Cryptocurrencies are monetary entities with a world of possibilities. However, this innovation came in with a bang and over the years, several industries have adopted their use, including FinTech, e-commerce and online gambling industries.
The year 2020 saw many of these industries adopting cryptocurrencies as payment methods. For example, digital currencies have gathered great pace in the gambling industry because they conform to one essential feature of the sector: anonymity.
Most gamblers like to play anonymously. However, with the introduction of cryptocurrencies into online gambling, players can rest assured that their personal information and financial information are safe and remain anonymous, even to the gambling platforms.
However, most casino bonus schemes, such as the Canadian casino bonuses schemes, do not include bonus offers for crypto-accounts.
TOP THREE MOST USED CRYPTOCURRENCIES
The three most used cryptocurrencies to be discussed in this section include Bitcoin/Bitcoin Cash, Ethereum, and Litecoin.
Accounting for over 40% of the entire crypto market, the decentralized currency first introduced in 2008 by Satoshi Nakamoto is the leading and most widely used in the online gambling industry. Its use has three advantages, including availability, liquidity, and anonymity.
The Bitcoin cash is not much different to Bitcoin except that the Bitcoin cash has a 1 MB capacity while Bitcoin has 8 MB. Hence, this cryptocurrency can not compete with the volume of transactions Bitcoin can handle, causing it to lose over 50% in market value.
The currency accounts for over 20% of the cryptocurrency market. It is the second most used cryptocurrency after Bitcoin. There are certain advantages to Ethereum, as it is even dubbed to be the best cryptocurrency for online gambling. The Ethereum blockchain allows gamblers to agree with online gambling platforms without the involvement of a third-party entity. Also, online casinos provide the currency as it allows for use in application development.
Launched in 2011, Litecoin ranks as the 14th largest cryptocurrency globally. However, Litecoin is considered a smaller version of Bitcoin, having a higher maximum cap but consistently priced way lower than Bitcoin. Furthermore, Litecoin is one above Bitcoin’s transaction completion period as Litecoin is almost four times as fast as Bitcoin. This property increases its use by online gamblers in retrospect to the transaction speed.
If you are concerned with keeping transaction and personal information a secret, try considering any of these three cryptocurrencies for deposit and withdrawal transactions on online gambling platforms that support their use.