Online casinos are embracing crypto payment methods, offering gamblers an exciting way to earn digital assets. While not all virtual money is supported, most casinos only accept a small selection of them, with some brands expanding their options to cater to more players.
With that said, it’s worth noting that some cryptocurrencies are more widely supported than most. You are always likely to find online crypto casinos supporting the same kinds of virtual money. To help you identify the most widely accepted options, here are the top five cryptocurrencies, ranked from most to least supported:
Bitcoin (BTC)
Bitcoin, introduced in 2009, is credited as the first asset crypto to popularise decentralised finance. Hence, most businesses are more familiar with its name and technology, giving it an edge in terms of marketing compared to the others. It’s also popular because its volatile growth is exponential and it is currently the most valuable crypto globally.
However, BTC is so valuable that it often surpasses the betting limits for most crypto casino games. That’s why gambling houses allow users to deposit, withdraw, and use their lower denominations. The most popular of them all is milliBitcoin (mBTC = 0.001 BTC) but there’s also microBitcoin (µBTC = 0.000001 BTC).
Ethereum (ETH)
Inspired by Bitcoin, Ethereum was created in 2015. Its network is designed to support decentralised projects rather than serve as a financial network but it also works that way now, giving ETH high liquidity as an asset. It eventually grew to be second to BTC in market value but it has undergone more system updates to add more robust features.
While not valued as high as BTC, ETH is still an expensive digital asset and its volatility leaves room for more exponential growth. Most casinos that accept this asset also support ERC-20 tokens, crypto circulating layer-2 blockchains built on the Ethereum layer-1 network. The following crypto listed below are examples of ERC-20 tokens.
Tether (USDT)
USDT is a stablecoin pegged at a 1:1 ratio to the United States dollar (USD) released in 2014. It was originally on the Bitcoin blockchain but it moved to the Ethereum network in 2017, officially classifying as an ERC-20 token.
Tether was created to provide international banking solutions using blockchain technology’s borderless capabilities. However, unlike most crypto, it is centralised under Tether Limited Inc. All USDT is backed by banking reserves, allowing users to trade it for fiat at any time.
USD Coin (USDC)
USDC is a decentralised alternative to USDT created by Circle in 2018. The network was created for users to tokenise USD, allowing all users to convert between fiat and crypto with ease. On top of that, the USDC is also pegged 1:1 to the USD, giving crypto users a familiar sense when using it to spend like betting on crypto games.
The main purpose of the USD Coin’s creation is to offer users a seamless bridge between crypto and fiat. Therefore, you always have the best of both worlds, a handy option for investors and traders seeking convenience and reliability.
Polygon (MATIC)
Polygon is a layer-2 network created in 2017 to offer a scaling solution in the Ethereum blockchain. MATIC is an ERC-20 token that operates in this network and it is useful for all economic activities like exchanging for other assets or paying for gas fees. It is volatile like BTC and ETH so it has potential for exponential growth.
MATIC is being converted to $POL after the Polygon 2.0 upgrade in 2023 and they can be exchanged for 1:1 the rate. However, more cryptocurrencies support MATIC more than $POL for now but the time will come when the newer asset becomes accepted in the top crypto casino sites.
While online crypto casinos offer an extensive array of payment options, crypto stands out for its widespread acceptance, primarily due to the convenience and flexibility it offers. As the crypto landscape evolves, we can expect even more integration, providing players with enhanced security and opportunities for exciting gameplay.
