Most used cryptocurrencies by bookies

Since we saw the popularity of Bitcoin skyrocket, a few years back, many online gambling websites have started accepting cryptocurrencies at their websites. This has, in many ways, changed how punters around the world place bets - and today, it’s clear that more and more customers are looking towards using cryptocurrencies to bet online. In this post, we’re going to be taking a look at some of the most commonly used cryptocurrencies at online gambling websites.

More than Just Bitcoin

Bitcoin has achieved a lot more than just being a ‘trendsetter’ so to speak. Along with gaining tremendous amounts of popularity with punters, it’s also become the industry standard for most cryptocurrencies, and many of the newer, less-established cryptos are actually built on Bitcoin’s principles. Below, we look at some of the main cryptos that you’ll find available at many online bitcoin bookmakers.

Litecoin

Litecoin was launched back in 2011, and it was one of the first coins afterBitcoin to achieve mainstream levels of success. The coin was developed by a computer scientist called Charlie Lee. Lee was an MIT graduate and former Google engineer, and he had the vision to build an ‘improved version of Bitcoin’ that offers punters enhanced security features. While Litecoin is pretty similar to Bitcoin, there are some important differences to be aware of. The first is that it has much faster block generation rates, and this means that it’s easier (and cheaper) to physically acquire it. Transactions are also quicker to confirm.

Ethereum

Ethereum is one of the world’s best-known cryptocurrencies, and it’s also one of the newest - launched first, in 2015. Ethereum is a decentralized software platform that enables Smart Contracts and Distributed Applications to be built onthe network. This basically allows users to ‘host’ anything they want on the blockchain, without any interference from third-parties. The actual currency side of Ethereum is known as Ether, and this works in a very similar way to Bitcoin. As of the 9th February 2019, Ether had a total market cap of $12.9 billion, with each individual unit of Ether being worth $119.

Zcash

Zcash is one of the smaller cryptocurrencies, but it’s a currency that’s seen rapid growth over the past few years. It was developed and launched back in 2016, and the main unique selling point of usingZcash is the simple fact that it offers a much greater selection of privacy tools. For example, users of Zcash can choose to make ‘shielded transactions’. This means that each individual transaction made is encrypted. There is no known way on the planet to decrypt these transactions, and this makes it a much safer option when compared to other cryptocurrencies like Bitcoin, for example.

Dash

Dash is a slightly controversial cryptocurrency. When it was first launched, it was called Darkcoin - and it was used primarily on the DarkNet. Naturally, the only users of Darkcoin were drug dealers and other shady characters - but once the currency was rebranded to Dash, it started to take a more mainstream approach - and it’s since cleaned up its reputation and made sure that’s used for legitimate purposes. While the number of online gambling websites accepting Dash is still quite small, more online sportsbooks arebeginning to accept it.

Ripple (XRP)

Ripple is an instant, real-time settlement network that allows users to make instant, confirmed and - usually - very low-fee transactions all over the world. The crypto was launched back in 2012, and unlike many of the other leading ones in the world (like Bitcoin and Litecoin), Ripple doesn’t require miningin order to acquire. Instead, Ripple is created automatically, with users who are actively participating in maintaining the network receiving a share. At the beginning of 2019, Ripple has a market cap of $12.69 million and each token is worth $0.308 - so while it’s not as popular as somecryptos around, it’s clear that it’s gaining momentum

Monero (XMR)

Monero is an open-source and untraceable cryptocurrency, and it was launched back in 2014 - making it one of the oldest too. The currency was quick to grow in popularity, and the increased security measures ensure that users who wanted a privacy-focused payment method could enjoy such a thing. Using what are known as ‘ring signatures’, Monero takes cryptographic signatures to the next level and ensures that all transactions are extremely secure and untraceable.

Bitcoin Cash

Bitcoin Cash is one of the only widely successful ‘forks’ of Bitcoin. When a cryptocurrency forks, it means that many of the underlying principles remain the same, but the currency is operated in a slightly different way. While Bitcoin Cash is unlikely to ever reach the same levels of popularity of Bitcoin itself, it’s now accepted at a large number of online bookies, and there’s a good chance that if you’ve held Bitcoin in the past, you’ll automatically have some Bitcoin Cash awaiting you in your online wallet!

NEO

NEO is one of the least well-known currencies on this list, and it was previously known as AntShares. It was established in 2014, and it’s a Chinese-based cryptocurrency - meaning it’s not quiteas privacy-focused and decentralized as some of the other cryptos on this list. However, it gets a mention in our article thanks to the fact that someonline sportsbook - particularly those that cater to Asian players - are beginning to accept it as a payment method.

As you can see, there are a wide variety of cryptocurrencies which are available to be used at online bookies. Some of these are incredibly popular - Bitcoin and Monero for example - while others like Ripple and NEO are still gaining traction. What isclear, however, is that all of these currencies offer users a distinct number of advantages - and they are changing the way in which we place bets online.

In the future, it’s very likely we’ll see even more cryptos accepted at online gambling websites - although it’s hard to predict whichand when.