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Altcoins — Should You Use Them for Online Casinos?

Posted on November 17, 2019 | Comments Off on Altcoins — Should You Use Them for Online Casinos?

People who like playing USA online slots now have a unique opportunity — depositing and withdrawing using the most popular cryptocurrency known as Bitcoin. Bitcoin revolutionized the way we send and receive money and facilitated online transactions by far when compared to some other payment methods that are more “traditional.” Nowadays, many casinos have included Bitcoin as a payment method, and an increasing number of people are switching to BTC for various reasons.

However, Bitcoin is not the only cryptocurrency at the moment. The underlying technology which is used to make BTC — blockchain — is used for creating many other cryptos. All of them are collectively called “Altcoins” simply because they provide an alternative to Bitcoin. Are they really a good alternative, and can they be used for online casinos?

Well, the number of altcoins is rapidly increasing, as there are now hundreds of cryptocurrencies that have active users. Some of them, indeed, managed to improve the technology upon which BTC is based and make payments even faster and more reliable.

However, the main problem with altcoins at the moment is that they are nowhere near the popularity of BTC, meaning not many casinos are ready to accept any altcoin as a default payment method.

Will Take Time

Therefore, altcoins need to gain more popularity, and more money needs to be invested in them in order for it to become as popular and as widespread as BTC. This is not likely to happen in the near future, so Bitcoin remains the best payment option for casinos at the moment.

Casinos also love BTC as it is easy to use, and saves them additional paperwork, and that’s one of the main reasons why some casinos have lucrative casino and slot bonuses for people who opt to use Bitcoin.

The bottom line is — there are many cryptocurrencies at the moment, and some of them work even better than Bitcoin. However, they are still neither as adopted nor as popular as Bitcoin, and not many casinos offer deposits and withdrawals for them.

Naturally, there are a couple of altcoins such as Ethereum, Litecoin, and more that are much more popular and are getting closer to Bitcoin, but it is still extremely difficult to find casinos that offer them as a payment option.

Therefore, make sure to stick to Bitcoin if you’re into playing casinos using cryptocurrencies as it is going to be the most dominant crypto for a long time. However, feel free to check out other cryptos from time to time to see whether they have gained popularity.

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