The Most Popular Cryptocurrencies For Online GamingDec 15, 2023, 7:05PM
Online games have existed for years now, but with the popularity of crypto, many more sites are popping up to cater to this need.
One of the most popular applications of cryptocurrency is in the gaming sector. Unsurprisingly, many casinos accept cryptocurrency as a means of payment - and some only take crypto.
That being said, not every cryptocurrency is popular for gambling, and some are more popular than others. Certain tokens have become well-known within the crypto gaming space, usually for the myriad of benefits that they offer players, including privacy and cheaper transactions. Below are some of the most popular cryptos for gaming.
This doesn't come as a surprise, but Bitcoin is one of the most popular cryptos for gaming. As the world’s most famous token, many crypto gaming sites have a wide selection of Bitcoin games, and some sites take only Bitcoin.
Because the value of Bitcoin is high compared to others, there is the appeal of playing with Bitcoin when the market is in a bull run. The idea is that if a player wins, their tokens might have appreciated in value, and they can make even more money. Needless to say, this has become yet another application of Bitcoin.
In terms of market cap and popularity, Ether is second only to Bitcoin itself, and this status is reflected in the gaming sector as well. Ether is very popular for online gambling, especially because of its fee structure and speed. The Ethereum blockchain allows users to bid on the amount of tokens they want for gas fees. Depending on how much is bid, the transactions can be slower or faster, giving the user more control. As such, it’s especially popular among online gamblers who are looking to save money on gas fees.
Dogecoin might have gotten its start as a meme coin, but it has proven to have many use cases over the years, including as a gambling token. Dogecoin is known for having a passionate community around it, which has kept its value steady, as well as its demand.
As such, it’s not unusual to see gambling sites accepting or even prefer Dogecoin as a medium of exchange for their games. And as the blockchain and community behind Dogecoin grow even more, so does the value of the token and, thus, the demand for it on gambling sites.
XRP is popular for being able to move funds across borders quickly and for very low gas fees. This has made it a favorite of crypto lovers around the world but also for gambling purposes. Using XRP on gambling sites means that customers can claim their winnings very quickly and also not lose out by paying high gas fees.
This also benefits the site operators as they are able to process customer transactions speedily and cheaply. One of the appeals of gambling with crypto has always been faster and cheaper transactions, and this is thanks to tokens like XRP.
When it comes to stablecoins in the crypto market, you don’t get much bigger than USDT. Pegged 1:1 to the US dollar, USDT allows customers to enjoy the benefits of crypto while avoiding most of its volatility. During periods of rapid market movement, it could be disadvantageous for customers to gamble with crypto as they risk their tokens losing their funds. But with USDT, they are able to enjoy relatively stable token value while still enjoying faster transactions, more control, and so on.
USDT is essentially the king of stablecoin and the go-to for both sites and customers that gamble with crypto.
While it might be one of the most underrated cryptos, Litecoin is a solid choice for crypto gaming and is widely accepted among casinos. It is known to be up to 4 times faster at processing transactions than Bitcoin and much cheaper to deal with. Litecoin also has a much higher token supply than Bitcoin so while it doesn’t have as high of a per-token value as Bitcoin, it doesn’t have as many dramatic price fluctuations.
A look through the rosters of many crypto gaming sites will show Litecoin accepted, and it seems to have found a comfortable use case with them.
ADA is the native token of the Cardano blockchain and is in a class of cryptos called ‘Ethereum Killers. They are given this name because they are notably faster, cheaper, and more scalable than Ethereum. Naturally, ADA has been widely used by crypto gaming sites for this reason.
Besides the increased speed and lower cost, Cardano is in high demand as the foundation for many D’Apps and smart contracts. This means that its native token will continue to hold its value and bring additional profit to those who use it to gamble.
ZCash is popular not just among crypto gambling sites but especially among users who value privacy. ZCash is a privacy token which means that transactions completed with it are not visible to anyone.
Cryptocurrency is generally privacy-centric, but tokens like ZCash are specially designed to facilitate privacy. Many crypto gambling sites accept ZCash and sites designed to let users gamble anonymously are especially fond of ZCash. On top of its privacy features, ZCash is especially scalable and also has a limited token supply which means that price spikes are not uncommon for those also hoping to make a profit using it to gamble.
Another privacy token, DASH is popular on crypto gambling sites because of its privacy features and also because of its instant send features that allow funds to be transferred instantaneously. As more crypto users are becoming more privacy-conscious, we can expect tokens like DASH to be even more widely used both within and outside of gambling sites.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.