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.
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.
Discover and learn about all of the available to find out which best suits you.
Crypto Currencies for Gambling
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.
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.
|Rank by Market Size||Coin||Transaction Time (in Minutes)|
|3||Tether USD - ERC-20 protocol (USDT)||5|
|4||Tether USD - TRC-20 protocol (USDT)||2|
|5||USD Coin (USDC)||5|
|12||Shiba Inu (SHIB)||5|
|14||Wrapped Bitcoin (WBTC)||5|
|15||Dai - ERC-20 protocol (DAI)||5|
|20||Bitcoin Cash (BCH)||150|
|22||Ethereum Classic||6.5 days|
|23||Algorand (ALGO)||45 seconds|
|24||Stellar Lumens (XLM)||Near-instant|
|31||Basic Attention Token (BAT)||5|
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.