Beyond Bitcoin: Exploring Other Cryptocurrencies Used for Betting

Cryptocurrencies Used for Betting

Bitcoin’s dominance in the crypto industry is unmatched. It has a $1 trillion market cap, commanding half the industry’s total value. To be fair, Bitcoin is the oldest digital currency in the world.

It launched in 2009 and had no competition for roughly two years. Bitcoin then rocketed for the next decade, topping $68,000 in November 2021. If you’re an online bettor, you know you can use BTC for deposits.

But what other options do you have? Can you use your favorite meme coin? Are stable coins like USDT accepted? Let’s find out.

#1: USD Tether (USDT)

USDT is the third largest cryptocurrency by market capitalization. It is a stablecoin, meaning its value doesn’t fluctuate a lot compared to Bitcoin and other cryptocurrencies.

USDT’s value is pegged to the US dollar—one USDT is worth $1. If you’re used to using American dollars for payments, USDT is certainly the most sensible cryptocurrency to buy for a first-timer.

Not only can you hold your money in crypto, but also its value won’t fluctuate. Holding your money in USDT also allows you to research the best betting sites without dealing with the industry’s volatility.

Also, you can keep a small amount of crypto in your favorite sportsbook. And you’ll be certain its value won’t change drastically in case Bitcoin takes a tumble.

#2: Bitcoin Cash (BCH)

Bitcoin Cash is a cryptocurrency created through a hard fork in 2017. A hard fork involves splitting one of Bitcoin’s blocks. Bitcoin Cash’s hard fork created a new coin capable of transacting eight times faster than Bitcoin.

Now, you might be wondering. If Bitcoin Cash is faster than Bitcoin, why isn’t it as popular? The short explanation is that BCH doesn’t have Bitcoin’s global appeal. However, it is popular enough to attract the gambling industry’s attention.

You can use BCH for casino deposits at dozens of betting sites. Considering it is faster and relatively cheaper than BTC, you should consider using it for payments.

#3: Litecoin

Litecoin is arguably the oldest altcoin in the world. It came out in 2011 as a Bitcoin hard fork. Charles Lee, the coin’s creator, forked Bitcoin to create a faster and cheaper digital coin.

Litecoin processes transactions within 2.5 minutes. Bitcoin needs an average of 10 minutes to verify one payment. Litecoin is also much cheaper than BTC, making it yet another ideal coin for online betting payments.

The best Litecoin sports betting sites welcome you with a bonus. Choose a bookmaker willing to match your first deposit 100%. Also, check the bonus terms.  Claim bonuses with fair policies.

#4: Ethereum (ETH)

Ethereum is the second largest cryptocurrency on Some people believe ETH has the potential to dethrone Bitcoin from the top spot. That means it’s a highly valued coin.

But what exactly makes Ethereum a must-buy cryptocurrency? Ethereum’s Blockchain is an ecosystem for creating decentralized apps. Yes, you can use ETH for gambling payments.

However, it has high transaction costs. And that’s because the Blockchain is always in high demand. The explanation is that Ethereum hosts thousands of decentralized projects. Everyone who uses these apps sometimes has to pay transaction charges using ETH.

#5:  Binance Coin (BNB)

Binance Coin is the native cryptocurrency for the Binance Smart Chain. It’s also the official coin for the Binance crypto exchange. Binance originally created its coin using Ethereum’s blockchain but later moved it to BSC.

Like all great cryptocurrencies, BNB has a ton of utilities. First, you can use BNB to pay for trading fees on Binance. Secondly, you can use it to pay for projects built on the BSC Blockchain.

You can also use Binance Coin to buy NFTs, shop online, or gamble online. BNB is one of the biggest coins in the world. So, you can be certain you’ll find a sportsbook willing to take your BNB coins.

#6: Ripple (XRP)

XRP has been making headlines since its launch in 2012. First, people thought Ripple would be the future of the crypto industry. Then Ripple Labs, the company behind XRP, found itself in trouble with the Securities and Exchange Commission (SEC).

For a few years, XRP’s future was thrown into doubt. Its value, subsequently, dipped hard—fell from $3.84 to $0.30. Ripple won its case with the SEC last year. But it has yet to bounce back to its all-time high.

Should you use XRP to pay for online sports betting? If you own XRP coins, you can use some of them to bet on sports. You’ll probably receive a generous bonus while at it. Also, XRP processes payments incredibly fast.

#7: Solana (SOL)

Solana is one of the fastest blockchains online. It completes payments in under two minutes. This makes it an excellent cryptocurrency for casino deposits and withdrawals.

As a Blockchain, Solana aims to be an Ethereum killer. It has an ecosystem through which developers can create decentralized apps. It is much faster than Ethereum and a lot cheaper.

So, why is Solana not yet as popular as Ethereum? The main explanation is that it has links with Sam Bank Friedman of the now-collapsed FTX crypto exchange. FTX holds large amounts of SOL. So, when the exchange collapsed, Solana’s value dropped by 90%. It has since resurged from its low of $9 to more than $100. But it is yet to get back to its 2021 highs.

#8: Dogecoin (DOGE)

Cryptocurrencies come in many forms. Some, like Ethereum and Solana, aim to solve real-world problems. Others, like Dogecoin, have no real use cases. Why would anyone buy a cryptocurrency with no real value?

Meme coins like Dogecoin and Shiba are extremely volatile. They can double their value overnight. Or, they can crash to zero in hours. People who buy meme coins do so to gamble on the volatility of crypto.

You must know about – Crypto betting taxes

That said, Dogecoin is one of the longest-running meme coins. It has a huge community that keeps it alive. The community includes billionaire Elon Musk, who at one time wanted to make it an accepted way to buy Tesla cars.

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