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Cryptocurrencies

Cryptocurrencies | What’s the Best Cryptocurrency to Gamble With?

Cryptocurrencies made their explosive mainstream debut in 2009. Since then, many areas in which these digital coins could be inserted, have flourished rapidly. It was only a matter of time before cryptocurrencies entered the world of online casinos, creating a steady trend that generates spectacular opportunities and novel events. We’re witnessing history in the making, as betting online with cryptocurrencies has every chance of becoming the new normal in today’s online casino market. As things stand, it looks like it’s time to do our homework and learn more about cryptocurrencies: what makes them so special and what are today’s preferred cryptocurrencies in online gambling?

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Top Crypto Casinos Worldwide

List of the Crypto Casinos Accessible Worldwide

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What are Cryptocurrencies?

Cryptocurrencies 101

Cryptocurrencies 101

Alright, we’re gonna put on our geeky helmets for a few minutes, so please bear with us. Cryptocurrencies are not always so easy to understand and we really don’t want to sound pretentious either.

We will explain the concept of cryptocurrencies by breaking it down into a few common questions:

What are cryptocurrency casinos

Why did Cryptocurrencies Appear?

Cryptocurrencies hit the ground running as a response to the economic crisis which marked the beginning of the last decade. They developed into a decentralised currency system that you can use to make transactions (including online betting and gambling) without depending on third parties such as banking institutions to intervene.

This is exactly what makes crypto gambling anonymous. 

 

How do cryptocurrencies work

How do Cryptocurrencies Work?

Cryptocurrencies are organized in databases of strings of code (aka Blockchains), at the end of which new strings are constantly linked, through a process called “ data mining “.

These smaller strings of data are called hashes and they basically represent the crypto in cryptocurrencies.

Are Cryptocurencies safe to use at online casinos

Are Cryptocurrencies Safe?

Due to the manner hashes are linked in the database (that is, based on the code inside the previous hash of the blockchain string), it is extremely difficult to modify them.

As a consequence, the use of cryptocurrencies and gambling with cryptocurrencies is very safe.

 

Types of Cryptocurrencies

Types of Cryptocurriencies Available at Online Casinos 

Remember when we told you that cryptocurrencies appeared around 2009? Well, the currency that entered the mainstream market back then was the Bitcoin itself, making it the most powerful cryptocurrency to date.

Since then, a lot of alternative digital coins continue to appear but although there are over 1,500 such alternative coins, even today cryptocurrencies are classified into:

  • Bitcoin
  • Altcoins

Not all of these alternative cryptocurrencies can be used to gamble at online casinos, but operators are making efforts to include as many as possible in order to offer a more enjoyable gaming experience. 

By the way, this is what the hashes that we mentioned above look like on paper:

Cryptocurrencies Hashes

Top Bitcoin Casinos

Bitcoin & Bitcoin Online Casinos

What’s special about Bitcoin is that it’s publicly available and it’s not owned by anyone, neither governments nor other authorities and individuals. It is so widespread, that it is considered the number one preferred digital coin for online transactions, especially at online casinos. 

3 Top Crypto Casinos Accepting Bitcoin Today

RankCasinoBonus AmountGo to the Casino
1 BitStarz 100% up to 1 BTC To the Casino
2 Cloudbet 100% up to 5 BTC To the Casino
3 NitroBetting 200% Casino bonus up to 40 mBTC + 10% Horse Racing Rebates To the Casino

Altcoins

Altcoin Cryptocurrencies That you can Gamble With

Altcoins emerged in response to the limitations caused by Bitcoin, so nowadays you may discover that other alternative cryptocurrencies, such as Ether or Monero, can be faster and more flexible than Bitcoin, and therefore, much more practical to use at crypto casinos worldwide.

Click on the hyperlink under the logo to access a detailed evaluation and online casino recommendations of that cryptocurrency: 

bitcoin logo

Bitcoin

DodgeCoin Crypto casinos

DogeCoin

Litecoin

crypto casinos cardano

Cardano

crypto casinos ripple

Ripple

ethereum logo

Ethereum

How to use Cryptocurrencies in Casinos?

What You Need to Deposit at Crypto Casinos

We will not get into the nitty-gritty of how to deposit at crypto casinos, we’ve done that extensively here: How to deposit with Cryptos.

We will just mention that to be able to make deposits at most online crypto-casinos, you will typically need to already own some of those currencies they accept. Yes, we said ‘most crypto casinos‘ because there’s a special category of sites which accept both cryptocurrencies and fiat money to deposit and play.

Regardless, to own cryptocurrencies, you need to buy them and to buy them, you either need to use a crypto-wallet or, purchase cryptos directly from the casino.

