Explore the Future of Gambling with Altcoin Casinos
The crypto gambling scene has been dominated by Bitcoin — a digital currency that has endured the test of time to become one of the most recognizable cryptocurrencies in the world. However, in recent years, we have witnessed a surge of altcoins – cryptocurrencies other than BTC. In one way or another, they were created to eliminate some of the deficiencies BTC has, and there are quite a few that have succeeded in doing just that. So, let’s define altcoins and see the most popular ones you can use for your deposits and withdrawals.
Altcoin Casino Sites Defined
The basic definition of altcoin casinos is that they are gambling platforms that support digital currencies that go way beyond Bitcoin. Altcoin is an umbrella term that encompasses all cryptocurrencies other than Bitcoin. The term “altcoin” itself is a combination of two words: “alternative” and “coin”. Each altcoin can be grouped into a few categories based on its function:
- Payment tokens: Used primarily as a means of exchange.
- Stablecoins: Digital currency that has its value pegged to a fiat currency.
- Meme coins: Cryptocurrencies that have derived from an internet meme.
- Privacy coins: Subsets of cryptocurrencies that emphasize privacy and anonymity in transactions.
- Utility tokens: Digital tokens of crypto that are used to fund the development of the specific cryptocurrency.
- Pay-to-earn tokens: Game rewards that allow users to get in-game assets that hold real-world value.
- Governance tokens: Typically used in decentralized finance projects, governance tokens allow holders to participate in the entire decision-making process of the blockchain project.
Some estimates say that there are between 10,000 and 20,000 altcoins currently in circulation. A large portion of those were created to address the limitations of existing assets, such as Bitcoin. For example, Ether, one of the most renowned altcoins and the native token of the Ethereum blockchain, emerged in 2013 to help developers create decentralized apps through smart contracts.
As such, these self-executing smart contracts allow the Ethereum blockchain to process transactions much faster and with lower fees, which just adds more value and a more dynamic gaming environment for crypto casino players.
Of course, there are other altcoins at online crypto casinos that weren’t derived from Bitcoin. Instead, they utilize their own blockchain and consensus mechanisms based on their specific use case.
The Inner Workings of Altcoin Casino Sites
The process of making transactions at altcoin casinos differs from what you may be used to at traditional casinos. For starters, you will need to choose a crypto wallet, where you will store your private keys and keep your digital coins safe. You will use that wallet to send your preferred amount of digital currency to the casino, and that is where you will receive your winnings when you withdraw.
Another difference is the fairness of games. Traditional online casinos use closed RNGs to determine the fairness of each game round, but crypto gambling sites allow you to play provably fair games in which you can manually verify the fairness of games.
Altcoin casinos operate thanks to a process called “blockchain integration”. It involves incorporating blockchain technology into the operator’s existing systems or processes, thus ensuring transparent transactions, increased security, automated workflows with smart contracts, and regulatory compliance.
Finally, to create a bit of diversity in their operations, some of the best crypto casino providers offer you the chance to buy and sell digital currencies with credit cards, bank transfers, Apple Pay, and more, directly from the operator’s website.
Altcoins To Use For Your Online Gaming Endeavour
The online gambling industry is flooded with different altcoins that players can use to make deposits and withdrawals. All of them have certain unique features, but regardless of which casino enthusiasts opt for, they can enjoy a seamless experience. Let’s check them out in more detail.
Ethereum
Launched in 2015, Ethereum is the biggest altcoin in the world. It lags just behind Bitcoin in terms of market cap, and it was created to be a decentralized computing platform that uses blockchain functionality to allow developers to create decentralized apps. Smart contracts are the main functionality of the Ethereum blockchain, and they automatically execute the terms of the agreement between parties, a function that allows faster transactions at an Ethereum casino.
Litecoin
Litecoin is a digital currency that was created to be faster and cheaper than Bitcoin. Its faster block generation time allows online gamblers to make even faster and more decentralized transactions. In addition, Litecoin has a bigger cap on the supply than Bitcoin, which allows for more transactions to be made by players at a Litecoin casino. This ensures greater scalability and makes LTC a viable option for mainstream gambling adoption.
Dogecoin
Created in 2013, for most of its existence, Dogecoin was considered to be just a memecoin with little value. However, in 2021, Dogecoin entered the top ten digital currencies by market cap. Dogecoin, unlike Bitcoin, boasts high liquidity and widespread adoption due to its abundance. Besides that, gambling at a Dogecoin casino site will allow you to enjoy all the other cryptographic advantages: fast and anonymous casino transactions.
