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In the history of mankind, there are those groundbreaking new innovations that spur us on to bigger and better things. These major inventions include harnessing electricity, the telephone, the motorcar, the internet and now the blockchain. Love it or hate it the development of cryptocurrencies on the blockchain has revolutionised how we view digital assets, our thinking around finance and how the world will transact for the foreseeable future. The Types of Cryptocurrencies While we have all heard of Bitcoin, Ethereum, Dogecoin and other well know crypto coins there is often some confusion when it comes to terms like decentralised cryptos, stable coins and alt coins. Here are some easy introductions to these terms: ✓True/Decentralised Cryptocurrencies When Satoshi Nakamoto first conceptualised Bitcoin his intent was to create a digital currency that would not reside on a single server but was spread across the Blockchain. This would ensure that no single country, corporation, or person could ever own it or control it. Crypto coins like Bitcoin, Ethereum, Dogecoin and others which follow this decentralised tradition by residing on the Blockchain and do not have a single controlling owner are considered by industry pundits to be “true” cryptos. ✓Alt Coins As the name denotes Alt-Coins are “alternatives to” an existing cryptocurrency. Due to the fact that blockchain and cryptocurrency code is open source, it allows anyone with the appropriate skill level to develop their own coin. Generally, an altcoin improves on one or more aspects of its original code. An example of this is Ethereum which improved on the transactional aspect of Bitcoin, allowing it to process blocks of transactions in two and a half minutes compared to Bitcoin’s much slower ten minutes per block. ✓Stable Coins Stable Coins are the type of crypto token which is the farthest removed from Satoshi’s vision for his invention for three reasons: They reside on a single server or closed series of servers They are owned and operated by single entities Its value is dictated by a fiat currency or precious metal While stable coins exist on the blockchain and offer all of its speed, security and low cost benefits they are simply the digital-only equivalents of our existing country-based currencies. Most governments around the world are in the process of developing stable coin versions of their currencies with the hopes of one day doing away with costly and short-lived paper and metal money. Visit our full guide to stablecoins for more on this interesting spin off of cryptocurrency technology. Why Crypto Gambling Is Popular With the unique way in which the blockchain stores and shares data it is the most hacker-proof system on the planet. Rather than store information in a single central location, which once cracked, gives the would-be thief full access to the data the blockchain splits it into thousands of tiny data packets. These packets of data are then spread across all the connected nodes on the internet and are each individually secured. In addition to this mind-blowing level of security the fact that it is only moving tiny bits of data around means that it can pass large volumes of information at incredibly high speeds. When applied to lightweight products like a casino deposit this means near-instant banking. Finally, the blockchain does not require you to give confirmable information to access and use it other than a personalised username and an email. It is not perfectly anonymous as there is the issue of using your internet connection (which can be addressed by the information we supplied in our guide to using a VPN for cyber security) and that purchasing Bitcoin is done via a crypto exchange like Security, speedy transactions and high levels of anonymity are some of the reasons that more players are making the move to gambling at crypto casinos. The Top 10 Cryptocurrencies To ensure that we do not fall into the trap of thinking about cryptocurrencies in a limited way we looked to CoinMarketCap to see which digital tokens are the most popular outside of our industry. Much to our delight, the online casino industry has adopted cryptos with open arms. The proof of this is that ten of the fifteen highest rated crypto coins are already in wide use by the best crypto casinos. If you are interested in gambling with Bitcoin and other leading cryptos here is a brief overview of the top 10 casino cryptos and an idea of where you can play with them: 1. Bitcoin – First Decentralised Coin As the first truly decentralised cryptocurrency Bitcoin captured the imagination of the world with its mysterious creator and incredible value growth. It not only drew attention to the potential of digital currencies but also the potential of the blockchain which has seen many industries begin to develop new and exciting innovations, tools and products that have changed the world. The first decentralised crypto coin Incredibly valuable digital asset One of the most secure currencies in the world If you would like to try your hand at playing your favourite online slots and tables games with Bitcoin, we recommend visiting Bitcoin Games casino and 22Bet casino. 2. Ethereum – Decentralised/Altcoin Ethereum is only second in terms of industry awareness and usability to Bitcoin. As a Bitcoin altcoin, Ethereum offers users the same safety and security with vastly superior processing times. Ethereum has set itself up as the “everyday driver” of cryptocurrencies processing up to 1 million transactions each day while Bitcoin only processes up to 250,000. Same secure framework as Bitcoin Ability to process up to 1,000,000 transactions per day One of the cheapest cryptos to use Ethereum’s processing power makes it incredibly popular with online casinos that offer digital token gambling. We recommend visiting Green Spin casino and Bitstarz casino to try it out for yourself. 3. Bitcoin Cash – Decentralised/Altcoin Bitcoin Cash is another Bitcoin altcoin, in this case, it was developed in 2017 from a fork of the original crypto. The benefits of Bitcoin Cash lie in its larger block size which means it is faster than BTC while capping its supply which gives it a similar asset value proposition to its progenitor. Follows the same digital asset mentality as Bitcoin Offers superior processing times as the original coin Very low fee structure If you’re looking to gamble with a cryptocurrency that is incredibly like Bitcoin but offers faster transactions, lower costs and a lower price per coin then Bitcoin Cash could be for you. Try it out today at Kosmonaut casino and 1xBit casino. 