In recent years, the rise of crypto betting has opened many new doors for prospective bettors. As buying and selling crypto could be considered a form of gambling due to high market volatility, it’s no wonder so many people are using it to fund their bets. More and more online casinos have adopted cryptocurrencies, and the trend won’t be slowing down any time soon.
How many different coins and tokens are out there? It is estimated there are over 18,000 active cryptocurrencies as of 2022, with many new projects being launched while others fall the way of the dodo. As cryptos find popularity and coins are mined and minted, the demand for their use rises also. They provide an alternative way to place bets that are both speedy and secure while remaining significantly more anonymous than cash and credit cards. The evolution of the digital marketplace soldiers on, with many financial analysts predicting mainstream acceptance of Bitcoin at the very least.
Bitcoin, The OG Of Crypto
The original cryptocurrency, Bitcoin, is still the undisputed king of all things crypto. Its origins are shrouded in mystery; nobody really knows who invented Bitcoin. Some people will say it was invented by Satoshi Nakamoto. You can ask right back, “And who was that, exactly? Where did he live? Where did he work? Who was his daddy, and what did he do?” You’ll get anything from blank stares to conspiracy theories, but nobody will know for sure. Where it used to be mined easily and traded for tens and later hundreds of dollars in the early to mid-2010s, it now fluctuates between $30,000 to $60,000 USD per coin, its volatility only matched by its desirability.
Regardless of its origins, Bitcoin is the number one choice for placing bets at crypto casinos and crypto bookies online, some smaller coins like Litecoin have also gained in popularity, but nothing compares to the original Bitcoin. It is uniformly accepted at all crypto exchanges, crypto casinos, online sports booking platforms that accept crypto, and many other locations. Many crypto casinos allow you to deposit your Bitcoin into a wallet on the website and then bet and receive payments with that wallet. Other websites make you convert your Bitcoin into cash (fiat money), like USD, before placing bets. Every website is different.
Ethereum, New Kid On The Blockchain
Unlike Bitcoin, we know who created Ethereum. Vitalik Buterin pioneered the project, and Gavin Wood is considered a co-founder. That exciting backstory now behind us, we can tell you that it is the most extensive decentralized financial cryptographical system today. Each unit of the Ethereum blockchain is known as an “Ether” (ETH) and is considered a little brother cryptocurrency to Bitcoin. Its popularity has grown over the last decade, and now it is second only to Bitcoin in total market capitalization.
It can be used much the same as Bitcoin in terms of betting, and there are similar protocols governing transmitting, storing, and spending Ethereum. The vast majority of crypto casinos, eSports betting agencies, and bookies will accept Ethereum. It is also important to note that Ethereum features “gas” fees per transaction. The faster the transaction, the higher the gas fee, and vice versa. Many cryptocurrencies work in this way, and it’s a fundamental process in how the Ethereum network works.
Alt Tokens And Meme Coins
You may have heard of them: Dogecoin (DOGE), Shiba Inu (SHIB), and Hoge Finance (HOGE); these are just a few of the meme coins out there. Some are referred to as tokens, and some are coins, but as far as betting is concerned, they’re just stores of value. Relatively few crypto betting websites will accept anything other than Dogecoin.