Crypto currencies are today very popular the world over and are widely used in various financial transactions. Online casinos are no exceptions. Online gamblers find crypto currency as the best option for betting. When they bet on crypto currency they need not reveal their personal details online unlike the gambling based on bank transfers or credit cards. Today gamblers the world over are free to choose their favorite currency from a wide range of popular crypto currencies. The gamblers enjoy more freedom, safety and security when they use crypto currency for online gambling instead of credit cards, bank transfers or e-wallets. When they use digital currency for betting they need not be under the clutches of government, banks or e-wallet companies. When they bet on crypto currency they need not visit the bank or any money transfer agency such as Western Union and can carry out the entire transaction from home using their PC or laptop or Smartphone.
Out of the many digital currencies there are 7 crypto currencies that are considered the most ideal for gambling at online casinos.
The introduction of Bitcoin as digital currency is considered as the outcome of the banking crisis in the US. Bitcoin was launched in the year 2009 and has the distinction as the very first crypto currency. The purpose of introducing crypto currency was to ensure financial freedom to all. Online gamblers welcomed the decision by online casinos to accept Bitcoin instead of real cash for betting. Though there are various other crypto currencies available now, Bitcoin continues as the most preferred option of online gamblers. Gamblers prefer Bitcoins mainly because they find it very simple and easy to use and also the process is fast. Also, transactions using Bitcoins are free. Even though using Bitcoin is not the fastest method for financial transaction, it assures security and comfortable processing.
Ripple was introduced in the year 2012 and this crypto currency assures the gamblers an amazing gaming experience with full of fun but with no complication or delay. Very limited operational expenses and insurance for safety are the other outstanding features of Ripple. Unlike Bitcoin, Ripple is independent of the proof-of-work or the energy supply. Ripple has a network of servers carrying out independent validation and ensure 100% data protection to the gamblers. Ripple is also committed to ensure integrity. Individual users and banks are entitled to own the independently validating servers.
Though Ethereum is a very new type of crypto currency, it is widely used by online gamblers. There will be no third-party involvement in the transaction since Ethereum is an open-source and blockchain-based crypto currency. Also it makes use of smart contracts.
Today a lot of online casinos are using Litecoin as crypto currency as it makes the transactions faster when compared to Bitcoin. The algorithm used by Litecoin is more complicated than the one used by Bitcoin. The Block Reading speed of Litecoin is 2.5 minutes.
Dogecoin has made funds transfer incredibly easy and it is one among the most user-friendly crypto currencies. Dogecoin is highly popular in the online gambling scenario. With Block Reading speed of just 1 minute, Dogecoin is faster than even Litecoin and its incredible speed had made it one among the most favorite crypto currencies of online casinos.
“Dash” was introduced in the year 2014 and this crypto currency ensures fast transactions with the help of its decentralized network. Since the network is powered using masternodes, “Dash” has the decentralized network. In safeguarding privacy, “Dash” is more powerful than even Bitcoin. Though “Dash” can be used for illegal gambling also with very little risk of being caught, unlike the other crypto currencies, it not widely accepted for illegal gambling by online casinos.
Just like Bitcoin, Monero also depends on the proof-of-work but, ensures more privacy. Better privacy, fungibility and decentralization made Monero one among the most popular crypto currencies used for online gambling. The most advanced technology used by Monero makes its transactions untraceable. This quality made Monero the most ideal crypto currency for anonymous gambling. Consequently, Monero is very popular in countries where online gambling is illegal.