Rating of Cryptocurrencies for Online Casino Payments
These days cryptocurrencies are getting more and more popularity as an online casino payment method. And it happens for good reason, no question about it. Online casino players highly appreciate the speed of transactions, privacy and very low fees, along with the truly unlimited amount of money they can transfer.
Top online casino sites accepting Crypto
(Players from United States are welcome)
But it is also fair to notice that cryptocurrencies could be very different. Hence, they provide online casino players with different amount of value.
Here we will consider the most popular cryptocurrencies regarding how good they serve casino players’ needs. But before, I guess, it is reasonable to talk about criteria based on which we are going to grade them.
Criteria based on which I made this rating
Security. The bigger particular cryptocurrency is (by bigger I mean market capitalization size), the more secure it is. It happens because bigger market capitalization implies that more people involved in this particular cryptocurrency. And the community, in its turn, process all transactions in network ensuring their safety as well as the network itself.
Speed of transactions. This is another crucial parameter for all online casino players, and the thing is that speed could be very different (from milliseconds to hours in some cases).
Cost of transaction fluctuates, and it is true for all cryptocurrencies. Though the cost usually stays within some boundaries so that we can assess how lucrative it is. Needless to emphasize that every online casino player is seeking for lower fees.
Popularity or how many online casinos accept this crypto so that you don’t need to switch between different cryptocurrencies.
Volatility. Cryptocurrency is a very volatile type of assets in general, and we are talking about possible daily fluctuations at tens (sometimes even hundreds) of percents. However, some of them are far more stable than others.
Privacy could become a very important parameter for online casino players, especially for those in whose countries online gambling is prohibited or even punishable.
Fuhrer in the article, I will rank the most popular cryptocurrencies among online casino players assigning them some points for each parameter.
Ethereum is the best option for online casino players in my opinion
How to buy Ethereum and use it without a wallet.
Security 9/10. Ethereum is the second biggest cryptocurrency both in terms of market cap and community size. So to say, it is nearly impossible to carry out “51% attack” on its network.
Speed of transactions 8/10 (3-10 mins). Your transaction will be processed within 10-30 seconds (new block of data is produced every 10-19 seconds in Ethereum network). However, most merchants require additional 20-30 block so it could take another 3-10 mins for your transaction to be fully accepted.
Cost of transaction 9/10 (0.1-1 EUR per transaction). It is not a constant parameter, and it depends on the network’s business at a particular moment of time. But in comparison with other online casino payment options, it is fairly cheap.
Popularity 9/10. Ethereum being second-largest crypto is accepted almost in each online casino which allows paying with crypto.
Volatility 2/10 (Less points mean less volatility level). Only Bitcoin is less volatile than Ethereum. So it definitely deserves high marks here.
Privacy 8/10. Nothing special to be said here. Just don’t tell anybody that you possess particular Ethereum address, and your privacy is not a major concern anymore.
Litecoin is fast and cheap
Security 7/10. Litecoin has been in Top 10 cryptocurrencies almost since it was created, and successful attacks on its network have not taken place so far.
Speed of transactions 9/10 (2-15 mins). Litecoin produces blocks of data every 2,5 minutes, and online casinos usually require 5 more blocks to credit your funds into the balance.
Cost of transaction 10/10 (around 0.01 EUR per transaction). The transaction is super-cheap as the network does not usually get overloaded.
Popularity 7/10. Litecoin has been around since 2011, and it has gained some popularity among online casinos as well. However, does not expect it to be a payment option in any online casino.
Volatility 5/10 (Less points mean less volatility level). The price of Litecoin could fluctuate significantly more than in the case with Bitcoin or Ethereum.
Privacy 8/10. Litecoin does not enable additional layers of privacy, but it pretty much ensures privacy by itself.
Dogecoin is fast and cheap but not so popular
How to use Dogecoin with “true” crypto wallet.
Security 6/10. Dogecoin is the smallest cryptocurrency (market cap) among other 4, but don’t be discouraged since it has a very close-knit community of miners. And there has not been any successful “51% attacks” on it so far.
