Best Crypto for Gambling: Bitcoin, Ethereum, or Altcoins?

Cryptocurrency gambling is one of the safest and fastest betting and wagering platforms. As a result, more and more people are driven into the crypto casinos. The popularity of these games in recent years has led to casinos and gaming platforms integrating various digital currencies into their games. So, the number of available cryptocurrencies for online gambling is increasing.

As there are many options available, the player often gets confused about which blockchain currency to choose for digital currency betting and wagering. All crypto has certain pros and cons, and deciding on the ideal one can be a daunting task.

So, if you are among those who want to start wagering on crypto-based betting platforms or are tired of facing issues in online gambling due to your digital currency, then you have come to the right place.

In this cryptocurrency gambling guide, we will compare the top digital assets, such as Bitcoin, Ethereum, and altcoins, and choose the best cryptocurrency for online gambling.

What is Cryptocurrency?

The term cryptocurrency describes a form of decentralized, digital currency with a finite quantity. These digital assets use cryptographic procedures as a security measure. Because they use blockchain technology, these currencies don't need intermediaries or regulatory bodies like banks and other financial institutions to conduct transactions.

The use of crypto assets like Bitcoin, Ethereum, Solana, Tether, and Stablecoin is increasing. Many see it as an investment, while others use it to trade. For instance, you can purchase many things with Bitcoin, such as other assets. Recently, there has been an increase in the trend of buying and investing in NFTs (Non-Fungible Tokens) with the help of these blockchain currencies.

That being said, these currencies are also being used in gambling. We will discuss this in more detail in this blog.

Why Use Cryptocurrency for Gambling?

Players who are still using fiat currency to engage in online gambling via traditional digital casinos often ask why use cryptocurrencies for gambling when the old ones are working just fine. Likewise, this is the same question asked by players who want to start engaging in online betting and wagering.

To answer this, we need to dive deep into the advantages of crypto in gambling, as one or two pros cannot adequately address it. So, let’s check out why digital money is used for betting before moving on to the ideal blockchain currency.

Anonymity & Privacy

The first reason for using digital money in gambling is anonymity. Anonymity and privacy attract many players to Bitcoin and other digital asset betting sites. Players can wager at most cryptocurrency casinos without having to go through a rigorous identity verification process. For example, standard non-blockchain betting sites ask you to complete forms such as KYC (Know Your Customers) and others that ask for personal information.

Crypto casinos usually let visitors and players register with just an email address and a cryptocurrency wallet, in contrast to regular casinos that demand personal information—protecting user privacy while gaming with cryptocurrency is comparatively simpler. Players who wish to hide their playing history from outside parties will find this additional privacy useful.

Speed of Transactions

Another reason to choose Bitcoin and similar assets for gambling is the speed of the transactions. Due to banking protocols and regulatory requirements, withdrawals at regular online casinos take hours or days to process. Furthermore, the agents and platforms you choose significantly impact the precise time of the transaction.

On the other hand, digital asset casinos provide instant withdrawals and deposits, typically in minutes. Thanks to blockchain technology, players may claim their wins immediately, eliminating the need for drawn-out bank clearances.

Minimal Transaction Fees

Low or no transaction costs are another fantastic feature drawing players to these betting sites. As a result, gamers can save some additional money. You can avoid the hefty transaction costs connected to credit cards, wire transfers, and e-wallets because cryptocurrency transactions avoid conventional banking procedures.

Nevertheless, your platform is likely to provide free transactions. Additionally, there is no chance of chargebacks because transactions using tokenized currencies like Ethereum and Bitcoin are irreversible.

Fairness & Transparency

Fairness is one of the main issues with Internet gaming. Players may develop a bad opinion of these platforms because they think they are biased and managed. That being said, crypto casinos use provably fair algorithms, a cryptographic mechanism that enables players to confirm the fairness of every wager, which Blockchain-based secure online casinos use.

Therefore, provably fair gaming allows independent verification of game outcomes, guaranteeing transparency and fairness, in contrast to traditional casinos where players must have faith in the platform.