4. Cardano – Decentralised/Altcoin Cardano is the ledger that supports the independent cryptocurrency ADA. The digital coin is considered one of the leading alt-coins on the market due to its reasonable cost, widespread adoption by online businesses and incredibly cheap processing fees. Still available at a low price Uses a bespoke low-cost fee structure Widespread use by online shops and gambling sites If you are new to cryptos and want to test the waters with a usable and fairly cheap option, then you should consider buying some Cardano. You can play with it online at Fairspin casino and TrueFlip casino. 5. Tether – Stablecoin Tether is a stable coin that has anchored its value to the US dollar while still offering users the stability, processing speed and security of the blockchain. For banks, businesses, and new crypto enthusiasts it offers the benefits of the blockchain without the fear of massive price fluctuations associated with decentralised coins. Steady and predictable pricing Offers the digital security of the blockchain A popular digital currency for e-commerce We recommend trying out the benefits of cryptocurrency gambling by starting with the market stability offered by Tether. It is available at MyStake casino and Rolletto casino. 6. XRP – Decentralised/Altcoin XRP is the cryptocurrency used by products developed by Ripple Labs on the blockchain. The intent of creating XRP was not to launch the next crypto-asset like Bitcoin but to offer the community a network specifically designed to handle high volumes of digital payments Specifically designed to process high transaction volumes XRP is not mined but rather acquired through trading Ranked as one of the top 10 cryptos worldwide Test out the efficiency and processing power of the XRP network for yourself by using it as your deposit and withdrawal mechanism at both Bet Sensation casino and 1xBit casino today. 7. Dogecoin – Decentralised/Altcoin Developed a commentary on the insane prices that crypto-assets were demanding Dogecoin has positioned itself to be the ‘everyman’ cryptocurrency. Built on the Litecoin framework Dogecoin offers fantastic processing and low costs but has openly stated its supply will be unlimited ensuring none of the price spikes associated with limited-supply coins like Bitcoin. A real-life underdog story Unlimited supply manages price volatility Offers all the benefits of Litecoin Take this playful Shiba-token for a walk today by signing up at either 22Bet casino or Green Spin casino today and playing their selection of online slots, table games and arcade games. 8. USD Coin If you are a fan of innovation and new technology but are sceptical of the crazy price fluctuations of some cryptos then USDCoin could be your perfect solution. This stable coin offers all the processing and security benefits of the blockchain while guaranteeing that each USDCoin will always only cost $1.00. Price per coin will always be the equivalent of US$ 1.00 Enjoy all the benefits of the blockchain Built on the trusted and highly trafficked Ethereum framework USDCoin’s stable pricing anchor makes it the perfect cryptocurrency for players looking to move from fiat currency banking to digital banking without risking their bankroll to currency volatility. Play with it at 1XBit casino and Fairspin casino today. 9. Chainlink Chainlink is considered an Ethereum alt-coin. While it offers users all the expected speed, low costs and security of the blockchain it has the added benefit of integrating transactions that are not based on the blockchain. This is allowing people to seamlessly do business using fiat currencies with blockchain companies. Ethereum-based altcoin Seamless off-blockchain transaction processing Offer tamper-proof cross-blockchain smart contracts Test the high speeds, hack-proof security, and low fee structure of this altcoin for yourself by playing at Casino-Z and 1xSlots casino today. 10. Litecoin – Decentralised/Altcoin Litecoin is one of the early Bitcoin altcoins having been launched in 2011. In addition to offering the same anonymity and security options as its source, the developers behind Litecoin have also engineered the Lightning Network for instant global payments for everything from casino deposits to purchasing a coffee. Hack proof peer-to-peer transaction network Lightning network for instant payments Developers of Atomic Swap for cross crypto trading Try your hand at playing video slots, video poker, blackjack and more using Litecoin to deposit and withdraw at Bet Sensation casino and Green Spin casino today. How To Gamble With Cryptocurrencies Now that you are comfortable with what the differences are between the various types of coins, know a little more about the top 10 cryptos for gambling and have some idea of where to play with each of them let's talk about how to deposit and withdraw with cryptos. Despite being a groundbreaking new technology using them in practice is incredibly simple. To begin gambling with digital currencies all you need to do once you’ve joined your preferred crypto casino is follow the simple steps below: ✓How To Deposit with Crypto To make your first deposit at an online casino with cryptocurrency, plus claim the amazing welcome bonuses on offer, follow these simple steps: Step 1: Click on deposit at the top right of the page. Step 2: Select bitcoin, copy the private depositing address, and enter a relevant promo code. Step 3: Send the bitcoin to the private depositing address from your Bitcoin wallet of choice. With the speed and power of the blockchain, your first crypto deposit will be ready and waiting for you in your account within moments. ✓How To Withdraw with Crypto When it comes to cashing out your winnings the process is even more simple than making your first deposit. Follow these easy steps to withdraw your money: Step 1: Click Profile at top right of page, then click withdrawal. Step 2: Find your Bitcoin wallet address. Step 3: Select Bitcoin, enter your wallet address, the amount to be withdrawn, click withdrawal. For players who are used to waiting up to five business days for a withdrawal crypto-cash out will be mindblowing. At most, you will have to wait 15 minutes before you see your withdrawal become available in your wallet.
