You have probably heard of Bitcoin (BTC), the original and most famous of the cryptocurrencies. However, there are many more out there that are equally effective and provide an alternative to BTC. These other cryptos are known as altcoinsκ§ and they can be used to bet online. Keep reading for all things related to altcoin gambling.
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What is Altcoin?
βAltcoin is purely and simply the term we use for cryptocurrencies that are not Bitcoin, which is the most famous currency on the blockchain.
π While these alternative ways of paying for our online activities can differ in places, they all work in pretty much the same, or similar ways. Since the invention of this relatively new way to pay, thousands of new altcoins have been created and popularised in the crypto ecosystem.
Good to know π§
As of February 2022, there are over 17,000 types of cryptocurrencies. The most popular and well known altcoin is Ethereum (ETH). Other accepted cryptocurrency options include Dogecoin, Litecoin (LTC), Zcash, Tron, Ripple, Dash, Binance Coin, Cardano, NEO, Tetherπ, NEM, Monero, Eos, Infinity Economics, Qtum, OmiseGo, and Stellar.
Altcoin betting works in almost exactly the same way as any other form of online betting. When you sign up to a sports betting site, all you need to do is select your preferred cryptocurrency as your deposit method. This is where you would typically select a debit card or an e-wallet if the betting site accepts PayPal or any other deposit method such as Paysafecard.
Altcoin Betting Sites
Bitcoin and altcoin gambling has become a very popular practise among gamblers around the world. This is because there are many advantages to using cryptocurrency online. Not least among these reasons is the fact that this method offers near complete and total anonymity which many bettors appreciate. With a lot of crypto options out there it can be a challenge to know which one to use for your betting purposes.
Alternative Cryptocurrencies
Bitcoin was launched in 2009 and at the time it didnβt have any competition. Much has changed since then with many new coins being launched to challenge β and improve upon – that particular cryptocurrency. Different types of crypto such as Binance Coin, generally fall into one of two categories. These are coins, which includes Bitcoin and altcoins, and Tokensπ, with programmable assets that live within the blockchain.
BTC
The original and most famous of all the cryptos, Bitcoinβ, was launched in 2009 by Satoshi Nakamoto. There are almost 20 million Bitcoin tokens in circulation against a capped limit of 21 million. Bitcoin was designed to be independent of any government or central bank.It remains unregulated, relying instead on blockchain technology and decentralised public ledgers. These ledgers contain digital records of every Bitcoin transaction. Bitcoin miners work on powerful computers to verify blocks of transactions which then generates new bitcoins.
Ethereum
Ethereum is the second most common cryptocurrency which makes it the largest and most popular of all the alternative cryptos to Bitcoin. This is also where the vast majority of NFTs (non-fungible token) live. It wasnβt designed to support a currency but instead to allow the users of the network to create, publish, monetise, and spend.The native Ethereum currency is called Ether (ETH) and was developed to make payments with on the Ethereum platform. Considered to be faster than Bitcoinπ, ETH is generated by using a proof of work system. Unlike BTC there is an uncapped amount of ETHs that can be created.
Litecoin
Launched in 2011, Litecoin is a cryptocurrency designed to be a faster alternative to Bitcoin. It was developed by copying the BTC source code. Its similarity to the most famous of cryptos makes it an attractive alternative for those looking for an affordable Bitcoin alternative. Again, it is digital currency that is decentralised and functions without the need to rely on any centralised financial institution.Litecoin uses blockchain technology to process and record transactions with each new transaction adding more blocks of information to the Litecoin blockchain. Just like with BTC, miners use huge computing power to solve their mathematical problems. Doing this earns the right to verify transactions, each of which adds new blocks to the blockchain.Litecoin miners are compensated in Litecoin. As a currency, Litecoin can be bought, sold, and used for gambling purposes and is also much cheaper than a lot of the other options available.
Dogecoin
Dogecoin was based on an internet meme and has risen massively in popularity since its launch in 2013. It is becoming an increasingly common way to deposit money at online sports betting sites. Over the last few years, the coin's network has continued to increase and now, more and more online casinos accept it as a form of gambling payment. This is a good starter crypto for newcomers to crypto trading and is a faster and cheaper alternative to BTC.
How Does Altcoin Work?
To understand altcoins, it helps to know the basics of blockchain technology, on which all of the cryptocurrencies exist. Altcoins use the blockchain as a public ledger to record online transactions. While they work in the much the same way as Bitcoin, some of the altcoins have been designed to exploit some of the perceived flaws in BTC.
πΉ For instance, Litecoin was designed to speed up the transaction times of its predecessor while still being peer to peer internet currency. On the other hand, Ethereum also records agreements by way of what they call smart contracts. These help to bypass on costly conditions such as insurance, banking, and copyright management.
κ¦ Essentially, every transaction is stored in a block which then forms a chain, which is known as the blockchain. These transactions are then verified by miners who are solving complex mathematical puzzles and recording them in a public ledger that is then distributed.
Why Should I bet With Altcoin?
Altcoin gambling on sports betting works just like placing your usual bets online, but there are some advantages to using this new way to pay. Bitcoin sports betting allows players to place bets in real timeβ on the outcome of any sporting event without using cash or entering any personal details that might be sensitive. Below we have outlined whatβs in it for you when go betting with crypto.
