One can trade countless types of crypto coins in today’s crypto market. However, most of these cryptocurrencies hold tiny market capitalization; thus, not all are fit to invest in. Generally, 2022 was quite brutal to many cryptocurrency traders since it involved the collapse of various investment opportunities like hedge funds, lenders, and FTX. Nevertheless, this did not prevent the crypto market from bouncing back. Besides, crypto enthusiasts believe that the volatility experienced in the market is preparing for new all-time highs. Also, they believe that regulatory clarity can open opportunities for more institutional investors to embrace cryptocurrencies.
While thousands of cryptocurrencies exist, the crypto world is still dominated by Ethereum and Bitcoin. As a result, more and more platforms are utilizing Ethereum and Bitcoin to operate, including casinos, following the benefits they offer. Check here to learn more about the best Ethereum casinos.
Cryptocurrency: What is it?
Cryptocurrencies involve digital currencies that are decentralized and secured using substantial computer networks. Unlike other fiat currencies like the U.S dollar that the government regulates, cryptocurrencies are decentralized, thus allowing them to operate independently on their programming code. Cryptocurrencies are usually verified and recorded on a transparent public ledger and use blockchain technology. These features make Ethereum, Bitcoins, and other cryptocurrencies a perfect currency for online casinos.
Abbreviated as ETH, Ethereum is one of the first altcoins to be developed. Launched in 2015, Ethereum is the most valuable crypto besides Bitcoin. The blockchain utilized with Ethereum was the first to introduce smart contracts, which are codes running on dApps or decentralized applications.
Ether is the native cryptocurrency used for the Ethereum network, and its blockchain holds more than 1400 developer tools and applications. One of the most outstanding achievements Ethereum has made in 2023 involves transitioning from a complex consensus mechanism to a less energy-intensive verification system for proof–of–stake transactions. As a result, today, Ethereum is a greener investment choice than Bitcoin. Ethereum has a market cap of about 204 billion dollars.
Bitcoin has a market cap of about 548 billion dollars. This cryptocurrency was developed about 24 years ago and is the most valuable and popular crypto worldwide. When it was first established, Bitcoin revolutionized how people think about digital security following the public ledger system and the decentralized transaction verification it utilized. Consequently, this made it a popular cryptocurrency for online casinos.
XRP was established by Ripple, which has a market cap of about 28 billion dollars. XRP involves a payment network design utilized globally and serves as an alternative to SWIFT OR the Society for Worldwide Interbank Financial Telecommunication.
Ripple says its technology is more transparent, cheaper, and faster than the Swift system.
Issued by Binance, BNB involves one of the world’s biggest cryptocurrency exchanges. Initially, this cryptocurrency was established as a utility token developed on the Ethereum network. Users could use BNB to access discounted trading fees on the Binance Exchange. But, the token was transferred to become an individual binance blockchain offering various transaction applications.