino bets online. Given how digital assets crossed over into the mainstream during the mesmeric bull run of 2021, the number of cryptocurrency casinos that entered visibility as viable alternatives to standard digital casinos that accept US dollars skyrocketed. Despite the dip in the cryptocurrency market in 2022, the beginning of 2023 has provided much hope for cryptocurrency enthusiasts, investors and traders. The fact that cryptocurrency casino numbers continue to swell despite this difficult, turbulent period might indicate that these casinos have a lot of room to grow in the market.
As with any new market, the providers that got into this type of casino early enough and provide a solid, reputable service are the ones that have managed to get ahead of the competition and develop a loyal customer base. Cryptocurrency casinos are in a unique position, as you can connect your wallet directly to the provider, and you do not need to concern yourself with a bank in the middle that is overseeing the transaction. You can also use multiple cryptocurrency coins to place your bets. Today, we will be breaking down the top coins you can use.
Once you have connected your wallet to your chosen casino, you can select the coin you wish to gamble with and deposit it. You don’t need to worry about a bank freezing the transaction or providing extensive personal and financial information. The peer-to-peer nature of cryptocurrency allows you to pay instantly without friction. If you use a popular wallet such as MetaMask, you can hold multiple coins, and once you connect your wallet, you can choose any number of cryptocurrencies to play your casino games with.
There’s a colossal range of crypto casino Metamask users, as it is free to open a Metamask wallet. There are over 15 million individual wallet addresses globally. You can connect your Metamask wallet to almost any cryptocurrency service. Crypto casinos are quickly becoming one of the most popular ways to play casino games.
6 best crypto coins for online casinos
Bitcoin
There’s no contest regarding the most popular or widely traded cryptocurrency; Bitcoin is number one. Not only does Bitcoin have multiple real-life use cases, but you can use it to gamble on a variety of different casino websites. As the oldest and most prominent of all cryptocurrencies, Bitcoin commands a lot of respect within the industry, and it is the most available token you can use to gamble.
One thing to note is that Bitcoin, and all the other cryptocurrencies on this list, is susceptible to volatility. While this can be a benefit if the price skyrockets, it can also work in the opposite direction, and if you deposit your Bitcoin to play your chosen game and leave it for a few weeks, it could drop considerably over a short period, so making sure you hedge your cryptocurrency and only invest what you can afford to lose is vital. In addition, stretching this mentality to your casino gaming is also a good idea. As long as you gamble responsibly, using cryptocurrency you can afford to lose, you can enjoy crypto casinos in the spirit they are intended to be.
Ethereum
Many cryptocurrency traders and investors believe that Ethereum is the heir apparent to Bitcoin. Initially created in 2013, the biggest altcoin has continued to grow from strength to strength, and the blockchain is the most preferred for thousands of cryptocurrency projects that use the Ethereum blockchain to develop their ideas and help connect cryptocurrency investors worldwide.
While Ethereum isn’t as popular as Bitcoin for gambling, it experiences steady use. With so many other smaller projects using Ethereum as their foundation and blockchain, when traders purchase smaller-cap tokens, the vast majority are often on the Ethereum network. If you’re looking to gamble using crypto, selling the smaller cap coins for Ethereum and transferring it directly to a crypto casino is often the preferred route, as it can help avoid buying and selling fees.
Litecoin
Other than Bitcoin, Litecoin is one of the oldest cryptocurrency projects still in existence. After first launching in 2011, Litecoin went through a numerous innovative updates, and although the project has been volatile, it still sits within the top 15 projects by market cap and provides gamblers with another option to use to play at crypto casinos. While Bitcoin and Ethereum remain the top two, there is a solid market for crypto gamblers who wish to use Litecoin.
Ripple’s XRP
A landmark court ruling has recently propelled XRP to be the third highest-valued cryptocurrency by market cap. In December 2020, the US Securities and Exchange Commission sued Ripple, claiming their token was a security rather than a cryptocurrency. Following a ruling in July 2023, nearly three years later, an American Judge ruled that this was an overreach and that XRP is, in fact, a cryptocurrency.
This caused the price to rocket 70% within a few hours, and many believe it will now aim to take Ethereum’s spot as the second biggest crypto. Again, like Litecoin, it doesn’t quite have the same respect among cryptocurrency traders as Ethereum or Bitcoin do, but it is becoming a more viable way to gamble, especially considering the price is much closer to a dollar, so it is easier to work out exchanges and amounts than Bitcoin or Ethereum, which are worth thousands of dollars.
Tether (USDT)
The value of Tether is pegged to the US dollar, so the point we made about XRP also applies to Tether. It is the largest stablecoin and acts as a bridge for traders and analysts to turn their fiat currency into cryptocurrency before depositing it into a crypto casino for the same value.
It is often used for projects looking for dollar crypto liquidity or the most straightforward way of depositing cash and receiving a direct measurement in cryptocurrency.
Cardano (ADA)
As the seventh biggest cryptocurrency project by market cap, Cardano has experienced quite a spectacular fall from grace. However, many analysts predict it could be due for a resurgence over the next 12 months. Many crypto gamblers use it to play games such as poker, roulette and blackjack.
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