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The Washington Independent

Top Altcoins offered by crypto gaming industry

Top Altcoins offered by crypto gaming industry

Crypto casinos allow users to get access to more features than a traditional casino by enabling gambling and payments through the world’s most popular cryptocurrencies.

Dexter Cooke
Finance
Aug 04, 2021

Table of Contents

Crypto casinos allow users to get access to more features than a traditional casino by enabling gambling and payments through the world’s most popular cryptocurrencies. They offer a variety of games, including slots, dice, poker, and sports betting coupled with security, privacy, and convenience. With almost instant payment options, crypto casinos have popped up almost everywhere. Users can now enjoy the traditional benefits, games and win probabilities along with additional advantages such as high transaction speed and lower processing fees. 

Altcoins

One of the most popular cryptocurrencies in the online gaming world is definitely Ethereum. Etc casino is essentially any casino that not only offers and accepts Ether (ETH) as a payment option but also has built its entire gaming experience on the Ethereum blockchain technology. SmartCasinoGuide is one of the first online casinos that started accepting Ethereum and provided its benefit for all players. They have all the games that you would find in a more traditional casino but they do everything else so much better. When you are participating in an online casino you can feel the difference and experience all the benefits. Ethereum casinos improve your gaming experience through a wide range of games and powerful features.

How crypto casinos work

Opening your own account in a crypto casino is similar to signing up at any other online casino. You must register using your details on your chosen casino and complete your identity verification based on the regulation in your region. This step is important to avoid fraudulent accounts and build a secure platform. After this, you must buy your cryptocurrency of choice through a cryptocurrency exchange and store it in a crypto wallet.

Once your account is registered and verified, you will be directed to the deposit page. Here, choose which cryptocurrency will be your payment option, as most crypto casinos also support a large variety of cryptocurrencies. It is important to note the minimum mandatory deposit for the platform and then decide how much amount you wish to send to your online casino account. Once you enter this amount, the platform will generate a crypto wallet address to which you will have to transfer funds from your crypto wallet. Click on submit payment after rechecking that the wallet addresses are correctly entered to complete the deposit.

You can start investing, playing a variety of online games, and gambling through the platform as soon as your first deposit is reflected on your casino account. Each platform offers its distinctive advantages and bonuses that you are advised to make complete use of in order to have a fruitful experience. You can withdraw your winnings from the casino at any time. To withdraw, simply go to the withdrawal tab and select the payment option. Then, just input the amount you wish to withdraw and click on submit.

Which cryptocurrencies are accepted

One of the reasons why cryptocurrencies are becoming so popular in online casinos is because it provides more people access to them. Crypto casinos use blockchain technology to improve the fairness of online casino games. When choosing a cryptocurrency you need to make sure which one is the right one for you before you start spending.

There are plenty of options to choose from and we will bring you our favorites. If you want to stay away from the popularity of Bitcoin there are other alternative coins worth looking into.

Ethereum (ETH) follows BTC as the second most popular cryptocurrency. It includes a token called ether which acts as a currency. Most of the top casino sites offer Ethereum and it has a huge potential for growth. ETH’s main function is to serve as a platform for decentralized apps or Dapps” Currently, it also acts as an open-source blockchain featuring smart contract functionality, which allows two or more parties to create a contract enforced by the blockchain.

Litecoin (LTC) is another peer-to-peer cryptocurrency that operates similarly to BTC. In fact, LTC is so identical to BTC that you wouldn’t notice their difference when using LTC for paying online casinos. Those differences include a larger number for maximum coins and a decreased duration of block generation. You can mine and keep up to 65 million LTC and on average, it only takes 2.5 minutes for it to generate blocks.

Monero (XMR) is a completely untraceable cryptocurrency that was created in 2014. It allows users to make transactions online while remaining completely anonymous. XMR uses an obfuscated public ledger to allow people to make standard cryptocurrency transactions without being seen by observers from the outside looking in. Nothing will be seen from payments made using XMR, no sender, no recipient, and no amount. This is perfect for gamblers who don’t want anybody to know their gambling transactions.

Ripple (XRP) features a variety of functions for a cryptocurrency. It acts as a currency, a real-time gross settlement system, and a remittance network. XRP is an open-source protocol that supports tokens that represent various types of value. The tokens correspond to fiat, cryptocurrency, commodities, and frequent-flier miles. Apart from those, it’s also a seamless way to make deposits and cashouts in betting sites and online casinos.

Dogecoin (DOGE) was named after the Shiba Inu dog meme. But it would eventually become one of the consistent ranking cryptocurrencies among the top 30 in the world.

Dogecoin is a user-friendly cryptocurrency that you can use for leaving tips online. Also, most casinos that take BTC accept Dogecoin as well. Dash features quicker transactions and a governance model that’s faster than BTC. It also offers privacy to a greater degree when it comes to transactions. Dash is also another peer-to-peer cryptocurrency that forked off of BTC and was initially launched as XCoin in 2014.

Are crypto casinos legal

While crypto casinos offer lucrative rewards and come packed with additional bonuses of using a decentralized platform it is equally important to determine if they are legal to use in your part of the world. Online gambling is officially licensed and regulated in many countries across the world so should this extend to their crypto versions. 

Countries like the Netherlands, Belgium, Greece, Belgium, Italy, and the UK have already taken their first step towards legalizing and regulating crypto gambling platforms with attempts to overcome the suspicion cryptocurrency is often viewed with. Crypto gambling is not technically illegal in the eyes of the federal law in the USA though users must carefully review state laws and check for the origins of the casino before giving a final verdict on its legality. In the UK, on the other hand, regulators are attempting to identify effective mechanisms to regulate crypto casinos as a 2016 law that allowed gambling license holders to accept cryptocurrencies.

It is recommended that users conduct extensive research to determine the legality of a particular crypto casino based on the laws in their region. It is also useful to understand the tax laws surrounding online crypto gambling to make a more informed choice.

It is also definitely recommended to use a licensed and, if available, a regulated platform as it significantly reduces your chances of becoming a victim of cyber fraud. However, privacy and anonymity are some of the foundational principles of cryptocurrencies and a huge part of what makes them favorable to most people. So it is recommended to check for the mechanisms the crypto casino uses to ensure privacy and protect your transaction details.

Can you make money with crypto casinos

With its advanced features, high-rated security, and a wide range of games that caters to all types of users, crypto casinos are known to have reportedly offered a better gambling experience and convenience. They are unique in how they record transactions and how they build their gaming architecture.

However, no form of online gambling is completely free of risk and it is advised that users only play with what amount they can afford to lose. With that being said, you can only potentially increase your chances by using platforms that are top-rated, have low house hedge, and by keeping yourself updated with the latest developments in the industry and comprehending the casino language. It is advised to start small and save your profits along the way instead of reinvesting all your winnings.

Whichever cryptocurrency you end up using, we are sure it will improve your gambling experience. Blockchain technology has started to spread in all major industries and is improving our global life. Soon everyone will be the owner of some type of cryptocurrency in the near future.

Dexter Cooke | He is an orthopedic surgeon who insists that a physician's first priority should be patient care. He specializes in minimally invasive complete knee replacement surgery and laparoscopic procedures that reduce pain and recovery time. He graduated from the Medical University of South Carolina with a medical degree and a postdoctoral fellowship in orthopedic medicine.

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