Recent years have seen online gaming and cryptocurrencies coming together. This has led to new and exciting opportunities for players and operators alike. Crypto has allowed for faster payments, lower fees, an increase in privacy, and heightened security when compared to traditional online casinos. With this in mind, it’s clear why crypto casinos have quickly become a number one choice to players. However, with there now being literally thousands of cryptocurrencies to choose from it makes sense that people will begin to question which of these is the best for gaming online. For anyone with knowledge of crypto, and how it works, Bitcoin has to be seen as the number one choice for both online casinos and sportsbooks.
Bitcoin is the original cryptocurrency and it has a truly outstanding reputation. It has quickly become one of the most important aspects of modern online casinos and other betting platforms.The fact that it’s decentralised means that players are able to carry out transactions in a way that has no reliance on traditional banking systems. This has led to an environment that’s brimming with trust and innovation in equal measure.
As you read on, we’re going to explore exactly what it is that makes Bitcoin the top choice for crypto casinos. We’ll be looking at how it compares to other cryptos out there and how you can decide on the best option for you.
Why Bitcoin is the Top Choice for Crypto Casinos
It’s easy to think that Bitcoin is the most dominant crypto purely because it was the first. However, what really matters are the features that are offered that cater specifically for online casino operators and players. According to Bety.com, Bitcoin comes with unmatched reliability, top transaction speeds, and global recognition. These are just some of the reasons that make Bitcoin the go-to crypto for platforms and players around the world. Let’s take a closer look at just what pushes Bitcoin to the top of the pack.
Stability and Market Dominance
When you look at which crypto has dominated the market, it has always been crypto. This is perhaps one of its strongest attributes. It was the first to market and its name is instantly recognisable around the world. It’s the crypto that is able to boast the most value, with it recently breaking the $107,000 mark. That being the case, it’s perhaps unsurprising that it is traded on pretty much every crypto exchange in the world. The liquidity of Bitcoin means that it can quickly be converted to fiat currency as well as other cryptos as and when required. This means that players have a degree of flexibility and are able to get the most out of Bitcoin, with little to no friction.
There’s no denying that cryptocurrencies are known for being volatile. However, Bitcoin bucks this trend and has proven itself to be stable when compared to the alternatives. Indeed, over the years the trajectory can be seen as a clear upwards one. The stability here is a must for online casinos as they need to be able to manage payouts and to operate effectively within a budget. If rates fluctuate there can be significant impacts on both operators and players, but the stability shown by Bitcoin does away with these risks. For many online casinos, Bitcoin is the number one choice purely because its value, while subject to some fluctuations, is more stable than that of other cryptocurrencies.
Then there’s the longevity of Bitcoin to consider. This has seen it become widespread and the most trusted of all cryptocurrencies. It has managed to escape the challenges that are faced by new releases when it comes to acceptance and scrutiny. While there are many other cryptos that may be attractive to invest in, Bitcoin remains at the forefront of gaming because nothing else compares when it comes to the security and reliability of the established infrastructure. The decentralisation here means that no single entity can ever control it and that means that the system and its supply can never be manipulated.
Bitcoin has also provided the benchmark of financial trust when it comes to cryptocurrencies. The fact that it has been adopted by major institutions only adds to the confidence that players have in its use. This trust has been established over more than a decade and, simply put, no other crypto can compete.
Fast Transactions and Low Fees
One of the biggest advantages that Bitcoin has is how it works when it comes to processing transactions. When it comes to traditional payment methods, these usually involve intermediaries and these lead to delays and increased costs. The likes of bank transfers and debit cards will often take a number of days to process, and there will usually be fees along the way. The decentralised approach of blockchain means that intermediaries are done away with. That means that transactions can be processed in an instant and that fees are minimised.
For online gamblers, the speed offered by Bitcoin is a massive benefit. It could be that you’re looking to place a bet on a live hand of blackjack and making an instant deposit is a must. It could be that you have a real need to get hold of your winnings. Either way, with Bitcoin, transactions are completed quickly without delay. This completely does away with the need for players to be left waiting days for transactions to settle. Then there are bank holidays to consider. While traditional banking comes to a standstill, Bitcoin continues to operate around the clock.
The lower transaction fees are also a major draw. If you consider credit card transactions, it’s common to pay fees of 2-3%. If you’re a high roller or a frequent player, these fees can quickly build up. Bitcoin, on the other hand, has fees that are only a fraction of what’s charged by other methods. The fees always remain competitive and can offer real savings to both platforms and players.
There’s also the Bitcoin Lightning Network to consider. This increases the speed of transactions even further and brings costs lower. This makes it ideal for microtransactions. These work well for in-game purchases and low-stakes games. It means that Bitcoin becomes the best choice for players regardless of their budget or playing style. The doing away with excessive fees means that there’s no longer any need to worry about your winnings being eaten away.
