Bitcoin and other altcoins make cryptocurrency sports betting safer, more flexible and cheaper than any other currency on the market.
Cryptocurrency is a virtual currency launched as a faster and more secure medium of exchange through a blockchain network that is independent of any central regulatory body such as government, financial institutions or banks to maintain and sustain it. The online sports betting industry witnessed a huge revolution with the introduction of the world’s first cryptocurrency, Bitcoin, which slowly led to other digital currencies, also known as Altcoins. These currencies are a flexible method of payment via credit cards, debit cards, bank transfers or e-wallets. These have become a vital part of the crypto sports betting sites as crypto sports betting and players enjoy additional benefits and profits over traditional fiat currencies and payment methods.
In this article, we will discuss the characteristics of some popular cryptocurrencies in sports betting and determine which altcoin is a better option than Bitcoin.
Popular cryptocurrencies for sports betting
Here are some of the most popular sports betting cryptocurrencies:-
Bitcoin – Bitcoin is the market leader, with a market cap of over $1.72 trillion. It has one of the most oversized market caps in the crypto sports betting industry. Thousands of bitcoin sportsbooks dominate the market, proving why this digital currency is the most popular asset in crypto sports betting.
Ethereum – Ethereum was released in 2015 as an open-source blockchain with smart contract features. Among all cryptocurrencies, Ethereum ranks second in terms of market capitalization. Many gamblers prefer to bet with Ethereum as the transaction takes a few minutes to process but generally depends on how busy the Ethereum Blockchain is.
Litecoin – Litecoin is the third best cryptocurrency that has gained incredible popularity in the crypto sports betting space. It is one of the fastest and safest cryptos. It is considered the silver to Bitcoin’s gold, with improved scalability, significantly accelerated transaction speed, and enhanced capacity for making microtransactions. Using Litecoin for crypto sports betting takes significantly less time making general betting or wagering much easier for the players.
Bitcoin cash – The third largest crypto asset by market share is Bitcoin Cash, developed thanks to the Bitcoin hard fork. Bitcoin Cash features are very similar to Bitcoin, but it has a larger block size. This allows for lower fees and faster transaction times, making it a great option for gamblers who prefer Bitcoin sports betting but are also looking for lower fees and faster transaction times.
Dogecoin – Created in 2013 as a meme or joke, Dogecoin has become the most popular cryptocurrency for sports betting platforms. It is a community-based currency that has grown exponentially in online betting and gambling. However, there are not many Dogecoin based sports betting sites.
Ripple – Designed for secure and fast international transactions, Ripple has been slowly making its way into the online sports betting industry due to lower fees and faster transactions. It is widely accepted in many online casinos and sports clubs due to its unique feature of facilitating cross-border transactions.
EOS – EOS is another altcoin widely used in crypto sports betting due to its most advanced features. It was introduced to eliminate transaction fees and perform millions of crypto transactions per second. It focuses on providing an operating system for the decentralized sports betting crypto apps with advanced features such as user authentication, cloud storage and server hosting. While EOS claims to be more scalable and faster than Bitcoin and Ethereum, in reality there are no other digital currencies that can eclipse Bitcoin or Ethereum in crypto sports betting.
Is Bitcoin Better Than Altcoin?
The ultimate decision to hold Bitcoin on Altcoins depends on the risk tolerance, investment goals and the belief that players have in the potential of each digital currency.
There are several factors to consider when choosing crypto to bet on crypto sports betting:
Market capitalization: Market cap refers to the total value of all tokens in circulation for a given cryptocurrency. It is an essential indicator of the crypto’s potential for growth and stability. It is generally believed that large market capitalization digital currencies are less risky and are most commonly used on crypto sports betting sites.
Technological advancement: Innovations and technological developments can significantly influence the future success of a particular cryptocurrency. It is essential to assess the technology and features used in crypto development. Sports bettors should consider the coin’s security measures, scalability, and consensus algorithm to evaluate the currency’s potential in the market.
Adoption and use cases: A currency with broader use cases is likely to succeed in the long run. Sports bettors should look for tokens with real-world applications and a growing user base. It is more likely that such cryptocurrencies can hold value and gain global acceptance.
Development team and customer support: A strong development team and community can contribute substantially to the success of a cryptocurrency. Therefore, assessing the project’s track record, community involvement and leadership is essential to gauging the coin’s potential for longevity and growth.
Regulatory environment: One of the most important factors behind the success of any cryptocurrency is regulation. A regulatory environment that promotes or encourages innovation and adoption of a particular cryptocurrency makes the currency more successful than those with strict regulations that lead to stifling growth.
Finally, there is no definitive answer to “Which is better: Bitcoin or Altcoins?”. The best choice depends on the requirements of the sports bettors based on their risk tolerance, gambling goals and style. Crypto sports betting makes a huge difference in the overall experience with its innovative and cutting-edge features useful to sportsbooks and gamblers alike.
The main cryptocurrencies mentioned above are widely accepted by crypto and Bitcoin sports betting sites, enabling safe and fast transactions with lower fees. While crypto sports betting offers an exciting and fun experience, it is essential to note that the value of any crypto can fluctuate rapidly and lead to heavy losses. Therefore, players should gamble or wager responsibly and only invest money they can afford to lose.
Disclaimer: The information contained herein is provided without regard to your personal circumstances and therefore should not be construed as financial advice, investment recommendation or an offer or solicitation for any transaction in cryptocurrencies.