Cryptocurrency Casino Alternatives to Bitcoin Casinos
Bitcoin has been on the rise during the past months – in June, the cryptocurrency has reached the value of $3,000. It’s astonishing how this virtual currency has managed to become a payment method that can be traded worldwide, anonymously, with so many businesses accepting it. In 2017, Bitcoin managed to break its all-time high, as Japan passed a law to accept it, and Russia announced that it will legalize the use of cryptocurrencies.
In 2013, you could have bought a Bitcoin with $22. Now, you can buy one with over $3,000, and the price is rising with each day that passes. Even so, you can’t know for sure that its value won’t drop drastically overnight, but, like with any other financial asset, you can only make assumptions, or just guess, whether it will continue to rise or drop sharply.
Since Bitcoin has reached this whopping value in such a short time, it is likely for it to drop in the future, and then probably consolidate. Like so, investing in Bitcoin can be profitable in the long term, but it would be a promising idea to start looking at other cryptocurrencies, which are currently on the rise and could even become almost as popular as Bitcoin in the near future.
Cryptocurrencies are not a passing fad, they’re here to stay, and with all the businesses embracing different means of payment, we can now look forward to Bitcoin alternatives.
Bitcoin has been an interesting option for operators who want to start online casinos - Bitcoin transactions are fast and cheap, private and without any chargebacks. If you are looking to open a cryptocurrency casino, our team can help you integrate any cryptocurrency of your choice as payment method for your online gaming site.
Using our API, we can create an online casino with any games that you choose from our collection, and offer players the possibility to deposit and withdraw any cryptocurrency while placing bets at your online casino.
Here are some of the most popular cryptocurrencies that you can use, but if you have a cryptocurrency developed by your team, we can integrate it with your online casino as easily as any other digital coin.
Ethereum is a distributed public blockchain network, slightly different from Bitcoin. The two cryptocurrencies have been developed for different purposes, and are capable of distinct operations. Ethereum is known as an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. In the Ethereum blockchain, miners work to earn Ether, the crypto token that fuels the network. Like Bitcoin, Ether is a tradeable cryptocurrency.
Ethereum went live in 2013, and since the beginning of this year, its token’s value increased from $10 per Ether to $387 by mid-June. Analysts even predict that the total value of Ethereum’s token supply could surpass Bitcoin’s in the near future, which will mean that Ethereum could become the dominant blockchain.
Launched in 2014, Dash is a digital currency that boasts with the fact that it is fully secured, with 4,100 servers around the world. It also offers complete privacy and instant payment solutions. At this point in time, the cryptocurrency is valued at $150, with a market cap of $1,106,667,281, making it the third most valuable digital currency on the market right now.
Similar to Bitcoin, Dash is an open source peer-to-peer cryptocurrency. It uses a two-tier architecture to power its network, whereas bitcoin uses a single-tier network. The first tier functions in the same way as Bitcoin – miners find blocks and post transactions to the blockchain. The second tier is comprised of masternodes, which provide the necessary infrastructure to the Dash network. These masternodes enable a few features different than the ones enabled by Bitcoin, such as instant transactions (InstantSend), private transactions (PrivateSend) and decentralized governance (DGBB).
Ripple is a digital currency built for enterprise use, which offers banks and payment providers an option to source liquidity for cross-border payments. Ripple works through a transaction protocol, which serves to establish a series of rules that allow different financial systems to communicate with each other, much like HTTP. This universal financial protocol created a set of universal rules for financial institutions, instead of each institution working with its own regulations.
Ripple is currently the third largest cryptocurrency in terms of market capitalization, accounting for about 9% of the digital currency market, with a price of $0.25 at this point in time. Ripple’s protocol also allows individuals to send money from one to another, by using a protected sharing system.
Even though Ripple is currently valued at less than $1, it’s not expected to stay at this value for long, due to the fact that it’s a promising currency that could receive more investors in the coming months.
Litecoin is a ‘proven medium of commerce complementary to Bitcoin’, according to the developers’ website. With fast transaction confirmation times and improved storage efficiency, this cryptocurrency has already made its way on the digital currency market as an interesting alternative to Bitcoin. The key difference for end-users is the 2.5-minute time to generate a block, as opposed to Bitcoin's 10 minutes.
Litecoin comes with a few improvements over Bitcoin, allowing a greater amount of transactions to be processed by the network in a given time. Litecoin’s payment costs are close to zero, and transactions can be facilitated approximately four times faster than Bitcoin. Launched in 2011, Litecoin is currently valued at $27, with a market cap of $1,410,003,411.
Monero is an open-source, untraceable cryptocurrency that was launched in 2014. This cryptocurrency uses ring signatures and stealth addresses to hide the identity of senders and recipients. Even so, while Monero users can keep their transaction history private, they also have the possibility to share information selectively, by using a view key that permits anyone holding it to see the account’s transactions.
As of 2017, Monero is the 6th most traded cryptocurrency, with a market cap of $618,076,581, and a price of $42.41 by mid-June 2017.
If you are interested in opening a cryptocurrency casino with Bitcoin, Ether, Litecoin, or any other digital currency of your choice, you can contact our team, and we’ll help you start your online casino. CasinoWebScripts provides a casino management platform and more than 180 casino games, including slots, roulette, table games, arcade games, and many more.
The first step towards starting an online casino which operates with real money is obtaining an online casino license. The products that we sell might require a casino/gambling license depending on the jurisdiction in which...