However, in the years that have passed since the introduction of Bitcoin, dozens of other cryptocurrencies have emerged, many of which are centered on the idea of expanding upon Bitcoin’s functionality. These days, you can even get tailor-made tokens for use in casinos and sports betting sites that accept Bitcoin as a result.
People’s interactions with technology, such as online gambling and casinos, have undergone revolutionary shifts due to these advancements.
A number of businesses that own online casinos have come to the conclusion that it is time to move on; these companies have decided to not only employ cryptocurrencies but also establish their own tokens. Today, we will be discussing native cryptocurrency casino tokens, which at the time of this writing had the highest market valuation.
The Need to Evolve Payment Methods
The currencies and transaction methods that are accepted at crypto casinos are diverse. However, the growing popularity of bitcoin among the general population has caused online gaming businesses to prioritize accepting this method of payment over all others.
Players can use major cryptocurrencies like Bitcoin or Ethereum at virtually every online casino by purchasing coin with fiat currency via a digital wallet and then putting that coin into the game of their choosing.
The complexity of the features that casinos are required to provide is subject to change in accordance with the evolving requirements and preferences of players.
In order to speed up the transaction process, a player can choose to use coins that have blockchain technology that sees less activity. For example, Litecoin (LTC) has a transaction speed that is significantly higher than Bitcoin’s due to the fact that it only takes the coin 2.5 minutes to generate a block on the blockchain, but Bitcoin’s blocks are only produced once every nine minutes.
Benefits of Using Cryptocurrency in an Online Casino
There are currently two categories that can be used to classify all of the crypto casinos that are available: those that allow third-party tokens and permit payments in crypto, and those that provide players the ability to purchase their own internal digital currency.
Although some crypto casinos do not possess their own token, using one to participate in online gambling is perfectly legal and risk-free.
Benefits of Crypto Casinos:
- You will not be required to reveal any of your bank details or any other private information in order to reload the account or withdraw the money that you have won.
- Rapid processing of financial transactions. In a crypto casino, both the process of adding funds to one’s account and cashing out wins can be completed in a single instant.
- In a crypto casino, both the process of adding funds to one’s account and cashing out wins can be completed in a single instant.
- Crypto casinos either ask for a minimum commission or omit any commission entirely. Due to the fact that cryptocurrency is decentralized and is not controlled by any third parties, there are no transaction fees associated with using it to make payments.
The Most Used Altcoins in Gambling
Even today, Ether remains among the most often used tokens in the online gambling industry. The fact that this coin is substantially more stable compared to any of the newer coins is the primary reason for its wider adoption. ETH transactions, on the other hand, are becoming increasingly expensive as a result of the growing congestion on the network, which drives up the amount of gas money required for each transaction.
The Bitcoin protocol served as the foundation for the creation of this coin. Litecoin (LTC) was designed to be a more “lite” version of Bitcoin, boasting improved scalability, increased capacity for microtransactions, and significantly accelerated transaction times.
This alternative cryptocurrency was developed by Ripple Labs and provides gamblers with a number of advantages, including quick confirmation times and low transaction fees.
Mining is no longer necessary because there are already no shortages of XRP currencies. The fact that XRP is not a decentralized token, since it is directly dependent on the corporation Ripple Labs, is seen by many participants as a drawback of the cryptocurrency.
Why Casinos Choose to Incorporate Tokens
Alternative cryptocurrencies aka, altcoins or tokens, are essentially digital currencies that compete with Bitcoin.
There are still some casinos that solely accept Bitcoin. But the websites that are most focused on the future also support altcoins like DOGE and the trading of tokens through the incorporation of wallets and trading applications such as Metamask.
Due to the significant expansion of decentralized financing and, as a result, of DeFi tokens over the course of the past year, it is now necessary for gambling sites to incorporate tokens of some type in order to maintain their position as industry leaders.
Why do we use tokens?
Gamblers from all walks of life have different requirements for investing and playing with virtual currencies.
Every token meets a market need, such as gaming tokens. Players can buy characters, weapons, and even a share of the game with coins like this.
Tokens empower communities to participate. Players are rewarded with coins based on their platform success. Because each token may be developed for so many applications, the possibilities are essentially unlimited, thus their usefulness in gambling, which is the most prevalent usage of cryptocurrencies worldwide.
The TOP Gambling Tokens by Market Capitalization
To this day, there are a number of cryptocurrencies that are designed to be used on a certain kind of gambling site. There is a lot of enthusiasm among people in obtaining such coins. As a result of the rapid growth of the online gambling industry, one may reach the conclusion that the use of virtual currencies in this sector will continue to be significant over the course of the long term.
The following can be identified from the overall amount of gambling tokens that are currently in circulation:
FUN Token: Cost—$0.006148, market capitalization—$67,395,026
CoinPoker: Cost —$0.08984, market capitalization—$24,681,878
Exeedme; Cost —$0.03922, market capitalization—$3,523,083
Atari Token: Cost —$0.002331, market cap—$3,454,755
The funFair platform is home to the FUN Token.
The main objective of this business is to assist individuals in creating online casinos and getting licenses for them. Coins called FUN Tokens are used to pay for services offered on the platform.
Tokens are quite popular and can be bought on many platforms now
The FunFair platform has a few advantages over those of its rivals:
The speed at which transactions are processed is much faster than on other platforms that run on the blockchain.
In an online casino, players are more likely to feel safe if they can keep track of all transactions.
There is a way to manage money that doesn’t require a deposit.
The system employs HTML5 and WebGL in its projects. You don’t need to install anything or sign up on the virtual casino site to start playing.
CoinPoker is a technologically advanced poker room that accepts Bitcoin and other cryptocurrencies. Poker players and investors who want to buy coins with a lot of potential will be intrigued by the project.
On the platform, you could play poker from virtually any location in the world. When you use blockchain technology, you can send money quickly and without fees to anyone in any country.
Some of the good things about the platform are:
Payments can be made anywhere, and most transactions happen almost immediately.
The poker room utilizes RNG technology to make sure that the cards are shuffled at random.
Smart contracts let people stay anonymous when they send money.
The platform connects participants from around the world and lets you use your favorite games to earn cryptocurrency. Exeedme is a platform for Play2Earn games that uses the blockchain. Here, gamers of all levels can use their gaming skills to make money.
The platform gives out earnings in a fair way. Regardless of whether the player loses, he gets XED project tokens as a small reward. Coins may be used to buy NFTs, which are actually unique rewards.
The most important thing about non-fungible tokens is their ability to be used outside of the Exeedme world. You can sell your reward through the most popular cryptocurrency exchanges around.
The Ethereum blockchain is used to build Atari Token. The individuals who worked on the project say that they wanted to make a cryptocurrency that could help people find their way within the world of virtual entertainment. Game creators and publishers get to use their projects in completely new ways.
Some of the best things about the token are:
Smart contracts are safe and easy to use on different platforms.
The people in charge of the project have big plans for it. They want to add more features to their token so that it can meet customers’ needs in more areas.
The gambling industry is always constantly evolving. Every year, changes and improvements are made to make the experience of gambling better. Among the most important changes so far has been the introduction of cryptocurrency.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.