Speed of transactions 9/10 (1-6 mins). Dogecoin generates a new block of data every 1 minute, and online casinos usually require an additional 5 more blocks to be produced.
Cost of transaction 10/10 (around 0.005 EUR per transaction). Here Dogecoin truly shines. It allows online casino players to transfer money rather for free.
Popularity 5/10. It is the only significant downside of Dogecoin as not any crypto online casino accept it as a deposit method.
Volatility 6/10 (Less points mean less volatility level). Dogecoin is the most volatile cryptocurrency in my rating because it has rather a low market capitalization. However, in comparison with many other cryptocurrencies (which is not in the rating), Dogecoin is stable enough.
Privacy 8/10. Dogecoin does not require to identify yourself when you are opening an account with them (also for any other crypto from this rating), so nobody can poke around.
Bitcoin has two main problems: the speed and cost of transactions
How to buy Bitcoin and use it without a wallet.
Security 10/10. Bitcoin is the biggest cryptocurrency with a huge gap. It constitutes around 65% of all crypto market value. So to say, there is no more secure cryptocurrency than Bitcoin at the moment.
Speed of transactions 6/10 (10-30 mins). Bitcoin is the first cryptocurrency, and the technology has become outdated in some sense. Therefore, do not expect Bitcoin to be instant. Bitcoin produces a block every 10 minutes, and sometimes it is a challenge to place your transaction within the next block. Though, as a rule of thumb, Bitcoin can ensure your funds to be credited within 30 minutes.
Cost of transaction 8/10 (1-3 EUR per transaction). Bitcoin is the least appealing cryptocurrency when it comes to commissions. But even the highest cryptocurrency fee is far less than it would be in traditional payment systems.
Popularity 10/10. As you may have guessed, Bitcoin is the most popular cryptocurrency among online casinos, and you can many of them which accept it. Moreover, Bitcoin is welcome by many other online stores so that you can find it pretty useful not only for gambling purposes.
Volatility 1/10 (Fewer points mean less volatility level). Bitcoin’s price is pretty much stable in comparison with other cryptocurrencies. But it can definitely swing and show 10-20% daily changes.
Privacy 8/10. Bitcoin provides online casino players with an innate level of privacy because it does not require any KYC (know your customer) procedure to be passed in order to use it.
Bitcoin Cash is a cheaper version of Bitcoin
Bitcoin Cash is a fork of Bitcoin (somewhat copy) with bigger block size (8mb instead of 1mb) which allows placing more transactions into each block making them cheaper.
Security 7/10. Bitcoin cash has cemented 5th position in terms of market cap, and, as a result, it has gathered around a quite impressive community of miners, who ensure safety and decentralization.
Speed of transactions 7/10 (10-30 mins). The speed is the same as with Bitcoin since both produce blocks every 10 minutes. Online casinos usually require 3 more blocks (for security reasons) so your transaction will be granted within 30 minutes.
Cost of transaction 10/10 (0.002-0.01 EUR per transaction). The only major difference between Bitcoin Cash and Bitcoin is commissions. Bitcoin Cash with bigger block size allows to make crypto payments super cheap by any standards.
Popularity 8/10. Bitcoin Cash is 3d most popular cryptocurrency among online gambling entrepreneurs, I would say. Hence, it can be found fairly often on online casinos’ websites as a deposit option.
Volatility 4/10 (Less points mean less volatility level). Bitcoin cash can boast with a relatively low level of volatility as it 5th biggest crypto, and it is not too easy to move price.
Privacy 8/10. Bitcoin Cash has the same privacy features as Bitcoin has. All you need to do is not disclose that you own particular Bitcoin cash account.
As you can see, Bitcoin just trails my rating. It is an awesome cryptocurrency, don't get me wrong. However, I believe, online casino players have its own unique challenges, when it comes to online payments, such as the speed of transactions, fees and privacy. So there are better, than Bitcoin, cryptocurrencies on the market that address these specific problems.
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