Cryptocurrencies continue to gain popularity. They have several benefits over traditional and fiat currency, such as security, privacy, and speed. However, some believe that the process is complex and full of jargon. Which is the best cryptocurrencies available for sports betting? Let’s break down some of the most popular cryptocurrencies for crypto sports betting.
The most popular cryptocurrency for sports betting is Ethereum (ETH). It’s easy to use, and most online betting sites accept it.
Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system. It features a smart contract functionality. Also, it supports a modified version of the Nakamoto consensus via transaction-based state transitions.
You can transfer ether between accounts and use it to compensate participant nodes for computations performed.
Ethereum offers a decentralized virtual machine, the Ethereum Virtual Machine (EVM). Thus, it can execute scripts using an international network of public nodes.
The virtual machine’s instruction set, mainly its base operand language, has been formally verified as correct. The Ethereum Virtual Machine makes creating blockchain applications much easier and more efficient than ever before.
This is one of the most popular cryptocurrencies for sports betting. It’s also one of the most stable terms of price. However, it hasn’t seen much growth in recent years.
Dash is a cryptocurrency that’s been around since 2014. It aims to be the most user-friendly and scalable digital currency. It’s open-source so that anyone can contribute to the code written in C++.
Dash is also at the forefront of technological innovation in digital currencies. Also, having released several updates this year, including InstantSend, PrivateSend and their latest project: Dash Evolution.
Dash’s focus on scalability comes from implementing master nodes. The servers store a copy of the blockchain and are compensated with an additional dash for doing so.
This allows them to perform some functions beyond those available on other cryptocurrencies. This includes as InstantSend. It allows transactions to be confirmed almost instantly by using multiple masternodes instead of one single node like Bitcoin does.
Bitcoin Cash (BCH)
This is the fourth-largest cryptocurrency by market cap. It has a mining algorithm similar to Bitcoin’s. However, it allows for more transactions per block and uses a different proof-of-work algorithm.
It created the coin in August 2017 due to a hard fork from Bitcoin. This means there is massive support for BCH on exchanges that accept deposits. Thus, it makes it an ideal choice for sports betting sites that support crypto deposits.
The main advantage of using BCH over bitcoin or other cryptocurrencies is lower fees and faster transaction speeds. This makes it easier to use when placing bets with crypto and withdrawing winnings back into your wallet afterwards.
On top of this, many sportsbooks offer bonuses when depositing with this particular cryptocurrency, so make sure you check out the best ones here before placing any bets.
This is the payment network of choice for sports betting. It was created by Charlie Lee, a former Google employee and creator of the cryptocurrency platform Coinbase.
Litecoin’s popularity comes from its fast confirmation times, low transaction fees and scalability. These are all significant benefits for online casinos looking to process transactions instantly, meaning that players get their winnings faster than with other coins.
Litecoin also has many active addresses, which makes it particularly useful for sports betting platforms that want to offer their players a wide range of deposit options.
This has been making waves in the world of cryptocurrency for some time now. Ripple is a payment network created to facilitate secure and instant global financial transactions. The Ripple network bases on a shared public ledger, which uses a consensus process that allows for payments, exchanges, and remittances in a distributed process.
Banks use the Ripple blockchain to facilitate cross-border payments at lower costs than they would incur using traditional payment networks.
Individuals and businesses also use Ripple to move money across borders. This makes Ripple ideal for sports betting players who need to send funds across borders regularly or have friends who live in other countries.
Cryptocurrencies are becoming big business. Moreover, the use of cryptocurrencies by online sportsbooks is becoming more widespread. The applications and feature set that different crypto-currencies have offered unique features and functionality.
Thus, it makes them suitable for different types of sportsbooks and bettors. Whether you’re betting on football or baseball, rugby or darts and looking for a good-value cryptocurrency for your wagers, there’s one out there for you.