Using Crypto-Wallets to Make Casino Deposits

Much like your regular fiat e-wallet, the crypto-wallet of choice will enable you to buy cryptos wherever you are. Crypto wallets will also allow you to exchange between different cryptocurrencies. In other words, these wallets are your friends whenever you want to re-fuel your casino’s bank or whenever you find a better exchange rate between your cryptos.

Buying Cryptos from the Casino

There are some casinos which will give their players the option of purchasing cryptos directly on their site, Rocketpot casino is such an example.

Pros & Cons

Is it worth Gambling with Cryptocurrencies?

This is something only you can decide; below you will find some of the advantages and disadvantages of crypto-betting.

Pros & Cons of Cryptocurrencies Online Betting

Pros

  • Anonymous
  • Investment Opportunity
  • Fast Transactions
  • Higher Deposit & Withdrawal Limits

Cons

  • Volatility
  • No Chargeback Available

The Pros of Gambling in Cryptocurrencies:

Anonymous:

Here we have probably the strongest argument in favour of online casinos that utilize cryptocurrencies as a means to deposit. Since gambling online is still not properly regulated in all countries around the globe, cryptocurrencies can facilitate your access to online casinos in many such nations.

Investment Opportunity:

The crypto market borrows something from the iGaming world in that the value of a digital currency can be quite volatile, especially when talking about altcoins. That said, gambling and winning at crypto casinos can have a double effect on your digital finances, thus boosting your chances of increasing your investments.

Fast transactions:

Cryptocurrency casino transactions, be it deposits or withdrawals, can be faster and this is a very important quality in the online casino arena. A transaction with an alternative currency such as Moneso can take a few minutes, while one with Bitcoin can take up to 10 minutes.

Higher deposit/withdrawal limits

Since crypto transactionsctions are decentralized, governing casinos will make it easier for gamblers to make higher deposits or withdrawals, making cryptocurrency casinos the better choice for high-rollers.

The Cons of Gambling in Cryptocurrencies:

Volatility

This would be the biggest drawback, as the cryptocurrency market is quite volatile.
But, there can’t be gain without risk, can there? In the world of cryptocurrencies and crypto casinos alike, volatility is the fluctuation in the value of the cryptocurrency over a certain period of time. The value of a cryptocurrency can go up or down at the snap of a finger, which is why we will always encourage our readers to invest only with amounts of money that they could always afford to lose.

No chargeback available

If, with your regular fiat transaction, you can simply contact the bank and request for a chargeback of a deposit in case you changed your mind, with cryptocurrency casino transactions are irreversible. Your digital money moves from your account to someone else’s and it’s not possible to contact any authority to request your money back.

Our Final Thoughts on Safety

The bottom line: Are Cryptocurrency Casino Transactions Safe?

Casino transactions using cryptocurrencies are safe from two points of view: one, as a consequence of anonymity and second, thanks to the licencing regulator or the crypto casino you gamble on.

Anonymity will ensure that your source of funds is not tied to a third-party institution, making your transaction safer, and you the sole owner of the blockchain segment that you’ll be using for deposits.

The existence of a licence regulator, in turn, vouches for the fact that your crypto-withdrawals are honoured, in accordance with the governing terms and conditions of that crypto-casino. We go to extensive lengths to bring you the most reputable crypto casinos that facilitate cryptocurrency transactions.

On our website, you will find both hybrid and pure-crypto casinos. You are welcome to browse through the categories at the top to analyse and decide upon your next casino to try out.

Frequently Asked Questions

FAQs

Frequently Asked Questions About Gambling with Cryptocurrencies

  • Is Gambling with Cryptocurrencies Legal?

    Crypto gambling is as legal as any other transaction you will make with cryptocurrencies. When deciding to try your luck at crypto casinos, it is best to choose one that’s been licenced by a popular gambling institution.

  • Which Crypto Casino is the best in terms of payment methods variety?

    We have more than one recommendation for you here, one starting point could be the toplist located at the top of this page.

  • Where to buy cryptocurrencies?

    You can buy and even exchange cryptocurrencies via the various crypto-wallets made available online. Some popular and reliable examples are Coinbase and Binance.

  • Are there any casinos that sell cryptocurrencies?

    Yes. If you want to gamble online with cryptocurrencies, there are crypto-casinos, such as Rocketpot casino, that offer the option of using regular fiat electronic methods to purchase BTC, ETH and more.

  • Can you beat online cryptocurrency casinos?

    The short answer would be no. Apart from the fact that these casinos use cryptocurrencies, the gaming regulations will always be the same. Most of the games you find online have the same random-number-generated technology behind, that will always bring a house edge to the casino.

    Obviously, Live casino events or Sportsbetting have nothing to do with the RNG system.

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Alice Whittaker

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Alice Whittaker is an experienced cryptocasino content writer and a passionate crypto-enthusiast with extensive experience in crypto gaming. She has extensive knowledge of bitcoin and understands the intricacies of crypto gambling.