Global Access

Lastly, cryptocurrency is not restricted by geographical borders, allowing players worldwide to participate without worrying about currency conversions or banking regulations. Moreover, players in regions where online gambling is not regulated can also engage in such games.

Now that we are all clear that the digital currencies can be the mainstream assets for online cryptocurrency gambling, let us move on to the ideal blockchain assets based on your needs.

Bitcoin (BTC) for Gambling

Bitcoin is the pioneer of cryptocurrencies. This digital asset, which entered the open market in 2009, was founded by Satoshi Nakamoto, an anonymous person or group.

Due to the blockchain's decentralized nature, the identity of the largest Bitcoin holders is often anonymous. However, early adopters and some institutional investors are known to hold significant amounts.

The price of a single Bitcoin is over $90,000 in today’s market; however, the price changes for a number of reasons, such as demand and supply. There is a limited number of BTC coins, which is 21 million possible coins. Bitcoin gambling sites are among the most successful in terms of online betting.

Pros of Bitcoin for Gambling

• BTC is the most widely accepted and used cryptocurrency in online casinos

• They are highly secure and transparent due to the strong blockchain.

• Bitcoins are an established network with reliable infrastructure.

• Bitcoin gambling offers decentralization and is resistant to government interference.

• All gambling platforms recognize and trust this digital currency.

• Bitcoin has a long-term store of value, reducing the risk of token depreciation.

Cons of Bitcoin for Gambling

• The transaction process can be slow compared to that of newer cryptocurrencies.

• BTC comparatively has higher transaction fees, especially during network congestion.

• This digital currency has a limited scalability, leading to slower processing times.

• Gambling bitcoin comes with price volatility, which is common in all crypto and may impact bankroll management.

• Not all BTC casinos have a smart contract. So, the lack of smart contract functionality limits advanced betting options.

Best Suited for: Players who value security, stability, and broad casino acceptance.

Ethereum (ETH) for Gambling

Ethereum (ETH) is one of the most popular and biggest competitors of Bitcoin. Developed in 2015 by Vitalik Buterin and a team of developers, ETH has successfully captured a huge market.

The Ethereum Foundation, early investors, and various decentralized autonomous organizations (DAOs) are some of the biggest holders of this digital currency.

The price of Ethereum in the market is currently around $2200. Individuals prefer it because it is less expensive than Bitcoin and has other advantages, such as faster transactions. It also has a variable supply, which is totally different from BTC.

Pros of Ethereum for Gambling

• ETH has Faster transactions compared to Bitcoin.

• Ethereum gambling offers smart contract integration that enables automated and fair gaming in betting sites.

• The acceptance rate of this blockchain coin is increasing among crypto gambling platforms.

• Ethereum gambling has more decentralized applications (DApps) available for gambling.

• Lower energy consumption with Ethereum 2.0 improvements.

• Multiple token options (ERC-20) offer flexibility in wagering.

Cons of Ethereum for Gambling

• The gas fees in the ETH coin are usually unpredictable and get really high sometimes.

• The Ethereum coin has less widespread acceptance in online casinos than Bitcoin.

• Smart contracts, if poorly written, can have security vulnerabilities.

• Although it has good connectivity, network congestion can still impact transaction speed.

• Not as stable as Bitcoin in terms of long-term value storage.

Best Suited for: Players interested in decentralized gaming and smart contract-based betting.

Altcoin for Gambling (Litecoin, Dogecoin, Ripple, etc)

Altcoin is not a specific cryptocurrency but a general term referring to all cryptocurrencies other than Bitcoin (BTC), which stands for "alternative coin." Although Altcoin started as an alternative option for the BTC, later on, it has also become an option for ETH as its popularity and use are increasing at an alarming rate.

Alternative Coins include currency like Ether, Litecoin, and Dogecoin, and they frequently share code and functionality. A growing number of altcoins are listed on cryptocurrency marketplaces, and they can be quite volatile.

Let us discuss some of the most popular ones so you can choose the best altcoins for gambling.

