An increasingly large number of online casinos are accepting cryptocurrencies these days – which is excellent news if you’ve got a bitcoin wallet burning a hole in your metaphorical pocket! Even if you don’t use bitcoin though, and prefer other cryptocurrencies, you’re still likely to be in luck. Many online casinos aren’t just hopping on the cryptocurrency bandwagon; they’re also open to accepting a wide range of different currencies. To give you some idea of the many different cryptocurrencies you can use to play – and hopefully win – with online, you’ll find a list of some of the more popular bitcoin alternatives below.
Before getting to the different cryptocurrencies you’ll soon be playing with, it might be helpful to have a quick reminder of what a cryptocurrency actually is. Basically, a cryptocurrency is a digital form of money that can be acquired by trading for it with traditional currencies, or ‘mined’ using a computer. The very first cryptocurrency to be traded, and arguably the most well known, is bitcoin, which began trading in 2009. Since then, a huge range of competing and complementary cryptocurrencies have come into being – including the handful discussed below.
Using cryptocurrencies to bet on casino games is slowly – but surely – becoming a worldwide trend. If you haven’t started playing with them, or you’re not sure that bitcoin is for you, why not try one of the cryptocurrencies listed below?
Let’s kick off with one of the most well-known cryptocurrencies, besides bitcoin of course! The Dogecoin was actually started as a joke currency back in 2013, but quickly rose through the rankings as one of the most used cryptocurrencies out there. Compared to some of the others on the market, the production schedule for Dogecoin is extremely rapid. It’s thought that 100 billion coins are currently in circulation, with at least 5 billion coins being made every year. It’s also a fairly easy coin to mine, with a block time of just one minute. This has helped it rise in popularity and even in worth. A new algorithm was released in 2014 has stopped the presence of multipools and kept the value of the Dogecoin high. It’s now a popular currency for crypto casinos.
We also have a bitcoin dice site: Bitcoin Dice!
Another popular cryptocurrecny is the litecoin. It’s a lot slower to mine than the Dogecoin, at 2.5 minutes per block, however it’s almost technically identical to the bitcoin. This has made it a favourite amongst miners and traders. In terms of market share, Litecoin is now the second most used cryptocurrency after bitcoin. One of the key differences is the use of scrypt as its algorithm, which favours those mining with their CPU. This also means that people can mine both Litecoin and Bitcoin at the same time. Since the beginning of this year, a vast number of exchanges now accept Litecoin – as do many casinos.
Quark is a super-secure cryptocurrency. It utilises a completely different hashing algorithm when compared to cryptocurrencies such as bitcoin. Since technology is always changing – and improving – these extra hashing functions have been designed to provide an extra layer of security for the future. Basically, these improved algorithms prevent large quantities of quark being mined – protecting any time or money you’ve invested in it.
Possibly the biggest difference between Quark and Bitcoin, however, is not the level of security, but the fact that Quark is much easier to mine on an average computer. When generating bitcoins, a huge server farm is needed in order to make any real money. That requires an enormous initial outlay of investment up front and specially designed hardware. Quark, on the other hand, is mined exclusively by CPUs – meaning that even an average computer will be able to mine it quickly. Crucially, Quark is also super-fast to transfer – making it perfect for use in online casinos, or when transferring money to businesses.
Dash, which was previously called Darkcoin, has a particularly useful unique selling point – the ability to send and receive money anonymously. Dash is able to add privacy to transactions by combining identical inputs from many different users into a single transaction – before passing them on and splitting them out again. In this way, it becomes impossible to track any Dashcoins being spent – meaning that Dash is much closer to cash than other cryptocurrencies.
Like Quark, Dash is a quicker cryptocurrency than Bitcoin, though it isn’t as speedy as Quark. Similarly, due to the extra steps needed to ensure privacy, sending and receiving Dashcoins isn’t as simple as in Quark. Still, if anonymity is something you want or need from your cryptocurrencies, Dash offers you the unique ability to keep your spending – and winnings – away from prying eyes.
Huntercoin is a completely different entity from both the cryptocurrencies above. Rather than being mined passively with the use of a computer, Huntercoins require constant time and effort to farm them – they’re rewarded to users who play a game! The idea of the game is to explore a virtual world for the coins, which must then be bought back to ‘home’ areas in order to bank them. In addition to farming for them yourself, you can also join up with other players in order to work together and increase your stash!
Transaction times for Huntercoins are faster than bitcoin, though they’re still a little on the slow side with some transactions taking up to one minute to process. Sending money to other people, however, is almost instantaneous – and transaction fees are often non-existent. Importantly, no special hardware is required to mine Huntercoin – making it an incredibly attractive alternative to bitcoin due to the fact that almost everybody these days has a device capable of playing the mining game.
Let’s finish off with a cryptocurrency that can’t quite yet be used in casinos or on very many exchange markets, but is definitely one to keep an eye on. Ripples, also known as XRP, are slightly different in the fact that no more are allowed to be created. 100 billion were made when the currency was first introduced, of which 20% was kept by the creators. The other 80% was left with Ripple Labs, in order to be distributed. They even gave some to charity! There has been some controversy surrounding this ‘pre-mined’ cryptocurrency, but if you can get your hands on some then it may be worth holding onto them.
Before deciding on a cryptocurrency to use, make sure you spend a little time doing some research around it – and remember that you can find a list of online casinos accepting cryptocurrencies elsewhere on our website!