If you play at Australian online casinos, then you already know that one of the best ways to deposit is by using cryptocurrency. However, the current crypto climate makes some coins less viable to use than others. Today, we are going to tell you the safest and the riskiest cryptos to use for making deposits at Australian online casinos.
Risky – Ethereum
If you’ve been following the news surrounding crypto, then you know that Ethereum prices are exploding. This is great for investors, but not so great for online casino players. For starters, network traffic is at all-time highs and this can cause congestion in the processing of transactions.
Next, fees for Ethereum transactions are higher than some of your cryptos like Litecoin, making it much more expensive to use. Finally, the volatility in price can make it tricky to use. If you plan to use ETH, try and avoid doing so during times where volatility is wild. Wait for things to calm down so that you don’t lose a solid chunk of value.
Litecoin – Safer
I’m a big supporter of Litecoin and continue to be so during this time. Litecoin’s volatility is nowhere near what we’ve seen on Ethereum or other coins. The swings are a bit more predictable and not nearly as drastic. It isn’t like ETH where we can see swings of hundreds of dollars in a few minutes.
Also, the fees for Litecoin are much more reasonable than any other crypto that you can use. It is a true utility coin. Lastly, it’s one of the faster coins when sending, so you don’t have to wait 30 minutes to two hours as you do with some coins.
Dogecoin – Avoid Until After The Mania Dies Down
If the mania over Dogecoin doesn’t concern you, you don’t understand crypto. The price we are seeing is supported by mania and the biggest pump and dump we’ve ever seen. There’s nothing substantial backing this like we’re seeing with Bitcoin. The bubble is coming, but the question is when.
This is not a good time to get into Doge and buying it for online gambling is not a wise investment. Ethereum would be smarter because we don’t see it losing 90% of its value as we expect from Doge when the bubble finally bursts.
Tether – Most Stable of Cryptos
You’ve probably noticed that most online casinos that accept altcoin will offer Tether as an option. That’s because USDT is considered a stablecoin. That means it never goes up or down in price. At most, it might drop to .99 per coin or “moon” to $1.01 per coin. That’s it.
Transaction fees are not the greatest but still a bit better than you will see with Bitcoin. The speed of transaction is around 10 minutes or less with most transactions. That’s better than Bitcoin and Ethereum. The biggest selling point for USDT is that you’re not subject to volatility. If it were more accepted and fees were a bit better, we’d recommend it over Litecoin.
Quick Purchases and Transfers of Cryptos Are Best
If you plan to use crypto to play at online casinos, your best bet is to do quick purchases and transfers. This can be done in a couple of ways. The first is by purchasing crypto through the online poker site. Some sites allow you to buy crypto directly through the site and it is transferred immediately to your online casino account.
The other way to do this is to purchase crypto from an exchange and then send it to the casino. We don’t recommend sending crypto directly from an exchange to an online casino. Instead, you should transfer it to your personal wallet and then from your wallet to the casino. While this may incur some extra miner fees, it will usually ensure that the transfer will go through.
We don’t recommend buying and holding crypto with the intention to use it for gambling due to volatility. Instead, buy and send it immediately to keep from falling victim to negative volatility.