Litecoin (LTC)

Charlie Lee, a former Google engineer, developed Litecoin (LTC) in 2011. Lee sold most of his holdings in 2017 but is still a well-known figure in the Litecoin community. Individual investors currently hold a large percentage of the supply. At the current rate, Litecoin sells for USD 113.73, which offers faster and cheaper transactions compared to Bitcoin.

Dogecoin (DOGE)

Billy Markus and Jackson Palmer created Dogecoin (DOGE) in 2013 as a lighthearted spin-off of other digital currencies. While some large wallets hold a significant amount of Dogecoin, their identities are unknown. Dogecoin is now worth USD 0.2153, and its popularity among online communities worldwide makes it a favorite among casual cryptocurrency users.

XRP (XRP)

Ripple Labs introduced XRP in 2012 to accelerate and reduce the cost of cross-border payments. Ripple Labs and co-founders such as Chris Larsen and Jed McCaleb hold a significant portion of XRP. The token now has a value of USD 2.60, being popular with financial institutions.

Tether (USDT)

Tether Limited created USDT in 2014 as a stablecoin pegged to the U.S. dollar. Traders and cryptocurrency exchanges primarily use Tether to hedge against market volatility. Its price remains fixed at USD 0.9994, and it is one of the most widely used stablecoins in the cryptocurrency world.

USD Coin (USDC)

Circle and Coinbase jointly introduced USD Coin (USDC) in 2018 as another dollar-pegged stablecoin. Numerous cryptocurrency platforms and DeFi dApps rely on USDC for settlement and liquidity. Its price remains constant at USD 0.9999, further establishing it as a stable digital dollar.

Dai (DAI)

MakerDAO developed Dai (DAI) in 2017 as a decentralized stablecoin. DeFi users and holders actively hold and trade most of the Dai currency. Currently priced at USD 0.9999, Dai still offers stability while being decentralized from centralized parties.

FUNToken (FUN)

FunFair Technologies launched FUNToken (FUN) in 2017 for blockchain gaming. Users of the FunFair gaming platform regularly use this token for gambling and in-game settlement. FUNToken currently trades at USD 0.0025, and it is a niche choice among crypto-gaming solutions.

Binance Coin (BNB)

In 2017, Binance issued Binance Coin (BNB) to streamline its exchange business and provide rebates on the trading fee. Binance users and it hold most of the token supply. Trading at $USD 590.00 today, BNB remains one of the most valuable exchange-backed cryptocurrencies.

Monero (XMR)

A group of privacy-focused developers created Monero (XMR) in 2014—individuals and institutions interested in financial privacy heavily use and own Monero. XMR is currently valued at USD 230.35, and it is used extensively for anonymous transactions.

Zcash (ZEC)

Zooko Wilcox-O'Hearn and Electric Coin Company created Zcash (ZEC) in 2016 to offer better privacy attributes. Privacy-oriented investors and consumers hold a large amount of Zcash. Its current worth is USD 39.28, reflecting its stable position in the privacy-based cryptocurrency space.

Pros of Altcoins for Online Betting

• Most of the Altcoins have faster and cheaper transactions (e.g., Litecoin, Dogecoin).
• You can have a variety of choices, all for different user needs.
• Some new casinos offer better bonuses for using altcoins.
• There is lower energy consumption compared to Bitcoin and Ethereum.
• Some altcoins (e.g., TRON) are specifically designed for gambling.
• Innovative features such as instant transactions (e.g., XRP) enhance usability.

Cons of Altcoins for Online Betting

• Not all altcoins are widely accepted as they are more volatile and do not have good value.
• There is a higher price volatility of the newer Altcoins than Bitcoin or Ethereum.
• Security concerns with lesser-known altcoins.
• Some altcoins have lower liquidity, making withdrawals challenging.
• There is less regulatory clarity, which leads to potential restrictions in some countries.
• The new digital currency coins are more susceptible to market manipulation.

Best suited for: Players looking for fast, low-cost transactions and niche benefits.

