Cryptocurrency and online Gambling

Online gambling is a special type of gambling that takes place on the Internet. It was introduced in the middle of the 1990s and ever since then, this activity is becoming more and more popular. The convenience it provides and a few other things make online casinos superior to classic gambling in brick and mortar casinos. What’s even better is that online gambling is following the latest changes in the world of technology and implementing the newest achievements in this field.

One of the examples of the advanced level of online gambling is the fact that there are many online casinos that accept cryptocurrency now. In case you didn’t know, cryptocurrency represents a digital currency in which regulating the creation of units of specific currency and verifying the transfer of funds is managed with the help of encryption techniques. The system in which cryptocurrencies are working is not related to any bank. This is an independent system without a higher authority.

Exploring the cryptocurrency options in online casinos

Today, the popularity of cryptocurrency has reached record high levels. Their story started about 5 years ago, but their growth was most evident in 2017. Today, there are dozens of different cryptocurrencies available on the market. Of course, some of them are more popular than the others and a relatively small number of these cryptocurrency options are accepted in online casinos as payment methods.

It’s very difficult to say which cryptocurrency is the best for online gamblers because it seems that there are some pros and cons associated with each of them. The smartest idea is to analyze the properties and characteristics of the most popular cryptocurrencies today.

Bitcoin

The list starts with the most famous cryptocurrency – Bitcoin. This is the first cryptocurrency too. It became available in 2013 and ever since this year, players could use bitcoins for gambling. What makes Bitcoin special is the rapid increase of value that this coin has witnessed in the last year. Namely, according to the official records, Bitcoin increased its value for 15 times in 2017. This is a jump that no one expected.

Even though this was good news for Bitcoin owners, the truth is that gambling with bitcoins in online casinos can be a little bit difficult. If you want to place a bet worth a couple of dollars, this means that your Bitcoin bet will have many decimals. In other words, you can’t have a clear picture of how much money you are investing. On the other hand, every online casino that accepts cryptocurrency has Bitcoin on the list. There are even online casinos that work only with Bitcoins (the so-called Bitcoin casinos).

Litecoin

A few months after Bitcoin, another group of developers has created Litecoin. In fact, the idea behind it was borrowed from Bitcoin – miners have blocks to solve in order to create Litecoin, but the amount of time they need is shorter. This means that it’s easier to generate Litecoin which is probably why this currency is cheaper. Unlike many other digital currencies, Litecoin is not very volatile. You can get on many exchanges and you can use it in dozens of online casinos. The relatively low price will help you determine how much money you are placing for each bet.

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Ethereum

The list continues with another digital currency that is not very volatile and that’s Ethereum. This cryptocurrency is often compared to Bitcoin and many experts claim that the mechanics behind it is more advanced compared to Bitcoin. They also predict that the value of Ethereum will go up in the near future.

People that have experience in the field of online gambling say that Ethereum is ideal for this activity. You don’t have to use the money once you transfer the coins onto your casino wallet because the value will stay more or less the same. As a popular cryptocurrency option, you can buy and sell Ethereum easily. In other words, you can obtain and use this currency quickly. Many online casinos today use Ethereum as a payment option.

Now that you know how useful cryptocurrencies can be for online gamblers, it is time to analyze the online casinos that accept them. Opt for casinos that are offering good bonuses, fast transactions, and a wide selection of casino games.