Best Cryptocurrencies for Gambling – Lower fees, Fast Transactions
Sports and esports are hugely popular these days. Billions of people play and watch sports, and around half a billion play competitive video games. Naturally, the esports betting industry has grown to accommodate people’s desire to bet on their favorite teams.
If you enjoy esports betting and want to place bets using cryptocurrencies, Thunderpick is the ideal bookmaker for you: 100% secure and regulated. You can bet on your favorite esports and sports using not just Bitcoin but half a dozen alt-coins as well. And the platform has been built to support the most advantageous cryptocurrencies for betting.
Why Bet With Crypto
When you bet on esports, you can do it in two ways: using fiat or using crypto. However, most bookmakers will not give you the second option and that might be an issue for some people. Not all governments accept esports betting and even if they do, they limit people’s access to most bookmakers by only allowing a few of them to operate in their countries.
This means that if you have a lot of esports knowledge and want to enjoy yourself, you might not be able to bet on anything more than the winners of big matches. But what about A-tier and B-tier tournaments? Not to mention the fact that top bookmakers will give you dozens of betting markets for each individual match.
To avoid all of these problems, you can simply use cryptocurrencies and remain anonymous. Every transaction you make using crypto gives you the ability to fly under the radar.
In a way it’s like skin trading. You can trade skins on Steam or other online markets and nobody will ask a question, because such operations are not regulated. How could they be, given how novel they are and how little society at large knows about gaming?
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The Best Cryptocurrencies for Esports Gambling
Betting on esports using cryptocurrencies can be done quite easily. Especially if you already own some crypto. All you need to do is transfer some of it to the account you’ve created on the bookmaker’s site and you can start placing bets. But the question is this: what cryptocurrencies should you use?
Let’s explore some options:
Bitcoin is where everything started, which is why when people talk about crypto, they almost always mention Bitcoin. But that doesn’t mean it’s the best option for esports betting. One bitcoin is worth a lot of money and that means you would have to work with a lot of zeroes every time you place a bet.
Another problem is that Bitcoin is more like gold than cash, in the sense that it’s a good store of value but it’s not practical if you need to make a lot of transactions. Each transaction has a cost and it’s not as cheap as the transactions of other cryptocurrencies. It’s still quite small, but there are even better alternatives.
The good news is that if you own Bitcoin, you can easily exchange it with a more practical alt-coin. Even Ethereum works better for transactions, even though it’s also quite valuable. If you want to wager $50 on a match using a cryptocurrency that’s worth $1000+, you will need to work with values like 0.05.
Ethereum has been around for many years and it’s a great implementation of blockchain technology. The team working on it is very serious and sooner or later, ETH will probably be worth more than BTC because of the practical aspects.
When you make transactions using Ethereum, the costs are very low, almost imperceptible. And if you keep your gambling funds on your bookmaker account for longer periods of time, the number of transactions you will make will not be that many. This means that the transfer costs will be small. In most cases, they will be so tiny, you won’t even feel them.
Litecoin is far less valuable than Bitcoin and Ethereum, which makes it even more practical for gambling purposes. Its value tends to be quite stable because this alt-coin has been around for many years and has a lot of long-term investors. Right now, 1 LTC costs around $53. So it’s perfect or almost perfect for esports betting, depending on your standard wagers.
If you like to bet large amounts on a match, you should use Ethereum instead. But if you bet like most people, Litecoin is excellent.
Tether is probably the best cryptocurrency for esports betting for two reasons. Its value is always equal to that of the dollar, so you’re practically using dollars with a different name and get to keep your anonymity. This is absolutely amazing when you want to place bets and not have the government question your decisions.
The second reason has to do with its constant price. Unlike other alt-coins, Tether is not subjected to the ups and downs of the crypto market. And that will give you peace of mind during periods of instability.
Of course, it may also make you feel like you’re missing out when Bitcoin goes up by 20% in a single day, but overall, you’ll be more relaxed knowing that you don’t need to check CoinMarketCap three times a day.
Bitcoin Cash is another great alternative to Bitcoin when betting on esports because of its much lower value. At $110-120, BCH allows you to place easy bets without having to memorize a lot of zeroes.
XRP is another good cryptocurrency to use but its price is quite small, so you’ll need to go in the other direction when using it and add a lot of zeroes. Its value fluctuates between $0.20 and $0.40 per unit, which means your bets might look a bit strange if you go above $10.