Top Altcoins Accepted by Australian Online Casinos
Most of you already know that Australian online casinos accept bitcoin for online deposits. However, a growing number of casinos are now accepting altcoins for casino deposits.
Altcoin is a catch-all term that covers all other forms of cryptocurrency. There are hundreds of altcoins out there, but many are next to worthless or will likely shut down in the near future. However, a few have enjoyed tremendous success and are solid alternatives to Bitcoin.
Today, we look at the top five altcoins that you can use to deposit at online casinos in Australia. Every option on this list is accepted by one or more of our partner casinos.
Litecoin
People use Litecoin for two reasons. First, it transfers much faster than Bitcoin. Next, it is cheaper to use than Bitcoin. This became painfully obvious during the Bitcoin boom in 2018 as Litecoin transactions took a couple of minutes as opposed to 30 minutes to hours for Bitcoin.
Litecoin’s popularity makes it a popular choice by online casinos. It is presently in the top 10 in terms of market cap, but generally one of the top altcoins accepted at online casinos.
Ethereum
We could go into the technical mumbo jumbo of the utility of Ethereum over Bitcoin. Instead, just know that Ethereum was created to complement Bitcoin and to expand how people can use Blockchain technology.
However, people started to favor Ethereum over Bitcoin and it became the #1 competitor in terms of market share to Bitcoin. As such, it is one of the top cryptos accepted at online casinos. If a casino accepts altcoin, they will likely accept Ethereum.
Tether
This is an option you don’t see at some casinos, but it is worth mentioning. Tether is one of the more unique currencies as it is backed by fiat currency. Each Tether coin is supported by $1 in USD. When you purchase Tether, you will always be paying around $1 for each coin. Sometimes it will be $1.01 and sometimes you can get it for around .99.
Why do people use Tether? Stability. It is the most stable crypto out there. If you buy $50 worth of Tether today, it will be worth $50 tomorrow. The downside is that it will never go up like other coins. However, it is great for those that want to use crypto but don’t want to be exposed to the risks of Bitcoin and other altcoins.
Bitcoin Cash
Bitcoin Cash was born when it was clear that Bitcoin was not suited to handle the number of transactions that the blockchain would demand in the future. As such, Bitcoin Cash was forked off of Bitcoin.
There is some that claim that Bitcoin Cash is the “original Bitcoin” but the reality is that it is still an altcoin. It has a fierce following and is one of the top 5 cryptos in the world. If a casino accepts altcoin, this is usually one of the options.
Dogecoin
No, this is not a joke. Dogecoin is accepted by a growing number of online casinos. While the coin was initially created as a joke coin, it is a joke that’s never gone away.
The relative value of Dogecoin is low. You can buy around 5 for a penny. It has never been worth much more than a penny, and that was during the Bitcoin Boom. However, the coin has never gone to zero and holds enough of a value to make it viable to some investors.
Dogecoin’s low cost encourages some to buy it as a utility coin. It has low transaction fees and is relatively speedy. Due to the low fluctuation in the coin, online casinos will accept the coin. I can play online pokies with Dogecoin? Much Wow!