Online gambling has been a part of the internet for over two decades, but it was only until the past decade when the online casinos realized the benefits of crypto gambling and have launched new platforms that accept cryptocurrency and blockchain. When you make transactions on a crypto casino, you can carry the process directly without engaging a middleman like banks. This allows players to play anonymously without any records of external payments. That’s why it difficult for governments to shut down cryptocurrency casinos and easy for players to play from anywhere around the world. There are plenty of cryptocurrencies available today apart from the prodigy, Bitcoin. Here we look at the best cryptos for gambling in online casinos.
EOS is by far the best cryptocurrency for online casino as it offers direct on-chain betting without the need to deposit the funds to the sites. The transactions are totally free and can take place almost instantly. EOS currently is the most used cryptocurrency in gambling and betting activities.
EOS offers plenty of features to the players, including verifying bets for fair gameplay, profit-sharing, and playing different games from a single account. These advantages have made EOS more popular than Ethereum and brought security in levels with Bitcoin.
Bitcoin was the previous leading cryptocurrency in gambling before it was taken over by EOS. Bitcoin gambling sites have the highest payouts in the online gambling platforms. It is a currency for the high rollers. The drawback of bitcoin was the slow transaction time due to its size and high network fees that means you cannot gamble on-chain. A Bitcoin transaction can take up to 30 minutes, and transaction fees can spike to $10 during the high network congestion. Even when Bitcoin may require a trusted third-party service, there are plenty of provably fair gambling sites. Make sure to check the site thoroughly before investing as a good website will assure the safety of your money.
Ethereum: Ghost Town
Ethereum is not a preferred cryptocurrency by gamblers, because even when it provides on-chain gambling, each bet costs a transaction fee that takes a significant time to settle. It takes the fun out of gambling for players, which is why there is not much gambling traffic on Ethereum compared to EOS and Bitcoin. But Ethereum can create smart contracts or snippets of code that can be uploaded and executed to a network autonomously. This means that some gambling sites which accept Ethereum can process your wagers directly to the chain without a third party. You can use the smart contract code to check if the website is provably fair. Still, as the transactions are slow, it can get frustrating for the players to wait for the win or losses in every bet they make.