There’s no doubt that cryptocurrency has had a drastic effect on how we view money. Bitcoin, Ethereum, Dash and Litecoin are among some of the most popular types of cryptocurrency available today.
The sudden and drastic increase in valuation of Bitcoin and other cryptocurrencies mean that investors, punters and speculators have all been scrambling to get their hands on some cryptocurrency.
In the past, cryptocurrency remained within the exclusive realm of deep web users. However, the introduction of cryptocurrency exchanges has made it a viable medium of exchange for anyone looking for a new investment or complete anonymity.
Before all of this cryptocurrency craze, Bitcoin mining was an extremely popular choice for anyone looking to get into the whole Bitcoin gold-rush. However, given the exorbitant prices of GPUs and the high energy costs involved, Bitcoin mining is no longer a viable option.
Instead, if you are looking to get in on the whole crypto-craze, you may want to seriously consider using cryptocurrency as a medium for exchange on various online casinos, sports betting websites, just follow some crypto sport news website and you’re all set.
So why to game with crypto? First and foremost, cryptocurrency is virtually untraceable and can be stored on various online wallets that allow users to remain completely anonymous.
Forget giving your credit card details to strangers on the internet or even shady money transfers. This is because using cryptocurrency as a medium of exchange allows you to protect your privacy while remaining anonymous.
Secondly, cryptocurrencies can be a form of investment, unlike cash. This is because speculators are constantly buying and selling cryptocurrencies on various exchanges.
This means that Bitcoin can appreciate in value, allowing you to profit from any such changes. Thirdly, an increasing number of online casinos accept cryptocurrencies as a medium of exchange. This is a great way for you to get your hands on some.
In this article, we look at two popular types of cryptocurrency and why they are a great choice for use in online gaming.
Why Bitcoin?
Beyond a shadow of a doubt, Bitcoin is the most popular and most widely recognized form of cryptocurrency. First introduced in 2008 by the elusive Satoshi Nakamoto, Bitcoin has gone on to bring about a paradigm shift in relation to how we think about money.
The first decentralized form of currency, Bitcoin is acquired by solving complex transactions that, when broken down, yield payment in the form of Bitcoins.
As mentioned previously, Bitcoins were first acquired by “miners” who processed transactions using specialized software in exchange for Bitcoins. However, in recent years, Bitcoin mining has become prohibitively expensive due to the rising cost of GPUs.
Fortunately, Bitcoin can be bought and sold on various bitcoin betting exchange websites, which allow it to be exchanged for real-world currencies and vice versa. Bitcoin is a great choice if you are looking to get into the world of cryptocurrency gambling.
This is because Bitcoin is the most widely recognized cryptocurrency in the world and many online casinos have specialized systems in place to cater to Bitcoin users.
This makes Bitcoin a bit like the USD of the cryptocurrency world, in the sense that it is widely recognized and commonly accepted.
Along with this, given Bitcoin’s widespread popularity, chances are high that there will be a large community ready to lend you a helping hand if you encounter any issues related to it.
Unfortunately, there are several factors that should be taken into account when using Bitcoin as a medium of exchange for online gaming.
Cons of Using Bitcoin
Firstly, Bitcoin is extremely expensive, which can result in an extremely short-lived and costly gambling transaction. This makes gaming with Bitcoin an extremely risky affair.
Secondly, Bitcoin transaction fees can be expensive too, which makes exchanging Bitcoin a rather painful affair, as the transaction fees are sure to eat into your earnings and your profit margin.
Why Ethereum?
Another popular form of cryptocurrency, Ethereum, first appeared in 2014. It was coined after the term “Ether,” which refers to the hypothetical, invisible medium that permeates all aspects of our lives.
The term Ethereum was first coined by programmer Vitalik Buterin, who was affiliated with the Bitcoin project. While nowhere near as popular as Bitcoin, Ethereum has steadily become more and more popular among cryptocurrency investors.
It is seen to be more sustainable as a form of decentralized currency due to the structure of ethers being needed to execute code on Ethereum.
Hence, if you are looking for a currency that will be around for the foreseeable future, Ethereum is a great choice. After all, it is highly unlikely that you will find yourself holding on to a currency that suddenly devalues without any warning.
Along with this, Ethereum has close links to The Edgeless gambling tokens, which are seen to be a revolutionary take on online gambling. This is because they are able to minimize the house take on particular bets.
Ethereum is also known to have lower transaction fees along with faster transaction times compared to Bitcoin.
Cons of Using Ethereum
Unfortunately, Ethereum has a rather limited value due to its link with Ether. Given the virtually limitless supply for Ether, this could mean that Ethereum has reached its maximum value and will no longer be appreciating.
In other words, you should not expect any further appreciation in the value of Ethereum. However, this could also be a good thing, as Ethereum is relatively stable-valued, reducing volatility as a result.
While there may be many other cryptocurrencies out there on the market, Bitcoin and Ethereum are the most stable and widely accepted forms of cryptocurrency. That is why you should ideally try and minimize your risk exposure by using the most sustainable cryptocurrencies as a medium of exchange when gaming.
After all, you wouldn’t want half of your takings to devalue dramatically before you have had a chance to enjoy them.
If you have been thinking about using cryptocurrencies for online gaming but are not sure which one to use, we hope that this article has helped you make an informed decision.
