Ever since cryptocurrencies came out and the entire blockchain technology, the world will never be the same. This is a decade-old technology that set up the benchmark for future finances and quickly spreads across many industries including online casinos.
In the beginning, not many people knew much about Bitcoin and the technology behind cryptocurrencies, but as they become more mainstream, we can now see their usefulness and benefits over the traditional fiat currencies.
In the past couple of years, the world of online casinos has been dominated by cryptocurrencies and big establishments try to adopt this technology in their offerings since it will open their gates to a massive audience.
Nowadays, there are many online crypto casinos offering you to gamble with different cryptocurrencies. If you are new to the crypto betting world, the situation can be overwhelming at the beginning since you’d not know the difference between cryptocurrencies and which is the best one to use for wagering.
Since Bitcoin is the oldest and most popular cryptocurrency, it is widely accepted by online casinos, making it one of the best cryptocurrencies for gaming. Therefore many mainstream sportsbooks and casinos like this one have adopted this currency as a form of deposit: https://www.bovada.lv/casino/crypto-gambling-bitcoin-casino
With that said, let’s find out whether or not Bitcoin is the right cryptocurrency for bookmaking or whether should you choose Ethereum, Cardano, Litecoin, or others.
Why Use Bitcoin for Betting?
As we mentioned before, Bitcoin is the most popular cryptocurrency at the moment with the biggest market cap and value that reached close to $65,000 in the past. But why is Bitcoin the best cryptocurrency to use in casinos?
Well, there is a number of reasons, such as these:
Bitcoin Dominates the Online Betting World
Even though there are plenty of online casinos that offer crypto wagering and new ones are emerging every day, this industry is still in its early stages of adopting blockchain technology. This means that the casino offerings are limited in terms of which cryptocurrencies they use.
On top of that, nobody knows whether or not cryptocurrencies will continue to be popular, which poses a risk for casinos of losing all of their money due to price depreciation.
Therefore, casinos like to stick to the top cryptocurrencies that are most likely to succeed, such as Bitcoin. Bitcoin is the most dominant cryptocurrency in casinos and almost all casinos accept making a bet with Bitcoin, making it versatile.
Bitcoin Is Decentralized
Bitcoin is the only cryptocurrency where the creator still remains unknown, and therefore nobody is in charge of running it. Bitcoin is powered by a network of computers where all of the data is stored individually making it a decentralized network.
Begin a decentralized network with no creator means that nobody can take down Bitcoin, making it one of the safest crypto assets to invest in.
Bitcoin is Widely Accepted
Since Bitcoin is the most popular cryptocurrency it is widely accepted by many different organizations and crypto exchanges making it easy to convert it into something else or spend it.
Can you imagine having a bet with an unpopular coin and winning some money just to find out that you can hardly spend that cryptocurrency anywhere in the world?
With Bitcoin, that is not the case. Playing at Bitcoin casinos means that all of the money you’ve earned can be easily converted into a real-world value.
Just because Bitcoin is the most widely accepted cryptocurrency it holds the biggest potential for price growth in the future. Basically, this means that it is a valuable store of value, where players can earn money while keeping Bitcoin in their wallets.
In the past couple of years, we’ve seen Bitcoin jump from $8,000 to $65,000 per coin making a lot of people millionaires. As experts suggest that the price of Bitcoin could easily reach hundreds of thousands of dollars, and this means that you can make money by gaming with Bitcoin and keeping the winnings in your wallet.
Fast and Low Transaction Fees
The Bitcoin network has the biggest support out of all cryptocurrencies. Many people use their computers to mine this cryptocurrency allowing faster transactions and lower fees. The fast crypto-processing capabilities of Bitcoin make it one of the biggest reasons why people use this coin in the first place.
On top of that, the Bitcoin fees are low meaning that you get to keep most of your profits instead of paying high payment processing fees which can sometimes be the case with other cryptocurrencies or fiat money.
Another important factor to consider when choosing Bitcoin to gamble is its security. Bitcoin is the longest-running currency that has never been hacked, and due to its decentralized nature, that isn’t even possible.
All of the transactions are recorded on a Blockchain network run by millions of computers scattered around the world. This makes it harder to plan an attack on the network since the hacker will need to make an agreement with all the people involved in the process in order to take down the network.