Beyond Bitcoin: The Rise of Altcoins in Online Gaming
Crypto has been in the online gambling scene for a long time, with Bitcoin being used as early as 2013. As time passed, the payment method became the preference for gamers, with benefits such as anonymity, low fees, and transparency.
Bitcoin is the most popular cryptocurrency and is by far the largest digital asset by market cap. As such most casinos online that accept crypto have included it for deposits and withdrawals. Its most notable benefit is high availability, as you’ll find it listed in leading exchanges like Coinbase, Binance, Kraken, and Gemini.
While Bitcoin remains the most recognized crypto, other coins, referred to as altcoins, have gained traction in online gambling. Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) are just a few examples of the earliest altcoins used by casino sites. Nowadays, players can use many more options to take their gaming experiences to the next level.
Top 5 Newest Altcoins in Crypto Casinos
All cryptocurrency assets that aren’t Bitcoin are known as altcoins, with the prefix “alt” denoting an alternative coin. Crypto casinos offer many of them, so it’s crucial to know which ones are the best based on their features and benefits.
Polkadot (DOT)
Polkadot serves as the native crypto for the Polkadot platform. It’s an interoperability network that connects various blockchains, allowing them to share features and functionality. The platform was founded by Dr. Gavin Wood, who is famous for co-founding Ethereum.
The coin’s benefits are endless, ranging from interoperability, scalability, and adaptability. But one of its biggest pros for players is its ability to leverage a shared security model with other blockchains, ensuring maximum transaction safety. Some of the best casinos accepting DOT include CoinPlay, Cloudbet, and DuckDice.
ZCash (ZEC)
ZCash is perfect for players who want complete anonymity as it is more privacy-focused compared to cryptos like Bitcoin. Launched in 2016, the coin emerged from the Zerocoin project, which was an initiative aiming to improve the cryptographic privacy for Bitcoin transactions. Spearheading this project was renowned computer specialist Zooko Wilcox-O’Hearn.
The most distinctive feature of ZCash is its shielded transactions, which allows users to hide details like receiver, sender, and amount optionally. It is handy for players who want to gamble without worrying about compromised personal or financial information. If you wish to review certain transactions, ZCash offers the option to reveal only specific transaction details using a tool known as ‘viewing’.
Chainlink (LINK)
Chainlink is the backbone of the Oracle network, focused on enforcing blockchain smart contracts. For more context, blockchains offer privacy and security, but they aren’t suitable for accessing off-chain data. Most Decentralized Applications (dApps) require this feature for optimum functionality, and Chainlink offers the solution.
Another critical benefit of LINK is its flexibility, as it can work on any blockchain, not just Ethereum, increasing its availability for online gaming. On top of this, the crypto fetches data from numerous nodes, aggregates it, and then feeds it to the blockchain, eliminating the possibility of a single point of failure. That means you can gamble using LINK comfortably, knowing the chances of a transaction decline are minimal.
Dai (DAI)
Known for its stability, Dai’s value is tied to that of the US Dollar, ensuring it remains stable compared to the often volatile values of other cryptos. It was launched as part of the MakerDAO network, powered by the Ethereum blockchain ecosystem. Rune Christensen founded the MakerDAO system, which became one of the best Decentralized Finance (DeFi) projects in the blockchain space.
Apart from its stability, DAI is also famous for its transparency. That’s because all decisions, including issuance and governance, occur on the Ethereum blockchain, making them verifiable by anyone. So, when playing in casinos like Stake, Fairspin, or CoinPlay, your transactions will be protected, and you can request payment information when necessary.
Shiba Inu (SHIB)
Initially launched as a meme coin, the crypto community quickly accepted Shiba Inu, increasing its popularity in multiple industries, including online gaming. It’s often referred to as the ‘Doge Killer’ and took its branding from the Shiba Inu dog breed, famous as the Dogecoin meme. The origins of SHIB are somewhat mysterious, as all that is known is that its founder’s pseudo-name was Ryoshi.
When it comes to online gaming, one notable characteristic that sets this coin apart is its community-driven nature. Through community-led campaigns and initiatives, SHIB supporters significantly popularise its significance in the crypto landscape. As a result, many casinos accept it as a means of payment, including popular sites like 22Bet, PrimeDice, and Cloudbet.
Why Altcoins Are Great for Online Gaming
One of the main reasons why altcoins are widely accepted for online gaming is their affordability. Compared to crypto like Bitcoin, which is currently the most expensive, digital coins are way cheaper, with some, like Dai, going for around $1.
In addition to this, they offer faster transactions. Unlike Bitcoin and Ethereum, which have been around for a long time, they have newer features that support quick payments. Lastly, some players view them as a means of investing since they are more volatile and their value increases constantly.