Top 10 Affordable Bitcoin Competitors for Savvy Hodlers
Shane Addinall posted a post in BlogBitcoin is one of the most exciting and globally impactful new technologies to hit the planet since the invention of the internet. With that being said it is important to understand the benefits and limitations of Bitcoin, and which other cryptocurrencies can fill in where Bitcoin falls short. With that in mind, we’re going to take a look at what Bitcoin’s 21 million limit actually means, investigate ten affordable Bitcoin competitors who offer long term acquisition possibilities, and discuss Bitcoin’s market cap to help you better understand the value of the cryptocurrencies you choose to invest in. Why Is Bitcoin Limited to 21 Million? An intriguing aspect of Bitcoin is the fact that when Satoshi Nakamoto designed his visionary decentralised virtual currency, he limited its expansion to 21 million BTC. More than 18.5 million Bitcoin have been mined in the first decade since the cryptocurrency’s creation, however, it is predicted that mining the last remaining 2.5 million coins (11.9% of total) will take anywhere from fifteen to twenty years to complete. This is thanks to a process known as The Halving. Nakamoto included a process which effectively cuts the Bitcoin rewards for mining in half every four years. In practical terms, the total BTC reward for 2016 was 12.5 million, however by mid-2020 the same amount of “work on the blockchain” only rewarded miners with 6.25 million BTC. This may sound like it is a lifetime away however it represents less than two decades of “carefree” mining before the only way to monetise the cryptocurrency will be via transactional fees and direct sales of the BTC you own. Who Are Bitcoin Competitors? Considering the real world limitations of Bitcoin here are 10 affordable Bitcoin competitors. For ease of use we have sorted them using the total percentage available for mining (based on CoinMarketCap data for 17 February 2021): Avalanche (AVAX) - price: $36.38, mining availability: 89% The Graph (GRT) - price: $2.18, mining availability: 88% Uniswap (UNI) - price: $21.44, mining availability: 69% Huobi Token (HT) - price: $14.50, mining availability: 61% Chainlink (LINK) – price: $32.19, mining availability: 59% Synthetix (SNX) - price: $24.27, mining availability: 56% XRP (XRP) – price: $0.53, mining availability: 55% Stellar (XLM) – price: $0.49, mining availability: 55% Cardano (ADA) - price: $0.89, mining availability: 31% Neo (NEO) - price: $42.58, mining availability: 30% Whether it is due to rising prices or the scarcity created by its 21 million limitation the fact is that Bitcoin will not be able to dominate the market for much longer. This means that the smart money is on diversifying your options by looking into altcoins which could grow into the next Bitcoin. What Does Bitcoin Market Cap Mean? When looking at any investment vehicle market cap, or market capitalisation, refers to the number of shares which have been bought and then held by the investors. In the case of Bitcoin, this would then refer to the total value of all BTC currently held by people who have either bought, traded or mined them. Traditionally calculating the market cap of stock would mean looking at the number of shares held by investors multiplied by the closing value of the stock. The same logic is applied to cryptocurrency market caps, here we look at the number of BTC being held multiplied by the current value of a single coin. What is the Market Cap Value of Bitcoin? In January 2021 market and consumer data provider Statista calculated the relative market cap of Bitcoin to be approximately $600 billion. This is an amazing success story when you consider that in 2013 analysts placed the company’s market cap at $1 billion. The reason for the surge in Bitcoin’s market valuation is based on the number of Bitcoin which have been mined and the recent price surge which saw the virtual coin’s value hit an astounding $49,951 BTC thanks to Tesla’s massive investment in the technology. For those doing the math on this, it may seem off-kilter given that approximately 18.5 million BTC have been mined to date. However, market analysts consider who much BTC is available for circulation. Given public reports of lost wallets, misplaced passwords and genesis blocks which cannot be traded the number of coins in circulation is far lower than the number of blocks mined.
