The use of altcoins in online gambling
What’s your preferred online casino payment method? Altcoins? Maybe debit card, credit card, e-wallet or bank transfer? While these are all solid, reliable choices. There’s one more that’s commonly being added to the list. Cryptocurrency. Thanks to its speedy processing times and affordable transaction fees, cryptocurrency is fast becoming an online gambling banking option of choice for thousands of players around the world. With well-known currencies like Bitcoin and Ethereum dominating the payment landscape.
Here’s a question though. What if you’re interested in cryptocurrency as a casino payment method. But would prefer to use an alternative to the bigger crypto names out there? Are there any other cryptocurrency options that are just as viable?
The answer you’re looking for is altcoins. Cryptocurrency alternatives like Dogecoin, Ripple (XRP), Monero, and more. While these options are gaining traction across a wide range of industries. They’re becoming equally as popular within the online gambling world as well. But are these lesser-known crypto methods worth betting on. Or should you stick with more established, traditional crypto options? Let’s take a look.
What are altcoins?
Before we get into the nuts and bolts of altcoins, let’s start with the basics. What are they? The term ‘altcoin’ actually refers to any type of cryptocurrency other than Bitcoin. (You know you’ve cornered the market when your brand recognition is this strong.)
While Bitcoin is the first and most well-known cryptocurrency. Having been invented in 2008, it didn’t take long for other digital currencies to emerge as competition, each one with its own unique features. Additionally, many of these alternatives were designed to improve on Bitcoin’s “limitations”. Such as its (relatively) slow processing times, perceived lack of privacy and higher transaction fees.
What are the alternatives to Bitcoin then, and do they get the job done?
While Dogecoin first began life as a meme coin, it’s since established itself as a legitimate digital currency with a loyal following of customers who value its low transaction fees and fast processing times. If efficient cross-border payments are a thing for you, then Ripple (XRP) is the currency you need. A crypto solution that’s known for offering almost instantaneous transactions. And for those who prioritise privacy and anonymity, Moneron is your best bet, with its secure, untraceable transactions.
The more the online gambling industry evolves, changes and innovates, the more altcoins are becoming accepted as practical banking solutions alongside other established digital currencies. So if you’re thinking about going this route, it’s a good idea to first take a look at the advantages to using altcoins, and anything you might need to be aware of before diving right in. The more information you have upfront, the more informed decisions you’ll be able to make about your finances and your gambling.
Popular altcoins for online gambling
Dogecoin (DOGE): How does a joke end up becoming an actual legitimate currency? Just ask the inventors of Dogecoin – a cryptocurrency that was originally invented as a more light-hearted alternative to serious digital currency options. Much to its inventors’ surprise, Dogecoin became an almost overnight hit, with customers responding enthusiastically to its Doge meme influence (based on a famous meme of a Japanese Shiba Inu dog) and its commitment to fast, low-cost transactions. What makes it so ideal for online gambling? Its ability to support frequent microtransactions without incurring high fees. And its rapid block time that ensures quick transaction confirmations. Very useful if you’re involved in gaming that’s time-sensitive.
Ripple (XRP): If you need to make international payments as quickly and as cost-effectively as possible, then you need Ripple. The altcoin that facilitates speedy online transactions without the hassle of network congestion. Using a native coin known as XRP. Ripple runs its own network separate from the blockchain, processing its transactions through validating servers. A unique design that allows for faster transaction times with less energy used. So if you’re all about fast, stress-free banking, then you might want to explore just what kind of effect Ripple has on your gambling experience.
And now we have Monero
Monero (XMR): The privacy and anonymity of online gambling is a huge drawcard for many players, which makes Monero an equally ideal cryptocurrency for online casino play. Designed to obscure both the sender’s and the receiver’s details, it’s the perfect banking choice for those who want to delve into cryptocurrency. While safeguarding their identities at the same time. While most cryptocurrencies record their transactions on public ledgers, Monero’s blockchain is completely opaque. A digital currency specifically designed to be untraceable and anonymous. It’s this feature that makes it so attractive to players who value their privacy. Particularly those in jurisdictions with certain restrictions against online gambling.