Comparison of Bitcoin, Ethereum, and Altcoins

Here is a comparison of the market leaders of digital assets. We will have a look into Bitcoin vs Ethereum for gambling. Moreover, we will look at Altcoins and their potential.

Feature of the digital assets	Bitcoin (BTC)	Ethereum (ETH)	Altcoins
Speed	Slow	Faster than BTC	Fastest
Fees	High	Moderate	Low
Acceptance	Very High	Moderate	Varies
Security	Very High	High	Depends on coin
Smart Contracts	No	Yes	Some (depends on altcoin)
Privacy	Low	Moderate	Low
Volatility	Moderate	Moderate	High
Scalability	Low	Moderate	High
Microtransactions	Poor	Good	Excellent
Innovation	Slow	High	Varies

Key Factors to Consider When Choosing Top Cryptocurrencies for Gambling

Selecting the right cryptocurrency for gambling matters as it influences the speed of transactions, security, fees, and the overall gaming experience. Online gambling with Bitcoin and Ethereum are totally different. Below are the most critical considerations to have in mind while making your choice:

Casino Acceptance

Not all gambling websites accept all cryptocurrencies. While Bitcoin is available at most online casinos, Ethereum and altcoins may be less common for crypto gambling options. If you prefer a specific altcoin, such as Dogecoin or XRP, you should check if your preferred casino accepts it.

Transaction Speed & Network Congestion

Faster transactions enhance the gaming experience, allowing players to deposit and withdraw funds in real time. Bitcoin transactions are slower, especially during periods of network congestion. Ethereum is faster than Bitcoin but can be slow due to the expensive gas fees. Altcoins have near-instant transactions, which makes them ideal for instant gambling deposits and withdrawals.

Privacy & Anonymity

Gamblers who value anonymity may want to use privacy-oriented cryptocurrencies. Gambling with Bitcoin and Ethereum is publicly recorded on blockchains. Privacy coins such as Monero (XMR) and Zcash (ZEC) provide greater anonymity, with gambling transactions being kept private.

Transaction Fees

Transaction fees differ greatly among cryptocurrencies. Steep fees will cut into your gambling budget, so it's crucial to select a crypto with inexpensive transactions. Bitcoin fees are high, so it's expensive to make regular deposits and withdrawals. Ethereum fees are variable depending on network demand. Altcoins have much lower transaction fees, so they're an affordable option for wagering small amounts.

Smart Contract Functionality & Decentralized Gambling

A few gambling sites operate using smart contracts, providing provably fair gambling and decentralized betting. Ethereum is the most popular platform for smart contract-based gambling. Altcoins also facilitate decentralized gaming. Bitcoin does not have smart contract functionality, so it is not as suitable for innovative gambling uses.

Microtransactions & Small Bets

Cryptocurrencies like Bitcoin have a huge market value and are not ideal for small wagers and bets. Certain players prefer to make small bets instead of making large bets. Bitcoin is not suitable for microtransactions due to high fees. Ethereum is capable of microtransactions, but there are problems with gas fees.

Likewise, Altcoins like Dogecoin and XRP are best suited for microtransactions due to their low fees and fast processing.

Volatility & Risk Management

Cryptocurrency prices fluctuate, and that can influence your gambling bankroll. Bitcoin and Ethereum are stable coins relative to up-and-coming altcoins. Dogecoin and FUNToken altcoins are very volatile, and they can increase or decrease your money to a great extent. Stablecoins (USDT, USDC, DAI) are price-stable, and hence they are a good option for stable bankroll management.

Security & Stability

Security is paramount when one gambles online. Established cryptocurrencies like Bitcoin and Ethereum have strong security measures, but some of the lesser-discussed altcoins are vulnerable to security issues. Stablecoins like USDT and USDC also provide price stability, which annihilates the fear of market volatility.

Regulatory Considerations

There are various crypto regulations for safe online digital betting globally. Certain governments limit the application of certain cryptocurrencies for internet gambling. Before choosing a crypto, make sure it is approved in your area.

