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Cryptocurrencies have become a permanent fixture in online casinos in recent years. It turned out that they perfectly matched the characteristics of games of chance on the Internet, and more and more players decided to play with electronic money.
Right after you Betwinner sign up, you’ll see that the main reason fans of games of chance play with cryptocurrencies are the anonymity and attractiveness of electronic money, which can significantly increase its value overnight.
Therefore, more and more often, you can meet the term bitcoin casino, which simply means that on a given website, you can play with the largest cryptocurrency in the world, and often also its smaller “cousins”.
Not all cryptocurrencies are equally attractive, so casino operators primarily use the most stable ones. Here is a breakdown of online casinos’ five most common electronic currencies.
Bitcoin
The largest cryptocurrency, with a total value of less than half ($442 billion) of the entire global electronic currency market — $1,110 billion (in 2023). Everything has already been said about Bitcoin.
Initially, his imminent demise was predicted, and then, when he broke successive impossible records, more and more world giants began to convince them. Suffice it to say that its value from 2020 to the end of 2021 increased by about 800%. Of course, we are talking about the peak moment here.
Cryptocurrencies, like all other assets, have their ups and downs, but Bitcoin proves every time that it rises from its knees and soars to new value records.
Back in 2021, experts predicted that Bitcoin could reach $1,000,000. Will that happen? Today it is difficult to agree with such a prediction, but history has already proven that everything is possible regarding Bitcoin.
Ethereum
While Bitcoin was created as a project that was initially unknown how it would develop, the opposite is true with Ethereum. This cryptocurrency was designed in 2013 and developed in Switzerland to be widely available in 2015. It is operated by a decentralised non-profit organisation: the Ethereum Foundation.
Over time, extremely ambitious projects began to be implemented, such as the EEA, which aims to spread cryptocurrency to corporate environments. Thanks to this, it was possible to establish cooperation with, among others, MasterCard.
It is widely believed that Ethereum has the most extensive facilities, thanks to which it can effectively compete with Bitcoin. In the event of problems in the financial market, Ether is supposed to show stability. The value of the Ethereum market (in 2023) is $197 billion.
Tether
Tether, also known as USDT, is a specific cryptocurrency designed to resemble the equivalent of the dollar. The unit value of these two currencies is always close to each other and never deviates one way or the other.
Thanks to this, it was possible to open up new possibilities for making USD-USDT payments in various regions of the world, which users of games of chance on the Internet widely appreciated.
Therefore, Tether is also available on most gambling sites with the possibility of trading cryptocurrencies.
In 2019, Tether surpassed Bitcoin in terms of the value of transactions carried out by its users, which only proves that bringing the value closer to a specific standard currency turned out to be a hit. The market value (2023) of Tether is $65 billion.
Dogecoin
Dogecoin has one of the most absurd stories of all cryptocurrencies. The inspiration for creating this unit was one of the most popular dog memes. For the first few years, Dogecoin practically stood still, but when the joke suddenly aroused a lot of interest in 2021.
In terms of value, Dogecoin takes only tenth place, with a capitalisation of USD 8.8 billion. Still, its huge popularity among Internet users makes fans of games chance very eager to reach for it.
Bitcoin Cash
As you can easily guess, this cryptocurrency was created from Bitcoin. After the split in 2017, caused by different community ideas regarding the further development of the cryptocurrency, Bitcoin Cash was created. The main changes implemented were the increase in block sizes, which allowed for much larger transactions while minimizing costs.
In this way, Bitcoin Cash is associated as a very good cryptocurrency for smaller and very fast transactions, which works very well in online casinos. Bitcoin Cash’s capitalisation is (in 2023) $2.6 billion.
Stabilization Of The Cryptocurrency Market
Even though on the Internet, you can mainly find raves about Bitcoin, it is worth noting that all of the cryptocurrencies mentioned above (except Tether, of course) have already reached their stability, which is characterised by a very similar behaviour to the value chart.
Therefore, it no longer matters whether someone has Bitcoins or Ethereum — their values most often change in parallel and proportionally — even though they operate as separate entities.
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