Overall, it’s the combination of speed and low costs that offer a first-class online casino experience. It allows players to focus on the games themselves rather than worry about fees or transaction speed.
Comparing Bitcoin to Other Cryptos for Online Gaming
Of course, Bitcoin comes with a raft of advantages and is clearly the number one choice at online casinos, but that doesn’t mean that other methods should simply be ignored.
Ethereum, Litecoin, and Stablecoins: Pros and Cons
Let’s explore the main Bitcoin alternatives that be used by online casino players:
Ethereum
This is Bitcoin’s biggest competitor. That being said, it doesn’t simply mirror what Bitcoin has to offer: it comes with its own unique features. Perhaps the best known of these is its smart contract functionality. The advantages for online players comes from the fact that Ethereum offers both automated payments and complex in-game transactions. The use of smart contracts allow for transparency and the need for intermediaries is done away with. This ensures both fairness and efficiency when playing. The use of smart contracts also allows developers to go ahead and create decentralised games. These run directly on the Ethereum blockchain and have no central control.
Despite clear advantages, Ethereum falls down when it comes to high gas fees and slower transaction speed. When the network is busy, fees rise rapidly and that means that it’s totally impractical for players to make smaller transactions. There’s no doubt that Ethereum is innovative and that it has been widely adopted, but these issues make it less than ideal for online gaming.
Litecoin
Litecoin has been referred to as the silver to Bitcoin’s gold. It is another hugely popular options for online gaming. Massive positives here is that it offers transactions that are faster than Bitcoin and it also comes with lower fees. This makes it an ideal option for those who are looking to make microtransactions. It has what can be described as a lighter blockchain structure and this allows for quicker confirmations. As an example, let’s say that Bitcoin takes 5 minutes to confirm a transaction, Litecoin may be able to do this in around 2.
The main issue with Litecoin is that it lacks the dominance and widespread acceptance that Bitcoin enjoys. This means that there are fewer platforms that are willing to offer it as a payment option as it lacks global reach. Yes, there are certainly technical advantages that come with Litecoin, but it simply can’t compete with Bitcoin’s recognition and widespread adoption.
Stablecoins
Stablecoins, as their name suggests, are all about stability. This is achieved by pegging them to fiat currencies. For players who want to completely escape the risk of any volatility, this can be an extremely attractive option. When players want to know exactly what their holding is worth, stablecoin provides the answer. Let’s say that you have 100 in USDT today. Come tomorrow, you can still be confident that this will be worth $100.
The downside of stablecoins is that they lack the level of decentralisation that Bitcoin offers. There is a reliance on centralised entities to actually maintain the value that they are pegged to. This is a million miles away from what Bitcoin has to offer.
| Cryptocurrency | Pros | Cons |
| Bitcoin | High acceptance, fast transactions | Higher fees than Litecoin |
| Ethereum | Smart contracts, flexibility | High gas fees |
| Litecoin | Low fees, fast processing | Limited acceptance |
| Stablecoins | Stable prices | Limited levels of decentralisation |
How Bitcoin Stands Out in the Casino Space
It’s the unique combination of features that makes Bitcoin the preferred option for online casinos. The first thing is that this crypto is the most universally accepted and this ensures that it can be accessed by players from around the world. This all helps to simplify transactions for players and there is no need to manage multiple wallets or to deal with currency conversions.
There’s also the transparency of Bitcoin’s blockchain to consider. This is all about enhancing security and trust. It allows online casinos to prove that their games are fair and players can track all of this without the need for third-party audits. This boosts trust in platforms and increases player loyalty.
The decentralisation of Bitcoin also means that there are added layers of privacy, and even a degree of anonymity. This is a must for players who value discretion when it comes to their gaming activities. While traditional payment methods require a host of personal information before a transaction can be made, Bitcoin does away with this.
Then there’s how Bitcoin has continued to rally in value. Regardless of inflation or the state of the economy, Bitcoin has shown itself to be a reliable currency that can be depended on. Players are able to enjoy their favourite games, knowing that the value of their funds is safe.
Final Thoughts
There’s no escaping the fact that cryptocurrencies are having a major impact on how we interact with online casinos and gaming. While they all offer a host of benefits, it’s Bitcoin that truly shines as the best option for both players and operators.
Yes, Ethereum, Litecoin, and Stablecoins all have their benefits, but they fall short when placed alongside Bitcoin. None of these can match the widespread acceptance and reliability that Bitcoin enjoys.
When players decide to use Bitcoin, they can be confident that they are using a payment method that is safe and secure. They can also be sure that it’s 100% transparent and that games are provably fair. This is something that traditional online casinos simply can’t offer.
