For what seems like ages now, the online gambling industry has made use of Bitcoin for casino transactions. Yes, the digital currency is not the only one that has ever been used, it is only that the network, bringing the pioneer in the art, has made quite a name for itself as the crypto of all crypto. A number of them also use other cryptocurrencies, where some support crypto alongside fiat as well. As of recent, numerous upgrades and edits to the broader network have brought rise to what are known as altcoins.
Altcoins are basically alternatives to BTC, developed with reference from the pioneer network, but with a few tweaks made to ‘separate’ them, and to make them more appealing to users out there. They make up around two-fifths of the crypto market. In other words, developers across the world saw the massive success that was Bitcoin, and make attempts at creating their own networks. Now, most of them did not actually ‘make their own’ crypto. Rather, they simply took to siphoning some of the principles on which BTC was constructed. They then made slight changes in a bid to arouse more users, while claiming to be upgrading a larger network. Today, quite a number of famous altcoins are in existence, the likes of ETH, DOGE, LTC, and USTD, just to name a few.
Admittedly, using altcoins instead of BTC has got a few benefits associated with it. The first benefit is found on online exchange platforms, and it typically relates to affordability. Against the United States Dollar, BTC stands at an equivalent of around 50,000, while the next most valuable altcoin, ETH, stands at 2,500, and the rest follow. Now, online gambling is regarded as, to the most part, a past activity. This translates to low-cost gambling, with the small exception of a few high rollers.
Another benefit is some Altcoins do manage to provide some services better than BTC does. Take XRP for example, renowned for facilitating lightning-fast operations, gauged to be at least 30% faster than BTC at any time. Another example is ETH, relied upon by millions of users, due to its general versatility. In practice, Altcoins also tend to be less of a target than Bitcoin, which is an advantage, even though BTC is the most secure of them all.
All in all, speed, ease of use, affordability, and security are prerequisites when dealing with online gambling finances.
The full list of available altcoins for casino gambling is endless, where more and more tokens keep poking up. However, several were seen to maintain a level of consistency in the industry, and these were identified as:
To be honest, the matter of altcoins with legal standings is quite a hot topic, where many international authorities tend to associate the use of blockchain currencies with shady operations and individuals. To some extent, there are some truths in these assumptions. The thing with blockchain technology is that it affords its users a level of anonymity that is next to impossible to decipher.
Now, some people use this anonymity to evade unfair restrictions, while others just revel in the heightened privacy while gambling. However, scam artists and thieves of all kinds are prevalent on the internet, and they too revel in anonymity, where it is easier for them to evade authorities. A number of jurisdictions put up separate policies that are issued to all gambling sites that are licensed for legitimate operation. Most platforms are licensed in Curacao and Malta, but these are not the only licensing authorities out there….
It is imperative that we make clear the downsides to using altcoins in gambling. The major disadvantages are listed as:
The technology behind the development and implementation of Altcoins is quite impressive, as shown by the mass acceptance of crypto by consumers all around the world. At the same time, corporate and government panels do not show the same level of excitement, where they lose the rights to regulate, and accumulate charges from the decentralized currencies. However, as far as the online casino gambling business is concerned, crypto is among the best things to ever occur to them as it attracts large masses of players.
While Altcoins do not seem to pose a present danger to the Bitcoin empire, they are truly revolutionary, and the notion that they might be the future of the industry certainly cannot be dismissed.
