Betting
    Crypto Currencies

    Crypto Currencies

    There are a number of different crypto currencies that you can use to bet online. On this page we explain the key currencies you can use for crypto betting and set out the sites where you can play using those currencies.

    When choosing which cryptocurrency to play with there are several factors to consider. 

    Some currencies have faster transaction confirmation rates and lower transaction fees (Bitcoin, Litecoin, BNB) and some have higher transaction fees (Ethereum).  Some currencies are widely accepted and some have no inherent volatility as are Stable coins (e.g. USD Coin or Tether).

    Regardless of which currency you use to deposit and withdraw your winnings, the overall cost and efficiency of using crypto will be far faster and cheaper than using traditional deposit and withdrawal methods.   
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    Crypto Currencies for Gambling

    There are many different options you can take advantage of when betting at an online gaming site that accepts crypto currencies.

    Different crypto currencies have different advantages and disadvantages.  On this page we will examine the key differences between the crypto currencies you can bet with.

    We look at transaction processing time and consider processing cost by blockchain. We will then examine the key crypto currencies used in crypto betting sites

    Processing Speeds


    A key factor when choosing which currency to deposit and withdraw is processing time. Transactions on different blockchains take different times to be recorded as each network uses separate protocols for validating and finalizing transactions. 

    Layer-1 blockchains are the base networks such as Bitcoin, BNB Chain, or Ethereum, and related infrastructure.  Layer 1 blockchains can validate and finalize transactions without confirmation from another source.   As developers have entered the crypto currency space Level 2 protocols have been built which seek to improve scalability. They allow users to make transactions quickly and then record these onto the Layer-1 blockchain. Bitcoin Lightening is an example of a Level 2 protocol.

    Table 1 below shows illustrative tranaction confirmation processing speeds by crypto currency. For example: Bitcoin can take up to 40 minutes to confirm, whilst Ripple is near-instant. 
    Table 1: Transaction Confirmation Processing Speeds by Cryptocurrency

    Rank by Market Size Coin Transaction Time (in Minutes)
    1 Bitcoin (BTC) 40
    2 Ethereum (ETH) 5
    3 Tether USD - ERC-20 protocol (USDT) 5
    4 Tether USD - TRC-20 protocol (USDT) 2
    5 USD Coin (USDC) 5
    6 Ripple (XRP) Near-instant
    7 Cardano (ADA) 10
    8 Solana (SOL) Near-instant
    9 Avalanche (AVAX) 1
    10 Polkadot (DOT) 2
    11 Dogecoin (DOGE) 40
    12 Shiba Inu (SHIB) 5
    13 Polygon (MATIC) 5
    14 Wrapped Bitcoin (WBTC) 5
    15 Dai - ERC-20 protocol (DAI) 5
    16 Litecoin (LTC) 30
    17 Cosmos (ATOM) Near-instant
    18 Chainlink (LINK) 5
    19 Uniswap (UNI) 5
    20 Bitcoin Cash (BCH) 150
    21 Tron (TRX) 1
    22 Ethereum Classic 6.5 days
    23 Algorand (ALGO) 45 seconds
    24 Stellar Lumens (XLM) Near-instant
    25 Monero (XMR) 30
    26 Tezos (XTZ) 15
    27 Zcash (ZEC) 60
    28 EOS (EOS) Near-instant
    29 Dash (DASH) 5
    30 Chiliz (CHZ) 5
    31 Basic Attention Token (BAT) 5
    Note: Shows top blockchain processing times. Tested July 2022.

    Bitcoin

    Bitcoin is a cryptocurrency, or virtual currency, that operates as fiat money and a form of payment while being independent of any one person, organisation, or institution, negating the need for third-party participation in financial transactions.

    It is given to blockchain miners in return for their efforts in verifying transactions and can be bought on numerous platforms.

    Ethereum

    The open-source platform Ethereum was established in 2015 and is available to programmers for the creation of new coins and digital applications.

    ETH is the trading identifier for Ethereum's native cryptocurrency, Ether, although Ethereum is essentially a specialised blockchain technology, the decentralised distributed digital ledger that keeps account of all transactions.

    Litecoin

    Litecoin is a cryptocurrency that was founded in 2011 as a result of a split in the Bitcoin network.

    It was created to address developers' worries that Bitcoin was becoming too centralised, and to make it more difficult for large-scale mining companies to obtain an advantage in mining.

    Despite failing to prevent commercial miners from capturing the majority of Litecoin mining, the cryptocurrency has evolved into a peer-to-peer payment system and mineable coin, like Bitcoin.

    Dogecoin

    Dogecoin is a cryptocurrency based on the Doge meme, which depicts a Shiba Inu dog with colourful Comic Sans texts intended to reflect its inner monologue.

    Dogecoin sprang to prominence towards the end of 2013 at a time when developers were only starting to explore the possibilities given by the development of Bitcoin (BTC).

    Tron

    Tronix, or TRX, is the currency of Tron - a blockchain-based decentralised digital platform, similar to Ethereum and Ether.

    Tron, which was founded in 2017 by the Tron Foundation, a Singapore non-profit organisation, seeks to host a worldwide entertainment system for the cost-effective distribution of digital material.

    TRX eventually became a worldwide currency after first being sold exclusively in Asia. At the start of this year, the platform had more than 50 million users.

    Tether

    Tether, like bitcoin, is a cryptocurrency and is the world's third-largest digital currency in terms of market value. However, it does differ from bitcoin and other virtual currencies in the following way.

