In the last 2 decades, gambling as an industry has embraced a lot of changes and looks very different now. Thanks to the internet, you can gamble remotely and even on your phone using apps. And thanks to cryptocurrency, customers can leverage a wide range of digital assets to get their needs met.
Overall, the most popular crypto for gambling is Bitcoin, as it is the most valuable crypto in the world. At the same time, altcoins continue to grow in popularity and might give Bitcoin a run for its money soon.
The Rise of Altcoins
For the first few years of crypto gambling’s existence, the status quo was that casinos accepted Bitcoin primarily and a few altcoins. Non-Bitcoin tokens were far from excluded but it was clear that Bitcoin was the most favoured. Now, the situation is quite different and it is not unusual to see a dedicated Dogecoin or Tron crypto casino.
This means more variety for gambling consumers than ever before and also signals a lower dependence on Bitcoin. No one can fully predict how the industry will unravel but it is clear that altcoins will not remain in Bitcoin’s shadow in the long-term.
Reasons For This Spike
On the surface, it might be worth wondering why people might choose to gamble with altcoins as opposed to Bitcoin. After all, Bitcoin is the most famous and valuable token in the industry. But the truth is that there are many benefits for users who choose altcoins.
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Cheaper Than Bitcoin
As much as Bitcoin is the most valuable token in the industry, it is also the most expensive to purchase. At its all-time high, a single Bitcoin would set you back around $63,000. And while you can buy fractions of Bitcoin instead, not every consumer wants to do so. Also, not every consumer is in a financial situation where they can do that, which makes gambling with Bitcoin quite tricky.
On the other hand, some altcoins cost a few dollars or even pennies to buy, in some cases. Consumers who want to get more bang for their buck, so to speak, might choose to buy cheaper and more accessible altcoins to meet their gambling needs.
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The Desire For Less Volatility
Let’s face it, the crypto industry can be very volatile and while some people thrive in the chaos, others don’t want to deal with it. This desire could fuel the types of tokens they want to use for many things, including gambling, and might steer them away from Bitcoin.
This is why, for example, many stablecoins are becoming popular for crypto gambling. While they offer the benefits of cryptocurrency, they are pegged to more stable assets and this makes them valuable to some users. This could also explain why certain non-stablecoin tokens that have lower volatility are also becoming popular among gambling consumers.
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In-House Tokens
Another reason for the rise of altcoins is the fact that some crypto casinos are launching tokens of their own. These tokens are designed solely for the casino in question and can be more accessible to users who can buy them directly from the platform. This convenience might lead to some crypto users ditching Bitcoin and using in-house tokens.
On top of this, many of these casinos have put in effort to woo customers away from other tokens by offering bonuses, discounts, and much more. Because it is more convenient for a crypto casino to manage its own token, these will continue to be pushed to customers.
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More Variety
Another reason why some crypto gambling customers might turn to altcoins is that they simply want more variety. Bitcoin might be the most famous crypto but just like investors like to diversify their assets, casino users might not want to be beholden to a single token.
Tokens see market drops, technical issues, and controversy all the time, so using multiple is a form of protection.
The good news is that the crypto industry has thousands of tokens for them to choose from. From stablecoins to popular altcoins to in-house tokens, there is no shortage of options.
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The Desire For Profit
Bitcoin might be the most valuable token on the market but it is not the only one that users can make a profit from. At any given time, there are tokens seeing market rallies and delivering returns on investments even if they are not as high profile.
Many crypto users spend their time seeking out these rallying tokens and buying them for speculative trading or gambling with them to increase their stock. During the periods where Bitcoin is in a slump, for example, many turn to altcoins to make money in the meantime.
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Specialised Features
While making money is one of the biggest motivations for using crypto to gamble, there are other things that draw users in. For example, some users gamble with crypto because they want their transactions to be completed as quickly as possible and in such cases, they might prefer to use XRP. The token is known for its fast speeds and low cost.
Some users are also very particular about privacy and so, they might prefer to gamble with privacy tokens like Monero. As more emphasis on certain crypto features continues to grow, more people might forego Bitcoin and opt for others with profit not being the motivation.
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Token Loyalty
The crypto world has succeeded partially because many users are loyal to their favourite tokens, blockchains, and much more. Again, while Bitcoin is popular, there will be crypto users who are loyal to other tokens for various reasons and this will translate to their gambling habits.
Take meme coins and the passionate communities they have behind them. Many of these people might choose to gamble with Dogecoin simply because they are loyal to it. Also, we must remember that there are crypto lovers who don’t favour Bitcoin for different reasons. Some don’t like the philosophy behind it, don’t like how volatile it is, and much more.
