One of cryptocurrency’s biggest use cases is gambling and crypto-gaming. Cryptocurrencies are a breakthrough in the gambling ecosystem, since they allow people to play instantly, anonymously and without scrutiny/regulation. However, with so many cryptocurrencies out there, it’s only natural to ask: which cryptocurrency coin is the best for gambling? Let’s find out.
Cost & ease of use
Online gambling is all about money and speed. Coins like Ripple (XRP) and EOS are great for this, for two main reasons.
- Transaction costs. Since coins like EOS and XRP don’t run on traditional blockchain mechanisms, they are able to bring down transaction fees greatly. This means you don’t have to pay extra for every casino deposit.
- Block timings. Coins like EOS and XRP have lightning-fast block times, which allow your deposit to be credited instantly (in fact, XRP deposits to casinos have no waiting period). Most gamblers care about getting their deposit as fast as possible in order to not miss anything: XRP is perfect for this.
- Great for gamblers on a budget. Standard coins such as Bitcoin come with prohibitive transaction costs (and sometimes, minimum deposit requirements). The low fees associated with coins like EOS and XRP allow for gamblers to play to their heart’s desire – even on a low budget!
Privacy & security
This is the other side of the coin (no pun intended), and acts in opposition to the previous section. For smaller gamblers, privacy and security aren’t paramount, but the bigger you get, the more important these aspects start to become.
- Blockchain privacy. Currencies like XRP tend to be a lot more centralized than distributed networks such as Ethereum. This means they can trace users, some of whom would rather stay hidden. You can “mix” your coins to avoid blockchain analysis, but this isn’t possible with centralized networks. Mixing only works if the network is decentralized, and if there’s a big enough pool of participants (thus mixing works best on the Bitcoin and Ethereum networks).
- Transaction immutability. If a network is centralized and has a low hashpower, it’s easy for a malicious entity to take over the network with a 51% attack. It also means the entity can roll back transactions, edit balances, and do much more. The risk of this becomes exponentially lower the larger the network becomes – this is why it’s virtually impossible to perform a 51% attack on the Bitcoin network. Once a Bitcoin transaction gets one confirmation, it’s 100% secure: however, the same cannot be said for smaller coins, which often require 6 to 25 confirmations before being considered secure.
There are two major schools of thought here, and deciding which one you want to side with depends on your particular use case. If you’re a small-time gambler who just wants to have a lot of fun, you can go with any of these coins. EOS and XRP are great for you, since they allow for an instant experience.
However, if you are risking large amounts of money or if you don’t want your cryptocurrency being traced back to your Coinbase (or other identity-linked account), you should side with the bigger coins like BTC and ETH. These are secured by more hashing power (and are less susceptible to attacks), and also have large mixing services which can ensure privacy while you’re gambling. FortuneJack is a massive gambling site that accepts bitcoins for a wide variety of live and online games. Kingbit accepts bitcoins, too, so go ahead and make an account there!