One of the best ways to use cryptocurrencies is as a financing mechanism for online games. It turns out that the advantages of digital currencies are almost identical to those needed to enhance your online gaming experience. The important decision for potential cryptocurrency users is whether to stick with Bitcoin to complete this task or try one of the alternatives to Bitcoin in the broad cryptocurrency market.
Many people are discovering that bitcoin is more than just a means of making money. They understand that digital currency can be used for more than just fluctuating in value and acting as a diversifier in your portfolio. After all, that’s not why engineers invented cryptocurrencies in the first place.
They want to put personal finances back in the hands of individuals and out of the hands of big financial organizations. As a result, Bitcoin and all the currencies that followed it are based on that concept. People who use digital currencies in their daily lives online are discovering how useful they can be.
Online gaming is one of the most common applications for Bitcoin and its supporters/competitors. Instead of a credit card, you can fund your account on a gambling website using Bitcoin or any of the other popular altcoins. In fact, a small company has sprung up around the idea of gambling with cryptocurrencies.
In fact, that niche market is becoming so competitive that it can confuse you. How can you determine which currencies are best suited for use on gambling websites? Each of the most popular currencies has inherent benefits, but there are also disadvantages to using them.
How cryptocurrencies and gambling work together
Those who have never gambled online before may find it difficult to put two and two together in terms of how bitcoin fits into that environment. Actually, the nature of bitcoin makes it a natural match for online players. And every day, more and more gambling sites accept crypto payments or at least provide some exposure to people interested in getting involved with the digital currency. When you join a gambling website, you usually can’t start playing until you make a deposit. Some sites may allow you to place one or two free sports bets or provide you with a specific number of free spins on particular online slots. However, you will not be able to start generating money from your winnings unless you deposit money into an account.
This is where cryptocurrency comes into the picture. Previously, you would have had to fund your account with a credit card or bank card. There is no need to involve a third party with cryptocurrencies; you can transfer your cash directly to the website to start playing.
But you’re probably wondering why you would bother with all that. Let’s look at some of the benefits of using Cryptocurrency to fund your account:
Speed – Credit card providers and banks sometimes take a long time to execute your payments, which means you could be gambling instead. When you make a deposit with Bitcoin or any of the other digital currencies we’ll be discussing, the funds will appear in your account virtually instantly. Low costs – If you use a credit card to finance your online gambling, you will incur interest costs if you don’t pay your card on time. However, Bitcoin only has a small transaction cost. The magnitude of the cost varies depending on the currency in question, but it will be nothing like high interest rates on credit cards. Security – Because you only have to reveal the amount you want to deposit on the gaming site, the rest of your digital money is protected. Anonymity: When you use crypto to pay, you don’t have to divulge your personal information. That is a crucial feature for gamers.
So, depending on the above mentioned factors of digital currencies, which currencies can be more advantageous for players? Let’s take a look at the advantages and disadvantages of coins.
In terms of market share and usage rates, Bitcoin is the most popular cryptocurrency. As a result, most of the larger online casinos offer some form of Bitcoin gambling. In fact, several will offer you bonuses simply for using your Bitcoin.
Furthermore, Bitcoin is well established. While some of the other cryptocurrencies on this list may not have the same track record of success, Bitcoin does have a recognizable brand name, which is surprising for a decentralized organization. That means you can be pretty sure that if you buy some Bitcoin, it won’t lose all of its value the next day.
However, using Bitcoin to make a deposit on a gaming site may incur additional costs. Also, such deposits may take a bit longer to arrive than with conventional cryptocurrencies.
Finally, Bitcoin is the most expensive currency on the market, which means that you will have to spend a lot of money to use it. You can try to lessen the financial impact by buying fractions of the currency.
Due to its versatility, Ether, the cryptocurrency that powers the Ethereum network, makes a compelling case. For one thing, you can use it the same way you would any other currency here, by depositing it into your account on a gaming website. Because it is the second most popular cryptocurrency after Bitcoin, you can be sure that the major sites will accept it.
Other than that, Ethereum gives you the opportunity to bet directly on betting sites by using smart contracts. That means you won’t be exposing your money on a gaming website. You can simply trade with another person or entity on the network, adding another degree of security to your cash.
On the other hand, the Ethereum network may be too complex for the typical person to understand. Also, many of the gaming options available on the net will lack the stability seen in a well-established gaming website.
Litecoin has been around for nine years, slightly less than Bitcoin, so it’s not a fad. It also has cheaper transaction fees and faster transaction times than Bitcoin. That means faster deposits and more bang for your buck when it comes to gaming.
However, there are certain disadvantages to using Litecoin in games. The value of Bitcoin is far behind that of Bitcoin, so you will need to acquire a large amount to make a large investment. Also, it’s not that well known. As a result, your preferred online casino may not accept Bitcoin payments.