Loyalty Programs & Casino Bonuses

Some casinos offer higher rewards, cashback, or bonuses for wagering using specific cryptocurrencies. Casinos offer higher bonuses to promote the usage of certain new coins, so before you choose a cryptocurrency, see if the casino offers any incentive for using Bitcoin, Ethereum, or altcoins. This will enable you to earn some extra winnings.

Final Verdict: Which Crypto Should You Choose?

Now, let us move to the final verdict based on the various factors to consider before choosing crypto for betting. Choosing the best cryptocurrency for gambling depends on several factors, including speed, fees, security, and casino acceptance.

Bitcoin remains the top choice for the majority of gamers for betting, similar to other use cases like investment, since it is universally accepted in online casinos. If reliability, security, and an established network are what you favor, then Bitcoin is the safest choice.

That said, using Bitcoins comes with high transaction costs. Moreover, it has slower processing times, so it is less ideal for lots of transactions or really small bets.

If you are a player who wants decentralized gambling, Ethereum is the best option. Its smart contracts allow fair and incredibly fast betting protocols, offering provably fair games. Likewise, Ethereum is more rapid in transactions, but with very busy networks, extremely high gas fees can be a disadvantage.

If you value speed and minimal transaction fees, altcoins like Litecoin (LTC) and Dogecoin (DOGE) are viable options for you. They offer fast deposits and withdrawals at minimal costs. However, their support is different from gambling sites, and some altcoins may have reduced liquidity and increased volatility.

Finally, the best cryptocurrency to bet with depends on your specific requirements, personal taste, and preferred casino. Researching accepted payment methods and transaction costs can assist you in making a choice.

Conclusion

All in all, selecting the best cryptocurrency to gamble with is simply a matter of the player's individual needs and wishes.

First, as the most popular blockchain currency, Bitcoin is most suitable for players who want safety, stability, and overall acceptance but do not necessarily need instantaneous transactions or low transaction fees.

Likewise, Ethereum stands out based on its quicker transactions and support for smart contracts. It is best for those who care about decentralized, provably fair gaming.

Finally, Altcoins, such as Litecoin and Dogecoin, offer high speed and low fees, which are handy for gamblers looking for fast and cheap bets.

Overall, the choice of which cryptocurrency to gamble with has to be based on considerations of transaction speed, fees, anonymity, and the specific function provided by the gambling site.

Some common questions

1. Which Cryptocurrency is best for crypto gambling?

The best cryptocurrency depends on your preferences:

• Bitcoin (BTC) is the most accepted, secure, and stable option.
• Ethereum (ETH) offers faster transactions and integration of smart contracts, thus enabling decentralized and fair gaming.
• Altcoins like Litecoin, Dogecoin, and Ripple are cheaper and faster to employ for transactions but may not have been as well-liked.

2. Can I play online casinos with Altcoin?

Yes, you can play online casinos with Altcoins, but you need to be aware that not all platforms accept this digital currency.

3. Is Cryptocurrency gambling safe?

Yes, cryptocurrency gambling is safe if you engage in wagering and betting on a regulated and licensed site.

4. How to choose cryptocurrency for gambling?

There are a few things that you should consider when choosing a digital asset for crypto gambling, which include:

• Acceptance of the blockchain assets in the casino
• Time for transaction
• Transaction fees for deposits and withdrawals
• Security Measures
• Privacy Measures

5. Are there risks in using altcoins for gambling?

Yes, altcoins are less stable and may be less liquid than Bitcoin and Ethereum. Some altcoins may also pose security risks, and their usage at casinos may be limited.

6. How to use cryptocurrency in gambling?

To bet with cryptocurrency, first choose a reliable crypto casino and sign up. Load your favorite cryptocurrency (Bitcoin, Ethereum, etc.) from your wallet. Once funds are confirmed, you can go ahead and play casino games like slots or poker. If you win, withdraw your money by sending it to your crypto wallet. Play only on reliable sites, enable security features like two-factor authentication (2FA), and bet responsibly.