Cryptocurrency is one of the fastest-growing trends in the world of gambling. Even though it has been around for a few years, many people still need to learn what it is and how to use it. This article will cover some basics and specific details about cryptocurrency and gambling.
What is Cryptocurrency?
Cryptocurrency is a digital currency that any government doesn’t control—not backed by gold or silver or the U.S. dollar, euro, or other fiat currencies like the Saudi rial or Indian rupee.
Cryptocurrency is also not backed by assets; instead, it relies on cryptographic technology to verify transactions between two parties without needing a trusted third party, such as PayPal or Visa.
The Advantages of Using Crypto for Gambling
It uses cryptocurrency in more places than fiat currency. Since it’s an electronic payment method rather than a physical one, use cryptocurrency for online gambling anywhere in the world! That means you don’t have to deal with pesky foreign exchange fees or costly international wire transfers.
Cryptocurrency transactions are also much faster than traditional bank transactions. You won’t have to wait for your winnings to arrive in your account before withdrawing them—you can do everything from your home!
Finally, cryptocurrencies have lower transaction fees than traditional payment processors like VISA and Mastercard because no third-party intermediaries are involved.
Bitcoin
Bitcoin is the most popular cryptocurrency in market capitalization and adoption. It’s also the most widely used cryptocurrency and has the most significant number of users. Bitcoin is also the most secure, liquid, and valuable cryptocurrency. Because it’s so widely accepted by merchants worldwide, taking your bitcoin anywhere, you can use fiat currency (USD).
Litecoin
Litecoin is a fork of Bitcoin, so it uses the same technology as Bitcoin. However, Litecoin has been around since 2011 and has grown in popularity in recent years. The transaction speed on Litecoin is faster than Bitcoin, and it’s more expensive too! It might be your best option if you want to make an investment worth something in the future (and if you’re not looking for a quick buck).
Ethereum
Ethereum is a platform for smart contracts and decentralized applications. It is the second most valuable cryptocurrency in market capitalization, after only Bitcoin.
It uses the Ethereum blockchain to create other cryptocurrencies, which is what happened with ERC-20 tokens in 2017. Many are designing cryptocurrencies using Ethereum’s blockchain technology when it became popular in 2018. To see if your chosen coin has an ERC-20 token, check out this list on Ethplorer (a site that tracks all Ethereum transactions).
Zcash
Zcash is one of the newest cryptocurrencies, making it an exciting option for those who want to gamble online. The cryptocurrency was launched in 2016 and is on zero-knowledge basis proofs.
The Zcash block time is 2.5 minutes, which means that transactions are processed relatively quickly compared to other currencies like Bitcoin.
As opposed to BTC or ETH, you do not need expensive GPUs or ASICs to mine ZEC coins—they allow mining with cheap GPU and CPU hardware!
Conclusion
We hope you liked and found this helpful post. As with everything, each cryptocurrency has pros and cons, and it’s up to you which will best fit your needs. Please comment below, sharing with us what aspects of this post were most helpful or other topics you would like covered!
