Can lesser-known cryptos become a viable payment method for online casinos?
Cryptocurrencies are gaining prominence into the online casino world slowly. Several casinos have started including cryptos as one of the payment options onto their platforms. Furthermore, there are even crypto-dedicated casinos that are designed to accept only digital currencies for online gambling on their site.
The most common cryptocurrency that is currently popular everywhere is Bitcoin. It is so popular that often Bitcoin is used synonymously with the word ‘cryptocurrency’. Even the crypto-dedicated casinos are most often addressed as Bitcoin casinos where ironically, they allow even different digital currencies for transactions.
But there is much to cryptocurrencies than just the Bitcoin. What we mean to say is apart from Bitcoin, several other cryptos have cropped up lately. However, the question remains- can lesser-known cryptos become a viable payment method for online casinos?
Let’s find the answer below! Do check out TeamGamblers.com for some amazing online roulette casinos.
Why is Bitcoin so popular?
Bitcoin is the first known digital currency that came into the online market. Although it was invented in the late 2000s, it only gained soaring popularity after almost a decade. It is in 2017-18, that the media brought the Bitcoin to the world and rapidly increased its value as well as recognition. Since then, several users have been using Bitcoin for various online transactions.
Although it took time for the Bitcoin to rise to its prominence, this didn’t mean that it was the only digital currency available in the market. Several other cryptos were being minted by the developers right after the first one.
List of Other Major Cryptocurrencies
There are over 1600 different cryptos available in the online world. However, the major digital currencies (apart from Bitcoin) which casinos accept include:
- Bitcoin Cash (BTC)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Tether (USDT)
- Dash (DASH)
Scope of other digital currencies becoming as popular as Bitcoin
The cryptocurrencies in general come with various advantages. These include:
Anonymity: Anonymity is by far the most important advantage associated with the cryptos. Users get to control their currencies anonymously without having to worry about Governmental controls. The transactions cannot be tracked to the users like in case of FIAT currencies.
Easier cross-border transactions: With the FIAT currencies, a player from one country accessing the online casino from other, might usually have to go through several fee deductions and exchange rate hiccups before actually receiving his withdrawals. By the time player gets his share, the amount can be slightly less than expected.
However, with cryptos, this entire ordeal can be avoided. Players have the chance to save a lot of their winnings since the currency in question is accepted throughout the world.
No Third-party Involvement: Players can directly make transactions with the online casinos without involving any third-party service providers.
Mobile Transactions: You can make digital currency transactions through mobile phones as well. This yields a quicker payment process.
Owing to the above-mentioned advantages there is a sincere scope of cryptocurrencies (other than Bitcoin) to gain popularity on the online casinos.