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Altcoins – Alternative Cryptocurrencies For Online Casinos

Over the last few years, there has been a steady rise in the number of online casinos accepting cryptocurrencies from online players. It's a fast, cheap and anonymous means of funding your gambling. As a result, many of today's online casinos are happy to accept the well-known cryptos of Bitcoin and Ethereum. But what about some of the numerous new coins and tokens? These altcoins have also become very popular with the public, with many having market caps running into the billions of dollars.

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Guide To Popular Altcoins Accepted At Online Casinos

Even without being an expert in cryptocurrencies, most people have heard of Bitcoin. In addition, they may also know about Ethereum. But when it comes to altcoins, many people are totally in the dark. Because online casinos are always on the lookout for new means by which customers can deposit funds, then we can see that many of them already accept cryptocurrencies. But what about altcoins?

Not so long ago the only cryptocurrency accepted at many online casinos was Bitcoin. Infact, many online casinos will give you a generous welcome bonus when you first sign up using crypto to fund your account. For example, one of our favourite casinos to win the jackpot, Bovada Casino, offers all its new players 125% up to $1,250! This will stretch out your bankroll and thereby increase your jackpot winning chances. But with so many other cryptocurrencies and tokens in the marketplace, there are now thousands of different varieties available. So it’s not surprising that online casinos are starting to accept other cryptocurrencies apart from just Bitcoin and Ethereum. Today we thought we’d have a look at some popular altcoins, as well as their primary uses.

What Altcoins Can You Use At Online Casinos?

If you head over to Coinmarketcap.com, you’ll see an ever-expanding list of all crypto coins and tokens. In truth, many casinos have yet to add them as banking options. And that’s probably because many of these altcoins are just too new or too obscure. Also many come with over-inflated blockchain gas fees. When it comes to the most popular altcoins currently that are acceptable, we’ve listed all the best altcoins for online casino deposits and payouts below.

Avalanche (AVAX)

Avalanche is what’s known as a decentralized smart contract network. It was first launched in 2020. These altcoins are mainly for paying the transaction fees within its own blockchain system. There are a total of three blockchains it utilizes: P, C and X. Right now it’s one of the fastest smart contract-capable cryptocurrencies in the world. Keep in mind that in spite of all the hype, Bitcoin is incredibly slow to use. Every transaction takes an average of 1 hour to complete.

This is because every transaction has to check the whole previous history since the minting of the first coin. Compared to this long wait, Avalanche is able to complete transactions within 2 seconds. Naturally, this is going to make using the Avalanche token a much better experience for crypto users.

Binance (BNB)

Being one of the world’s largest cryptocurrency exchange platforms, it’s not surprising that Binance decided to get in on the crypto act and launched its own altcoins in 2007. Originally this token was used by clients on the Binance Exchange to pay their own transition fees. But today there are a number of things you can do with the Binance coin. These include:

Make credit card payments
Travel arrangements
Loans and transfers
Donations to charity.

We should point out that using Binance is no longer plain sailing. Though the coin is tied to one of the world’s leading cryptocurrency exchanges, regularity authorities around the world are starting to look into the structure of Binance as a business. As a result, you may find the Binance altcoins to be highly volatile.

Cardano (ADA)

Cardano comes from one of the co-founders of Ethereum. Its blockchain is open-source allowing a peer review concept. Both programmers and blockchain scientists use this to solve scalability and stated sustainability issues. Like many crypto coins, it’s claimed to have a decentralized network. The general idea behind this is to cut out the middleman. Thus allowing transactions to take place directly between the two parties.

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Chainlink (LINK)

Chainlink operates a decentralized Oracle network. By doing so it solves what’s known as “the Oracle problem.” In so doing it’s able to breach the gap between the small contracts on the blockchain and accurate real-world data. Node computers are incentivized by collateral tokens and reputational scores to ensure the reliability of the network. The token itself has the primary use of paying for services that the network nodes are performing. Having decentralized partners means that Chainlink’s operations go through a multi-step data validation process. This makes their altcoins very secure.

Dogecoin (DOGE)

Dogecoin has gone from being a meme-coin to a fully-fledged cryptocurrency. You have to remember the Dogecoin was started as a joke, a silly alternative to Bitcoin. Right now Dogecoin enjoys a huge market cap and has a fan-based community that has been in existence since 2014. In order to keep the coin in the public eye, they have sponsored the Jamaican Bobsled team, as well as looking for ways of getting clean water to Kenyan villages. By fully utilizing social media platforms, they were able to attract a younger generation to their altcoins. It also helps when you have the world’s richest man, Elon Musk, tweeting positive things about Dogecoin.

