Gambling with cryptocurrencies is a good idea for a number of reasons. First, the speed of crypto transactions allows quick withdrawal and deposit which increases your chances to win. Second, you can escape from all-inclusive casino fees that cut heavily into your potential profit. Third, cryptocurrency gambling sites offer anonymity and security. And last but not least, many casinos let you gamble with a cryptocurrency that is not primarily used for gambling, such as Ethereum.
However, finding a cryptocurrency that meets your needs can take a while. You should consider the currency’s stability and low volatility compared to other popular currencies. If you use big sums, it’s better that your currency has a quick transaction time [some cryptocurrencies, like Bitcoin (BTC), may require hours to get the transaction confirmed], while if you’re more into microtransactions, the quick processing time is not that important.
The currency you choose should be anonymous and provide safety for your funds. Some currencies are very private; others, like Zcash (ZEC) or Monero (XMR), let you make your transaction completely anonymous. Always remember that safety is more important than privacy (if someone can’t find out about your transactions, but can access your funds they are not safe).
The cryptocurrency you choose should be stable and its price shouldn’t go up or down too much. Large volatility of the currency rate may force you to choose between gambling and withdrawing your funds, which is not exactly what you need.
It should be supported by the casino you prefer. If you are into live casinos such as N1 Casino Nigeria, then it’s important for them to have a working integration with the cryptocurrency of your choice. What else matter? Let’s figure it out!
How To Choose A Cryptocurrency For Gambling
There are several things that you should consider when choosing a cryptocurrency for gambling. And it won’t be an easy thing to do as there are 800+ cryptocurrencies on the market now, and new ones appear every month. First of all, it’s important to remember about Bitcoin. It’s still by far the most popular cryptocurrency, and it’s used for almost every online transaction nowadays.
That said, Bitcoin is not the best option for customers who want to gamble with cryptocurrencies. For instance, you can’t spend your winnings instantly using Bitcoin – it takes up to 5 minutes to process a payout. On the other hand, there are cryptocurrencies designed specifically for gambling transactions. They are faster, more secure, and transparent. But of course, there are some criteria you should consider before choosing a crypto coin for gambling.
So let’s take closer look at the most important things to check before making an investment into a particular cryptocurrency:
Check its reputation & stability
It’s important to choose a cryptocurrency with a good reputation among the gambling community. But even more importantly, try having a closer look at its price history as it shows you its stability and ability to hold value.
Check if it supports both deposits & withdrawals
For obvious reasons, you don’t want to be stuck with one specific casino that you can use your coins with. So make sure to choose a cryptocurrency that is widely supported among online casinos.
Learn about its user base
Nowadays, there are a lot of altcoins that have low trading volume and activities on social media, but their price grows fast as new investors join the party. In most cases, those cryptos will go back to square one after those speculators leave the market. So make sure you check how many users the crypto has and whether it has real growth potential or not.
Check how it’s mined & its emission rate
If you want to make sure that the coin you choose is as decentralized as possible. First of all, there is a mining process behind every cryptocurrency known as Proof-of-Work (PoW). Most coins are mined by people who use powerful hardware (ASICs mostly), but some cryptos can be mined by anyone with a computer. The latter is called a CPU-mined coin, and it has a more significant mining reward. But the process of mining is not as important as how quickly new coins will appear in circulation.
Check its transaction speed
Actually, transaction speed is one of the most important criteria. Why? If you want to bet with cryptocurrencies, then you need to know that it takes at least 10 minutes for a transaction to go through. And more often than not, it’ll take more time than that – especially during busy days of the year like Christmas or Halloween.
Check its market value
This is another crucial factor. If you just want to play a small amount for fun, then it’s not that important. But if you plan on betting large amounts of money, then it’s recommended to use cryptocurrencies with higher market values.
Read reviews about it
It’s very important to research all available information about the cryptocurrency you are planning to invest in. But don’t forget that it takes time for people to understand everything there is about a certain coin, so good reviews will appear only after several months of observing the market.
Check how transparent it is
Before investing in a specific coin, you should also check if it has an open code (that means that anyone can see the insides of it). If the code is closed, then nobody knows what happens behind its back. And that can be dangerous.
Check if it’s accepted by online casinos
You don’t need to know all the available cryptocurrencies in the world to make a good choice. There are only a few coins that you should take a closer look at first, and it’s those which are accepted by most online casinos. We call them the “most popular” cryptos.
And keep in mind that you can always invest in Bitcoin, as well as some other mainstream cryptocurrencies with the highest market capitalization like Ethereum, Litecoin, or Dash. You can gamble with these cryptocurrencies and benefit from their high stability. And if you don’t really care about privacy & anonymity – use Bitcoin because it’s the most transparent cryptocurrency out there.