The word ‘cryptocurrency’ seems to be everywhere in the last few years. Since the first cryptocurrency, Bitcoin, launched in 2009, the sector has grown exponentially. Payment options that didn’t inspire a lot of trust or confidence have become an essential part of the ecosystem. Virtual currencies seem to have more use cases with each passing by. Online gambling is one of the biggest crypto markets. In the last five years, the number of internet casinos accepting crypto coins increased dramatically. You will find websites supporting more than 20 digital currencies.
Crypto gambling became more than a concept. Now, casinos let players gamble on and off the chain. A compelling reason to use virtual currencies for gaming is that they offer unique advantages. They are safer, cheaper and more convenient than fiat currencies. So, it’s not surprising you would consider betting in casino games with crypto. A common problem among gamblers is choosing the right coin. With fiat, you can deposit and withdraw using a local currency or whichever alternative suits your gambling. How do you know which digital coin is appropriate for gambling? Before opening an account at a crypto casino, have an idea of the best payment methods. A few factors can help you vet a virtual currency.
The first thing to consider in a cryptocurrency before using it is how credible is it. Since the introduction of the original digital coin, the market has seen an array of other options. Known as altcoins, these currencies are designed to compete with Bitcoin. Currently, over 20,000 coins have been developed. Some of these have become great alternatives that fill the gaps left by the first cryptocurrency ever made. Others, though, have been failures that caused currency holders money. Therefore, users have to be careful about the coins they decide to hold.
Before buying a digital currency for casino gaming, ensure it’s a reputable one, especially if you have never used it. The best way to do that is to read the white paper. All Initial Coin Offerings include a white paper, which provides the project’s blueprint. The white paper details a coin’s technical information. So, you can find out the currency’s purpose and fundamentals, including use cases. The white paper will help you decide if a virtual coin is appropriate for iGaming. It also helps you decide if an altcoin has any merit. It’s the same way you would prefer Bitstarz Casino reviewed and rated before selecting it for crypto gaming. If a coin doesn’t have a white paper, or fails to articulate a currency’s roadmap clearly, then stay away from it.
Another way to gauge a coin’s strength is its community. Cryptocurrency differs from fiat in that individual coins have online communities supporting them. The bigger and more vocal the support is, the more credible a project. The hype surrounding a particular virtual currency says a lot about its future. Coins with great potential generate a lot of attention. You can find out how well a project is fairing by reviewing social networks. Go to Twitter, Reddit and YouTube to see what people are saying about a cryptocurrency.
Learn why supporters think that coin is worth buying. Ask about its potential for online gambling. A wide community presence also means you can easily find help if you encounter problems with a certain coin. Be careful with the community aspect because most opinions are subjective. Sometimes an altcoin gains incredible popularity solely due to community support. Consequently, it might not reflect the currency’s actual value.
A critical trait about cryptocurrency every gambler should keep in mind is volatility. These digital assets are some of the most volatile in the world, with prices fluctuating at the slightest provocation. Hence, you must pay attention to price performance, whatever coin you choose. Evaluate the trading history of a cryptocurrency cautiously. You should know how much it was worth when it launched and its current value. This history says a lot about a coin’s perceived and real value. The original crypto sets the pace for other cryptocurrencies. When Bitcoin’s price falls, an array of altcoins follow suit.
Nonetheless, some coins are more resilient than others and only see minimal price shifts when the market dips. Dogecoin, which was developed as a joke, is one of the most volatile. For example, tweets about the currency from a public figure were enough to spike the price significantly. Understanding coin pricing might not be easy, but you can do it with the right resources. A currency with a steady price increase over several years is a safe bet. Online casinos try to cushion players from coin volatility by converting deposits into fiat. Still, select virtual currencies that hold up well against various market pressures.
Check out a coin’s transaction costs when picking one for online gambling. If you make regular casino deposits and withdrawals, then you need a digital currency that won’t charge you too much for the transactions. With cryptocurrency, the more popular it is, the costlier it is to use. If a coin is in high demand, then payments take a while to settle, which raises the transaction fees. The complexity of the mining process also dictates the expenses associated with a particular coin. Currencies with simple mining procedures are low-cost. Take the time to find out the fees charged for different types of payments. Remember to factor in the costs of using a crypto exchange. Also, consider a casino’s deposit and withdrawal fees.
Online gamblers have a host of cryptocurrencies that are perfectly suited for casino gaming. Although popular coins like Ethereum, Ripple and Litecoin might seem like the only choices, they are not. Finding an ideal gaming cryptocurrency is not easy, though. You must know how to compare virtual currencies and gauge a coin’s value as a fiat alternative.