- Lower or non-existent fees for deposits and withdrawals
- Faster transaction processing times
- Greater transparency
- Greater anonymity
- Not as widely available
- Not all altcoin accepted everywhere
How to Bet With Altcoin
Due to the surge in popularity of altcoin, there has been widespread development of numerous altcoin exchange platforms where traders can buy, hold and sell altcoins.π These platforms do, however, come with privacy policies and features. Be warned tough that there are scam exchange platforms out there, so it is critical that you use a reputable platform.
κ¦ If you are new to this, it is definitely safer to give the lesser known platforms a swerve and stick to trusted exchanges such as Coinbase, Binance, eToro or Crypto.com. When youβre ready to buy, sell or make an exchange, this is the process that you will roughly need to follow, but this will differ on different platforms.
Decide and Divide Altcoin Portfolio
Like any financial trade, purchasing altcoins can sometimes involve a little risk. Because of this, it is a good idea to divide your portfolio into alternative risk layers.β This is especially true when working with some of the less known altcoins.
Seek Out the Most Promising Coins
While there are thousands of altcoins out there available for investors, not all of these will always be suitable for betting with. Players looking to gamble with altcoin, should look into the best one for their betting needs. κ¦Questions you could ask yourself include how well liquidated an exchange is, have people made money with this particular coin in the past and where does this coin community live.
Trade Fiat Currency for Cryptocurrency
In some cases, you will be required to purchase supported cryptocurrencies before swapping them for altcoins on the exchange.ΰ΅² Numerous exchanges accept the purchase of cryptocurrencies using credit and debit cards which makes the transaction much easier.
Pick a Reputable Exchange
It is essential that you find different cryptocurrency exchanges that offer a favourable trading pair.ΰΉ Once they have found what they are looking for, users can start to trade their coins. Before that though, here are some critical questions to consider. Make sure the exchange is reputable, is there a history of hacking or bug exploits on the platform or are there any fees applied.
Pull off the Trade
π Itβs now time to do the deal. If this is your first trade, itβs a good idea to spend some time researching how orders work before you place an order for your preferred altcoin gambling on the exchange.
Altcoin Season
Put simply, altcoin season is the term used to define certain times in the market when altcoin values, which can be extremely volatile, surgeπ§. This usually happens when price of BTC stalls and investors transfer their profits to other crypto coins. This then forms a new aggressive market for altcoins. If you want to know when this might occur, the best thing to do is use the Bitcoin Dominance Index chart.
π This monitors how well Bitcoin is doing against the other cryptocurrencies. For example, if Bitcoin has a market share of 56% then its Bitcoin Dominance Index ranking would be represented by a 56. When it rises, it is because BTC is surging, but when it dips it is likely to cause a boom in the other altcoins. Currently, altcoins account for nearly 80% of the crypto market.
Altcoin Betting in Casinos & Sportsbooks
There are plenty of ways to gamble using altcoin and an increasing number of sports betting sitesο·½ that accept deposits made with them. Not only that, but there are many reasons why it is a good idea too. Firstly, they can provide a cheaper option because Bitcoin is often the most expensive coin. It can also be expensive to buy when compared to other, cheaper, alternative currencies such as Litecoin.
Also, because many altcoins were designed to improve upon Bitcoinβs flaws, you will find some of them to be much more useful for betting with. Our Cloudbet crypto review explains how this works in the practice. Take Ethereum for example, which is must quicker to use, making for faster transactions. Anonymityπ¦ is another factor that we have found to be popular among altcoin gamblers, who like to hold on to their personal, sensitive details.
Vave cryptoπ is another casino with solid variety of altcoins, allowing users to choose from eight cryptocurrencies.
The Future of Altcoin
π The future of altcoins is tricky to predict and there are so many of them. However, generally speaking, they donβt show any signs of slowing down in terms of popularity. We can see this in the continuing rise of more and more alternative crypto coins and online platforms that accept them.
Global trends are showing a growing popularity of crypto. This is also true for crypto gambling which has doubled in the first quarter of 2022. This is compared with the same period only 12 months earlier, growing by 116.7%. π§ΈAlthough betting with fiat is still the most popular choice among bettors, crypto bets are becoming more popular.
It is predicted that cryptos will continue to show growth and that the most significant trend will be the diversification of the alternative cryptocurrencies that will be used for betting. As long as the blockchains continue to function as intended, then altcoins will continue to thrive. Maybe they could even be the currency of the future.
ThePuntersPage Final Say
Compared with the same period one year ago, betting with crypto increased two-fold in the first quarter of 2022 demonstrating the increasing popularity of wagering in altcoin. The rise in the use of this beneficial form of funding shows no signs of slowing down anytime soon. And why should it? There are many good reasons for using these cryptocurrencies to pay for your betting. From anonymity to ease of use to speedπ§, betting with altcoin will only become more popular as we move forward.
Altcoin Gambling FAQs
πYes, altcoin gambling at most sports betting sites can be trusted and considered to be safe so long as you use a verified and licensed online bookmaker.
π Yes, you can and we have listed some of the best casinos to claim your bonuses higher up on this page.
Ethereumπ is the second most popular cryptocurrency behind Bitcoin, making it the biggest of the altcoins.
βTo use an altcoin for the purposes of betting, simply choose it as a method of payment when uploading funds to your online betting account.
Along with Ethereum, Litecoin and Dogecoin are well established and widely accessible to be used for online gambling, be it sports betting or financial betting.
Not always but there can be so make sure you check up on the crypto betting site in question first.