Cryptocurrencies are definitely aiming to revolutionize the entire online gambling industry especially with Bitcoin leading the way to new virtual currencies which are emerging on a regular basis. 2017 was definitely a greatly memorable year for the entire cryptocurrencies world especially for Bitcoin which has seen a massive growth in value and wider adoption. In addition, numerous projects started raising millions of capital in Initial Coin Offering which many people call the future of money.
Judging by the latest upsurge in Bitcoin’s value and the overall crypto market, these cryptocurrencies are here to stay. Many people think that Bitcoin is the only accepted cryptocurrency by online casinos venues. This is simply not the case. As a matter of fact, online casinos accept various digital currencies similar to Bitcoin including Monero, Ethereum, Dashcoin, Dogecoin, Peercoin, and more.
These venues differ from those traditional venues mainly as you are not required to provide your credit card or your bank account information in order to register. Traditional venues commonly have those lengthy account verification processes while Bitcoin and other cryptocurrencies-powered venues do not ask players for their personal details and user verification which definitely saves some time and effort. These venues commonly require you just depositing your fund to your chosen venue providing your wallet address. This means that playing at these venues is much faster than playing at those traditional venues. Withdrawing funds from these venues are also less costly as surcharges and taxes with alternative currencies tend to be almost non-existent, so you pay significantly lower transaction fees and you enjoy instant payouts which is not the case with fiat currencies transactions.
As you already know, these venues friendly of cryptocurrencies are largely anonymous, so you get to enjoy greater security and privacy as venues are not asking for your personal information rather than your email address. This leads to significantly lower possibility for the site operators stealing your financial and personal information. With these great benefits of Bitcoin and other cryptocurrencies online venues, there is no any surprise in the fact that players want to engage in other cryptocurrencies rather than Bitcoin. Fortunately, there are many venues accepting other altcoins as well. Some of the widely accepted altcoin other than Bitcoin include Ethereum, Litecoin, Monero, Nano, Dogecoin, and Dashcoin.
Ethereum just like Bitcoin is a popular blockchain technology-based public computing platform. It is the source of Ether digital currency. However, Ethereum and Ether are completely freely interchanged. This virtual currency was introduced back in 2014 by a former Bitcoin developer, Vitalik Buterin. The first public crowd sale was initiated in July 2014 by two companies – Ethereum Switzerland GmbH and the Ethereum Foundation. Ethereum also introduced two new concepts, Smart Contracts and EVM or Ethereum Virtual Machine providing greater scalability and security among its users especially its online gambling users who play their games using Ethereum.
Another virtual currency widely accepted by online casino venues is Dogecoin which was established by Jackson Palmer and Billy Markus back in 2013. Just like Bitcoin and Ethereum, this is also a fully decentralized virtual currency using open source, peer to peer system that can be easily used for converting to other virtual currencies or for transactions within the Dogecoin network which is extremely handy for players using Dogecoin for making deposits.
Online gambling venues besides these virtual currencies commonly accept Litecoin as well which is an open source, peer to peer digital currency introduced by Charlie Lee in October 2011. Just like other virtual currencies, it is not regulated by any financial institution or by any government being total decentralized offering fast, secure and anonymous transactions just like Bitcoin and other virtual currencies.
Working similarly to Bitcoin and other cryptocurrencies, Dashcoin is another widely used virtual currency allowing transfers between Dash users. This open source, peer to peer cryptocurrency offer unique transaction features such as private and instant transfers which is very hand for online gambling players using Dash as their preferred banking method. Dashcoin since its introduction by Evan Duffield back in 2014 has risen in popularity offering many benefits to all its users working in the same manner as other virtual currencies.
Established back in 2014, Monero is another widely used and accepted virtual currency. It is a security and privacy-focused cryptocurrency offering reliable, fast and secure transactions based on a blockchain technology. It works similarly to Bitcoin. However, Monero has unique features such as the CryptoNote protocol and the blockchain algorithm it uses differs from the one used by Bitcoin and other cryptos.
Another widely accepted virtual currency is Nano that aims towards becoming a massive, global cryptocurrency allowing fast, easy, secure and instant transactions with zero transaction fees paving a new way to all online casino players who decide to use Nano as their preferred banking method. Just like other cryptocurrencies, Nano is completely decentralized having all of its operations done over its decentralized, secure network with fast transactions and zero transaction fees which makes it a great choice for online casino players.