The floodgates on cryptocurrency have been open for a long time now, and the market shows no sign of declining in the future. Developments in countries like Turkey and Switzerland seem to be pointing in a brighter future for the market. Another pointer that crypto is headed for greater success is its collaborative popularity.
An excellent example of how well crypto can be integrated in other markets is its triumph in the realm of online casinos. Most gambling enthusiasts are aware by now that online casinos have begun operating through crypto. The PUBS crypto casino is a perfect example of how well digital currency can be used when playing games of chance. But it does also bring up an important question. What are the altcoins that you can use at crypto casinos? And which are the best altcoins for the job?
Ethereum is Bitcoin’s Biggest Rival
It is not unfair to say that Bitcoin is the one that started it all. Its popularity eclipses most of the competition, which is in part why they are referred to as “altcoins.” The name comes about as a portmanteau of the words alternative and coin, as in an alternative to Bitcoin. Even as the crypto market grows, Bitcoin’s alternatives are having a difficult time matching up to the original. That is with one major exception.
Ethereum (ETH) has stood as Bitcoin’s number one rival since it was first introduced. The revolutionary blockchain distinguished itself for embracing the trend of NFTs, which was booming at the time. Though non-fungible tokens have fallen out of favor in the crypto and gambling communities, Ethereum remains a staple of both.
Though ETH is a huge success, there are downsides to using it at online casinos. The big one is that not many websites accept Ethereum-based deposits and withdrawals. New crypto users may also find it difficult to navigate payments with this currency, as it is a bit more complex than the average crypto coin. But those who’ve been involved with crypto for a long time will surely agree that crypto casinos that do accept Ethereum provide fast and anonymous transactions, that are secured by one of the most-respected blockchains around.
SOL is a Great Alternative
Solana (SOL) is to Ethereum, what ETH is to Bitcoin. Most see SOL as Ethereum’s number one competitor. With its fast transactions and secure blockchain, SOL has managed to stand out in an industry where only the best product rises to the top. But how great is Solana for crypto-based casino gaming? Some have pointed out that the digital coin has some major drawbacks for those seeking to enjoy a few slot spins or a round of blackjack.
Once again that troubling learning curve rears its head. As was the case with Ethereum, so too are many raising concerns about Solana’s difficult interface. Crypto noobs may have a difficult time setting up the SOL wallet, and the frustration that arises as a side effect may put them off of crypto altogether. Another issue is the volatility of the coin. SOL has been experiencing some pretty drastic drops recently, and the fluctuating value most certainly does not sit well with gamblers who play at a high level.
Proponents of SOL have pointed out that the drawbacks are far outweighed by the benefits that this crypto provides. Decentralization is the major selling point of SOL of course. Users are naturally attracted to the security inherent in using encrypted coins like Solana as oppose to their FIAT money counterparts. The real selling point is SOL’s scalability. Unlike many of its competitor blockchains, Solana is designed to process thousands of transactions per second, making it the perfect choice for online crypto casinos. It is why so many of them are embracing the new coin.
Memecoins are Hit or Miss
The incredible success of Dogecoin led to a slew of imitators attempting to imitate the concept and launch their own, so-called, “memecoins.”. Memecoins are a new branch of the crypto tree that emerged simultaneously as a joke, and as something more. The creators of the first memecoin simply wanted to see how far they can push the boundary of the new rising market. Their success quickly inspired many imitators who took the industry in a different direction. But the question is whether memecoins belong in online casino entertainment.
The immediate reaction one might have is no. Indeed, there are plenty of gamblers and crypto traders who would argue that memecoins are the worst possible choice for somebody looking to make deposits online. The reason is that memecoins are unstable to an even greater degree than the standard crypto market. Their unpredictable nature means that new players will have little to no benefits of using these coins, even if they manage to win. The greater issue with memecoins is that their nature enables a slew of dishonest actors to launch fraudulent coins, which have no intrinsic value at all.
But not all memecoins are created equal. Dogecoin remains a relatively respected cryptocurrency option, not just among traders, but also at online casinos. Quite a few operators allow their customers to wager using Doge, and some even offer withdrawals. There are those who argue that Dogecoin has moved far beyond its status as a memecoin, and is now a respectable alternative to some of the biggest investments on the market. On the other hand, its origins as a memecoin show that some of the coins that arise in that sub-sector are worth keeping an eye on.
The Future of the Crypto Casino Sector
Where does the future of crypto-based gambling lie? It will almost certainly be a trend on the world wide web for years to come. But is there any sort of real longevity to this subsection of the iGaming industry? Many crypto experts seem to think that there is a wealth of potential in the proliferation of crypto casinos. Some are even convinced that these operators are going to take over entirely, creating a market that relies solely on crypto-based payments.
