Best Coins for Crypto Casino Deposits & Withdrawals
In this guide, we talk about some of the most popular cryptocurrencies used in gambling, both for playing and making deposits & withdrawals. We’ll also explain their advantages over traditional online casinos and other cryptocurrencies, as well as cover some newer coins that have made strides entering the crypto casino market over the last couple years. Plus, we’ll show you the differences between crypto casinos and DApp-based casinos and walk you through a few different platform coins which currently offer gambling DApps.
It is important to remember that you should not have to limit your cryptocurrency gambling experience to only one coin, but rather find the coin that best suits your needs, as well as a casino you like where you can use it. Of course BTC is the primary go-to coin, and as such it has the advantage of being the most universally accepted among crypto casinos, but there are some up-and-comers currently providing some decent competition to its long-held dominance of the crypto gambling market.
For an expansive list of crypto casinos which can be filtered by several different variables, including coins accepted, please visit the Coin Clarity Casinos page to get started finding the perfect casino best suited for your individual tastes.
List of Top Coins Used by Crypto Casinos
As everybody knows, BTC is the staple coin for crypto casinos, and in many casinos, it is the only coin accepted. Bitcoin’s dominance in the market makes it the easiest to buy, transfer, and spend; however, its price and speed are sometimes prohibitive, making it too costly or too slow for deposits & withdrawals. During late 2017 / early 2018, fees were prohibitively high for transferring bitcoin for recreational purposes, reaching a peak of $20 per transaction in December 2018. Even though the median BTC transaction fee is now down to around $0.30, this is still 3% of a $10 transfer. In addition, most casinos require 1-3 confirmations in the blockchain before you will be allowed to use your funds. This often translates to a half an hour of waiting time before you can begin gambling.
Nevertheless, bitcoin still beats traditional fiat gambling online in several respects. For one, most governments still do not consider it to be “real money”, which means it is not subject to the same laws and restrictions as fiat currency. While Know Your Customer (KYC) processes are becoming more prevalent in bitcoin casinos, the amount of personal information required by bitcoin casinos is still far less than it is for online fiat casinos. Bank transfer in and out can also be costly, time consuming, and involve revealing information about your finances that is not required with BTC.
Additionally, by virtue of being backed by the blockchain, bitcoin allows casinos to offer “provably fair” games. These are games that make use of cryptography to prove that their results are fair. It accomplishes this by making use of hashes, which is a resulting product of the cryptographic process. Here is a quick explanation of how hashes apply to the idea of provable fairness:
“Think of your fingerprint as a hash of you. Your fingerprint is a representation of you in that it can be traced to your identity, but only if whoever has your fingerprint also has access to a fingerprint database. In a provably fair casino game, all possible results for a game are data represented by a hash. Although the hash can be known by the player, the inputs required to generate the hash cannot until after the game is played. Cryptographic hash functions work one-way only, meaning only after a game has been played can the fairness of the game be verified.”
In short, popular crypto casino games like dice, roulette, and lotteries can all be determined to be fair by use of cryptographic data stored directly in the blockchain or else created by an open-source cryptographic mechanism stored on the casino website. This feature can help bitcoin casinos offer games that are far more honest than can be offered by the classical fiat online casinos.
Ten years after its inception, bitcoin remains firmly in the #1 position of most trusted, valuable and widely-used cryptocurrencies. As thousands of competitors have come and gone in the years since, that’s quite a remarkable feat, which is why it is still the most popular among crypto casinos. Because it is also the most liquid cryptocurrency by far, it enjoys a certain amount of stability relative to other coins, rendering it the best crypto to keep on a casino for any length of time greater than 1 day.
Having said that, there are some up-and-coming competitors that have a lot to offer, making names for themselves by offering improvements in terms of speed and transaction costs.
As the second altcoin ever created and the first coin to implement the scrypt hash algorithm, Litecoin has been around for quite a while, managing to firmly establish itself as part of the crypto ecosystem. It is arguably the third most widely adopted coin (behind only Ethereum) and seen as an incubator for technologies eventually adopted by bitcoin, including SegWit and the Lightning Network. With 2.5 minute block times and a 4 cent average transaction fee, LTC is decidedly cheaper and faster to move around than BTC. Many top casinos like FortuneJack and mBitcasino accept Litecoin, however, there are no games or prominent casinos that have been developed specifically for Litecoin acceptance, as of yet.
