Thanks to the strong performance of cryptocurrencies in the market (Bitcoin alone is up over 300% in the last year), the number of people that own crypto has seen a sharp increase. And while many cryptocurrency owners are happy with just passively HODLing their coins, others are looking to actively use the technology and experience its unique advantages. Cryptocurrencies enable 24/7 transactions anywhere in the world, typically at much faster speeds and lower costs than using traditional banking and remittance services.
The top 5 coins for crypto betting
Thanks to these benefits, cryptocurrency is also being adopted quickly in the world of betting. These crypto bookmakers all accept Bitcoin, but many of them also support other popular cryptocurrencies to give customers a wider range of options. In this article, we’ll be taking a look at the top 5 cryptocurrencies that are supported by the best crypto bookmakers and highlight some of their most important advantages and disadvantages.
1. Bitcoin
Bitcoin was the first ever cryptocurrency and remains the most valuable and widely adopted coin on the market today. Accordingly, practically every bookmaker that accepts crypto offers Bitcoin as one of the available payment options, and some bookmakers are even Bitcoin-exclusive.
Bitcoin is almost certainly the safest cryptocurrency to use – the network is secured by a huge network of miners, making it almost impossible for transactions to be tampered with. If you don’t mind waiting a bit longer for your deposit to be credited, Bitcoin is definitely a solid choice. When using Bitcoin on crypto betting platforms, keep in mind that many crypto bookmakers use the mBTC denomination, which means one-thousandth of a BTC. 1 mBTC is the same as saying 0.001 BTC.
Bitcoin pros:
- Accepted by almost all crypto bookmakers
- Easy to buy on almost any cryptocurrency exchange
- A lot of wallet options
- Extremely secure
Bitcoin cons:
- Transactions are relatively slow and expensive
2. Ethereum
Ethereum has been gaining huge momentum recently thanks to its smart contract capabilities. While Bitcoin is laser-focused on simple peer-to-peer transactions, Ethereum expands on the idea of cryptocurrencies and allows anyone to create intricate decentralized applications that function directly on the blockchain. People who enjoy betting can also access prediction markets on the Ethereum blockchain, if they want a firsthand experience of how decentralized applications work.
Since Ethereum is the world’s second largest cryptocurrency, it’s also accepted by a huge number of crypto bookmakers. While ETH transactions are faster than BTC transactions, they can unfortunately sometimes also be more expensive. When a new DeFi application or NFT collection generates a lot of hype, the Ethereum network can get clogged up fairly easily, leading to a rise in transaction costs. Things are likely to improve in the future though, as the ongoing transition to Ethereum 2.0 is poised to solve many of Ethereum’s current shortcomings.
Ethereum pros:
- Can also be used in decentralized applications, which includes prediction markets
- Faster transactions than Bitcoin
- Easy to purchase
Ethereum cons:
- Transaction fees can be very expensive when the network is congested
- Compared to Bitcoin, Ethereum is supported by a slightly smaller number of crypto bookmakers
3. Litecoin
Litecoin is often explained with the following comparison – if Bitcoin is gold, then Litecoin is silver. That’s because Litecoin has a lot of similarities with Bitcoin, but has a leaner design and offers an overall smoother user experience. In comparison with Bitcoin, Litecoin has a 4x larger maximum supply, 4x faster block times, and a different cryptographic hash function – it uses Scrypt instead of Bitcoin’s SHA-256.
As a result, transacting with Litecoin is cheaper and faster than using Bitcoin. If you already have experience with Bitcoin, you can get used to Litecoin very easily, thanks to the numerous similarities between the two cryptocurrencies. If you’re finding that your transaction fees are a bit too high for your liking, Litecoin is definitely a strong alternative to Bitcoin.
Litecoin pros:
- Faster and cheaper transactions
- Easy to grasp for people who know how to use Bitcoin
- Solid choice of different wallets, is available on most crypto exchanges
Litecoin cons:
- The security of the Litecoin network is not as bulletproof as with Bitcoin
- Might not be accepted by every crypto bookmaker
4. Tether (USDT)
USDT is a stablecoin issued by the Tether company. While other cryptocurrencies we’ve covered in this list can show massive price swings in a very short time, USDT is designed to trade as close to $1 as possible at all times.
This is because Tether ensures that 1 USDT can be converted into 1 USD, and keeps a reserve of funds to cover all the USDT tokens in circulation – at least in theory. In reality, the reserves backing USDT have been the subject of a lot of controversy. Regardless, USDT is still hugely popular in the cryptocurrency market and has mostly been successful at keeping its $1 peg.
If you want to use a crypto bookmaker but want to avoid the volatility of Bitcoin and other cryptocurrencies, USDT is one of the best options to consider. In many cases, it’s the only stablecoin option supported by crypto betting platforms.
Tether pros:
- Listed on almost every cryptocurrency exchange
- Available on different blockchain networks (check with your bookmaker about their supported USDT networks)
- Minimal price volatility
Tether cons:
- Not decentralized
- Users have to trust that the issuer will be able to maintain the $1 peg
5. Dogecoin
Dogecoin is a prime example of meme coins – these are cryptocurrencies that have some kind of humorous element, and are usually not taken as seriously by the community as Bitcoin and other similarly ambitious projects.
However, this doesn’t mean that Bitcoin is just a joke. It currently has a market capitalization of over $40 billion and a highly dedicated community that promotes its adoption. Thanks to its popularity, Dogecoin has also made its way on many crypto betting platforms. Dogecoin’s main advantage is that its transactions are relatively fast and cheap, and you can also get your hands on some DOGE on practically every cryptocurrency exchange.
Dogecoin pros:
- One of the most popular cryptocurrencies in the world
- Available on many crypto exchanges and betting platforms
- Relatively fast and cheap transactions
Dogecoin cons:
- The price can be extremely volatile
- Not as secure as Bitcoin or Ethereum
Choose the coin that’s best for you
Whether you’re sticking only to Bitcoin or also like to branch out into other cryptocurrencies, there’s a good chance that you’ll be able to find a solid crypto bookmaker that accepts your coin of choice. When choosing which cryptocurrency to use, it’s important to consider the trade-offs between speed, security and availability. An interesting option are also stablecoins like USDT, which allow you to avoid the price volatility risk that’s inherent in most of the popular cryptocurrencies.
