TOP 5 MOST POPULAR CRYPTO CURRENCIES IN GAMING
In the history of mankind, there are those groundbreaking new innovations that spur us on to bigger and better things. These major inventions include harnessing electricity, the telephone, the motorcar, the internet and now the blockchain.
Love it or hate it, the development of Crypto Сurrencies on the blockchain has revolutionised, our thinking around finance and how the world will transact for the foreseeable future.
Types of Crypto Сurrencies
While we have all heard of Bitcoin, Ethereum, Dogecoin and other well know cryptocurrencies there is often some confusion when it comes to terms like decentralised cryptos, stable coins and alt coins.
Here are some easy introductions to these terms:
True Decentralised Crypto Сoins
When Satoshi Nakamoto first conceptualised Bitcoin his intent was to create a digital currency that would not reside on a single server but was spread across the Blockchain. This would ensure that no single country, corporation, or person could ever own it or control it.
Cryptocurrencies like Bitcoin, Ethereum, Dogecoin and others which follow this decentralised tradition by residing on the Blockchain and do not have a single controlling owner are considered by industry pundits to be “true” cryptos.
As the name denotes Alt-Coins are “alternatives to” an existing cryptocurrency. Due to the fact that blockchain and cryptocurrency code is open source, it allows anyone with the appropriate skill level to develop their own coin.
Generally, an altcoin improves on one or more aspects of its original code. An example of this is Ethereum which improved on the transactional aspect of Bitcoin, allowing it to process blocks of transactions in two and a half minutes compared to Bitcoin’s much slower ten minutes per block.
Stable Coins are the type of crypto token which is the farthest removed from Satoshi’s vision for his invention for three reasons:
They reside on a single server or closed series of servers
They are owned and operated by single entities
Its value is dictated by a fiat currency or precious metal
While stable coins exist on the blockchain and offer all of its speed, security and low cost benefits they are simply the digital-only equivalents of our existing country-based currencies. Most governments around the world are in the process of developing stable coin versions of their currencies with the hopes of one day doing away with costly and short-lived paper and metal money. Visit our full guide to stablecoins for more on this interesting spin off of cryptocurrency technology.
Why Crypto Payments Is so Popular in Online Casinos
With the unique way in which the blockchain stores and shares data it is the most hacker-proof system on the planet. Rather than store information in a single central location, which once cracked, gives the would-be thief full access to the data the blockchain splits it into thousands of tiny data packets. These packets of data are then spread across all the connected nodes on the internet and are each individually secured.
In addition to this mind-blowing level of security the fact that it is only moving tiny bits of data around means that it can pass large volumes of information at incredibly high speeds. When applied to lightweight products like a casino site deposit this means near-instant banking.
Finally, the blockchain does not require you to give confirmable information to access and use it other than a personalised username and an email. It is not perfectly anonymous as there is the issue of using your internet connection. Security, speedy transactions and high levels of anonymity are some of the reasons that more players are making the move to gambling at crypto gambling sites.
Most Popular Crypto Currencies:
1. Bitcoin (BTC) – First Decentralised Crypto Coin
As the first truly decentralised cryptocurrency Bitcoin captured the imagination of the world with its mysterious creator and incredible value growth. It not only drew attention to the potential of digital currencies but also the potential of the blockchain which has seen many industries begin to develop new and exciting innovations, tools and products that have changed the world.
The first decentralised crypto coin
Incredibly valuable digital asset
One of the most secure currencies in the world
2. Ethereum (ETH)– Decentralised/Alt coin
Ethereum is only second in terms of industry awareness and usability to Bitcoin. As a Bitcoin altcoin, Ethereum offers users the same safety and security with vastly superior processing times. Ethereum has set itself up as the “everyday driver” of cryptocurrencies processing up to 1 million transactions each day while Bitcoin only processes up to 250,000.
Same secure framework as Bitcoin
Ability to process up to 1,000,000 transactions per day
One of the cheapest cryptos to use
3. Tether (USDT) – Stable coin
Tether is a stable coin that has anchored its value to the US dollar while still offering users the stability, processing speed and security of the blockchain. For banks, businesses, and new crypto enthusiasts it offers the benefits of the blockchain without the fear of massive price fluctuations associated with decentralised coins.
Steady and predictable pricing
Offers the digital security of the blockchain
A popular digital currency for e-commerce
4. Cardano (ADA) – Decentralised/Alt coin
Cardano is the ledger that supports the independent cryptocurrency ADA. The digital coin is considered one of the leading alt-coins on the market due to its reasonable cost, widespread adoption by online businesses and incredibly cheap processing fees.
Still available at a low price
Uses a bespoke low-cost fee structure
Widespread use by online shops and gambling sites
If you are new to cryptos and want to test the waters with a usable and fairly cheap option, then you should consider buying some Cardano.
5. Ripple (XRP) – Decentralised/Alt coin
XRP is the cryptocurrency used by products developed by Ripple Labs on the blockchain. The intent of creating XRP was not to launch the next crypto-asset like Bitcoin but to offer the community a network specifically designed to handle high volumes of digital payments
Specifically designed to process high transaction volumes
XRP is not mined but rather acquired through trading
Ranked as one of the top 10 cryptos worldwide