Posted at: 18/05/2022
Reading time: < 9min
Using most popular cryptocurrencies for casino deposits to gamble online has been gaining tremendous popularity, with an increasing number of online casinos not only supporting transactions in decentralized money but offering special bonuses and promotions for crypto deposits.
Bitcoin is already a widely supported payment method, alongside credit/debit cards and e-wallets; however, there are a number of other cyber cash options you can use for casino deposits. Here are some of the most widely used cryptocurrencies at online casinos.
Bitcoin is the oldest and most popular cryptocurrency not only in online casinos but in general, so when the idea of crypto deposits started to permeate the iGaming industry, “crypto casino” was synonymous with “bitcoin casino”.
Even now, with so many options, Bitcoin is still the only cryptocurrency accepted by a majority of online casinos that are just starting to tap into virtual money transactions. There are exclusively Bitcoin-based online gambling sites where all transactions are handled in this currency and there are many gambling sites that offer special bonuses to players who use it to make deposits.
That being said, although it’s the most widely used cryptocurrency at online casinos, Bitcoin is not without its disadvantages. For example, it’s neither the fastest nor the cheapest crypto deposit option. However, it does facilitate anonymous and safe transactions and you don’t need even need to have a full Bitcoin to start betting online.
Bitcoin is not going anywhere anytime soon, so if you’re interested in using e-cash for online gambling, it’s worth buying as it is still the most popular cryptocurrency for casino deposits.
Ethereum has asserted itself as Bitcoin’s alternative in online casino deposits. Although launched as a platform for decentralized applications, Ethereum is now a popular payment method. Their token, the Ether, is second only to Bitcoin in market capitalization.
Ethereum is the second most popular cryptocurrency used by online casinos after Bitcoin. This could be ascribed to its transactions being faster and cheaper than Bitcoin and other cryptocurrencies. Developers also use the Ethereum platform to launch casino games and online casinos.
It has had safety issues in the past; however, those have been resolved and many casino sites, online sportsbooks, and poker rooms use it exclusively mainly for its smaller fees.
The only thing players need in order to make deposits with Ether at online casinos is a client side digital wallet granting access to Ethereum. There are many providers offering ways to store cryptocurrencies so once you’ve selected a provider, you can use your unique address and a private key to access your Ethereum balance.
Created back in 2011 as an early Bitcoin fork, Litecoin hasn’t been able to come close to Bitcoin’s price but it has established itself as a popular cryptocurrency for casino deposits thanks to its faster processing times and smaller fees.
While a Bitcoin transaction may take an hour or even more to clear, a Litecoin deposit will be processed in under 10 minutes. To start betting online using LTC, you need to set up a Litecoin wallet first to get your public address and private keys that are necessary to authenticate transactions.
When you have purchased Litecoins, you can make your deposit in your online casino profile. Typically, there are no fees for Litecoin casino deposits, but each operator may set minimum and maximum limits.
Bitcoin Cash was created by splitting Bitcoin’s blocks so as to achieve better speed and scalability. Bitcoin Cash made additional security measures redundant and utilizes the platform’s full capacity, increasing the block size from 1MB up to 8MB. With the platform optimized to process transactions at a much faster rate, the new cryptocurrency meant more transactions could be cleared simultaneously.
Bitcoin Cash keeps the main advantages of the original cryptocurrency such as decentralization, anonymity, and security but offers improved processing times so it’s easy to see why it’s one of the most popular cryptocurrencies used in online casinos.
You will find Bitcoin Cash as a deposit/withdrawal option in the cashier section of all online gambling sites that have opted to support it as a payment method.
While Bitcoin Cash was created as a fork of Bitcoin to solve speed and scalability issues, Monero was launched in order to address anonymity concerns. Bitcoin guarantees a level of anonymity to transactions, especially compared to other cryptocurrencies, but it does not shield its users with complete anonymity as wallets can still be linked to an identity.
Monero transactions are practically untraceable. That makes it a popular choice for gamblers residing in jurisdictions where online gambling is prohibited. Focused on protecting the privacy of the parties involved in a transaction, Monero is preferred when the sender, the receiver’s address, and the amount of the transaction need to be kept hidden from prying eyes.
There aren’t as many Monero online casinos as there are Bitcoin or Litecoin ones, but there are still viable options that have chosen to utilize Monero deposits and make their services available to clients who otherwise wouldn’t be able to deposit at an online casino.
At present, Ripple enjoys the rather comfortable fourth place in the ranking of most popular cryptocurrencies not just for online casino but in general after Bitcoin, Ethereum, and Binance Coin. Its price is not anywhere near the top 3, but this cryptocurrency has been steadily gaining momentum.
The Ripple payment settlement system can be used to process not only XRP transactions but to also facilitate the exchange of a variety of fiat currencies, other cryptocurrencies, and commodities. The list of online casinos that support XRP as a payment method is a relatively short one, but with the Ripple platform being used by large financial institutions and a favorable forecast for its market cap, the list is definitely growing.
USD Tether makes the top 5 of most popular cryptocurrencies used online. One of its main advantages is that it doesn’t have the volatility of other cryptocurrencies as it’s tethered to the US dollar and doesn’t fluctuate in price as much as Bitcoin or Ethereum.
It is based on the Bitcoin blockchain and the Omni platform, which is indicative of its security. Tether can be found on both cryptocurrency exchange platforms and hybrid platforms, among which are a growing number of online casinos. Being tied to a fiat currency, this cryptocurrency is preferred for casino deposits because of its price stability, fast transactions, and increasing availability.
Launched in 2013 as a parody of a meme involving a Shiba Inu dog, Dogecoin hasn’t become as mainstream across gambling sites as the other cryptocurrencies mentioned above. One of the reasons could have to do with the huge difference in price, with Dogecoins deposits needing much bigger limits in order to allow effective gambling and the fees associated with it. This also relates to bonuses and wagering conditions.
However, while there may be very few Dogecoin-specific bonuses, deposits made using this currency could still qualify for a bonus that applies to all crypto deposits. While the number of Dogecoin gambling sites is still limited, it is one of the top five most popular cryptocurrencies for deposits supported by the SoftSwiss casinos along with Bitcoin, Litecoin, Ethereum, and Tether.
And if such a platform as SoftSwiss has seen a point in supporting Dogecoin transactions, other operators are sure to follow suit soon.