Best Gambling Cryptocurrency – which one to choose?
Cryptocurrency is becoming more and more mainstream. It slowly but surely changes how we deal with our finances and brings incredible innovation.
Since many places accept crypto payments, it is not surprising that online casinos and gambling websites also accept various cryptocurrencies such as Bitcoin, Ethereum, etc. Find out more about them at best crypto casino list 2023.
However, it might be confusing to choose which cryptocurrency is the best for gambling, and there are several factors that players should consider. This article will highlight the best cryptocurrencies for gambling and explain which of them you should use to take the most advantage of this evolving market.
Bitcoin should be considered as the number 1 because it has the best availability.
We would suggest opening a Binance account and holding your coins there. If you want to take a complete control of your coins then hard wallet like Ledger Nano X could be a perfect choice
XRP or Tron could be considered as one of the fastest ones since their transaction time are less than 10 seconds.
Fees of XRP transactions are less than 0.01$ while Tron, BNB, EOS, XLM, BCH or Doge has quite low transactions fees as well.
✔ Yes, it is one of the most innovative cryptocurrencies and soon it should move to POS model which will provide faster and cheaper transactions.
Bitcoin has one of the most expensive transaction fees which usually are around 5-10$ per transaction.
✔ Yes, it is safe and even more private compared to regular gambling with FIAT currencies.
Bitcoin, Ethereum, Ripple, Dogecoin, Monero, Litecoin, and Tron are one of the best ones.
You can find many amazing crypto gambling websites at best crypto casino list 2023.
Best gambling cryptocurrency – which one to choose?
If you are new to the crypto space, you might have only heard about Bitcoin or Ethereum. However, there are thousands of different cryptocurrencies, and all of them have their advantages and disadvantages.
|Cryptocurrency||Transaction fee||Transaction speed||Availability in casinos||Price potential|
|Bitcoin BTC||~3$||15-30 min||10/10||5/10|
|Ethereum ETH||~15$||5-10 min||9/10||7/10|
|Tether USDT||~10$ (depends on blockchain)||5-10 min (depends on blockchain)||7/10||-|
|Binance Coin BNB||~0.30$||1-2 min||5/10||7/10|
|Dogecoin DOGE||~0.30$||5-10 min||8/10||4/10|
|Tron TRX||~0.10$||1 min||7/10||6/10|
|Monero XMR||~0.05$||5-10 min||3/10||4/10|
There are several important factors to consider when choosing cryptocurrency for online casinos: availability, price potential and volatility, ease of use, transaction fees and speed and reliability. Next, we will highlight the best cryptos and explain their main functions.
It is the most well-known cryptocurrency by far. As a result, it has the best availability, and most of the crypto casinos offer it as a payment method. Bitcoin availability makes it the best cryptocurrency for gambling, even though it has several flaws. Find out more about it at best bitcoin casino list 2023.
Also, Bitcoin is probably the most trustworthy crypto, it has the highest liquidity, and its price is usually not as volatile as other cryptos.
Talking about the negative sides of Bitcoin, it is pretty slow, and transaction fees are high. Usually, players will have to wait at least 10 minutes (usually it takes 20-30 min) until the transaction is complete. Also, there will be around 5-10$ fee for each transaction, so if you like to make transactions quite often, you should consider it.
All in all, we would recommend using Bitcoin for those who like to play with big amounts of money, so the speed of transactions and their fees would not make a significant difference. Also, it is a great coin to start if you are new to crypto since it is vastly available and easy to use.
it is the 2nd most popular cryptocurrency, which offers some really innovative solutions. However, Ethereum smart contracts do not make a significant impact when using it just for gambling.
The most important things are that Ethereum is vastly available and quite easy to use, so thats a big advantage. However, at the moment, Ethereum is one of the slowest cryptocurrencies out there. Its network is very congested, which means that transactions are expensive and slow. Usually, you will spend at least 10-15$ gas fees for each transaction (when the network is congested, fees can be way higher). Regarding transaction speed, usually, it will take around 10 or more minutes for money to reach your wallet.
Also, it is essential to mention that Ethereum should soon move to a proof of stake model, which will improve transactions speeds and fees. Knowing that and the fact that Ethereum smart contracts can have great use cases, it is safe to say that Ethereum still has some great potential for price movement, so thats something you should consider if you plan to hold your coins.
Binance Coin BNB
This coin has similar features to Ethereum, but its blockhain is way faster and has lower transaction fees. However, there are only a few online casinos that accept BNB at the moment, so the availability is not really good.
Talking about transaction fees and speed – they are excellent. Fees for a single transaction are usually less than 0,50$, and it takes seconds for your transaction to be completed. Also, it is important to mention that Binance is the biggest cryptocurrency exchange, so BNB is widely used, and it has some good potential for the upside price movement.
If the casino you are playing at accepts BNB, it can be a great choice to use since this coin is very fast and cost-efficient.
It is a widely known coin whose primary purpose is to make transactions fast, cheap, innovative and accessible.
Indeed, XRP transactions are super quick and cheap. Usually, they are processed immediately and costs less than 0.01$. That means you can make a withdrawal at any time without worrying about any additional fees and be sure that money will reach your wallet in seconds (if a casino offers instant withdrawals).
