As Bitcoin enjoys immense popularity in today’s digital crypto-obsessed landscape, so do a legion of “alt” coins follow in its footsteps. Like inspired musicians following and copying their idol ad infinitum, these alternative cryptocurrencies are very often inferior to Bitcoin on many levels. However, some are considered an evolution instead of an imitation. Ethereum is undoubtedly one of them, and there are surely many to come forward in the future as well.
Crypto betting websites like casinos and sportsbooks are universally entrenched with Bitcoin as a currency to place bets. Ethereum is right behind it in popularity, and you would be hard-pressed to find a crypto gambling organization that did not accept it. When you start going down the list of cryptocurrencies beyond Bitcoin and Ethereum, fewer and fewer websites will stay open for business. It’s important to do some basic research on any organization that accepts crypto to see which ones they accept and how to use them to place bets. Also, note that no matter what Dogecoin’s USD equivalent is, one DOGE is always one DOGE.
What Is A Token And What Is A Coin?
Coins and tokens both represent a store of value, just like the standard fiat currencies of the world. The difference between crypto coins and crypto tokens is that coins are a form of money, while tokens represent something that can be assigned a value. In both cases, they solely exist as data on the internet’s vast network of interconnected servers and clients. As some gain popularity and others lose it, these currencies (including Bitcoin) rapidly change value. The cryptocurrency market’s volatility is the stuff of legend; 10,000% gains and losses are not uncommon.
Understanding Alt Coin Gas Fees
When you transfer cryptocurrency to an online casino, you must pay a gas fee. Without getting into too much technical detail, this gas fee is essentially a stabilization protocol built into each network. Whereas Bitcoin’s average transaction fee has lately been relatively low, many altcoins cannot say the same. As the denizens of so many online crypto forums have chanted for decades, DYOR, or, “Do Your Own Research.” Knowing your chosen altcoin’s gas fees is integral to transferring it from wallet to wallet or using it to place bets.
Keep these gas fees in mind when transferring your altcoins like Ethereum or Dogecoin to crypto betting websites. Though the idea of immediately having some Ethereum in your casino account sounds enticing, understand that it might cost a pretty penny to transfer it quickly. Whereas if you can be patient with your funds, the gas fee will be significantly lower. This is because many altcoin networks have “queues” for network traffic. The data sent with priority has paid more for the trip and gets preferential treatment when waiting in these queues.
Commonly Accepted Alt Coins
Ethereum is unequivocally the leader of the pack of altcoins. Nearly all places that accept Bitcoin (BTC) will also accept Ethereum (ETH); it’s almost a given. In fact, you will find some crypto casinos only accept Bitcoin and Ethereum and nothing else; the two cryptocurrencies are that prevalent. While finding a major crypto casino that accepts multiple altcoins won’t be that difficult, the smaller ones will have limited options when it comes to altcoin gambling. However, if you feel the need to use a particular altcoin to place your bets, the following are the most popular altcoins that aren’t BTC or ETH used today:
- Dogecoin (DOGE)
- Litecoin (LTC)
- Cardano (ADA)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Tether (USDT)
- Polkadot (DOT)
- Monero (XMR)
- Dash (DASH)
- Zcash (ZEC)