Cryptocurrency now dominates online gambling. Its fast transactions, high anonymity, and safe payments are the main attractions for users. Many online casinos started including more types of crypto, which is excellent for players, giving them plenty of options to choose from. However, some are still concerned about how safe they are, while others without such doubts wonder what the best crypto for gambling is.
Can you safely gamble with cryptocurrency?
Yes, gambling with cryptocurrency is safe, but there are important things to consider nonetheless. First, always check whether online gambling with crypto is legal in your location. Most countries allow it, but others, like some parts of the USA, have certain restrictions. For example, Washington, Utah, Hawaii, and New York all have restrictions on crypto-gambling.
Regarding safety, top cryptocurrencies like Bitcoin and Ethereum are safe to use, but the key lies in choosing a reputable casino. Safe casinos use encryption, safe wallets, and offer fair gaming practices.
You may wonder what makes these top cryptos safe, and it’s a fair question. The top reasons are secure blockchain networks, widespread trust, transparent transactions, and support for non-custodial wallets.
On the other hand, lesser-known cryptos, low-liquidity coins, and some privacy-focused tokens (like Monero) can pose higher risks due to volatility, regulatory issues, or lack of transparency.
Ensure the casino has good reviews, valid licenses, and security certifications, and you shouldn’t have to worry about safety. Avoid playing at unregulated or dubious platforms to minimize risks of fraud or lost funds.
What crypto is best to gamble with?
Cryptocurrencies differ when it comes to their usability for gambling. Some are more advantageous than others, but they may not be available all across the world.
Keep in mind that casinos constantly add new altcoins, so you should always check what’s available on the platform first, before you decide to gamble there.
In the following table, you will find a clear overview of several popular cryptos and how they compare when it comes to gambling. Hopefully, it will help you find the best crypto for gambling to play in a quality casino.
| Cryptocurrency | Transaction speed | Fees (average) | Volatility | Why It's Good for Gambling | Why It's Not So Good |
|---|---|---|---|---|---|
| Bitcoin | 10 minutes | ~0.0005 BTC | High | Widely accepted, secure | High fees, volatile |
| Ethereum | 10-20 seconds | ~0.001 ETH | Medium | Fast, supports smart contracts | High fees during peak times |
| Litecoin | 2.5 minutes | ~0.001 LTC | Medium | Fast, low fees | Volatile, not as widely accepted |
| Bitcoin Cash | 10 minutes | ~0.0001 BCH | Medium | Lower fees than Bitcoin | Limited acceptance |
| Dogecoin | 1 minute | ~0.001 DOGE | High | Low fees, fast | Very volatile |
| USDT (Tether) | Instant | ~0.0001 USDT | Low | Stable value (USD pegged) | Less accepted in some casinos |
| XRP | 4 seconds | ~0.0001 XRP | Medium | Very fast, low fees | Less accepted on gambling sites |
So, based on the table and comparison, I found the following.
Best for gambling
- Bitcoin is a top choice for gambling, as it’s secure and accepted almost everywhere, but it comes with high fees and volatility.
- Ethereum also offers fast transactions, and its smart contract capabilities are increasingly used in decentralized gambling sites. However, fees can spike during high network traffic.
Not so great for gambling
- Dogecoin and Litecoin are fast and have low fees but are highly volatile, which might be a concern for long-term betting.
- USDT (Tether) is perfect in terms of stability but isn’t accepted everywhere. It’s also tied to the value of the US Dollar, limiting its use in global casinos.
Which cryptocurrencies are most commonly accepted for gambling?
The most commonly accepted cryptocurrencies in online casinos are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. These are the top options for most players. Here’s how they stack up across different regions.
| Region | Most Used | Notes |
|---|---|---|
| USA | Bitcoin, Ethereum, Litecoin | Many states have different laws on crypto gambling. Some states have legal online casinos that accept crypto, others don't. You can find more info about the rules in the USA at the Bloomberg Law's State-by-State Analysis. |
| EU | Bitcoin, Ethereum, USDT | Generally, the EU has more consistent crypto-gambling regulations across the region. You can read more about it in Scaleo's Guide to iGaming Regulations in the EU. |
| Asia | Bitcoin, Ethereum, XRP | Crypto gambling is expanding, but it is still restricted in some countries, such as China, India, and Indonesia. |
| Australia | Bitcoin, Ethereum, Litecoin | The gambling industry is developing, but regulations are much stricter than in other regions. |
One thing to remember is that Bitcoin and Ethereum maintain their dominance in online gambling. Stablecoins like USDT are also popular due to their low volatility, but aren’t accepted in all casinos. The availability of some cryptos also varies by region, so check which ones are supported in your country and casino of choice.
Which crypto will protect my assets while gambling?
The safety of your assets largely depends on the cryptocurrency and how you manage your funds.
In terms of blockchain security, Bitcoin and Ethereum are among the safest options for gambling with cryptocurrency. Both have large, decentralized networks that make them less susceptible to hacking. These cryptos have also been around for a long time, meaning they have been tested under various circumstances.
USDT (Tether) is a stablecoin that offers less risk of price fluctuations, but still carries some risk because it’s a centralized coin tied to the US Dollar. However, it’s still a safer option compared to more volatile coins like Dogecoin or Litecoin.
To protect your funds, follow these tips:
- Always play in reputable casinos with encryption and licenses. Make sure a recognized authority regulates the site.
- Use a hardware crypto wallet or cold storage for long-term storing instead of keeping your crypto on an exchange, which is more vulnerable to hacks.
- Use two-factor authentication (2FA) on your gambling accounts to increase protection.
- Practice responsible gambling. This is very important to remember. Set limits, take frequent breaks, and ensure you are gambling within your means. Record your gambling activity and make sure it doesn’t become an issue.
Now that you have valuable information, hopefully you can pick the best crypto for gambling. As a final advice, always try to learn more about the security features of each crypto and use best practices for crypto storage. Those are the best ways to protect your assets better while gambling.