Cardano (ADA): Heard of Cardano before? No? You might be surprised then to find out that it’s actually one of the world’s biggest cryptocurrencies by market cap, and an evolution of the concept behind Ethereum. With an environmentally sustainable blockchain platform that’s flexible and scalable. Cardano offers speedy transactions and cost-effective fees. Both significant advantages in the world of online gambling. And if you’re eco-conscious, you can add another check mark to the ‘pro’ column. As thanks to Cardano’s unique design. Its blockchain is one of the most energy-efficient in the business. Making it good for your gambling and good for the environment too.
The advantages of using altcoins for online gambling
Faster transactions: As we touched on previously, some altcoins pick up where Bitcoin left off, improving on its design and offering a more streamlined experience. This can be seen in Ripple (XRP) for example, where transaction times are almost instantaneous – a huge advantage in online gambling where time is money. Because why waste time banking when you could literally be taking the opportunity to win money instead? That’s the freedom that Ripple and similar altcoins offer – less time spent banking and more time spent taking in the thrills of the online casino experience!
Lower transaction fees: Why waste your gaming budget on high transaction fees when you could be using it to place wagers instead? That’s the reality of many online gambling banking options out there. Including popular cryptocurrencies like Bitcoin and Ethereum, whose fees can surge during periods of high demand. If you’d prefer to save your money for actual gambling, crypto alternatives like Dogecoin and Litecoin can have a positive influence on your bankroll. Often incurring much smaller fees than other pricier options. After all, you’ve set aside a particular amount of money for your gaming. You might as well get as much value out of it as possible!
You need your privacy!
Enhanced privacy: As we touched on previously, altcoins like Monero can offer valuable peace of mind with their sophisticated privacy protocols. While Bitcoin operates on a transparent blockchain, Monero uses advanced cryptographic techniques to ensure watertight security and anonymity for you at all times. So if privacy is a priority for you, altcoins could be your safest banking bet.
Increased flexibility: Want to get more value out of your online casino experience? Here’s where the increased flexibility of altcoins comes in. With more and more online casinos starting to embrace the idea of cryptocurrency, the crypto promotions and incentives are coming in hot! Check out your online casino’s promotions page to keep on top of any rewards that might be on offer. Particularly with regards to exclusive altcoin bonuses. If you can enjoy faster transactions, lower fees and special bonuses too. Using altcoins for your casino transactions could be one of the smartest moves you make!
What to consider when using altcoins for online gambling
Limited availability: Let’s face it, while altcoins are becoming an increasingly more viable cryptocurrency option, there’s no getting around the fact that Bitcoin and Ethereum are still top dogs. Which means that while there may be many advantages to using altcoins. You might struggle to find a casino that accepts them. It’s worth considering this limited availability before you go ahead and purchase any altcoins. Just to be on the safe side. So do things in the right order. Find a casino that accepts Dogecoin, Ripple, or Monero first. Then purchase your altcoins once you’ve successfully signed up. Problem solved!
Volatility: It’s the reality of dealing with cryptocurrency. The prices of different digital currencies, including altcoins, are highly volatile. And can fluctuate dramatically even over a short period of time. Which means that as a result, the value of your deposits and withdrawals could change significantly from one transaction to another. Sometimes this will be to your benefit and sometimes it won’t. It’s worth keeping an eye on either way, so you can ensure you always get the most out of your money.
Less stable ecosystem: While altcoins are gaining in popularity, the fact remains that traditional cryptocurrencies like Bitcoin and Ethereum are more established in the market due to their reputation and their stable ecosystems. What this means is that you may have fewer support resources at your disposal. Limited infrastructure, and even the possibility of certain altcoins becoming less relevant over time. While altcoins are still a feasible crypto option, it’s worth bearing these points in mind.
Are altcoins worth it?
If you want speedy processing times, lower transaction fees and enhanced privacy then yes, altcoins are worth a look. But as with anything in life, while altcoins do offer certain advantages, there are a number of factors you’ll need to keep in mind as well. At the end of the day it all comes down to what’s important to you. So weigh up the pros and cons, and decide what it is about your online gambling that you want to prioritize.