The Best Cryptocurrencies for Online Gambling in 2023Published January 21, 2023 by Shane
Cryptocurrency gambling is one of the fastest-growing parts of the online casino industry. With this boom in interest, we decided to help you select the best cryptos for 2023 while avoiding potential pitfalls at the same time.
The world of cryptocurrency gambling is rapidly evolving, and the number of options available for online gambling in 2023 has grown exponentially since the inception of the blockchain. This article will look at the best altcoins for online gambling in the new year. We will explore their advantage, how to choose the right one for your gambling needs and even suggest trusted casinos to get you started.
Bitcoin is Always #1
Bitcoin is the most popular virtual currency for online gambling thanks to its fast transaction times, low fees, and incredible levels of security. Bitcoin's decentralised nature also makes it an excellent option for those who want to remain anonymous while gambling online. It is also the most widely accepted cryptocurrency at online casinos, making it the ideal choice for players looking to bet at as many crypto casinos as possible with one wallet.
As the granddaddy of all crypto tokens and one that always offers the best long-term value, we felt it would be unfair to let it compete for a position in the top 10 list, which is why we chose to crown it king and let the rest duke it out for the second place.
Top 10 Altcoins for Online Gambling
With the growing popularity of crypto gambling, knowing which altcoins are the best to use when playing in a cryptocurrency casino is essential. Here are our top ten altcoin suggestions for 2023, including stablecoins and decentralised tokens.
- Ethereum (ETH) is a decentralised token considered second-only in reputation and authority to BTC. The value of ETH lies in the fact that it underpins just about every other altcoin in existence.
- Litecoin (LTC) is a decentralised token built on the same concepts as Bitcoin. Launched in 2011, it was one of the first altcoins on the market.
- Shiba Inu (SHIB) is a decentralised token initially launched in 2020 as a joke. The Shiba Inu mascot was taken from the popular doge meme.
- Tether (USDT) is an asset-pegged stablecoin which uses the US dollar as its yardstick. USDT is owned and operated by Hong Kong fintech company iFinex Inc.
- Bitcoin Cash (BCH) is a fork of Bitcoin, also referred to as a spin-off. Created in 2017, BCH offers faster and cheaper transacting than its older brother.
- Dogecoin (DOGE) is Elon Musk’s favourite meme-coin. Created in 2013, it holds the “honour” of being the internet’s first “dog coin”. The token was intended to be a satirical poke at this crazy new thing called crypto.
- Neo (NEO) is a decentralised blockchain application platform developed in 2014 to kickstart a “smart economy” where every day transactions will take place using smart contracts.
- Monero (XMR) is a decentralised crypto that is lauded as one of the most protective of customer anonymity. This is no surprise as it was developed by the cryptography community using a whitepaper focusing on privacy and anonymity.
- Nem (XEM) is a very low-value currency looking to build an economic environment based on the “principles of decentralisation, economic freedom, and equality”.
- Binance USD (BUSD) is a US dollar-pegged stablecoin operated by Binance, the leading exchange in the world.
With the wide variety of coins available online, not all casinos offer every option. We have made sure to list all the cryptos available at our recommended operators to allow you to make an informed decision about where to join.
Advantages of Gambling with Cryptocurrencies
Cryptocurrency gambling offers several advantages over traditional online gambling. These include faster transactions, lower fees, and increased privacy, a significant drawcard for players looking to game online safely and without external interference.
Blockchain-powered casinos offer a wide variety of entertaining games and access to Provably Fair reporting. Additionally, crypto casinos are often more secure than traditional online casinos, thanks to how the blockchain processes sensitive information.
Gambling with crypto is a great way for experienced gamblers to increase their wallet balance and newcomers to get started in cryptocurrency gambling.
7 Tips for Choosing the Right Cryptocurrency
Choosing the right cryptocurrency for online gambling can be daunting for new players. Here are our top tips on choosing the best crypto that meets your needs and provides you with the best gaming experience.
- Choose a cryptocurrency available at the highest number of your preferred online casinos.
- Calculate if you can afford the value volatility of decentralised tokens or if the predictive value of stablecoins best suits your finances.
- Investigate your local tax laws to understand how owning crypto will impact your finances and taxes.
- Understand that outside of using it for gambling, crypto is an investment which needs to be allowed time to mature. It is not ideal to hyper-focus on daily ups and downs.
- Decide ahead of time how you intend to acquire your currency. Will you be purchasing using fiat currency, looking to add to your tally by growing your bankroll, or will you invest in crypto mining opportunities?
- Choose an exchange with the best fees and transfer times for your target cryptocurrency.
- Much like an online casino, some exchanges apply deposit and withdrawal limits. Ensure that these limitations match your budget.
If you are new to the world of cryptocurrencies and the blockchain, it is worth taking note of the difference between a decentralised cryptocurrency and a stablecoin.
In its simplest possible form, a stablecoin always has values pegged to an asset like a mineral or a fiat currency. In contrast, the marketplace determines the value of decentralised tokens like Bitcoin.
Start Gambling Online with Crypto Today
Now that you have a clearer understanding of how cryptocurrencies mesh with online gambling and know how to choose the best token for your needs, here are three crypto casinos to start your adventure:
Serving the online gambling community since 2016, 1xBit casino is one of the early crypto-first operators. The casino processes withdrawals in nearly 30 of the industry’s most well-known cryptocurrencies.
Join now to claim an incredible new player bonus worth up to 7 BTC.**
Rocketpot was established in 2019 as a crypto-first online casino. The operator offers over 3000 casino games from over 50 of the industry’s software developers, including Pragmatic Play, Microgaming and Wazdan.
Join now to enjoy world-class crypto gambling with a 1 BTC welcome bonus.**
Established in 2022, the Curacao-licensed crypto casino offers a fantastic online gambling experience for new and experienced players. Enjoy a wide spread of game types, including video slots, progressive jackpots, and live dealer games from the best developers in the industry.
Join now to claim cashback bonuses, compete in slot tournaments, and use a range of virtual currencies.**
**We recommend reading the full terms and conditions before claiming a welcome bonus or promotion at a crypto casino.**