The immense popularity of Bitcoin (BTC) means that it’s still by far the top cryptocurrency. While newer tokens promise to carry out additional functions that BTC can’t, it’s still a smart choice for various types of transactions. When it comes to online gambling, what are the main factors to take into account when deciding whether to use Bitcoin or a different digital currency?
The Transaction Time Question
When looking at banking methods to play online Bitcoin games at mBit Casino, you can see that your account is credited following a single Bitcoin confirmation. This offers added speed. However, the list of cryptocurrencies accepted at mBit Casino also includes other names, like Litecoin. The quest for quicker transaction times led to the original Bitcoin code being used to create the likes of Litecoin (LTC) and Bitcoin Cash (BCH), with some tweaks to it to speed up the block processing time. Other fast options like Tether (USDT), Ripple (XRP), and Ethereum (ETH) can also be used to make a speedy deposit.
The list of transaction times on the site confirms that XRP is the fastest option, with the money arriving in the casino account pretty much instantly. This is followed by ETH and USDT, which take up 15 seconds each. While BTC can’t normally compete with these rapid transaction times, it still represents an extremely fast way to move cash into a gambling account. Withdrawals also go through speedily, meaning that any winnings get back to your crypto wallet without any fuss.
If you’ve already started using digital coins, this casino blog gives you a chance to work out what type of crypto personality you are, with degen, watcher, and builder being the possibilities. By answering a few simple questions about your most common crypto activities, you can see which of these categories you fall into.
The Lower Volatility of Bitcoin
One of the major changes we’ve seen in Bitcoin in the last couple of years has been a decrease in its volatility level. While BTC is still seen as being one of the most unpredictable assets around – with the potential for large price swings – it appears to be spending longer in smaller ranges, with recent price movements showing a lack of volatility that’s only been seen a couple of times in its history to date, according to this report from Bitcoin Magazine.
You might prefer to gamble with a low volatility coin, which means that the price movements it has while you play shouldn’t affect the value of your winnings as much. In this case, the USDT stablecoin is the token that moves the least, since it’s pegged to the US dollar.
Security and Privacy Aspects
The advanced security and privacy offered by cryptocurrencies make them ideal for purposes like gambling. Bitcoin has proven itself in this respect, as it’s never been hacked since the first block – known as the Genesis block – was mined in 2009. A recent debate about the possibility of increasing the amount of data that can be added to each block shows how seriously the global community takes the matter of protecting the network. While the removal of the OP_RETURN limits shouldn’t make a major difference to the way that the data is protected, it shows how every potential change sparks fierce debate.
In terms of the most secure alternatives, the truth is that only the safest cryptos are accepted for online payment in casinos. Ethereum is among the most secure digital assets, thanks to its use of the blockchain and a proof-of-stake consensus method. Litecoin includes many of Bitcoin’s safety aspects, with additions such as the MimbleWimble Extension Blocks (MWEB), which was a privacy and scalability upgrade added in 2022.
Other Uses
The final point to consider is whether you want to select your chosen crypto for other reasons. Bitcoin is the most widely accepted crypto, with online and offline businesses around the planet now happily taking it as payment for goods and services. You can also find Bitcoin ATMs in many cities, while Bitcoin-backed loans are becoming an increasingly popular way for people to make large purchases without having to sell their coins.
The other cryptos we’ve looked at here all have varying degrees of use, with Tether one that’s arguably ahead of BTC in some places. For example, Venezuelans have started using USDT for regular purchases, due to the enormous 229% annual inflation rate that the South American country has been struggling with. Known as Binance dollars to locals, these tokens offer a stable and accessible alternative to physical US dollars while avoiding the bolivar’s ever-increasing inflation rate.
All of these points confirm that Bitcoin remains an excellent choice for funding gambling accounts. However, the other cryptocurrencies we’ve looked at all offer different advantages that are also worth considering when you’re planning to make a deposit.