One problem for Dogecoin is that it only uses 1,090 verification nodes. This is an incredibly low number and leaves them exposed to external attacks. It’s also good to note that the coin has suffered from an incredibly volatile history, featuring meteoric rises and falls. That’s one of the many reasons why we consider Dogecoin to be a very risky venture. And not one we would recommend investing in or using to try to win the jackpot online.

Shiba Inu (SHIB)

In truth, when writing about these altcoins, it’s sometimes difficult to take them seriously. For example, Shiba Inu can be viewed as Dogecoin’s cousin from another blockchain. Like Doge, Shiba Inu is compatible with all Ethereum-based blockchain systems. This means you can use it with Metamask, for buying and selling on NFT marketplaces and on decentralized exchanges. Because of this, users have created their own exchange application called Shiba Swap. This allows them to directly exchange tokens without a middleman. While Shiba Inu has claims to exciting plans such as its Metaverse adventures, we see it as nothing more than an unpredictable meme token.

Solana (SOL)

Running on an open-source blockchain platform for decentralized scalable apps we have Solana. The idea behind the token is to compete with Ethereum having many faster-processing transactions. These can be at the rate of over 50,000 per second. Solana also features much lower gas fees. The platform takes a uniquely democratic approach by allowing its users to vote on upgrades and the coin’s features. But in 2021, Solana suffered a serious distributed denial-of-service (DDOS) attack. This happens when an overwhelming wave of traffic overloads and network. Thus rendering its altcoins unusable. Considering their huge market cap, it’s amazing they manage to stay online. Today many wonder what security measures they have since implemented to ensure this doesn’t happen again.

USD Coin (USDC)

Now we come into the realm of “staple coins.” USD coin and Tether are a type of altcoins meant to be pegged to the value of the US dollar. Normally on a one-to-one basis. The idea here is to offer a more secure platform. The claim is that each token is backed by real money held in regulated financial institutions across the world. As far as its uses go, it’s comparable to Ethereum. One of the main points is that it’s exchangeable for USD at any time. For those investors who are looking for more stability and a guaranteed exchange rate, then many prefer to exchange their cryptos for USD coins. Technically the USD coin is FDIC-insured. And also allows itself to undergo periodic audits in order to verify that it actually has US dollar backing.

Tether (USDT)

Like USD coin, Tether is supposidly pegged to the US dollar, one for one. In fact, when the coin first came out, this was its main selling point. They promised to offer a secure transaction on the blockchain. But with much less volatility due to having an equal counterpart in bank reserves. So it was no surprise that the coin quickly became popular with crypto investors. Especially those who wanted a more stable investment with fewer value fluctuations. Unfortunately, it later came out that Tether is not backed by the USD. In fact, even less so, it’s backed by so-called “commercial papers.” These give no guarantee of the coin’s future worth.

Then we should mention that they have many fraud cases against them. Including covering up an $850 million loss of corporate funds. We should also mention that Tether hasn’t allowed any audits. Recently Tether lost its one-to-one peg to the dollar. We can see this cryptocurrency crashing and burning very soon.

Why Should You Use Altcoins At Online Casinos?

When it comes to using all cryptocurrencies including altcoins, there are both pros and cons. Below we’ve listed some of the advantages and disadvantages of utilizing altcoins at online casinos.

Altcoins Pros

Altcoins transparent due to their blockchain technology.
It’s an anonymous form of payment. Crypto wallets don’t require any personal data to use. (Though you’ll still need to fufil KYC to cash out).
Many casinos offer generous bonuses specifically for crypto deposits.
There are minimal fees due to their decentralized nature.

Altcoins Cons

Crypto are extremely volatile, and the value of your preferred coin may not be worth as much when you’re ready to withdraw.
They are not yet a normalized form of payment, so few casinos may have your preferred Altcoin option.
Altcoins can be difficult to purchase as not all exchanges have them.
Crypto is a target of scams. Once you lose some of your coins, there’s no recourse to recoup them.

What Online Casinos Accept These Altcoins?

Though many online casinos, including the best casino site to play, Bovada Casino, are happy to accept Bitcoin and Ethereum, you may struggle to find ones which accept multiple altcoins. This is mainly due to their online casino licensing requirements. On the whole, a reputable casino with a UK Gambling Commission license or a Malta Gaming Authority license will not allow the utilization of lesser-known cryptocurrencies. This is to protect customers. But you may well find some offshore casinos with no licenses are only too happy to accept every type of cryptocurrency. Because there are no regularity authorities overseeing their business practices, we suggest that you stay well away from these.