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- Insights
- Cryptocurrencies
- Stocks
- White Papers
- Industry
- Geography
The truth about cryptocurrencies is that it scares the living daylights out of some players because they simply don't understand the technical dialect so often flung around like blockchains, mining, initial coin offering, and NFTs.
But, to be blatantly honest, the majority of people actually have no clue how money works in general. We kind of accept, keep calm and carry on when interest rates rise or inflation comes knocking on the door.
And this is precisely what makes cryptocurrencies so badly needed because we're allowed to ask questions.
And ask we must, because online casinos are now accepting more altcoins than ever before, and figuring out which crypto is best, can be an overwhelming exercise, especially considering that there are over 10 363 active cryptocurrencies in existence, and more than 300 million crypto users across the globe.
But, don't let these figures engulf you because, in the world of online gambling, there are 5 glowing stars that are now widely accepted as payment methods, and I'll discuss these moguls today.
Yes, you guessed it, this list starts with the all-time favorite Bitcoin. And, as you can see on the chart, this crypto-original far outweighs its stealthy peers.
It hit the scene in January 2009 after it was developed by Satoshi Nakamoto and has ever since dominated the market.
What makes it so invisibly popular? Well even though other coins far outweigh Bitcoin in terms of scalability, among other things, Bitcoin was here first and has paved the way for other currencies to follow.
As it is mentioned on BitcoinCasinoKings, it was first accepted by a couple of revolutionary casinos like Bitstarz, and mBit back in 2013 but saw massive growth between 2018 and 2020, when people, in general, started to see the real value and perks of this respected coin.
Now, if a casino touts that it accepts crypto, Bitcoin will undeniably be one of the payment methods with some casinos even offering tailor-made bonuses, specifically designed for Bitcoin deposits.
Short on the heels of Bitcoin, you'll find Ethereum, the game changer of cryptocurrencies.
It was founded in 2013 by "Vitalik" Buterin, a Russian-born Canadian programmer and writer, and has since made shockwaves in crypto circles thanks to its appealing features.
It has the second-largest market value, making it an obvious and viable option plus the Ethereum 2 upgrade, which was fully released in September 2022 improved the speed, scalability, and efficiency of this network.
An interesting fact that you might not have known is that Ethereum was crowdfunded.
After Buterin created the network's whitepaper in 2013, he did not have enough funds to commence developments, and instead of reaching out to venture capital firms, he (along with Ethereum's co-founders) decided to go the crowdfunding route.
Needless to say, he collected the required funds in only two months (July and August 2014), to launch the Ethereum project in July 2015.
And the rest was history!
The Usain Bolt of crypto, Litecoin is almost four times faster than Bitcoin in terms of confirmation of transactions, which is most probably one of the most important factors gamblers are after at crypto casinos.
While Bitcoin takes up to 10 minutes for transactions to register, Litecoin takes only 2.5 minutes, hence its popularity.
The coin was first created in October 2011, and this is no rags-to-riches tale because its founder Charlie Lee was an MIT graduate that has worked for Microsoft, Google, and Coinbase in the past.
And, what makes Litecoin so successful is that although like Bitcoin, it is a decentralized peer-to-peer cryptocurrency, Litecoin is a Bitcoin fork – crypto built with the Bitcoin source code but with minor changes and twitches to make Litecoin more efficient.
Charlie Lee also describes Litecoin as a compliment, rather than a competitor, and has referred to his brainchild as "silver to Bitcoin's gold."
How modest!
The fourth cryptocurrency widely accepted by online casinos might confuse a whole lot of people, thanks to its name – Bitcoin Cash.
Like Litecoin, Bitcoin Cash is a spin-off (fork) of Bitcoin that was established by a group of developers and miners in 2017.
The main focus of this altcoin was to make transactions faster by increasing the block size, and although it was initially launched with the focus of not holding as much value as Bitcoin, it has become one of the most popular accepted currencies at crypto casinos, simply because it's faster and cheaper than many of its competitors.
When it comes to space, the metaverse, or memes, Elon Musk always seems to be there, at the forefront, with his latest antics giving him the title of the Dogefather.
What did he do this time around?
Well, he tweeted numerous times about this fun and friendly internet currency, seeing Doge's value rise by considerable amounts.
His first Doge-related tweet was in December 2020 and read only one word: ''Doge''.
Shortly after this tweet, Dogecoin's value rose by 20%.
And then in February 2021 Musk was at it again, posting tweets like: ''Dogecoin is the people's crypto," and "no highs, no lows, only Doge'', seeing its value shoot up by 40% this time around.
The list goes on!
Interestingly Musk has no share in Doge's operations. It was actually founded by Billy Markus and Jackson Palmer in 2013, as a joke. They actually never intended this virtual cryptocurrency to serve as anything more than a comedic parody of Bitcoin, using a picture of a Shiba Inu dog talking in comic sans to make fun of the wild speculation of crypto at the time.
Well, no one is laughing now because it has become one of the most favored cryptocurrencies accepted by online casinos and is still seeing a steady rise in popularity.
Cryptocurrencies and online gambling get on like a house on fire, and their affair seems to get stronger and stronger as new innovations and ideas are bursting into the scene.
It is estimated that crypto-gambling currencies are worth around $939 million which means that it has seen a growth of a monstrous 170% over the last year. And this growth is not going to stop in the near future.
What I find particularly exciting is that some crypto casinos are now offering their very own coin, like BC.GAME's BCD that is equivalent to USD.
Players can use it to play games, rain, coin drop, and tip, plus this casino also allows you to exchange BCD for other currencies AND gives you a 10% yearly rate of return if you store your BCD in BC.Game's Vault Pro.
The bottom line is that crypto casinos are lightyears ahead of conventional online casinos and offer players so much more in terms of security, bonuses, payment options, transparency, and innovation.
And, if you don't jump on the bandwagon, or at least give it a try, you're missing out, big time!
Jakob
