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Author: Shaun Stack
The recent renaissance of online gambling has led to many new innovations. One aspect that has improved significantly in recent years is the availability of cryptocurrency banking options. Funding your bankroll with crypto is faster and safer than traditional payment methods.
Top online casinos even offer special promotions exclusively for players who deposit using crypto. The benefits of gambling with crypto are undeniable, but one question remains: What is the best crypto for online gambling?
Bitcoin
Bitcoin is the most well-known crypto on the market, so it comes as no surprise that many casino sites now allow you to bank with it. While there are many benefits to betting with Bitcoin, there are also some drawbacks.
Pros of Gambling With Bitcoin
The biggest advantage of betting with Bitcoin is that it is a very popular crypto. It is accepted at many top sites, so you can use Bitcoin and still have access to all of the latest and greatest games. This makes it a popular choice for people who are new to crypto and crypto gambling.
Another major advantage of funding your bankroll with Bitcoin is the transaction times. Many of the best sites offer instant deposits and withdrawals when you use this crypto. There are also minimal fees involved, and many sites do not charge fees for Bitcoin users.
Bitcoin users usually have access to exclusive bonus options, too. For instance, DuckyLuck Casino offers a 600% crypto-exclusive bonus to new members. If you use Bitcoin to claim this bonus, then you can get up to $3,000 in bonus funds.
Cons of Gambling With Bitcoin
Unfortunately, no cryptocurrency is perfect, and there are some cons to consider before you start betting with Bitcoin. One of the biggest issues to consider is the price of the currency itself.
Bitcoin is the most expensive crypto on the market, which is great news if you already own it. However, the price of Bitcoin can be prohibitive if you do not already have it. Luckily, many casinos base their minimum deposit on USD, even if you are using Bitcoin.
You also need to be aware of regulatory changes that can affect Bitcoin. This includes government regulations and changes from the casino itself. Crypto is relatively new in the gambling world, so many casinos are still figuring out their rules for banking with Bitcoin.
Bitcoin Cash
Bitcoin Cash is another well-known crypto that has picked up steam with online casino users. Here are some advantages and disadvantages of using the crypto to fund your bankroll.
Pros of Gambling With Bitcoin Cash
One of the best reasons to use Bitcoin Cash is that it is less expensive than its predecessor. This makes it easier to acquire, especially in bulk. If you plan on doing a lot of gambling, then you will need a lot of BCH to cover your bankroll.
BCH offers many of the same benefits as Bitcoin but to a lesser degree. You still have the benefit of fast transaction speeds and minimal fees. Many crypto casinos also have high maximum deposit and withdrawal limits for BCH users.
Finding bonuses for BCH can be slightly more challenging than finding bonuses for Bitcoin, but there are still plenty to choose from. BCH also typically qualifies you for other benefits, like fee-free transactions, at top casino sites.
Cons of Gambling With Bitcoin Cash
Despite its similarities to the original, Bitcoin Cash is not as popular as Bitcoin. This could create issues for some gamblers.
BCH’s lack of popularity means that withdrawal limits could be lower than for other cryptos. Bovada, for instance, only allows $2,500 in BCH withdrawals every week. For comparison, Litecoin and Bitcoin users can withdraw $180,000 and $90,000 per week, respectively.
Also, BCH is not as widely accepted as BTC or other more popular cryptos. So, you will have slightly fewer casino options to choose from.
Ethereum
You can choose crypto payments that are unrelated to Bitcoin, too. Ethereum, for example, is a very popular banking option with online casino gamblers.
Pros of Gambling With Ethereum
Ethereum brought many new innovations to the world of crypto. Gamblers can use those innovations to their advantage by funding their bankrolls with ETH. The increased security that comes with ETH, for instance, can instantly make your casino experience safer.
Using ETH allows you to avoid the security risks of providing your banking or credit card information. All you need to do is connect your Ethereum wallet, which can be completely anonymous, to your account.
Transaction fees, speeds, and bonus options will vary from one casino to another, but many casinos encourage the use of ETH and other cryptos. BetUS, for example, processes ETH withdrawals within 24 hours and does not charge a fee. You can also get an automatic 50% boost to any bonus you qualify for when you deposit with ETH.
Cons of Gambling With Ethereum
Like any crypto payment method, Ethereum has its flaws that need to be accounted for. The Smart Contracts that the currency is built on have been attacked by hackers in the past. This issue is present whether you use the currency to gamble or not.
You could also face similar struggles at BCH users, namely lower deposit and withdraw limits than other popular cryptos. On the other hand, there are sites like BetUS that have the same deposit and withdrawal limits across all their accepted cryptos, including ETH, BTC, and others.
Litecoin
Litecoin is one of the oldest cryptocurrencies available today. So, it comes as no surprise that it is widely accepted at online crypto casinos.
Pros of Gambling With Litecoin
Litecoin may not have the name recognition of Bitcoin, but it quickly became popular with casino gamblers. This currency helps gamblers maximize two of the best benefits of betting with crypto at online casinos.
Crypto transaction speeds at casinos are usually among the fastest of any payment option. Litecoin is fast, even by crypto standards, so you will be able to complete transactions even faster. This crypto has lower fees than other top currencies, including Bitcoin, so you will have more money to put toward your casino bankroll.
Saving money on fees will also give you more money to invest in casino bonuses with Litecoin. Many casinos accept Litecoin as a payment option, and you can typically use it for crypto bonuses, too.
Cons of Gambling With Litecoin
There are a lot of benefits to gambling with Litecoin, but it is far from the perfect crypto. For instance, its inability to match Bitcoin’s SoV makes it a risky currency to use.
Also, there is no guarantee that Litecoin can maintain its advantages over Bitcoin, such as faster transaction speeds. Compared to BTC, Litecoin has increased security concerns and a relatively high wealth centralization.
Tether
Tether is widely accepted at casino sites and is considered one of the top crypto payment options. It is simple to invest in, so even people who are new to crypto can use Tether to fund their casino gaming.
Pros of Gambling With Tether
One of the biggest advantages of Tether is its stability relative to other cryptos. So, you can fund your account with USDT and not be as concerned with market fluctuations. This allows you to focus more on the fun you are having playing casino games.
Tether is also easy to exchange for other currencies. So, after withdrawing your winnings in USDT, you can easily exchange them for other, more exciting cryptos.
This crypto’s stability also makes it attractive to casinos. Most crypto casinos accept Tether as an approved payment option. It is also available for crypto bonus promotions and offers transaction speeds on par with other cryptocurrencies.
Cons of Gambling With Tether
Tether is a great option for crypto gaming, but it does have its flaws. One of the biggest concerns is that the company behind USDT is not as transparent as other cryptos. Its single-entity management structure also makes it less secure than other cryptocurrencies, such as Bitcoin.
Newer cryptos have improved upon the Tether model, allowing up-and-coming stablecoins to gain a lot of ground on Tether. If you are looking for a crypto to use long-term, there are other options that offer brighter futures. Tether usually has average deposit limits by crypto standards, too, putting it squarely behind Bitcoin and Litecoin at most casinos.
Which Crypto Is Best for Online Gambling?
Crypto casinos have become all the rage in recent years. Funding your account with cryptocurrency offers increased security, faster transaction speeds, and tons of other benefits. But which crypto is the best for online gambling?
Litecoin and Ethereum are great options, but I would still side with Bitcoin for now. It is preferred by many casinos, and you can access even better deposit and withdrawal limits and bonuses than other crypto users. Check out the list above to learn more about gambling with crypto and the best cryptocurrencies to use at online casinos.