One of the most recent and significant developments in online gambling has been the introduction of cryptocurrency casinos. Since 2014, we have seen several fantastic online casinos created specifically for the use of cryptocurrency burst onto the scene. BitStarz, mBit, FortuneJack, 7Bit Casino, 1xBit, and BitCasino are just a small example of the leading online casinos designed for play with cryptocurrency.
Similar to standard casinos that offer several methods of deposit and withdrawal, the top crypto casinos all accept a variety of cryptocurrency. While the basis of the cryptocurrency and the way in which it is used at an online casino is mostly the same, it is great for users to have a selection of different coins.
When discussing the most common coins used by players in crypto casinos, it is impossible to ignore Bitcoin. This cryptocurrency has been the leader in terms of the development of coins in everyday life. Despite being released as an open source code in 2009, the idea for Bitcoin seemed to be in place one year earlier as the domain name Bitcoin.org was registered in 2008. Upon its release, Bitcoin changed the way people traded online dramatically and is perhaps one of the greatest changes economically for many years.
Not only can Bitcoin be used to play games at bitcoin live casinos, it is the most popular form of cryptocurrency in the world and is used by people for purchasing goods and services on a regular basis. Some of the leading crypto casinos were originally created with the use of Bitcoin in mind. Thanks to its popularity, users are confident in using Bitcoin at online casinos knowing it is not going to disappear anytime soon. Furthermore, Bitcoin has a large community of users who are more than happy to help each other out should there be any issues.
Another of the most common coins used by players in crypto casinos is Ethereum. This cryptocurrency is a relative newcomer to the scene having been introduced in 2015. It follows much of the same basic principles you will find when using Bitcoin although there are some small changes to make Ethereum unique. Almost as soon as the Ethereum system went live there was over 11 million coins circulating and it did not take long for the popularity of this cryptocurrency to rise. Due to the make-up of Ethereum, it is likely to remain in the marketplace for a significant period of time and is therefore more sustainable than some of the others available. That makes it extremely attractive for those who like to play at crypto casinos. In addition, Ethereum has links with Edgeless, a gambling token that helps to minimise the house edge and it is no coincidence this cryptocurrency was released shortly after the first crypto casinos.
Moving on and we come to Litecoin, a cryptocurrency that followed quickly in the steps of Bitcoin. It used the Bitcoin template and to the untrained eye will look like a complete replica of the cryptocurrency created by Satoshi Nakamoto. In just two years following its release, Litecoin enjoyed a $1 billion market capitalisation and it was the first cryptocurrency to make use of Segregated Witness, a process that can change the transaction format of coins.
One of the many benefits for online casino players of using Litecoin is the small transaction fees. For online gamblers who like to transfer funds between different accounts, Litecoin is ideal because miners do not charge as much as other cryptocurrencies. Plus, much of the work behind Litecoin comes from a former Google employee and this suggests it has a strong background and will be around for a long time.
Another of the leading coins used by crypto casino players is Ripple. Having been released in 2012, Ripple has a long history dating back to 2004 when the developer Ryan Fugger created RipplePay.com. The idea was based on the thought of a decentralized currency for people to use within their own communities rather than a general, country specific or worldwide currency. It did not quite work out that way but some new ideas and investment led to the creation of RippleLabs and this is where Ripple cryptocurrency was born.
Ripple is used with confidence by many online gamblers because of the fact it is backed by some of the world’s major companies including Google Ventures and Standard Chartered Bank. In terms of security, you will struggle to find a better cryptocurrency market that replicates a banking institution yet maintains all of the anonymity and security of a cryptocurrency.
In addition to the cryptocurrencies highlighted above, you will find many more are being widely used at crypto casinos. Dash, EOS Crypto, and Dogecoin are just some of the other coins now being used by players in crypto casinos.