Top Cryptocurrencies for Gambling – Our Complete Guide [2023]

Benjamin
December 10, 2023
Top Cryptocurrencies for Gambling

If you enjoy trying out your luck from time to time on online gambling sites, crypto casinos are the way to go. They offer fast payment processing, and unique crypto games, and simply deliver better conditions for online players overall. The numbers confirm that as you can see by the latest SoftSwiss surveys, but you still need to know more about the top cryptocurrencies for gambling before joining a site.

That’s why our team of experts will tell you everything you need to know on the topic as we take a closer look at the crypto gambling scene and the most convenient coins to use in 2023.

What You’ll Learn In This Guide

  • How crypto gambling sites revolutionized the online gambling market
  • Benefits of using cryptocurrencies as payment methods
  • Best crypto coins to use for online gambling in 2023
  • Qualities of different crypto coins and their use on crypto gambling Dapps

The Crypto Gambling Revolution

In 2023, more than half of all the online gambling wagers placed were in Bitcoin and other cryptocurrencies. If you go back just a few years to 2021, you’ll see that such a scenario was unimaginable only a few years ago since more than 70% of all bets placed were fiat currencies.

As you can see from the SoftSwiss survey, tables have now changed and crypto gambling is rapidly taking over the industry. Crypto gambling Dapps are also growing in numbers by the day, and we can see how traditional gambling sites aren’t even emerging as new casinos these days.

It’s usually crypto casinos that are emerging and it takes knowing about the best gambling Dapps and the best currencies to gamble in to make a successful journey through them.

Most Popular Cryptocurrencies in Online Gambling

Now we come to the important part and that’s discussing the most popular currencies to wager at crypto Dapp casinos. We are confident you’ve already heard of Bitcoin casinos, but we’ll try to broaden your perspective through recommendations on several other beneficial currencies to use:

Bitcoin (BTC)

Among crypto casinos available at the moment, Bitcoin casinos make up most of the sites. These are the safest online gambling sites as well since they run on the blockchain and are protected by cryptographic encryptions.

Players can use crypto wallets to deposit BTC to online casino sites directly, and there’s a public and a private key with a double layer of protection so your payment information will be safe. 

Moreover, BTC transactions are processed almost instantly and Bitcoin is perfect for high-rollers looking to deposit and withdraw more funds. On top of that, almost every online gambling Dapp out there takes BTC as a payment method, so it should be fairly easy to manage your transactions this way.

Ethereum (ETH)

With ETH deposits, online gambling gets way safer and faster than it ever was with traditional fiat currencies. 

It’s thanks to the large chunk of ETH networks being used for online gambling platforms and Ethereum casinos run based on smart contracts. This is especially important for your gaming fairness since the code can be encrypted to carry out a certain outcome of the game round.

So, playing on ETH casinos can help you get a much fairer experience as it’s impossible for the site to tamper with this code.

Along with that, ETH casinos are also special thanks to the direct transactions from the wallet to the site and it all comes down to how fast the contracts are executed. You can use a common ERC-20 network which is these days available in almost every gambling Dapp to make ETH deposits and withdrawals, and ETH makes an even better option than BTC in terms of transaction speed and fees.

Litecoin (LTC)

Litecoin is very convenient for online transactions and it’s slowly making a name for itself as one of the most convenient crypto coins for online gambling. There are even some sites like LTC Casino that strictly use Litecoin deposits and withdrawals, so you can get lightning-fast transactions by playing on one of these.

It works on an open-source blockchain network as a peer-to-peer solution, so it runs based on blockchain and is accessible to everyone.

This means good news for your gaming experience and transactions run way faster on the Litecoin network when compared with BTC for instance.

Plus, Litecoin is still getting mined unlike Bitcoin which makes this coin easy to obtain and it’s accepted by all the major crypto exchanges.

Bitcoin Cash (BCH)

Playing on Bitcoin Cash casinos may seem similar to BTC gambling, but in fact, it only shares the common blockchain branch and it’s way more convenient for online casino deposits.

Bitcoin gambling may be the most secure and widespread, but it’s rarely a better option when compared with BCH casinos. That’s because the BCH was designed to be just as secure as Bitcoin, but it comes with way lower transaction fees, faster processing time, and is simply more convenient for online gambling.

Honorable Mentions

Along with these, there are several other crypto coins that are getting more and more popular for online gambling. By that, we have to include some of them like USDT that have USD-bound value, or minor currencies that are still developing and come with way faster processing speed.

