Cryptocurrency is a virtual currency launched as a faster and more secure medium of exchange through a blockchain network independent of any central regulatory authority like the government, financial institutions, or banks to maintain and sustain it. The online sports betting industry witnessed a massive revolution with the introduction of the world‘s first cryptocurrency, Bitcoin, which slowly gave rise to other digital currencies, also known as Altcoins. These currencies are a flexible payment method over credit cards, debit cards, bank transfers, or e-wallets. These have become a pivotal part of the crypto sports betting sites as crypto sportsbooks and players enjoy additional benefits and profits over traditional fiat currencies and payment methods. 

In this article, we will discuss the features of a few popular cryptocurrencies in sports betting and determine which altcoin is a better option than Bitcoin.

Popular Cryptocurrencies For Sports Betting

Here are some of the most popular cryptocurrencies for sports betting:-

Bitcoin – Bitcoin is the market leader, with a market cap of more than $1.72 trillion. It has one of the most oversized market caps in the crypto sports betting industry. Thousands of bitcoin sportsbooks dominate the market, proving why this digital currency is the most popular asset in crypto sports betting.

Ethereum – Ethereum was released in 2015 as an open-source blockchain with smart contract functions. Among all the cryptocurrencies, Ethereum stands in the second position in terms of market capitalization. Many punters prefer betting with Ethereum as the transactions take a few minutes to process but generally depend on how congested the Ethereum Blockchain is. 

Litecoin – Litecoin is the third-best cryptocurrency that has become incredibly popular in the crypto sports betting space. It is one of the fastest and most secure cryptos. It is considered the silver to Bitcoin’s gold, boasting improved scalability, substantially accelerated transaction speed, and enhanced capacity for making microtransactions. Using Litecoin for crypto sports betting takes significantly less time, making overall betting or wagering much easier for the players. 

Bitcoin Cash – The third largest crypto asset in market share is Bitcoin Cash, developed due to the Bitcoin hard fork. The features of Bitcoin Cash are quite similar to Bitcoin, but it has a larger block size. This allows lower fees and faster transaction times making it an excellent option for bettors who prefer Bitcoin sports betting but are also looking for lower fees and faster transaction times. 

Dogecoin – Dogecoin was created as a meme or joke in 2013 and has become the most popular crypto for sports betting platforms. It is a community-based currency that has grown exponentially in online betting and gambling. However, there are not many Dogecoin-based sports betting sites. 

Ripple – Ripple was designed for secure and fast international transactions and has slowly entered the online sports betting industry due to lower fees and faster transactions. It is widely accepted in many online casinos and sports clubs owing to its unique feature of facilitating cross-border transactions.

EOS – EOS is another altcoin commonly used in crypto sports betting due to its most advanced features. It was introduced to eliminate transaction fees and carry out millions of crypto transactions per second. It focuses on offering an operating system for the decentralized crypto sports betting apps with advanced features like user authentication, cloud storage, and server hosting. Although EOS claims to be more scalable and faster than Bitcoin and Ethereum, in reality, no other digital currencies have been able to eclipse Bitcoin or Ethereum in crypto sports betting.

Is Bitcoin Better than Altcoin?

The ultimate decision on whether to hold Bitcoin on Altcoins depends on the risk tolerance, investment goals, and the belief players have in each digital currency’s potential. 

There are different factors to consider while choosing crypto to wager in crypto sports betting:

Market Capitalization: Market capitalization refers to the total value of all the tokens in circulation for a particular cryptocurrency. It is an essential indicator of the crypto’s potential for growth and stability. Generally, digital currencies with large market capitalization are believed to be less risky and are most commonly used in crypto sports betting sites.

Technological Advancements: Innovations and technological developments can considerably affect a particular cryptocurrency’s future success. It is essential to assess the technology and features used in the development of crypto. Sports bettors must consider the coin’s security measures, scalability, and consensus algorithm to evaluate the currency’s potential in the market.

Adoption and Use Cases: A currency with broader use cases will likely succeed in the long run. Sports bettors must look for tokens with real-world applications and a growing user base. It is more likely that such cryptocurrencies will be able to retain value and gain global adoption.

Development Team and Customer Support: A strong development team and community can substantially contribute to the success of a cryptocurrency. Hence, assessing the project’s track record, community engagement, and leadership is essential to gauge the coin’s potential for longevity and growth.

Regulatory Environment: One of the key factors behind the success of any crypto is regulation. A regulatory environment that favors or encourages innovation and adoption of a particular cryptocurrency makes the currency more successful than those with strict regulations leading to stifling growth.

Conclusion

In conclusion, there is no definitive answer to “Which is better: Bitcoin or Altcoins?”. The best choice depends on the requirements of the sports bettors based on their risk tolerance, betting goals, and style. Crypto sports betting makes a massive difference in the overall experience with its innovative and advanced features that are helpful for both sportsbooks and bettors alike. 

The most significant cryptocurrencies mentioned above are widely accepted by crypto and Bitcoin sports betting sites, allowing safe and fast transactions with lower fees. However, although crypto sports betting offers an exciting and fun experience, it is essential to note that the value of any crypto can fluctuate rapidly and lead to heavy losses. Hence, players must gamble or wager responsibly and only invest money they can afford to lose.

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Filed under: Bitcoin - @ June 30, 2023 4:24 pm