The crypto ecosystem has exploded in the years since the introduction of Bitcoin. As blockchain technology’s many capabilities continue to expand, altcoins, or alternative cryptocurrencies, are finding more use cases in online gambling. Online betting sites like Betway casino now offer a variety of casino games and payment options for different betting markets. Some of them you can access and pay for through Ethereum, Dogecoin, and other non-Bitcoin currencies. Let’s look at how this development is changing the igaming industry.
What are altcoins?
In the simplest terms, an altcoin is any digital currency that is not Bitcoin. Coingecko reports that there were over 16,500 altcoins in the cryptocurrency ecosystem by the end of 2024. Many of these coins have found their way into online gambling sites, where players like you use them to place bets, fund betting accounts, and withdraw winnings.
Altcoins are as diverse, and perhaps even more so, as the world’s currencies. Although they are all built on blockchain technology, they operate differently and in diverse financial environments. This means they offer different uses and benefits to players in the igaming space.
Which altcoins are popular among online bettors?
If we’re going by value, the most popular altcoins in the crypto ecosystem are:
Ethereum (ETH) Litecoin (LTC) Dogecoin (DOGE) Ripple (XRP)These are also the currencies most popular with online bettors.
However, as we’ve seen above, many more alternative cryptocurrencies exist. Other options you can use to bet on your favorite games and sports include Solana (SOL), Zcash (ZEC), Monero (XMR), Binance Coin (BNC), and Shiba Inu (SHIB).
What benefits do altcoins have over traditional cryptocurrencies?
Cryptocurrency transactions, in general, are popular among online bettors because they are faster, more secure, and anonymous. But altcoins exist because they succeed, whereas bitcoin fails.
Ethereum, for instance, is a popular alternative to Bitcoin because of its smart contracts, which allow for more secure transactions. It is also more decentralized and eliminates intermediaries and third parties, allowing for more anonymity and privacy in gambling transactions.
Ripple and Litecoin are significantly faster than Bitcoin, allowing instantaneous transactions and a more streamlined online betting experience. Cost-wise, Dogecoin is cheaper than Bitcoin. Its minimal transaction fees make it ideal for smaller, more frequent transactions, which is great for betting.
And because crypto gambling is an evolving field, the variety in altcoin selections means you can find a currency to use in virtually any betting environment.
What is the future of altcoin online betting?
But altcoin online betting is not without limitations. Many newer currencies face scalability and regulatory problems, even as governments struggle for more control over gambling transactions.
Also, while many online providers like Betway have actively incorporated altcoins into their transaction frameworks, the rapid innovation in the field means some coins are still not usable in betting.
Stakeholders must overcome these challenges to continue enjoying the benefits of altcoins in betting.
Wrapping up: Using altcoins to bet on your favorite online games
That said, as a player, reaping the perks of altcoins is as easy as finding a reputable provider that allows you to transact using your favorite digital currencies. More mainstream coins like Litecoin and Ethereum are easy to find on top online casinos, but as the market evolves, so are newer currencies.
The post Trends in gambling technology- How Altcoins are changing how we bet appeared first on Coinchapter.
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