Gambling on BTC or Ethereum casinos isn’t always the best option if you find the right currency and the right site, so here’s our list of recommended and approved currencies for online gambling:

  • USDT
  • EOS
  • Monero
  • Cardano
  • Dogecoin
  • Solana 
  • TRON
  • Pepe coin

Advantages of Crypto Gambling

Crypto gambling works based on safe and often open-source protocols like the blockchain and smart contracts. That means you’ll be way safer this way when compared with the traditional fiat currency casinos.

Think of it this way – when you join a regular gambling site, you have to provide your payment information. it’s then safely stored on the site’s server, but that also leaves it vulnerable to cyber-attacks.

This way, blockchain keeps spreading in new blocks added and information is passed through the network which makes it much more difficult for hackers to try and steal your data.

Lower Transaction Fees

Not only are crypto transfers fast for online gambling, but they also come with much lower fees. In other words, you can rely on these to come with a fee of less than 1% of the transaction amount, and often not even at that level.

It all depends on your wallet and the gas fee you need to pay for the transaction to be processed, but that’s still way more convenient than credit cards or e-wallets which could take up to 3% of your winnings.

To put it simply, crypto payments are processed through blockchain and there are no banks, service providers, or intermediaries associated with the process.

Swift and Seamless Transactions

Because your traditional fiat transfers usually go through the intermediaries, you often have to wait for hours and even days in some cases to process large payouts. However, blockchain-based transactions take place almost instantly.

So, you can rest assured that your payment will be accepted by the casino site as soon as the contract checks are done, and you can withdraw the funds just as fast.

Global Accessibility

Last but not least important, we have the matter of global accessibility. That means you can always access new sites regardless of geo-restrictions since crypto casinos can be accessed from almost any state. 

Of course, you should still check the regulations in your country, but the way things are now, you can rest assured that you’ll be able to find decentralized gambling sites with way less effort when compared to browsing lists of restricted countries for regular online casinos.

Challenges and Considerations

As there are more and more sites that offer crypto payments for online gambling, you have to also be aware of the risks. Some of the greater risks involve the volatility of the currencies themselves, along with shady sites trying to steal your coins and unreliable gaming software.

You can avoid all these if you settle for a decent site and pick a currency that won’t end up being drowned in value. So, we advise you to check our lists of the best crypto gambling Dapps and to always pick one of the mentioned currencies as we are confident that they will be good solutions for crypto gambling long-term.

The Future Of Cryptocurrencies in Gambling and Our Take

Crypto Dapps are leading the new wave of changes in the crypto gambling world, and there’s no question about that. However, as the number of sites keeps growing and players keep getting more and more options among crypto coins, you have to stay alert of the risks.

There are still no regulations on crypto gambling sites in most countries and that’s even a good thing since decentralization is one of the main benefits of crypto casinos.

So, it’s crucial to stay informed and pick the best possible option for making crypto deposits, and we are confident you’ll be able to do both after reading this guide.

FAQs:

  • How does crypto gambling work?

    Crypto gambling is just like ordinary fiat gambling only this time you’d be depositing Bitcoin or other cryptocurrencies instead of fiat currencies. You can do it by having a crypto wallet and visiting the exchange to fund your wallet before making a casino transaction.

  • What are the best cryptocurrencies for online gambling?

    The best cryptocurrencies for online gambling are BTC, ETH, Litecoin, BCH, ADA, XRP, and USDT.

  • Which crypto casino sites are the most common in 2023?

    Bitcoin and ETH casinos are the most common ones in 2023 but crypto gambling is a rising trend and we are witnessing a recent growth of other currencies like Litecoin, Dogecoin, USDT, and Ripple.

  • Are there any fees for making online casino crypto payments?

    There may be minor fees when making crypto casino payments but they usually include gas fees for your wallet transfers and are almost always way lower when compared to bank transaction fees and credit card fees.

Author Benjamin

Benjamin is the brains behind the Dappcasino.io casino review process and an iGaming content writer with 10+ years of experience in the niche. His “outside the box” point of view on online gambling gives him a unique perspective on every piece of iGaming content that he writes. Having been a player himself for years, he’s especially interested in giving true value to players with an objective approach to reviews and properly testing each site with real-money play beforehand. That’s why we trust him to deliver all the essential details to you regarding what he believes is the future of online gaming - crypto and decentralized casinos. Besides testing out new sites and casino games himself, Benjamin is also a free-time BBQ expert (that’s what he believes at least) with a tendency to enjoy a hot summer day sitting behind the grill with an ice-cold beer in his hand.