Dash (DASH) – accepted by 11 casinos
Initially launched under the name Xcoin in 2014, Dash is one of the first and most popular privacy-based coins, meaning it is possible to hide your address when sending coins by blending them with coins from other concurrent transactions. This gives it a few certain advantages over most other commonly-used cryptocurrencies, mainly that it is impossible to tell where deposited coins have come from. This can be useful from the standpoint of privacy concerns, making it harder for hackers or those watching your address to see where you are sending your coins. Using the X11 hash algorithm, the length of Dash blocks are similar to Litecoin’s, at around 2.5 minutes. Currently, the average transaction fee for Dash is less than 2 cents, making it an even cheaper alternative than Litecoin.
One of the early staples of the crypto casino universe, Dogecoin has proven itself to be a favorite among gamblers over the years. This is primarily due to 2 reasons: quick confirmation times (DOGE has 60-second blocks) and low transaction fees (usually about 1-2 DOGE, or less than ½ of 1 cent). This makes it incredibly convenient for those who want to get started gambling without having to wait for extended periods of time. If you are looking to place wagers on live sporting events, you will find this feature extremely useful as it makes it easier to get in on the exact odds you want, which can fluctuate rapidly throughout the course of a sports match. At today’s price of $0.002 a coin, Dogecoin is also extremely cheap, which makes it useful for placing small bets. With other coins, placing $1 bets may not be practical or even out of the question after the addition of transaction fees, but with DOGE, “micro-betting” becomes highly feasible.
Initially launched in July 2015, ETH is also a crypto casino favorite, but what really makes it unique is the fact that its blockchain hosts an entire ecosystem of projects called DApps. Many of these are casino- and gambling-related projects that are capable of adding a layer of player protection through their use of smart contracts. While almost all crypto casinos act as a bank, usually referred to as a “house,” in that they hold player coins and are responsible for distributing them back to customers on demand, smart contracts can be used to automate this process, thereby reducing what is known as the “house edge,” or cut of profits that the casino must take in order to produce a profit. Though the processes of online casinos are largely automated, they still require a staff of sorts to solve customer problems and make sure nobody is abusing the casino, or its holdings. With DApps that use secure, well-tested and open-source smart contracts, most of the need for manual oversight is removed, thereby allowing it to offer games with highly competitive odds and payouts. The amount of Ethereum DApps is growing at an ever-expanding rate, and you can find a list of some of the prominent gambling-oriented ones here.
In addition to Ethereum, there are a couple of up-and-coming DApp-oriented platforms that already have different DApp-based casinos, the most successful of which thus far is EOS. Hailed as a potential “Ethereum killer,” the main net for EOS was released in 2018, after being in development for an extended period of time. EOS is a token- and smart contract-based platform which offers even faster transaction confirmations than ETH. Interestingly, EOS is one of the few coins that does not have transaction fees as we traditionally know them. There are various fees associated with being a member of the EOS network and using the services provided by its platform, but in large, most EOS wallets do not charge a fee for their transactions. This is obviously an advantage when transferring coins in and out of casinos. One of the most spectacular instances of casinos capitalizing on the unique advantages of the EOS platform is EOSBet, which (outside of a one-time 0.1 EOS account creation fee) never charges fees and has extremely competitive house edges on its games. In addition, it allows users to stake their coins and participate in a “dividend reward” system that entitles them to a percentage of profits obtained by the house, all of which is automated through the use of smart contracts.
There are a few casinos which accept a staggering amount of different coins for deposits. One such casino is Luckygames, which accepts approximately 150 different coins. Their game selection is limited but includes Dice, Roulette and a few games unique to their website. In terms of popularity, other coins not included in the above-list but that are still accepted regularly at crypto casinos include:
Other DApp-based platform coins on which casinos and betting games are currently being developed include:
Of course, be sure you understand the basics of any given coin before attempting to use it, including basic sending and receiving principles, how their wallets and addresses work, and best coin storage practices. Also remember that DApp development is still in its very early stages and that you should try to read as much about a particular DApp as you can (including online reviews) before you make use of it.
Have any questions about this article, or about cryptocurrencies and online gambling in general? Feel free to leave them in the comment box below, and we’ll do our best to get back to you as soon as we can!