So, as you might already understand, Ripple’s main advantage is transactions speed and fees. Also, it is accepted at many online casinos, so it has quite a good availability. So there are really not many reasons why you should not choose XRP for gambling.
Some people call it a meme coin or people’s coin, but overall it is a very well known and established cryptocurrency.
It has quite fast transaction speeds, and it usually costs cents to make a transaction. That is an advantage over coins like Bitcoin or Ethereum, but you should consider that DOGE is a very volatile coin. As a result, its price can have huge and quick movements.
Talking about availability, DOGE is accepted in many crypto casinos, and it is easy to use. Also, you can buy it in most crypto exchanges, which is convenient.
It is a little brother of Bitcoin, but Litecoin has its own advantages. For example, it is about 5 times faster than Bitcoin and has lower transactions fees.
Also, Litecoin is one of the oldest cryptocurrencies, and it is well established. It is also available in many online crypto casinos.
However, if we had to recommend an alternative to BTC or ETH, we would not pick Litecoin. For example, Ripple has even faster and cheaper transactions and probably higher price potential than Litecoin so XRP would be a better alternative.
If you do not like the volatility of cryptocurrencies and want to use an alternative to regular money – USDT can be a perfect choice (1 USDT is always equal to 1 US Dollar).
USDT is used in most crypto exchanges, so it is widely accessible. However, there is a thing you need to check when making a Tether transaction. When sending USDT you will have to pick a network through which you want to send your coins. E.g. ERC-20 (Ethereum), TRC20 (Tron), BEP-20 (Binance Smart Chain).
And depending on your selected network, transaction fees and speed will apply. At the moment, most of the online casinos use ERC-20 network for Tether transactions so you can except the same speed and fees like making Ethereum transactions.
If you want complete anonymity and fast transactions, then XMR might be a coin for you. Even though Monero offers complete anonymity when making transactions that appeal to many players, it is not available in many casinos.
So, if you find Monero in a casino that you play at – it is one of the best cryptos to use for gambling. Find out more about them at the Monero XMR Casino article.
Other online gambling cryptocurrency
As we mentioned, there are thousands of different cryptocurrencies. However, not all of them are available at crypto casinos.
Usually, online casinos offer 5-10 main cryptocurrencies with a few exemptions like 888starz, where players will find almost 50 cryptocurrencies.
To be completely safe, we recommend only using TOP 50-100 cryptocurrencies for gambling since otherwise, you will risk running into some issues while making transactions. Also, cryptocurrencies with a low market cap usually are really volatile, so be aware of that.
In this part, we would also like to highlight which crypto coins, besides the ones mentioned above, can be good for making transactions to online casinos.
That would be Cardano, Avalanche, Polkadot, Shiba Inu, Polygon, Bitcoin Cash, Tron, Stellar and EOS.
Best crypto wallet for gambling
Choosing a good and safe crypto wallet might be difficult, even for crypto experts. Fortunately, that is not really needed when it comes to online gambling.
The easiest way would be to open an account in a crypto exchange, e.g. Binance or Coinbase. There you will be able to buy various crypto coins, store or transfer them. We would recommend using Binance since it has many coins available, and it also offers several different networks when sending coins which can be an advantage.
So, once you have an account in the crypto exchange and have bought some coins – you can send them to your chosen casino. Just check the wallet address twice to ensure your money will reach the correct account. Sending Bitcoin, Ethereum or Doge will require you to insert only wallet address, but some coins might require entering an additional memo. E.g. Ripple will ask you to insert your wallet address and XRP Memo when making a transaction, so be aware of that.
If you want to stay more private and don’t want to use crypto exchanges for gambling, you can use other wallets.
For Ethereum users, we would recommend Metamask since it is the most accessible and quite easy to use wallet.
If you would like to use other coins like Bitcoin or Ripple, we recommend trying out TrustWallet since it can store many different cryptocurrencies.
However, neither crypto exchanges nor wallets like Metamask are entirely safe. If you would like to have complete control of your coins and the highest safety, we recommend buying a cold wallet such as Nano Ledger X. It does not cost a lot, and if you hold high amounts of crypto – a cold wallet is the way to go.
Gambling with cryptocurrency – is it safe?
Both gambling and cryptocurrencies are definitely not the safest things to do in the world. However, when done right, it can be safe enough.
There are several steps players need to take to make sure they are safely gambling with cryptocurrency.
First of all, make sure you choose a legit online casino. Check other players’ reviews, check if it has a license, and in general, make sure it looks safe enough. You can be sure that all the casinos you find in our website are legit and safe to play at.
Secondly, make sure you buy and hold your crypto in a reputable exchange such as Binance, Kucoin or Coinbase. Then, when sending your coins in or out of the casino, double-check the address and the network you are sending your coins through. Even one missing number or letter in a wallet address may result in a loss of coins.
At last, cryptocurrency is a very volatile market. One day 1 Bitcoin can cost 30000$ then the next day, it can go up to 35000$ or down to 20000$. So, once you enter the crypto world – be prepared for the volatility and do not panic if you see sudden price movements. Also, gambling can be addictive, especially when you do it by using cryptocurrency, so be sure to set your limits in advance and if you feel like it is getting out of hand, stop!