    Tether is a “stablecoin”, which unlike other cryptocurrencies, which are known to be volatile, these are digital currencies that are tethered to real-world assets like the US dollar to preserve a steady value.

    Cardano

    Cardano is one of the most valuable cryptocurrencies in terms of market value.

    It's intended to be a next-generation version of Ethereum, with a blockchain that's a versatile, long-lasting, and scalable platform for smart contracting.

    This will open the door to the creation of a variety of decentralised banking applications, new crypto assets, games, and more.

    Binance

    Binance introduced its Binance Coin (BNB) as an ERC-20 token on Ethereum in 2017 and held an ICO to raise funds.  The firm provided angel investors 10% of the stock, the founding team 40% of the stock, and the rest of the stock to the general public.

    The currency is a Binance utility token that enables users to pay for transactions and trading fees at a lesser rate than they might with other currencies.

    Monero

    Monero (abbreviated as XMR) is a privacy-focused open-source cryptocurrency that was created in 2014.

    Blockchains, the underlying technology that supports digital currencies, are public ledgers of users' activity that display all of the network's transactions.

    Monero's blockchain has been designed to be as secretive as possible. By masking the addresses used by members, it makes transaction data such as the identities of senders and receivers, as well as the value of each transaction, anonymous.

    XRP

    Ripple, or XRP, is a payments resolution system and currency exchange network that can handle transactions from all around the globe.

    The theory is that Ripple acts as a trusted intermediary between two parties in a transaction, since the network can instantly verify that the transaction was completed successfully.

    Ripple allows for the exchange of fiat currency, cryptocurrencies such as Bitcoin, and even commodities such as gold.

    EOS

    EOS is a blockchain-based platform that is decentralised and used for developing, hosting, and running business applications, or dApps.

    The EOS platform was introduced I n June 2018 and Block.one, the business that built the open-source software called EOS.IO that is utilised on the network, raised $4.1 billion in cryptocurrency via an initial coin offering.

    Within the network, EOS cryptocurrency tokens are employed as a payment method.

    USD Coin

    USD Coin (USDC) is a digital currency that is entirely backed by assets in the United States of America. USDC is an alternative, decentralised version of the United States Dollar, with one USDC always equaling one US dollar.

    USDC is a stablecoin since its value is supposed to stay stable.

    To ensure price stability, stablecoins are often backed by reserve assets like as Dollars or Pounds. USDC's price stability stands in stark contrast to other cryptocurrencies' known price movements.

    Shiba Inu

    Shiba Inu (SHIBUSD) is an Ethereum-based altcoin that uses the Shiba Inu as its mascot, a Japanese hunting dog breed.

    Shiba Inu, like Dogecoin, is a meme coin, or a cryptocurrency connected with a topic, such as the Shiba Inu dog in the case of Shiba Inu and Dogecoin, but it is generally introduced as a parody or inside joke rather than as a digital commodity with genuine use.

    Shiba Inu was founded in August 2020, whereas Dogecoin was introduced in December 2013.

    Solana

    Solana, another blockchain platform, is available for scalable and decentralised applications.

    Now managed by the Solana Foundation, Solana is another open-source project with the blockchain developed by Solana Labs.

    When compared to the likes of Ethereum, Solana has much faster transaction processing and has much cheaper transaction fees.

    Avalanche

    Avalanche (AVAX) directly competes with Ethereum in terms of the technology used for their blockchain and coins. The Avalanche network, like Ethereum, uses smart contracts to enable a range of blockchain apps. Avalanche is the native coin of the Avalanche blockchain.

    The Avalanche blockchain is known to offer complete transactions in less than a second. AVAX is a fundamental unit of account across blockchains in the Avalanche network that is used to pay transaction processing fees and safeguard the network.

    Polka Dot

    Polkadot is a cryptocurrency and open-source blockchain platform. It connects and interoperates blockchains by allowing separate chains to securely exchange messages and conduct transactions with one another without the need for a third party.

    Polygon

    Polygon is a cryptocurrency with the symbol MATIC as well as a technological platform that connects and scales blockchain networks. Matic Network was the nickname given to Polygon when it was first introduced in 2017.

    The Polygon platform links Ethereum-based projects and runs on the Ethereum blockchain.

    Using the Polygon platform, a blockchain project's flexibility, scalability, and sovereignty may be increased while maintaining the Ethereum blockchain's stability, compatibility, and structural advantages.

    Can Crypto Be Used For Gambling?

    As time goes on, more and more gambling sites are allowing cryptocurrencies as a form of payment for deposits and withdrawals.

    More crypto casino sites and crypto sportsbooks are popping up all over the web, too, offering bigger bonuses and more action for our money.

    What Is The Best Crypto For Gambling?

    The top two cryptocurrencies, Bitcoin and Ethereum, as well as some of the more well-known altcoins, such Litecoin, Dogecoin, Tron, and Tether, are the most popular cryptocurrencies for online gambling sites and sportsbooks.


    Given that they do not fluctuate in value as much as other cryptocurrencies, tethered coins are among the safest cryptocurrencies to play with. However, if your preferred cryptocurrency is on the increase, you can lose out on earning much more money as a result of this safer gambling.

    Where Can Crypto Be Purchased For Gambling?

    Cryptocurrencies are available for purchase via a variety of online marketplaces. Coinbase, crypto.com, and Gemini are among the most popular.

    Before you acquire any cryptocurrency, be sure your preferred casino allows it and that the cryptocurrency you're interested in doesn't come with any exorbitant fees.