Some casinos offer you to deposit with over a dozen currencies, and you might wonder – does it matter which cryptocurrency I deposit with? Yes, it kind of does, let me explain.
I’ll also explain how to buy each cryptocurrency, how easy it is to use, and pros and cons of using that currency in particular.
1. Bitcoin (BTC)
Why Bitcoin is Great for Gambling:
Bitcoin is the most widely accepted cryptocurrency for online gambling. Almost every crypto-friendly casino accepts it. Bitcoin is basically the king of all cryptocurrencies, and all cryptocurrencies are considered altcoins (alternative coins). So it’s basically the most mainstream crypto and the easiest one to use.
How to Buy Bitcoin:
Buying Bitcoin is straightforward, and it’s available on almost any major exchange:
- Sign up on exchanges like either Coinbase, Binance, or Kraken.
- Verify your identity
- Deposit CAD using a bank transfer, credit card, or other methods.
- Receive your Bitcoin.
Once purchased, it’s best to transfer your Bitcoin to a private wallet for security. I’ve written an in-depth guide on it here. Sure, you can store it on an exchange, but using a dedicated wallet will give you full control over your money. Though it comes with some security risks, so make sure to read my guide I linked above.
Ease of Use:
- Wallet Required: Yes and no. Some exchanges block gambling sites, if this is the case for you, transfer your BTC to a private wallet first. I recommend Trust Wallet or Coinbase Wallet.
- Transaction Speed: Bitcoin’s transaction speeds are slow compared to other cryptocurrencies. During high network activity, confirmations can take anywhere from 10 minutes to several hours. If you send from an exchange, you can’t control the speed. But if you send from your private wallet, you can control the fee and thus the speed.
Higher fee = higher transaction speed.
Pros:
- Widespread acceptance: Bitcoin is accepted at virtually every online crypto casino.
- High security: Bitcoin’s blockchain is extremely secure and well-established.
- Large transactions: If you’re a high-roller, Bitcoin’s relatively low volatility makes it perfect for big deposits and withdrawals.
Cons:
- Slow transactions: The Bitcoin network can be congested at times, which means your transaction can take several hours. But in normal cases, a Bitcoin deposit to a casino takes around 30 minutes.
- Higher fees: The biggest drawback of Bitcoin is the high transaction fees. If you use Dogecoin for example, you can save $5+.
2. Ethereum (ETH)
Why Ethereum is Great for Gambling:
Ethereum is not only cheaper than Bitcoin in general, but it’s much faster too. You normally don’t have to wait for an ETH transaction for more than 5-10 minutes. Plus, the fees are around $3-4 as opposed to $10+ for BTC.
How to Buy Ethereum:
Ethereum is available on all major exchanges like Coinbase, Binance, Kraken, etc. The steps are similar to buying Bitcoin:
- Create an account on a trusted exchange.
- Complete identity verification.
- Deposit fiat money (through bank transfer or card).
- Get your Ethereum.
Once purchased, it’s best to transfer your Ethereum to a private wallet like MetaMask, Coinbase Wallet, or Trust Wallet for security and flexibility.
Ease of Use:
- Wallet Required: No, you can deposit directly from an exchange, but it’s generally safer to use a personal wallet. Especially if you’re dealing with large amounts.
- Transaction Speed: Ethereum is way faster than Bitcoin, with average confirmation times of 15–30 seconds, though fees can spike during high congestion (due to gas fees). So make sure to keep an eye on the gas fees.
Pros:
- Fast transactions: Ethereum is known for quicker transaction times compared to Bitcoin.
- Improved Anonymity: While not entirely anonymous, using Ethereum offers more privacy than traditional payment methods, allowing users to gamble online without exposing personal information.
Cons:
- High gas fees: Ethereum’s transaction fees (gas fees) can get expensive during peak network usage. So this is not the best cryptocurrency for depositing small amounts.
- More volatile: The volatility with Ethereum is much higher, so if you plan to store your funds in ETH, keep in mind they can go up or down quite fast in CAD value.
3. Litecoin (LTC)
Why Litecoin is Great for Gambling:
Litecoin is designed to be the “lighter” and faster version of Bitcoin. It’s cheaper to use, faster to transact with, and most crypto casinos that accept Bitcoin will usually accept Litecoin too. It’s an excellent choice if you want to avoid high fees and long wait times.
How to Buy Litecoin:
Litecoin is available on most major crypto exchanges, including Coinbase, Kraken, and Binance:
- Sign up on your preferred exchange.
- Deposit fiat currency (via bank or credit card).
- Buy Litecoin.
It’s best to transfer your Litecoin to a private wallet after purchasing. You can even go with a hardware wallet like Trezor if you want extra security (you can use Trezor for Bitcoin and Ethereum too).
