Cryptocurrencies are increasingly being adopted by online casinos as a fast, safe, and secure payment method that can increase their player pools.
The anonymity of transactions appeals to players, while the built-in fraud check and independent verification make cryptocurrencies an appealing choice for casino operators too.
While you have probably heard of Bitcoin casinos, you may not be quite as familiar with ‘altcoin casinos’.
An altcoin casino is simply an online casino that focuses on a different cryptocurrency to Bitcoin as its main payment method. Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Tron (TRX), and Ripple (XRP) are just a few of the altcoins that you can find as the primary payment method at online casinos.
Some online casinos also have their own cryptocurrencies, which you can exchange and spend in designated on-site shops, as well as using to place bets.
Advantages & Disadvantages of Altcoin Casinos
While both players and casinos can benefit from using cryptocurrencies, each cryptocurrency has its own benefits and drawbacks. Differing fees, speed of transactions, and volatility are just a few factors, so make sure you know exactly what you are dealing with before you make your decision.
Bitcoin casinos are still more popular and established than altcoin casinos, with some of them being in operation for around a decade and some players and casinos may feel more comfortable sticking to Bitcoin.
However, some cryptocurrencies have lower fees, faster transaction times, are more stable or are simply more readily available/easier to mine than Bitcoin making them a popular alternative for some online casinos and players.
Cryptocurrencies are being launched all the time, with developers making tweaks and adjustments to suit their particular purposes. Many cryptocurrencies lend themselves naturally to online gambling, but there are drawbacks too.
Most cryptocurrencies are subject to value fluctuations and may incur fees.
Problem gamblers may also fail to connect altcoins with their real money value, making it easier for them to rationalise their losses and create a sense of unreality to the bets they are placing.
When it comes to making transactions, always double-check the information, as cryptocurrency transactions cannot be recalled once they have been authorised, and you are very unlikely to recoup your losses if the money is sent in error to the wrong place.
Choosing an Altcoin Casino
When it comes to choosing an altcoin casino, the process is much the same as selecting any online casino. Although you won’t have quite so many options to narrow down, you still need to make sure the site has everything you need to ensure a safe and pleasant online gambling experience.
Firstly, make sure the site is legal and is licenced and regulated by a national gambling body. Next, look at the game selection on offer, read player reviews, and have a look at the regular promotions, not just the eye-catching welcome package. You should also check the ratings for the customer support team, so you can feel confident you will get the help you need should you encounter any issues. Always read the site’s terms and conditions to prevent any surprises regarding restrictions and remember to gambling responsibly.
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