The biggest name in the cryptocurrency game is Bitcoin, so much so that in many cases the word “bitcoin” has become synonymous for the entire industry. However, the cryptocurrency ecosystem is an incredibly interesting industry which has been built on an innovative codebase known as the Blockchain. We won’t get into the weeds with this code base other than to note that it is what makes cryptocurrencies virtually impervious to hacking, promises zero server downtime and ensures you can remain anonymous while exercising full control over your funds. Four Noteworthy Cryptocurrencies With more than 1000 cryptocurrencies on the market we have simplified matters by focusing on 5 intriguing non-Bitcoin cryptocurrencies. Join us as we delve into what makes them both unique and potentially the next big breakout coin. ✓Ethereum (ETH) – Smart Contracts Ethereum is a well-known name in cryptocurrency circles, mostly for being the Pepsi to Bitcoin’s Coca Cola. What is less commonly known about Ethereum is where it secures its value proposition? Unlike Bitcoin which sees its value-driven by public awareness and scarcity, Ethereum generates its value from how useful it is to its users. Ethereum allows its users to perform credible transactions with buyers and sellers via smart contracts. These smart contracts use secure code to ensure the transactions in question are secure and will be honoured by both parties. Ethereum stands to see rapid growth once corporations become familiar with the benefits and features of doing business on the blockchain. The cryptocurrency has positioned itself as the one to work with once smart contract adoption hits the mainstream. ✓Litecoin (LTC) – Fastest Transactions There is very little to differentiate Litecoin from Bitcoin when looking at its basic setup. This is not unexpected given that Litecoin is considered a ‘hard fork’ of BTC, having been built using the same basic premise. Where Litecoin does shine however is in the cryptocurrency evangelism and technology adoption. Created by ex-Google engineer and creator of Coinbase, Charlie Lee, the cryptocurrency showcases the latest in blockchain development using its own algorithm for mining and requiring different hardware to other mining solutions. It is this constant dedication to speed, data security and enhancement that allows Litecoin to be the fastest processing coin on the market, showing up to 75% faster transaction speeds than Bitcoin. Charlie Lee is also an outspoken supporter of cryptocurrency adoption and works to educate the public and corporations of its benefits through the non-profit Litecoin Foundation. ✓Ripple (XRP) – Banking Pioneers Where most cryptocurrencies see themselves as leather jacket-wearing rebels, Ripple has taken a more mature approach to growing its user base. The bulk of its growth was achieved by partnering with more than 300 existing financial institutions. Their financial infrastructure is called Ripplenet, and by partnering with the likes of American Express, Bank of America, HSBC, Siam Bank, Nium, Moneygram and many others they have access to a limitless user base that literally crisscrosses the entire planet. These users are also the recipients of the faster transactions and lower costs offered by a virtual coin network. Another unique feature of Ripple is that while the cryptocurrency does use a ledger system like Bitcoin and its peers the coinage does not require traditional mining to be performed to acquire it making it cryptocurrency that does not come with massive power bills associated with crypto-mining. ✓Dash (DASH) – Traceless Transactions Dash lives up its name by being a virtual currency which offers lighting fast transaction speeds of 1 second, across more than 4300 global merchants. For those looking to interact with Dash as an investment item, it can be traded on more than 260 exchanges around the world. While all blockchain-based cryptocurrencies offer users the safety net of anonymity, Dash has taken that promise one step further. Rather than keep a transaction history – which would allow a third party to track your digital movements - Dash does not publish your transaction data to the blockchain. This added layer of security is proving popular with users, which sees them process more than 20,000 transactions daily. This transaction limit could see a sharp increase in the near future as Dash readies to launch the new DashPay Wallet for both Apple iOS and Android. Honourable Mentions During our journey through the weird and wonderful world of altcoins, there were several that caught our attention but did not seem poised to become big names in the industry. That is not to say that they do not serve a niche audience, check out our runners up to see if any of these meet your needs. USD Coin – While not a decentralised cryptocurrency in the true sense this is a virtual coin based on the value of the US Dollar. It could very well the way to transact on a daily basis should the fiat banking world do away with paper money. Dentacoin – One of the many niche coins which use Ethereum as its base, Dentacoin is the first virtual currency targeting the dental profession. With the coin, users can pay for care, earn rewards and even trade the coin on a participating exchange. Sexcoin – Where there is money there is sex, as the internet has proven over and over again. Established in 2013 Sexcoin aims to become to the go-to virtual coin for all your adult needs, everything from hiring a dancer to tipping your favourite camgirl. Let us know if you have any interesting altcoins that you feel have the potential to blow up in the future.