Cryptocurrencies have been a hot topic in the media recently, so it is no surprise that they are now being used in online casinos. Bitcoin started as the most popular cryptocurrency in online casinos; however, it was soon replaced by Ethereum. The reason being is that Ethereum is cheaper to use, and it also has a larger transaction volume.
The use of cryptocurrencies in online casinos is a great way to avoid detection from authorities, due to money laundering and other illegal activities because transactions cannot be tracked. Players can pick from thousands of casino games that accept cryptocurrencies today.
Bitcoin
Bitcoin has been a popular way to gamble online since its creation. If you want to place bets using Bitcoin at an online casino, you need an Internet connection and a Bitcoin wallet. The wallet works as your account, so, when you’re playing at an online casino, all of your funds are stored in your account and released only when you want them to be released.
Ethereum
Ethereum is being used more and more in online casinos today and is one of the most popular cryptocurrencies in the world right now. The reason for its popularity is that Ethereum, unlike Bitcoin, can execute smart contracts. This means that transactions are executed when one party sends money to another and when certain conditions are met.
For example, if you place a bet on the roulette table and bet on black with an odd number, you can set up a smart contract that will automatically pay out your winnings if the ball lands on black with an odd number.
Dogecoin
Dogecoin is a cryptocurrency intended to be a fun coin but has recently become prized for its fast transaction times and low fees. It is now the sixth-most valuable cryptocurrency globally. The use of Dogecoin in online casinos has slowly been increasing in recent times.
Litecoin
Litecoin is becoming more and more popular in the online casino world. Litecoin is a peer-to-peer Internet currency and is the world’s first completely decentralized digital currency. It is different from Bitcoin because it has a shorter confirmation time and uses scrypt as its hashing algorithm. Bitcoin uses Sha256, an encryption algorithm that can take up to 10 minutes for each block to be confirmed. Litecoin takes only 2.5 minutes for each block to be confirmed, making it a much more feasible currency for use in online casinos where transactions occur instantaneously.
The idea of cryptocurrency was born out of anonymity, so it is ideal for online gambling use. With so many countries cracking down on gambling, cryptocurrency offers a way to play without the fear of being caught. Many online casinos use cryptos, which can be bought with cash or traded for other currencies. As long as you have access to the Internet, you can gamble anywhere at any time with cryptocurrency.