Topic: Which are the best cryptocurrencies for esports betting? - page 2. (Read 298 times)

Honestly the better performing a cryptocurrency has done in the last year (i.e. Bitcoin and Ethereum) the more beneficial it would be for you to keep it rather than gamble it and potentially lose your capital. If you want to gamble then you must approach it as the fun time activity it should be, because there are very few avenues for you to successfully return a consistent profit so you will usually just end up feeding the casinos profits. Stick with the altcoins that have the lowest transaction fees and definitely pay attention to any cash-out criteria surrounding that cryptocurrency at whichever website/app you like to use - hidden fees can kill your earnings.

IMO, coin/token with high & fee price comparing other "ALTcoin" with a cheap fee have their own advantage. Example : High roller gambler more often using BTC/ETH even the fee is 10-20$/TX because this coin has more liquidity order than cheap "ALTcoin". If they want to sell instantly, the spread % not really big comparing ALTcoin with cheap price and big gap order.

So. If you Highroller gambler BTC/ETH is best option but if you a small gambler just use other coin.

When you make a deposit to the casino, you are sending crypto currencies. Those transactions incur fees. Some of the coins have very "high" fees. Imagine you want to play with Ether. You make a $20 deposit, but ended up spending $10 on fees. Also, when you withdraw, you don't withdraw those "internal casino tokens" that you are talking about. You withdraw the coins and in most of the case, it's you who have to pay the fees. Hence, speed and fees of the coin matters over here.

Bitcoin had always been what I prefer as a cryptocurrency for online gambling because I was used to it. It's also easier for me converting to fiat in my mind before placing a bet with just basic math.
I haven't tried betting for Esports but I do bet for real sports. Played CS:GO before but I am not updated anymore about Series Winners or other tournaments top teams so it would be a bad decision placing a bet with just a mere guess.
 

For crypto users it is indeed a suitable alternative when gambling. As for fiat users who are often more effective at gambling, they don't really pay much attention to what they are betting on. Both have dominated gambling up to this point. Choosing between betting fiat or crypto depends on one's comfort in gambling. Personally I use both.

as long as a gambler can bet any coin will do. if it werent for the transaction fee, they'd use BTC.  trx comes the first for me because its the cheapest.

but when its started it was litecoin and doge that were the first that casinos considered. with the rise of altcoins and i guess they see profit from altcoins community.

Wouldn't you be regretting using bitcoin for your betting given how high the prices right now that the right thing to do would be to hodl it and wait for the really big rise in prices to happen and hopefully you can get much more value out of it rather than spending it on gambling which doesn't guarantee that you will win it back.

The gamblers will have different favourite coins to gamble, whether sports betting or other gambling games. If they like to use bitcoin, they will still use bitcoin, which happens with the other gamblers. But if the casino does not have their favourite coins, they will search for the coin that will fit what they want, especially in the transaction fee because something that will be a concern for a gambler. Most casinos will have bitcoin, ethereum, litecoin, usdt, doge in their coin list but with the growth of the cryptocurrency, those casinos try to add the other coins such as trx, ada or others so they can attract more people who want to use that coins.

I'd choose bitcoin,Litecoin and will pick some coin which is not in your list and that us XRP since this one is quite reliable also you can also add USDT as suggested by several members since this could give the users who want to bet on stable coin since there are gamblers who doesn't like the volatility of other unstable coins that's why if you plan to add some coins to your plan sportsbook better add these options for more selections.

Just a quick question :

When you deposit whatever coin/token onto a gambling site.. they credit you for that "token" on their internal database. So you do not actually play with the coins that you deposited, but with the credit that are given to you by the casino for the coin you deposited. (It displays it as the token, but it is actually the credit balance on their internal database)

Most casinos then push those deposits onto "cold storage" for safekeeping, but they have a small amount in hot wallets for small withdrawals.. etc... right?

