Should Online Casinos Focus On Altcoins Too?Nov 22, 2016

Should Online Casinos Focus On Altcoins Too?

Bitcoin can owe a lot of its success to online gambling. When Bitcoin first entered the scene, it was a currency without a market. It needed a “killer app” and it soon quickly found one. Bitcoin was designed to allow anonymous, secure, and quick online transactions from anywhere in the world. This was ideal for gambling purposes and other semi-legal transactions.

In the early days, more than 50 percent of the transactions on the Bitcoin network were from gambling transactions. This usage was what fueled Bitcoin’s early rise. A lot of other cryptocoins share the main features of Bitcoin, while having their own unique features. They want to follow the path that Bitcoin took to the top. Here are a few examples of altcoins that are great alternative to the normal Bitcoin payment.

Popular Altcoins

Altcoins to look out for

Right now, there are three altcoins that manage to stand out among the crowd. First, there is Dogecoin. Originally conceived as a joke and to showcase how easy it was to create a cryptocurrency. However, the fact that it was created in tribute to a meme was enough to get Dogecoin the foothold it needed to become a serious competitor in the cryptocurrency field. Nowadays, Dogecoin is popular for use in micro transactions and has capitalization worth around $22.2 million. Small betting sites like using Dogecoin for this reason.

Another popular altcoin in online gambling is Litecoin. The third largest cryptocurrency behind Bitcoin and Ethereum, it has a large presence in the market. This is mostly because it is a lot faster than Bitcoin. Litecoin processes blocks in just 2.5 minutes compared to Bitcoin’s 10 minutes. It also has an improved proof-of-work algorithm to ensure additional security.

Finally, Dash is becoming quite popular. Launched as XCoin, Dash was originally designed for maximum anonymity for the user. Dash transactions are very hard to trace. This can be important in online gambling, when legality is in doubt. Increased anonymity also adds another layer of protection for the user.

Sites to consider

Gambling sites accept altcoins increasingly. Dice sites were the first to accept altcoins. Dice gambling sites are simple to set up and require not much infrastructure. vDice.io is an excellent example of a site fully using the possibility of altcoin transactions, especially with its full use of Ether for its online dice game.

Crypto-Games.net

A bigger example of this is Crypto-Games.net. With seven proprietary games, this site allows for more variety than the ordinary dice site. It accepts eight cryptocurrencies along with its own play money. This flexibility when it comes to altcoin acceptance gives the site a wider audience.

However, the gold standard when it comes to accepting altcoin is FortuneJack. Besides accepting altcoins, this Bitcoin casino has its own exchange. Players can convert their money into any acceptable currency easily. Combined with fun games, the casino has something to attract everyone.