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Crypto casinos experienced a huge rise in popularity over the last couple of years and experts predict that the crypto gambling industry will reach $93 billion by 2024.
The new way of gambling introduces many benefits for both players and casino companies and transforms the entire gambling industry into a safer and more available model for everyone in the world.
Among the many questions that surround the crypto gambling industry, as you can check here, one of the most frequently asked is which cryptocurrencies to use for gambling.
Since Bitcoin and Ethereum are the two biggest cryptocurrencies in the world, the majority of crypto casinos offer both of them.
Does this mean that players need to make a choice about which cryptocurrency to use: Bitcoin or Ethereum?
When it comes to the world outside of gambling, Bitcoin remains a major and highly popular entity despite Ether’s objective superiority. The value of Bitcoin is sure to increase through the next decade, at least until it reaches 21 million units.
Nevertheless, if we focus solely on Crypto Gambling, Ether is the better option. The first thing that distinguishes ETH is its speed.
Unlike Bitcoin, Ether processes transactions in seconds rather than minutes. Secondly, Ethereum provides smart contract technology, which was created together with Ethereum.
Since smart contracts allow players to deal directly with the casino, they provide an even greater level of security since no third party can interfere with the transaction. Apart from these two differences, BTC and ETH have almost identical advantages.
Due to the fact that both of them are based on blockchain technology, it’s obvious they enjoy the advantages of the open-source, decentralized network. In the casino, all financial transactions with BTC and ETH are lightning fast.
Withdrawals and deposits happen within minutes of each other and do not require a third-party involvement, such as a bank. The provision of total security is another area in which both excel. Since these currencies are based on blockchain technology, which is a decentralized network, they are almost impossible to hack.
Finally, both BTC and ETH offer the possibility of remaining completely anonymous. You can transfer currency completely anonymously, so no bank, financial institution, or government organization can track or monitor your transactions, which is a huge advantage.
In terms of the technology behind these cryptocurrencies, they both have a secure infrastructure that is virtually unhackable. Considering that both of them are very big cryptocurrencies, it is impossible for someone to pose a hack on the entire network.
When it comes to gambling, each of these cryptocurrencies comes with small advantages and disadvantages.
For example, Ethereum’s ability to process smart contracts makes the process more secure and transparent for casino games. Whereas the popularity of Bitcoin and its mass adoption by corporations and people all around the world makes it a cryptocurrency will less risk of disappearance.
There is a huge demand for both ETH and BTC makes them even stronger and prone to attacks and scams.
So, in other words, they both are safe alternatives for gambling and use technologies that are unhackable.
With that said, the huge popularity of both of them makes them a top pick for scammers that come up with innovative ways to steal your money.
This means that even though the network is stable and secured, you can still run into a scam and lose your crypto.
So, before using both of them in for gambling, make sure to learn more about how the process operates, and always use only trustworthy websites and crypto casinos that have established their reputation in the past.