So, getting back to the "in-house" credits that are managed by the online casinos database... does the transaction speed really matter, if you do not actually use the "token" or "coin" .....because in theory, all should be the same.  

The only thing that should matter is the transaction fees and speed... when you have 0 credit on the casino database.. and you want to deposit coins or withdraw a positive balance. (Then you look at fees and transaction speed)  

I'd choose BTC and USDT imo. Litecoin is also a good opinion from what I've heard but I've never really tried it, I've mostly used BTC and ETH in my gambling. Most casinos accept BTC and USDT anyway, and I've never really had the idea of choosing other coins so I can spare myself the fees so when I used to gamble so is why I chose it. Recently whenever I come back to play I mostly use USDT now on casinos that accept them and BTC if they don't accept it. Fees are quite a pain now though now that I take the time to feel them up.

Bitcoin used to be the best coin for betting but now that limits are starting to go up between exchanges and casino i'd have to say the best coin goes to Litecoin. Ethereum used to be a good option for betting but like the others have mentioned fees is slowly becoming an issue. I haven't used Tether and ADA but I remember crypto sportsbook accepts Tether via the eth network so that's a no go and as for ADA the coin isn't popular enough between crypto sportsbooks in other words you'll limit your betting options.

I mean there aren't any differences right? All coins can be used for betting with the same outcome. But if you are talking about transaction speed and fees, then yeah, coins that has very low transaction fee and confirmation time are better. And those who like to bet regularly and are dependent on fiat values, stable coins are the best for them. But like you said, bitcoin is preferred by most even though sometimes the fee can be disappointing. I guess it has to do something with bitcoin being the most popular crypto currency.

Hey Karl. Nowadays there are much cheaper and faster ways to move funds than you suggested. For example, I really like the technical characteristics of Solana blockchain (https://www.coingecko.com/en/coins/solana) but I have not met any online casino with the possibility of making a deposit to SOL.

Any coin that you don't have any regrets spending on like Litecoin can be a used for betting but Bitcoin and Ethereum, they don't seem to be a good idea to be used for betting, now that their prices are going up. Yes it's depending on your preference but sometimes, your pick might not be the best choice for everyone.

It would be an easy answer for bitcoin but these days, those people like me don't own that much. We'll look for any other coin to gamble with at the cheapest that we can. As part of convenience, aside from bitcoin, it's either USDT and any other cheap coin that's being supported by the bookie that I gamble, those that don't have the high fee. Well, Ethereum is taking some issues currently with its fee so for USDT, it's either the other chain through TRC20. But as Ivan says, most bookies today are accepting a lot of cryptos for which you're comfortable to bet with.

I guess the best crypto for any betting is the one you like the most! Now crypto casinos accept many different coins, and it's not a problem to find a casino that accepts your favorite one! So you can use any coin, there's no difference in which one will you use, what's important is to have good picks and winning bets!

Hey everybody,

Esports has turned into a profitable and hugely followed spectator sport since the early 2000s. Owing to the rapid rise of video gaming creators and the impressive growth of the internet, esports opened a vast space of possibilities for the betting sector too.

Other than blockchain gaming and NFTs (non-fungible tokens), fans are also enjoying the profits of esports betting due to various markets available all-year-round. These days, bettors no longer solely rely on credit cards and bank accounts to support their teams and players. Instead, they deposit and bet with their favourite cryptocurrencies. Today, we answer the question: which are the best cryptocurrencies for esports betting?

Crypto is the new era of online betting

iGaming (online gambling) goes perfectly well with crypto. Their shared platform guarantees efficiency, transparency, and security. These qualities make market analysts confident of the paradigm shift in payment options. As cash, credit, and debit cards slowly become obsolete, crypto is the next big thing. As of today, there are around 6,000 different kinds of digital currencies in circulation. So, in terms of trust, popularity, and value, here are the five best digital currencies to use at esports crypto betting sites.

