Cryptocurrency casinos are in an interesting position. On the one hand, they’ve experienced not just rapid growth but their own invention over the past few years. Yet, despite their success, many people haven’t yet heard of them or understand how to use them.
One of the biggest questions is what coins to use for them. Many operators are overseas, so when looking to use the best crypto casinos for Filipinos or for Australians, it’s important to know the basics: What coin suits you?
Factors to Consider When Selecting a Coin
When choosing what crypto to use, it’s common to focus on the tech. Fast transactions (deposits/withdrawals) as well as privacy and security, for example. It’s possible to research these things (e.g. which ones have the least network congestion) because they all differ.
Secondly, the coin’s popularity is another consideration. Market stability and its potential for growth are all considerations because your coin may lose value before you withdraw it from the casino. Or, you may win big, withdraw it, then find it difficult to sell a sizeable amount because liquidity is low.
The casinos themselves can of course choose what coins they even accept. Some accept Alt Coins, others do not. Crypto and its coins used to be led by the enthusiasts, but we’re beginning to see regulators, institutions, and in this case casino operators, dictate the market somewhat.
Top Cryptocurrencies for Crypto Casinos in 2024
As of 2024 - but really, ever since the dawn of time - there are a few clear frontrunners. Bitcoin (BTC) remains the pioneer and most widely accepted coin, accounting for nearly 75% of all crypto gambling transactions. All other major coins are influenced by the prices changes of BTC - but it’s not necessarily the best technology.
Ethereum (ETH) is perhaps the primary competitor to BTC because it offers smart contract capabilities and fast transaction times, and is the only one comparable in terms of volume and market cap. Litecoin (LTC) is both faster and more affordable than Bitcoin too, while Bitcoin Cash (BCH) has increased block size for quicker transactions. Many will argue Bitcoin is the “worst”, yet it prevails as the number one coin.
Stablecoins like Tether (USDT) are now huge in the crypto casino space because they offer reduced volatility by being pegged to the US dollar. Solana (SOL) is a very high-performing blockchain with low fees and fast transactions, making it an attractive option for online gambling. Dogecoin (DOGE), initially a meme coin, has seen increasing acceptance in the crypto casino industry, driven by its strong community. But, many remain suspicious of its seriousness.
Emerging Gambling Tokens and Their Potential
In addition to the major players, some purpose-built gambling tokens are weighing in. FUNToken (FUN) is aiming to fulfil a need in the iGaming industry with its decentralized gaming platform and provably fair games. Wink (WIN) introduces blockchain technology to online gaming, allowing users to play decentralized applications and games (a little bit like DeFi, but instead of finance it’s gaming). CasinoCoin (CSC) is a purpose-built token designed to streamline the regulated gaming industry, meaning it’s gaining favour among both operators and players alike.
Final Word
Ultimately, the best coin depends on various factors and whether your desired casino operator even accepts it. Therefore, it’s worth having two options - one which is your desired coin, and one that is your preferred major coin which you know will be accepted. Some gamers do opt for one they purely believe will grow because, time spent gaming with the coin is actually time spent “in the market”, holding that coin, in which you’re at the mercy of its price movements.
