Altcoins are any cryptocurrencies other than Bitcoin. They range from massive coins like Ethereum to meme coins. In particular, for online gambling, there is a good variety of utility coins: coins that have specific use cases or have been set up with very specific features and benefits in mind. As well as being used for their intended purposes, these coins can prove beneficial when being used for e-commerce, remittances, and other payments.
Bitcoin is the biggest of all cryptocurrencies. When most people are asked about cryptocurrency, Bitcoin is the first coin they think of. As such, it does have the benefit of being the most widely accepted cryptocurrency on gambling sites. However, some altcoins are even more beneficial.
Speed
Some altcoin payments can be processed much more quickly than Bitcoin payments. This means sites like Dogecoin casino sites can offer virtually instant deposits and withdrawals. This is true regardless of where the player lives, in relation to the casino. Bitcoin payments are faster than fiat payments. They can be completed in a matter of minutes, although the exact time depends on how busy the network is and how much of a gas fee the sender is willing to pay.
Times can also be influenced by the casino’s own processes. Those who use smart contracts to process payments automatically are only restricted by the time it takes your chosen cryptocurrency to process.
Privacy
Although Bitcoin is often described as anonymous, it is only pseudonymous. Payments include crypto wallet address details as well as transaction details. Through online analysis and study, it can be possible to piece together information about the owners of some wallets. This is especially true of Bitcoin, which does not utilize any privacy protocols over and above the fact it is established on the blockchain.
Monero is a so-called privacy coin that uses additional privacy layers such as ring signatures and stealth addresses. Other privacy coins include Zcash, Dash, and Verge.
Costs
Bitcoin transactions are markedly lower than traditional transactions like credit cards and bank transfers. But, this is another area where altcoins have improved on Bitcoin’s results. Nano caused a major stir when it launched, with zero transaction fees and speeds of less than a second. However, it never really took off, and it remains a relatively underutilized coin.
Better-known and more popular coins that are still much cheaper than Bitcoin include Stellar, ReddCoin, and Monero.
Acceptance
Bitcoin is the most widely accepted of all cryptocurrencies. It was first to market and it had already gained some prominence by the time other coins were introduced. However, for those who want to avoid using Bitcoin for any reason, several coins have become popular at online gambling sites.
Dogecoin is one such coin, accepted due to the fact it gained prominence when shilled by celebrities like Elon Musk and Snoop Dogg. Ethereum is popular because it is the second-largest crypto. Litecoin is one of the oldest, which also affords it a degree of popularity.
Choosing Altcoins
There are lots of different reasons to choose specific altcoins. Privacy coins like Monero enable online gambling players to keep their transactions and gambling histories away from prying eyes. Coins with the fastest transaction times minimize or even eliminate the wait when depositing and withdrawing. And low-cost coins are even cheaper to use than Bitcoin, which itself is already cheaper than traditional payment methods.
However, for all of these benefits, Bitcoin remains the most widely used and accepted coin, which also helps make it a popular choice.