1. Bitcoin (BTC)
While Bitcoin’s one decade of existence is, well, less than a dot in the context of fiat money, it is a major currency revolution. Meaning, it shouldn’t be a surprise that it is the number 1 choice among the 300 million crypto users in the world.

Bettors prefer Bitcoin because it’s well-established, lucrative, and the largest crypto platform by both market cap and coin value. As of August 17, 2021 in CoinMarketCap, they are worth $866.22 billion and $45,910.85, respectively. That is why it continues to dominate all online casinos and sportsbooks. In addition, gambling operators trust Bitcoin because it is a strong peer-to-peer payment system, thus becoming the standard for crypto trading.

2. Ethereum (ETC)
Founded in 2013, Ethereum remains one of the strongest counterparts of Bitcoin. Not only is it the second-largest crypto by market cap, worth $374.16 billion this August 17, 2021 in CoinMarketCap, it is also one powerful and massive digital ecosystem. This is because it wasn’t a digital currency in the first place.

Instead, blockchain innovators developed it as a programmable network intended as a marketplace for financial services, games, and apps. It just so happens that it also holds its own coin called Ether (ETH), which is only a fraction of the many Ethereum-powered tools and services. In fact, if you have been into esports and the world of digital assets in general for quite some time, then you will have heard about NFTs. These digitally unique and valuable tokens are part of the Ethereum blockchain network.

3. Litecoin (LTC)
Litecoin may not immediately follow Bitcoin and Ethereum in terms of market cap ($12.10 billion) or coin value ($180.98) according to CoinMarketCap on August 17, 2021, but it has captured the trust of the masses due to its network design. True to its name, this Bitcoin fork is the lighter version and digital silver to Bitcoin’s digital gold.

Litecoin improved Bitcoin’s high fees and slower rate transactions. As it aimed to empower users to be their own bank and control their transactions, its new blocks on the network are produced every 2.5 minutes. In contrast, that makes it four times faster than Bitcoin’s mining of blocks at 10 minutes.

4. Tether (USDT)
Stablecoins are digital currencies backed by assets (e.g. fiat, crypto, and commodity). They ensure stability and high liquidity in the middle of the capricious crypto market. The most notable example you can trust is Tether. Pegged to the U.S. dollars, it is the most popular fiat-based stablecoin with a predictable value, high market cap ($63.66 billion), and large daily volume based on CoinMarketCap on August 17, 2021.

5. Cardano (ADA)
Similar to the relationship between Litecoin and Bitcoin, the new player Cardano is a blockchain smart contract platform created to fix the drawbacks of Ethereum. Despite its recent entry, it has impressively climbed to be among the top 10 digital currencies based on market cap, which is valued at $67.53 billion on August 17, 2021. Its coin value, worth $2.11, still has a long way to go but market-backed predictions stated that it could rise greatly at a future date.

What brings Cardano to the limelight is its strong competitive edge and firm communal building. Creators take pride in it being the ‘first third-gen virtual currency’, where its purpose is to ‘provide a more balanced and sustainable ecosystem’ for the crypto market.

As a result, it is said to be the only coin and blockchain project that has been thoroughly tested and peer-reviewed by academic scientists and programmers. Most of them are from the University of Edinburgh and the Tokyo Institute of Technology.

Betting and crypto: A match made in heaven

Having the best digital currency isn’t the first and only step to achieve a seamless online betting experience. Similar to how you assess your crypto options, your chance to win a variety of rewards also lies in your choice of esports betting platform.

Esports betting sites may be convenient due to their easy access, but always keep in mind that not everyone offers the same level of safety and security. Take the time to learn as much as possible about esports betting tips. After all, a successful bettor is a responsible one, and with hundreds of choices available today, take note of these top qualities of a trustworthy betting website to get started.


Thanks for reading. Hopefully, you found some useful information.
You are welcome to share your thoughts and let us know what is the best coin for you to bet on esports?

Cheers,
Karl from Bitcasino