What is The Best Crypto Currency for Online Gaming in 2024?
Money is moving fast in the online gambling industry, as players tend to use payment methods that allow them to top up their accounts or make withdrawals instantly.
Over the past couple of years, they discovered that crypto currencies are secure and anonymous, so many online casinos are now listing them among the supported methods. Since an average player may struggle to make sense of all the strangely named coins, we will discuss which cryptos are the best to use on online gaming sites in 2024.
While some people may think that all cryptocurrencies are similar and it doesn’t matter which one they use; in reality, each one has unique benefits and drawbacks. We will try to shed some light on this interesting topic and to single out some of the most promising crypto coins to pay attention to this year and beyond.
How Crypto Benefits Online Casino Players?
By relying on crypto transactions to and from the gambling site where they play, players can improve their privacy and ensure faster access to the funds. That’s possible because of the blockchain technology powering all the relevant crypto projects and allowing each user to verify all transactions in the network via a shared ledger. That eliminates the need to undergo lengthy and invasive verification procedures that banks require before approving any transaction, especially a cross-border one.
Let’s take an example of a player who enjoys a few rounds of blackjack from time to time. In order to send money to his online account at a casino site, this player needs to select a payment method and meet the minimum deposit requirement. If the player already has a crypto wallet, the funds could be transferred within minutes, allowing him to fund his game with no delays. Similarly, in case this player wins a significant sum on blackjack online, he could quickly move that cash to his crypto wallet without going through the banks. On some casino websites there might even be crypto-specific bonuses to collect. All of this depends on where the player is based and what the laws and regulations are in their respective country at the snapshot in time that they’re playing. What’s legal and allowed in a country like Canada now might be different in years to come and vary compared to foreign markets.
Which Crypto Coins Are Accepted on Gaming Sites?
Not all crypto currencies can be used on every casino website, so it’s imperative to check the exact list before choosing where to play. While Bitcoin is practically universally accepted and even those sites that still don’t allow it will probably start soon, the situation is mixed when it comes to other coins. Many websites accept only 3 or 4 different cryptos, which can be limiting for players who keep their money diversified. Fortunately, there is a whole new class of crypto-friendly casinos that usually accept a dozen or more different crypto currencies.
Some of the most commonly accepted currencies include Ethereum, which is the second most traded crypto coin and also nearly universally accepted on gambling sites, as well as Tether, Litecoin, and Dogecoin. Each of these currencies is based on a different protocol and has unique advantages, but all of them are very secure. This is the reason why online gaming platforms tend to add almost any new crypto currency that becomes popular among players.
Does Bitcoin Have Any True Rivals?
The multitude of available crypto options can distract from the fact that Bitcoin is still the king. It accounts for a majority of crypto transactions in the online gambling sector and enjoys a status of a known commodity which is valuable in this fast-changing world. Despite the field becoming much more crowded in recent years, none of the newcomers has been able to challenge the dominance of Bitcoin just yet. The original crypto currency looks like it won’t be surpassed either in value or in popularity any time soon.
The real question is not which coin will replace Bitcoin on the throne, but rather can any of them coexist along with it. It appears the market is broad enough to accommodate more than one crypto currency and the fact that online casinos are increasingly accepting little-known coins speaks to this. Bitcoin in 2024 isn’t the only game in town any more, and it won’t ever again have the same monopoly in the crypto space that it had ten years ago
Why Stablecoins Are Great for Online Gaming?
So called stablecoins are a class of crypto currencies that attempts to solve the issue of price fluctuation that is deterring wider use of some coins. Since their value is pegged to a fiat currency (typically US dollar), they don’t experience wild swings that all Bitcoin owners are so familiar with. This makes them perfectly suited for use in online gambling, where players like to be sure that their winnings won’t suddenly lose value.
Tether is the most common stablecoin at the moment, but it’s far from only one. Alternatives such as USD Coin or TrueUSD are available, although few casino sites are accepting them right now. This is a trend worth watching over the next 12 months, as more online gambling platforms could start adding a selection of stablecoins to their supported payment methods. This would in turn create stronger demand for such coins and help their overall standing in the industry.