When you’re looking to play in a crypto casino, Bitcoin is definitely the first coin to come to mind. However, it’s far from being the only one. Although Bitcoin is still the dominant crypto in the gambling world as well as on the crypto market, a lot has changed in the past year and things keep opening up for other currencies.
When it comes to playing casino games or sports betting, it doesn’t make much difference which cryptocurrency you choose, as long as it’s offered by the casino as a deposit and withdrawal option.
But from a financial point of view, choosing a different coin can make a difference.
The first thing to consider are transaction fees. Like elsewhere, Bitcoin is leading with one of the highest fees. Although at the time of writing, Bitcoin fees are hovering between fairly acceptable $2 and $3, in April 2021 they skyrocketed to over $60, making Bitcoin somewhat less acceptable for players looking to deposit lower amounts. Since most crypto fees are related to market demand, “smaller” coins are much better off here, offering fees valued in cents.
The second thing to consider are transaction times. If you’re used to wire transfers and credit card payments, then crypto payments are lightning fast regardless of currency. But if you are a crypto enthusiast, then maybe even 10 minutes per Bitcoin block may seem a lot if you think you can get better. And you can get better with some altcoins, but bear in mind that all these things contribute to blockchain security as well, which you won’t want to dismiss when sending or receiving large sums.
At the end of the day, it’s always better to have a more diverse portfolio, whether for trading or playing in a casino. Volatility is a constant companion of crypto and you never know what’s waiting for you tomorrow.