Most Popular Cryptocurrencies Among Gamblers
Recently, cryptocurrency has completely shaken up the way we view finances. Though the phenomenon has been around since 2009, it was in 2020 that Bitcoin became a household name. Since then, cryptocurrency, in general, has grown. Nowadays, very few people aren’t familiar with the concept.
As the crypto market grows, many businesses have begun embracing the concept. Nowadays, you can use cryptocurrency to shop for groceries, gadgets, clothing, and more. An incredibly prevalent industry that has embraced crypto is the online gambling industry, also called iGaming.
Online Gambling and Cryptocurrencies
There is no denying that cryptocurrency has become a staple of online gambling. Nowadays, very few gambling and sports betting websites do not accept crypto-based payments. The notable Big Wins online casino is a prime example of this. There are quite a few reasons that gamblers enjoy crypto-based deposits. Some of the most prominent are the following:
- Anonymity – as cryptocurrency functions on a peer-to-peer system, most transactions are entirely anonymous.
- Fast transactions – thanks to said peer-to-peer system, crypto transactions are quick and simple.
- Low or no fees – it is once again thanks to the peer-to-peer system that crypto-based transactions don’t require fees, as there is no middleman to satisfy.
Crypto gambling has become so popular that websites have formed solely around the idea. These so-called crypto casinos are a huge aspect of online gambling. In many ways, they work exactly like classic online gambling websites. The only difference is that they only accept crypto-based deposits and transactions.
So, there is no doubt that the online crypto-gambling industry is growing. We would like to ask, “What are the most popular cryptocurrencies to wager with?” In this article, we go over a few of the biggest cryptocurrencies you will likely find when gambling online.
Dogecoin
First released in 2013, Dogecoin initially launched as a parody of cryptocurrencies. However, pretty soon, the joke became unironically popular. So, software engineers and Dogecoin creators Billy Markus and Jackson Palmer decided to “go with the joke” and selling Dogecoin for real.
Named after the popular internet meme, Doge, the coin’s symbol involves the image of the meme on a golden coin, with a D overlaid on top. In 2013, the two creators of Dogecoin released it as a joke, and social media website, Reddit, jumped on the bandwagon. Pretty soon, Dogecoin became one of the most popular cryptos on the market.
Today, Dogecoin remains incredibly popular among crypto investors. It is one of the top ten most successful cryptocurrencies, currently occupying the number eight rank. It has overtaken notable cryptos like Solana, Polygon, Binance USD, and Litecoin.
While Dogecoin is not a frequent option, it is quite popular. Sports betting and gambling websites that accept crypto tend to be split down the middle regarding Dogecoin. However, when it is an option, it is quite a successful and popular one.
Ethereum
In 2013, programmer Vitalik Buterin collaborated with fellow entrepreneurs like Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and more. Together, they created Ethereum. Named after a fictional material from a pulp science fiction novel, Ethereum quickly grew successful among many crypto traders.
Today, Ethereum is second only to Bitcoin in terms of market capitalization and popularity. The success of the blockchain is impressive but unsurprising. Thanks to Ethereum’s early embrace of NFTs and the use of open-source software, the blockchain quickly became a favorite among many programmers and crypto enthusiasts.
When it comes to online gambling, there are very few online sportsbooks and gambling websites that do not allow Ethereum-based transactions. If a website accepts cryptocurrency, they will likely accept Ethereum, among other options.
Bitcoin
Finally, we get to the king of crypto. In 2009, Satoshi Nakamoto released Bitcoin, introducing the world to the concept of cryptocurrency in practice. The first, and to this day, most successful cryptocurrency, Bitcoin, continues to hold the number one spot in terms of price, market capitalization, and popularity.
Throughout its existence, Bitcoin’s price has surged and spiked. In 2020, the value reached as much as $40.000. That is pretty impressive, considering a single Bitcoin was barely worth half a dollar when it first got off the ground. But, as the crypto’s popularity grew, so did its value.
Today, Bitcoin is an incredibly respected form of payment. In some places, like El Salvador, it has even become an official legal tender. Many businesses have also embraced Bitcoin as a valid form of payment, including notable multi-national companies like the following:
- Microsoft
- Whole Foods
- Starbucks
- PayPal
- T-Mobile
Regarding online gambling, all websites that accept cryptocurrency will likely accept Bitcoin. Its popularity and reputation have earned it the trust of most gamblers, gambling operators, and game providers. It is, by far, the most popular option among crypto-gamblers.
Honorable Mentions
While the three aforementioned cryptocurrencies are certainly popular, there are also a vast array of other options to choose from, especially when gambling online. So, in this section, we would like to list a few other popular cryptocurrencies that are worth mentioning:
- Tether
- Litecoin
- Ripple
- BNB
- USD Coin
All five of these options are popular options to gamble with. Especially when it comes to crypto-only casinos.
The Risk of Crypto Gambling
We’ve discussed many of the benefits of crypto-based gambling and the options open to you if you want to gamble online. However, it is only fair that we take the time to warn you about the risks of gambling using crypto.
Most experienced crypto traders are already familiar with the risk. That is the immense volatility of most cryptocurrencies. The high volatility levels may overwhelm new crypto-traders and inexperienced gamblers. So, we recommend you get acquainted with the ins and outs of both the gambling and crypto industries before you dip your toes in crypto-based gambling.
Conclusion
Cryptocurrency has become an everyday part of our lives. Throughout the past decade, the phenomenon has grown into a household name. According to statistics, nearly 50% of Americans are interested in the crypto market.
Unsurprisingly, the iGaming industry has also seen a benefit from cryptocurrency. Many crypto traders also enjoy gambling and of course sports betting. So, whether you are interested in the new football deal with Japan, or whether casinos interests you more, in 2023 you can use crypto in either case.
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