Cryptocurrencies have become an increasingly popular payment method for online gambling in recent years. Their pseudonymous nature appeals to players who value privacy, while fast transaction speeds allow for efficient deposits and withdrawals. Additionally, crypto’s decentralized model provides accessibility for Stake online casino users in jurisdictions with restrictive internet gaming laws.
Of the thousands of digital currencies available, a handful stand out as the most widely adopted on online casinos, sportsbooks, and poker sites. Here is an overview of the top cryptocurrencies used for internet gambling transactions.
#1 – Bitcoin (BTC)
As the first and most highly valued cryptocurrency, Bitcoin naturally headlines the digital coins used for online wagering. Bitcoin was created in 2009 by the pseudonymous Satoshi Nakamoto as a peer-to-peer electronic cash system powered by a decentralized blockchain network. All BTC transactions are recorded on an immutable public ledger secured by cryptography and a vast network of nodes.
Key Bitcoin Statistics:
- Market capitalization – Over $400 billion
- 24-hour trading volume – Over $15 billion
- Supported on 98% of crypto gambling sites
- Average transaction confirmation – Under 30 minutes
Bitcoin brings reliable payments and increased privacy to players at online betting destinations. Gamblers need only a Bitcoin wallet address to send and receive instant BTC deposits without disclosing personal financial data. As the most liquid cryptocurrency, Bitcoin also offers excellent availability across gambling sites.
#2 – Ethereum (ETH)
Ethereum is a decentralized blockchain platform with native crypto Ether (ETH) ranked second to Bitcoin in total market value.
Ethereum was first outlined in 2013 by programmer Vitalik Buterin and went live in 2015 as a network for self-executing “smart contracts” and distributed apps.
Key Ethereum Statistics:
- Market capitalization – Over $200 billion
- 24-hour trading volume – Nearly $10 billion
- Supported on 76% of crypto gambling sites
- Average transaction confirmation – Under 6 minutes
Like Bitcoin, Ethereum and its ETH coin provide faster, more private online gambling payments than traditional currencies. Additionally, the Ethereum network allows gambling sites to create Decentralized Apps (DApps) for ETH-based casino games, sports betting, poker, and more. This gives players full transparency and fairness by allowing wagers directly on the blockchain.
#3 – Litecoin (LTC)
Litecoin was among the first “altcoins” modeled after Bitcoin but built for speedier transactions. Created in 2011 by former Google engineer Charlie Lee, Litecoin aims to process payments faster than Bitcoin by using shorter blockchain confirmation times between blocks.
Key Litecoin Statistics:
- Market capitalization – Over $10 billion
- 24-hour trading volume – Nearly $700 million
- Supported on 63% of crypto gambling sites
- Average transaction confirmation – Under 3 minutes
Litecoin routinely handles transactions 90% quicker than Bitcoin. This supercharges deposits and withdrawals for gambling with LTC versus other coins. With sizable market liquidity, Litecoin enjoys extensive acceptance while retaining the core benefits of blockchain payments – flexibility, privacy, security, low fees, and decentralization.
#4 – Tether (USDT)
Tether functions as a stablecoin pegged to and backed by the U.S. dollar, making it a blockchain-based counterpart. Stablecoins are digital currencies designed to minimize volatility and maintain consistent valuations.
Key Tether Statistics:
- Market capitalization – Over $70 billion
- 24 hour trading volume – Over $48 billion
- Supported on 57% of crypto gambling sites
- Average transaction confirmation – Under 6 minutes
The tied valuation between Tether (USDT) and USD creates familiarity for playing online games of chance with fiat currency. Transactions confirm rapidly, and each USDT token reflects one real-world dollar held in reserve.
Reliable price parity helps hedge risks related to crypto volatility.
#5 – Bitcoin Cash (BCH)
Bitcoin Cash is a variant fork of Bitcoin ranked in the top 10 market cap. Bitcoin Cash originated in 2017 from disagreements over planned Bitcoin updates that would have impaired block processing speeds. The BCH fork aimed to reconcentrate efforts on the peer-to-peer transfer abilities envisaged in Bitcoin’s original framework.
Key Bitcoin Cash Statistics:
- Market capitalization – Over $7 billion
- 24-hour trading volume – Over $700 million
- Supported on 41% of crypto gambling sites
- Average transaction confirmation – Under 15 minutes
Bitcoin Cash iterates on Bitcoin as digital cash with features geared toward consumer payments. BCH transactions clear faster than Bitcoin and have lower fees. Bitcoin Cash is accepted broadly but still trails usage compared to the leading coins above. Even so, BCH delivers ample liquidity and utility for online crypto-gambling transactions.
The Bottom Line
Greater demand from players and operators has vaulted cryptocurrencies into starring payment roles at internet gaming sites. Bitcoin resides at the forefront as the world’s preeminent digital currency used for deposits, withdrawals, and placing bets. Meanwhile, coins like Ethereum, Litecoin, Tether, and Bitcoin Cash present expanded functionality.
Cryptocurrency advantages are numerous for the online gambling ecosystem. Blockchains enable reliable, rapid cashouts and cashins while opening up access worldwide. Players benefit from enhanced financial privacy and security with crypto payments. Permissionless networks mean deposited coins cannot be frozen or seized for terms violations. And digital coin tech can grant transparency in gambling games.
As blockchain-based betting continues moving mainstream, players can expect crypto variety, availability, and integration to widen even further. The leading five outlined above provide a snapshot of the most popular virtual currencies for current real-money online gambling. But they represent just a fraction of the internet gaming currency activity today, and potential is still ahead.
