While cryptocurrency casinos might not currently command the most significant chunk of the online gambling industry, they’re a growing element of a sector that continues to evolve. One of the most interesting aspects of cryptocurrency casinos is their mass market appeal. At their very essence, cryptocurrencies were designed to allow people to send money to each other across borders, with no banks, fees or unnecessary time constraints resulting in delays.
The initial uptake of blockchain technology was relatively slow, but as its innovation and creativity became more apparent, it avalanched into a multitrillion-dollar sector once more people began to see the innovation at its foundation.
Experts in cryptography and computer programming understood just how pioneering Bitcoin and blockchain technology would be in the world of finance. As with any financial product or payment method, the real test case is how easily it can be implemented into actual use cases where the average user can see that it has benefits that make it equal to, if not better than, traditional payment systems.
Gambling with Bitcoin
As the most prominent and recognizable asset in cryptocurrency, Bitcoin was the original payment method that helped these new types of casinos establish themselves in a highly competitive market.
Cryptocurrency traders and investors will wax lyrical about the benefits of blockchain technology. However, until companies worked together and developed ways for people to use it practically, it was mainly noise and jargon for most of us. Cryptocurrency casinos are one of several potential avenues that could spearhead mass adoption.
Ethereum casinos and other altcoin gambling platforms
Once it became apparent that Bitcoin casinos were a viable way to bet and started to attract those who had a basic understanding of blockchain technology, the next logical step was for casino platforms to explore other potential options. As the second most significant asset in the cryptocurrency market, Ethereum was the obvious choice.
Helped significantly by the bull run of 2021, Ethereum reached a half-trillion-dollar market cap. With such immense capital and wealth running through it, Ethereum casinos were one of several ancillary markets attached to it that found success.
They’ve continued to attract bettors, even during the bear market, resulting in the rise of affiliate sites such as https://www.askgamblers.com/online-casinos/crypto/ethereum ranking Ethereum casinos on a number of key criteria, such as customer satisfaction, range of games and ease of use.
The emergence and success of Ethereum casino review sites speak volumes about how significant the market has become and provide unique insight into a burgeoning area of the casino industry.
Most popular cryptocurrency casino payment methods
It doesn’t matter if you’re playing your casino games at an Ethereum casino or if you’re seeking out platforms that host other crypto payment methods instead, such as Solana or XRP, as they all have the same variables that are helping the sector continue moving forward.
Cryptocurrencies like XRP have been struggling outside the industry, though, discouraging people from using them for casino gaming, especially in the US. The top 10 cryptocurrencies by market cap are usually a good indicator of the sort of volume you can expect at crypto casinos too.
Generally speaking, Bitcoin casinos are still the most common type of crypto casino you’ll find online; this is primarily due to some traditional casinos exploring it as a payment method. While some of the Bitcoin price predictions might be a bit high off the mark, there’s a lot of optimism in the industry, which helps cryptocurrency casinos continue to bolster their platforms and appeal to bettors looking for new ways to play.
There are also more cryptocurrency casinos increasingly exploring the option of using altcoins to see if there’s a market for gamblers looking to use tokens with a smaller market cap.
The rise of Ethereum casinos over the last four years magnifies this point. In addition to the leading two cryptocurrencies, other tokens among the industry’s top ones include Litecoin, Solana and USDT.
Factors behind popular crypto casino payments
Addressing the design and structure of blockchain technology allows us to understand why bettors have decided to switch from traditional, centralized payments to blockchain-based casino gaming and digital assets. Understanding cryptocurrency payments and the blockchain can be challenging, especially if you don’t have a basic understanding of cryptography and how the ledger works.
There are plenty of resources online that will help you understand cryptocurrency. You must understand how it works before you decide to open a cryptocurrency wallet, buy a digital asset or start playing casino games. If you’re playing slots, poker, blackjack and other classic casino games, a casino that accepts cryptocurrency as a payment method is the same as one that uses more traditional methods.
Speed and security in crypto casino gaming
Crucially, the main distinction between traditional online casinos and cryptocurrency casinos is the speed and security involved in making deposits and withdrawals. Instead of relying on a bank transaction, which can sometimes take hours or days if they want to freeze it and ask you more questions about it, cryptocurrency casinos only require you to connect your wallet to the site and deposit your assets.
You must always ensure you are connecting to the right site, as this is the most common way that people lose their cryptocurrency funds to cybercriminals. Hackers who attack cryptocurrency casinos do not try to obtain user information in the same way they do when they try to gain access to the server of a traditional casino. The only information a cryptocurrency casino holds on the server is your wallet address, which is not sensitive data.
The main focus is the casino wallet, which stores the funds. While they aren’t impenetrable, successful attacks are rare. If they do happen, you do not need to worry about your personal information finding its way onto the dark web, which is often the case if a large, traditional online casino is subject to a hack.
Final thoughts
Despite the electric rise of altcoins like Solana, this has been mainly down to the token becoming the new facilitator of meme coins. In a similar fashion, the price of Dogecoin went through the stratosphere back in 2021 — with a little bit of help from Elon Musk as well, of course.
While he continues to flirt with the idea of Dogecoin as a payment method, the reality is far from the truth, and it’s improbable it will come to fruition. Dogecoin is another cryptocurrency that people use to gamble, but as it has no use case and can be subject to great volatility, it doesn’t generate the same sort of interest as Bitcoin or Ethereum casinos.
The main attraction of crypto casinos is the security and convenience that the blockchain provides. While some gamblers will have the already own they most like to use to play, the innovation is in the technology more than the actual token. However, with Bitcoin and Ethereum spearheading the charge and looking to be the two assets that take the industry into the realms of mass adoption, they will likely remain the top two cryptos that people use to play casino games. However, the wider industry looks set to have a solid few years ahead regardless
