In the last decade, cryptocurrencies gave birth to a lot of niches with it. Be it trading, fintech, e-sports, gambling, etc. Crypto gambling, in particular, has witnessed a sudden boom in popularity due to a plethora of reasons.
Many tech entrepreneurs have stepped into this industry and have launched online gambling platforms and trading applications. Because of the increasing popularity and a ‘high-risk high-profit situation’, gamblers are constantly making their hands wet in the world of blockchain more specifically into cryptocurrencies.
The widespread use of mobile phones and internet connectivity has made people susceptible to the latest developments in technology. Moreover, in this cut-throat competition, a lot of people search for ways of making money and means of side income on the internet.
You won’t be surprised to know that Google gives 61,600,000 search results for the search phrase – ‘how to make money with cryptocurrency’. Not only this, the term ‘bitcoin gambling’ has 15,800,000 search results on Google. This number shows that many people around the world are interested in the future of currencies and that they are curious about its new innovations.
Why is it a good option for gambling?
Moreover, besides conventional trading, crypto gambling is another way to earn money due to the following reasons:
Since there is no central authority that governs the price of the currency, gamblers can stay assured that the whole system is unbiased for everybody. Generally, that is not the case in conventional gambling as casinos often use rigged instruments, which creates an imbalance, and many individuals end up losing their bets.
Blockchain-based cryptocurrencies are backed up by powerful encryption algorithms like SHA-256, Scrypt, Ethash, etc. Breaching into one block in the chain requires heavy computation, which is inefficient for hackers. This iron-clad security eradicates any chances of tampering with prices and other maleficent intentions. Bitcoin is the most widely known example of such cryptocurrency. We advise you to take a look at our page about the best bitcoin casinos that you can find now on the internet.
Despite the developments in prediction algorithms and forecasting techniques, analyzing the future prices of cryptocurrencies remains a challenge for data scientists, market researchers, and economists. A lot of cryptocurrencies that are used in gambling go through sudden price shifts and are very volatile. It idolizes cryptocurrencies in the gambling industry.
Many cryptocurrencies, such as the Bitcoin and Ethereum, are used in the gambling industry because they are independent of major financial markets. Fluctuations in prices of dollars, oil barrels, or trade relations between countries have no major effect on them. That is why, due to global independence, gambling on cryptocurrencies makes them purely dedicated to the purpose.
Best Cryptocurrencies for Gambling
Due to the positive mass reception of cryptocurrencies and their ideal characteristics, 2020 is a good year to gamble with them. Given below are the top 5 cryptocurrencies to gamble in the year 2020:
Bitcoin is the most widely used cryptocurrency in the market. It is highly recommended for individuals who are stepping into the cryptocurrency gambling industry for the first time. To get started with Bitcoin gambling, one needs to purchase some bitcoin tokens and a BTC wallet to store the credentials of these tokens. Users can easily use these wallets on iOS, Android, Windows, and Linux systems. Furthermore, you can also exchange Fiat currencies like USD, Yen, Rupees, Euros, etc. for equivalent bitcoin tokens, most of the crypto casinos have an internal exchange.
In addition to this, the popularity of Bitcoin makes it the primary choice for gamblers as well as the crypto casinos, as they can be easily purchased from Bitcoin exchanges in no time. Furthermore, the majority of casinos and online gambling sites have support for BTC tokens, which is preferred by a lot of individuals. Additional benefits of gambling with Bitcoin are no taxation, security, anonymity, and rapid cash checkouts. You can read our reviews such as FortuneJack, Stake, Bitcasino.io and many more here.
In 2020, when it comes to gambling with an alternate cryptocurrency, Litecoin is the first thing to come to mind. The gamblers prefer LTC gambling after bitcoin. To encourage gambling with Litecoin tokens, casinos are ready to offer many advantages such as extra free spins, deposit bonuses, and wager bonus. You can start Litecoin gambling anonymously by registering for online gambling sites.
For most of the sites, this registration process can be completed within a minute. In 2020, there are many websites that offer a lot of gambling options in LTC, such as Forex, e-sports, poker, sports matches, etc. Even though bitcoin is the primary choice for newbies as well as veterans, LTC also matches most of its characteristics. Moreover, Litecoin is 4 times quicker than BTC when it comes to confirmation time.
Ethereum is an ideal choice for the individuals who are searching for a fundamentally different gambling cryptocurrency other than Bitcoin and LTC. There are many Ethereum DApps which allow the users to place bets in exchange for Ethereum tokens. A few years ago, individuals had to explicitly exchange ETH tokens for bitcoin to participate in online gambling.
However, in 2020, one can find many DApps facilitating direct Ethereum gambling in exchange for fiat currencies. Users can easily place their bets on roulette, poker, blackjack, and other games. To get away from mainstream Bitcoin gambling, many gamblers are inclined towards Ethereum.
Recently one of the first crypto casino, Cloudbet, introduced Ethereum as a method of payment.
4. Ripple (XRP)
Ripple was exclusively made for heavy transactions and use cases in banking, C2C, and B2B transactions. In addition to this, Ripple is another very secure option for cryptocurrency gamblers. The best thing about choosing Ripple tokens over BTC and its counterparts is the transaction time.
Ripple transactions can be made within seconds, whereas in the case of bitcoins, it is more than 10 minutes. This time is bound to increase in the future, so many individuals choose XRP tokens so that they can get their amount anonymously in a matter of seconds. Low exchange rates also give a monetary benefit for Ripple gamblers.
Not many people would have heard of Dash casinos, but cryptocurrency experts claim that it can be another big name in the gambling industry in 2020. State of the art on-chain cryptography makes Dash tokens very secure. The concept of InstantX reduces the confirmation time of Dash transaction to seconds, which otherwise takes several days for traditional cheque based gambling. When compared to its counterparts such as Bitcoin and Litecoin, Dash has much less transaction fee, which puts it ahead in line. Moreover, casinos offer free spins and good deposits, which encourage Dash gambling.
Technology has influenced many industries in the past few years. Cryptocurrencies, AI, cloud, IoT, are rapidly changing the world we live in. A similar trend has been observed in the gambling industry. People are shifting towards cryptocurrency to gamble due to its lucrative future. Tech entrepreneurs and online casinos have recognized this trend, and 2020 is the right year for gambling and betting enthusiasts to dive into this.
CO-FOUNDER & EXPERT GAMBLER
I always have been a gambler and I will continue to be. I love the excitement that comes by playing any game, especially Dice. I have been in the Gambling industry and I am proud of being part. Check my articles about Crypto Gambling and Crypto Analysis. Contact me at adam [dot] green [@] cryptogamble [dot] com