Ease of Use:
- Wallet Required: You can send Litecoin directly from your exchange, but just like with other coins, a private wallet gives you more control.
- Transaction Speed: Litecoin transactions are processed quickly, often within minutes.
Pros:
- Fast and cheap: Litecoin is faster than Bitcoin and Ethereum, and its fees are slightly lower too.
- Widespread acceptance: Many crypto casinos support Litecoin, though it’s not as popular as Bitcoin.
Cons:
- Not as popular as Bitcoin: While Litecoin is accepted at many platforms, you’ll still find fewer options compared to Bitcoin and Ethereum.
4. Dogecoin (DOGE)
Why Dogecoin is Great for Gambling:
Dogecoin, Elon Musk’s favorite coin. This one was initially created as a community meme coin but it has grown into a top 10 cryptocurrency (by market cap). Thanks to its low fees and fast transaction times, it’s one of the most popular cryptocurrencies at online casinos. Extremely low fees and very fast transaction speeds.
How to Buy Dogecoin:
You can buy Dogecoin on all the popular exchanges I’ve mentioned above.
- Sign up for an account on the exchange.
- Deposit fiat or crypto funds.
- Buy Dogecoin.
After buying, I recommend you store your DOGE in a private wallet like Trust Wallet or Coinbase Wallet for better security.
Ease of Use:
- Wallet Required: No wallet is needed unless your exchange prohibits gambling-related transactions, but this is uncommon.
- Transaction Speed: Dogecoin is one of the fastest cryptocurrencies for gambling, with transaction times typically under a minute(!!).
Pros:
- Low fees: Dogecoin has some of the lowest transaction fees, so it’s perfect for if you’re doing smaller transactions.
- Fast transactions: Quick processing times mean you won’t be waiting long to start playing.
Cons:
- Volatility: Dogecoin’s price can be more volatile than more established coins like Bitcoin or Ethereum, so your bankroll might fluctuate.
- Limited acceptance: Fewer online casinos accept Dogecoin compared to Bitcoin and Litecoin.
5. Tether (USDT)
Why Tether is Great for Gambling:
Tether is a stablecoin that is pegged to the value of the US dollar. This makes it perfect if you want to use crypto without the wild price fluctuations. Also, USDT is supported by multiple networks: ERC20, TRC20, BEP20, SOL, and many more. So you have a lot of freedom with this one.
How to Buy Tether:
Tether is available on almost every exchange. Here’s how you get it:
- Sign up for an exchange account.
- Deposit funds.
- Buy Tether (USDT).
And since Tether operates across multiple blockchains, you can choose the most cost-effective network for transferring it to your private wallet.
Ease of Use:
- Wallet Required: No, but as always, it’s best to store your Tether in a private wallet such as Trust Wallet. Tether is supported on several blockchains, so ensure your wallet supports the type of Tether (ERC-20, TRC-20, etc.) that you’re using.
- Transaction Speed: Tether’s transaction speed depends on the blockchain it’s operating on. Generally, transactions are processed quickly, but they can be slower if using the Ethereum network due to gas fees. I personally like the TRC20 network, the fees are negligible and the speeds are ultra fast.
Pros:
- Stability: USDT is a stablecoin, meaning it is pegged to the US dollar, so you don’t have to worry about volatility.
- Widely accepted: Most crypto casinos and sportsbooks accept USDT.
- Fast transactions: This depends on the blockchain, but you can expect somewhere between 1 and 10 minutes. ERC20 (the Ethereum network) is the slowest of them.
Cons:
- Centralized: Tether is not decentralized like BTC and ETH. It’s controlled by a company, so it might be a concern if you’re a crypto maxi.
- No price growth: While you avoid volatility, you also won’t see any gains in value since Tether is tied to the US dollar.
How Cryptocurrency is Reshaping Online Gambling Deposits
People are losing patience by the day! We no longer want those slow deposits that can take several days to get processed. We’ve noticed that first hand. eCheck processing times can take several business days. And when you want to gamble, you want to gamble NOW! Not in a few days.
So that’s where cryptos come in. You just have to press a button and voila, 2 minutes later you can be playing your favorite slot or bet on your favorite game.
Also, crypto provides decentralized transactions that don’t require third-party verification, unlike eChecks, which rely on banks for processing.
Plus, there’s the privacy thing. Crypto lets you keep all your financial activities away from traditional banking systems. So we’ve seen this trend where more and more eCheck maxis are moving from eCheck to crypto these last few years.
What I’d like to see is some kind of hybrid payment system that combines the benefits from both eCheck and cryptocurrencies. So you get eCheck’s familiar structure but with the speed and privacy of crypto. Basically a seamless transition for those hesitant to fully commit to digital currencies.
