Although Bitcoin still leads the pack when it comes to the most widely used crypto in online gambling, in recent years more and more cryptocurrencies have earned their own spot in the market spotlight.
As it looks now, as of October 2021, that’s it. You can start playing completely legally in a Dutch licensed online casino. however, it is still unclear whether paying with crypto currencies will be allowed.
The growth in the use of these cryptos is of course due to the acceptances of this payment option at the online casinos.
Bitcoin is so well established today that there are a huge number of casinos that accept this cryptocurrency as a payment method. There are even complete Bitcoin casinos. At some casinos you can convert bitcoins to euros or you can choose to bet with bitcoin. Both are often possible.
Ethereum (ETH), or Ether as it is also called, is one of the fastest growing cryptocurrencies in terms of price and market capitalization. To execute an app or a Smart Contract, a user needs the Ether token. This is a so-called “fuel” for decentralizing, securing and trading an app on the platform.
The Ether token has a maximum inventory limit of 18 million and initially traded at around $1 per ETH. After reaching a high of $20, the Ether token began to grow rapidly in value since March 2017, reaching a price range of $700 by the end of the year, and close to $1,400 by the following January. Ethereum also has the second largest market capitalization of about $96 billion, right after Bitcoin.
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Litecoin (LTC) was one of the first alternative cryptocurrencies to appear after Bitcoin in 2011. The idea behind Litecoin was to create an improved digital currency. The main improvements offered by Litecoin include having a 4x higher limit than Bitcoin on the maximum number of coins issued (84 million) and faster transactions.
Litecoin was launched by a former Google engineer named Charlie Lee. Its acceptance is growing in the online world, but its growth in terms of value is slower than Ethereum. Its largest market capitalization and price were reached in late 2017 when the market capitalization reached over $18 billion and the price of Litecoin increased by over $300 per coin.
Bitcoin Cash (BCH) is one of the most popular alternatives to Bitcoin and is also increasingly being accepted by Bitcoin casinos. The cryptocurrency is an offshoot of the original Bitcoin that uses a different network and blockchain.
Like Bitcoin, Bitcoin Cash has the same maximum supply limit of 21 million coins. With an adjustable blockchain limit of 8MB (as opposed to Bitcoin’s 1MB), it can offer lower fees and faster transactions than the original coin.
Since its inception, the price of Bitcoin Cash has increased from $450 to over $3,000 by the end of 2017. It is now the 4th largest cryptocurrency by market capitalization ($27.5 billion).
Ripple (XRP) is another popular cryptocurrency that was conceived as a global settlement network. This aimed to enable instant, secure transactions around the world without any chargebacks. The cryptocurrency is what fuels the Ripple payment system, which allows for very fast cross-border transactions that reportedly take only 4 seconds.
By comparison, transactions with Bitcoin can take about 1 hour or longer, while Ethereum’s speed is much shorter, though not as short as Ripple’s. Another difference between Ripple and Bitcoin is that Ripple is not mined and the blockchain is actually “centralized” and managed by the network.Therefore, some users do not consider Ripple a true cryptocurrency.
Ripple has a maximum supply limit of 100 billion coins. Since its inception, its price has always remained much more stable than Bitcoin’s, spending most of its run well below $0.01 before jumping over $3 in early 2018. Ripple’s market capitalization is just behind Ethereum and once even peaked at over $140 billion.
Monero is a cryptocurrency released to offer private and anonymous transactions online. But unlike a large number of cryptocurrencies, Monero is not a Bitcoin clone that was based on its code, but a cryptocurrency that uses an original code.