Most players are probably familiar with the virtual currency Bitcoin and know that there is a wide range of Bitcoin casinos available online. Probably the most important advantage is that transactions are anonymous and no one can confiscate your funds because no financial institution has power or authority over them. An Altcoin casino offers similar advantages and more!
Fortunately, Bitcoin is not the only virtual currency. While it is certainly the most popular and widely used, more and more alternative currencies have emerged in recent years in an attempt to become the new "Bitcoin". Such virtual currencies are called cryptocurrencies or AltCoins. None of the alternative currencies have reached the value of Bitcoins, but they try to grab a piece of the pie with different advantages. Some of them are worth only a few cents or much less, some a few dollars or more. Since the market is very volatile, the value can even rise to a few hundred dollars in the future, as in the case of Bitcoin, or crash completely.
There are now hundreds of different cryptocurrencies, but not all of them are widely used by casino players or offered by AltCoin casinos. Here you can find brief information about the most common AltCoin casino currencies:
Ethereum (ETH) is the second largest cryptocurrency and was founded by Vitalik Buterin.
The cryptocurrency has become a preferred altcoin for casino operators, mainly due to the use of smart contracts. These smart contracts make the gambling experience safer as no third party needs to be involved. In addition, the contracts provide transparency as all information of an Ethereum casino is stored on a smart contract.
Ethereum is constantly reinventing itself and the updates make the protocol better at running applications. A good example of this is Proof of Stake (PoS), which provides faster transactions with improved privacy. Fast transaction processing is obviously a big attraction for online gamers interested in decentralization.
There are a growing number of casinos that offer Ethereum as a deposit and withdrawal method. However, all popular casinos now have it in their portfolio.
Bitcoin Cash (BCH) was the result of a chain split following a controversial hard fork of Bitcoin in August 2017. Led by Roger Ver, Bitcoin Cash has gained a significant amount of traction from users and investors as it offers a greater capacity than Bitcoin. While the BCH community pales in comparison to BTC, the cryptocurrency has become popular with AltCoin casinos.
There are now dozens of Bitcoin Cash casinos with instant deposits and withdrawals. This is helped by Bitcoin Cash's adoption of the "zero confirmation" transaction, one that doesn't actually require inclusion in a block for it to be considered valid. This increases speed and makes the cryptocurrency a popular choice among players and crypto casinos.
Litecoin (LTC) was founded by Charlie Lee, an ex-director at Coinbase, and went live on October 13, 2011. The peer-to-peer cryptocurrency was released as a fork of Bitcoin with the goal of addressing the inadequacies of the blockchain. Since then, it has served an additional purpose by becoming popular in AltCoin casinos.
Litecoin offers low block generation time and updated hashing times, to name a few modifications. The reduction in block generation times makes for a currency that is faster to deposit and withdraw than Bitcoin. Casinos look to currencies that offer their players the fastest deposit and withdrawal times, as this is one of the main attractions for players when choosing an AltCoin casino.
Litecoin is also attractive for the gambling market, as you can use it for smaller bets than due to its lower value. This makes it ideal for players who want to play for fun and not just for high rollers.
Regardless of what kind of casino games you like to play, Litecoin casinos already cover a great many slots and card games. The ever-growing list of Litecoin casinos includes big names like Cloudbet and Playamo.
Jackson Palmer founded Dogecoin (DOGE) in November 2013, joking on Twitter about the possibility of a "meme coin". He was then approached by programmer Billy Markus and the two made Dogecoin a reality.
Dogecoin has now become a top contender among the most popular cryptocurrencies. With a market capitalization of more than $1 billion (as of January 2021), it has become easily accessible not only to investors but also to AltCoin casinos. With over 120 billion coins on the market, widespread availability, and its inflationary supply it is perfect for players who want to bet on an alternative cryptocurrency to Bitcoin or Ethereum.
Palmer and Markus have designed the currency to be more user-friendly than other cryptocurrencies on the market, which also benefits the online gambling community.
Dogecoin also has an active community that is quick to share news and stories about the cryptocurrency. This is one of the main reasons that Dogecoin is so popular for AltCoin casinos. Players quickly share great gambling experiences, which is due to the success of many of the Dogecoin casinos available today.
Advantages of an Altcoin Casino
Bitcoin is the primary investment cryptocurrency and holds a lot of value in the market. Most investors use Bitcoin as a long-term investment vehicle and are reluctant to gamble away their BTC stash lightly.
Altcoins are considered "less" valuable in terms of long-term money-making, and so those who want to gamble freely without the fear of losing their "digital gold" can do so comfortably. In casinos that offer altcoins, you can thus boost your portfolio and thus profit in addition to the price gains.
Online gamblers are known to want the fastest transaction speeds for instant deposits and withdrawals. This is another advantage of using altcoin casinos. There are sometimes delays in bitcoin transaction time due to congestion as di blockchain is overloaded at times. With AltCoins, you can drastically improve transaction times.
Disadvantages of an Altcoin Casino
There are many advantages to using Altcoins not only for everyday transactions, but also for gambling. However, we would be remiss not to mention the disadvantages of using Altcoin for gambling.
First and foremost is the volatility that surrounds altcoins in general. The cryptocurrency market fluctuates as a whole, but smaller coins are less anchored like market leaders Bitcoin, Ethereum or Litecoinwhich can make betting with altcoins even riskier.
In addition, there are the long-term prospects of different AltCoins. Some coins that were used in Altcoin casinos in the past are no longer in operation or almost completely extinct. Accordingly, you should always be aware of the risk involved in playing with AltCoins. Generally, casinos only accept currencies that are already established on the market. However, a certain residual risk can certainly not be avoided.
Finally, another disadvantage in the online casino industry is that not so many casinos accept smaller altcoins. While the use of Ethereum, Litecoin and DOGE has increased dramatically over time, there are still dozens of altcoins that are no longer being catered to.
Conclusion: AltCoins as a suitable alternative to the popular cryptocurrencies
Even though Bitcoin is the top dog in the volatile crypto world and the most consistent constant, you should still consider alternative currencies for your casino experience. Not only are the costs significantly lower, but transaction times can also be minimized. The high fluctuations of the entire market pose a certain risk, but allow for additional profit growth through the price movement.