December 7, 2018
Cryptocurrencies have certainly garnered a great deal of mainstream attention in the last year or so. The original cryptocurrency, Bitcoin, is the most recognised of all of them, followed by Ethereum. One area where cryptos have been used for several years now is the online casino market, where their popularity continues to rise at an impressive rate.
Online casino gaming is one industry that has truly embraced the concept of digital currency.
So, between Bitcoin and Ethereum, which is best suited to the world of online gaming? Let’s take a look.
Firstly, Bitcoin, as the first ever crypto, is the most widely accepted. This makes it the most popular at online casinos since operators that accept cryptos undoubtedly accept Bitcoin. But, because of its immense popularity, there have been times when the network gets congested, and that leads to withdrawal and deposit delays. Not ideal if you’ve just won a massive jackpot and want your stash.
It used to be that the speed of transactions when using Bitcoin, along with the low fees, made this the preferred crypto payment method. Now, with transactions taking a little longer, it’s opened a gap in the market for other cryptos to shine.
This is where Ethereum steps into the spotlight. The cryptocurrency operates in the same way as Bitcoin in that it runs on a blockchain, but it has its own special features, too. One of its unique offerings is that use of smart contracts to enforce transactions in the world of cryptocurrencies.
As for its influence in the world of online casinos, Ethereum is enjoying a surge in popularity, and rightfully so. While it may not be as popular as Bitcoin just yet, it has plenty of benefits and it can capitalize on its rival’s weaknesses. It just goes to show that Ethereum can continue to effortlessly gain momentum with online casino operators and players alike.
Not only are Ethereum’s transactions processed a great deal faster than Bitcoin’s, but the crypto’s fees are a lot lower, too. And it is this little nugget that can make all the difference when it comes to deciding whether to make your next roulette spin in Ethereum or Bitcoin.
After all, we live in a world where speed is our everything, and players don’t want to wait any longer than necessary for deposits and withdrawals to be processed. With Ethereum, you don’t have to.
When we look at the two cryptos in terms of a head to head battle, if you want lower fees and faster processing speeds, Ethereum is the way to go.
But, Bitcoin remains the king of crypto and is certainly the most reputable around, along with the fact that it is widely accepted makes it the perfect choice despite the higher fees and slower processing fees.
In reality, you’ll find that most online casinos are happy to accommodate a mixture of currencies to appeal to a wide range of players.