The idea of using cryptocurrencies to add funds to a casino account has changed how we gamble online. With each of the different digital assets having unique benefits, we can look at two of the biggest tokens to understand the factors to take into account when deciding which to use.
The Case for Bitcoin
Bitcoin (BTC) is still clearly the biggest token in the market, with a massive market cap. But how suitable is it for use in crypto casinos when you just want a fast and low-cost transfer method?
It’s worth remembering that BTC was initially conceived as a peer-to-peer electronic cash system that cuts out the need for a middleman, like a bank. This probably sounds exactly like what you need for casino deposits, but you also need to take into account that Bitcoin was launched in 2009. Some newer tokens have improved on certain aspects, like the speed and cost of transfers, since then.
A good example can be seen with Bitcoin Cash (BCH). This was created in 2017 as a fork of the original Bitcoin after differences of opinion led to a community split. The key difference is that BCH introduced larger block sizes to the process. This leads to lower transfer fees and faster transactions. Litecoin (LTC) is an even older alternative that was also designed to enhance BTC’s speed and cost.
BTC is widely accepted as part of the iGaming payment method infrastructure, with mainstream adoption slowly occurring over recent years. It’s been classed by many analysts as a store of value with the potential to increase in value over time. However, if you’re planning to hold it for a shorter period, you need to take into account the price volatility this could involve.
The Case for Tether
Tether (USDT) is also one of the biggest cryptos, but it offers a completely different type of value for casino players. Rather than its value being determined by supply and demand in the open market, it’s pegged to the US Dollar. Every USDT has a value of $1, which means that your playing budget is going to be steadier.
Although BTC is accepted by most crypto casinos, mBitcasino is one of the few platforms paying out in USDT. This means that it provides a useful alternative for those players who want to try some games but aren’t fully comfortable with Bitcoin. The full range of slots, table games, and live dealer titles can be played, regardless of the token used to fund the account.
This level of bankroll control is one of the main reasons why Tether has become a popular choice among casino users. You know before you play that the amount in your balance is only going to vary according to whether you win or lose games, with no complex calculations or market-watching needed.
Other benefits include the speed and low cost of transfers. USDT can be transferred across several high-speed blockchains, such as TRC-20, Polygon, and Solana. In this way, you can get your funds delivered to where they need to be without losing any time or paying high fees.
The Other Options
Having looked at the benefits of Bitcoin and Tether, it’s easy to see why so many people choose these ways of moving their money to and from a casino. They’re also popular in retail shopping, with Newegg among the sites accepting BTC, and the likes of BitPay, Travala, and AMC Theatres all accepting USDT. Yet not everyone is looking for the same advantages, which is why there are other alternatives to cover here.
We’ve already seen that Bitcoin Cash and Litecoin take the original idea of Bitcoin and make transfers faster, as well as cheaper. On the other hand, they lack the widespread adoption of BTC, and their smaller market caps mean that the price may vary more over time.
Ethereum (ETH) is the second-biggest digital asset, which means that it offers a token that has deep liquidity, and it has been integrated into many decentralized platforms. Transfer speed and cost can be an issue during busy periods, although the emergence of layer 2 options has meant that there are now choices for cheaper transfers.
The Ripple (XRP) token is another that has nearly instant, low-cost transfers. As with all of the cryptos that we’ve looked at, the fact that you don’t need to share your card details or transfer directly from your main bank account means that it is a highly private deposit method.
For some casino users, the ideal solution may lie in using different cryptos at different times. Having a wallet or account with a selection of the tokens we’ve looked at adds flexibility to the process of bankroll management.
As the crypto industry continues to grow, we can look forward to more tokens being added to the list of those that casinos accept. However, the tokens in this list should remain among the most popular ways of moving funds across the blockchain for gambling purposes.