Tether/USDCoin
If you are not a fan of the volatile nature of digital currencies, then we suggest you take a look at the possibilities Tether and USDCoin casino sites offer. Both of these cryptocurrencies are almost indistinguishable, as they differ in market cap. Tether and USD Coin are stablecoins, so they have their value pegged to a fiat currency, thus making it fixed. Although Tether casinos are more popular, USDC arguably has better transparency and regulatory compliance.
Specific Advantages of Altcoin Online Casinos
Playing casino games at altcoin gambling sites comes with a few distinct advantages. Here is what you can look forward to by using these options at K8 Casino:
- Faster transaction times: The likes of LTC and XRP process transactions much faster than BTC. LTC produces new blocks more frequently, while XRP has a consensus algorithm that eliminates the energy-consuming mining process to make transactions faster.
- Lower transaction fees: Ethereum is a digital currency that uses a PoS mechanism to produce low-fee transactions.
- Better scalability: Certain altcoin blockchains have better scalability—the ability of the network to process a larger scale of transactions and data without sacrificing performance or security.
- Stablecoin support: You can always opt-in for a more “stable” experience by choosing the likes of USDT and USDC for transactions.
- More bonuses: Altcoin casino bonuses are quite frequent, as operators try to incentivize players to use these niche cryptocurrencies.
- Diverse investment portfolios: There is a vast array of altcoins in the world, so you can choose which one is worth investing in.
How to Get Started at an Altcoin Casino
Get a Wallet That Supports Altcoins
The security of your crypto assets lies in the crypto wallet you choose. Such wallets allow you to safely store your private keys and subsequently use them for your crypto-gambling endeavor. You can generally choose from software or hardware wallets, with the former being more suited to everyday transactions. The likes of MetaMask, Trust Wallet, and Exodus are worthy of mention.
Purchase or Transfer Altcoins
Up next, you will need to sign up at a crypto exchange platform. Coinbase and Binance are among the leading international exchanges, so you won’t do much wrong choosing either. Once you sign up, you can proceed with choosing a payment method and buy your preferred altcoin. Exchanges will have trading guides you can refer to if you don’t know how to get started.
Choose a Licensed Altcoin Casino
Not every altcoin casino you stumble across is worth your attention. You must make sure to gamble at registered platforms that use robust security mechanisms, such as SSL encryption, to safeguard your transactions. Thankfully, you have landed just where you need to be; K8 is an internationally licensed site with state-of-the-art security mechanisms.
Deposit, Play, and Withdraw
Once you register at the casino, you will be given a unique deposit address that you can use to transfer funds from your crypto wallet. The qualifying deposit will make you eligible for a deposit bonus, which you can use to explore games on the site. You can later withdraw by providing the site with your crypto wallet address and enjoy swift and private payouts.
Generous Bonuses at Altcoin Casinos
Altcoin casino sites are no strangers to forging appealing bonus schemes for registered players – regardless of their experience level. Starting from your first deposit, there are a few different sets of offers you can look forward to altcoin casinos:
- Welcome bonus: A generous welcome bonus is what awaits newly-registered players at casino sites. Crypto casino welcome bonus can be unlocked by making a first deposit upon registration, and it usually comes in the form of a deposit bonus of up to a certain sum.
- Reload bonuses: Contrary to welcome offers, crypto casino reload bonus is meant for existing players. Such offers will add more bonus money on top of your balance, and you can get them by making a qualifying deposit on specific days.
- Free spins: Free spins are the most common types of promotions you will encounter. They allow you to spin the reels of popular slots without betting money from your balance. Sometimes, crypto casino free spins can be no-deposit bonuses, but their winnings are always subject to wagering requirements.
- Cashback: Cashback bonus is a special promotion that allows registered players to recoup some of the incurred losses for the past period. Often available to players who play live casino games, crypto casino cashback bonus may sometimes come with no wagering requirements.
- Tournaments & missions: By completing missions such as making a first crypto deposit or verifying your email, you can expect rewards, often in the form of loyalty coins. Crypto casino tournaments, on the other hand, allow you to participate in competitions against other players and beat them by accumulating the most wins on eligible games.
Pros and Cons of Altcoin Casinos
Crypto sports betting sites come with an array of advantages, but before you dive into the digital gambling realms, there are a few dAlthough an altcoin casino website offers an enhanced gaming experience in some aspects, there are some flaws that you must know before you start playing.
ownsides to the sector you must be aware of.
Pros
Cons
Altcoin Casinos vs. Bitcoin Casinos
With all the key altcoin casino features now mentioned, let’s take a look at how these cryptocurrencies compare to the leading crypto in terms of market cap — Bitcoin. That way, you can make a better-informed decision on your next gambling venture.
| Altcoin Casinos | Bitcoin Casinos |
|---|---|
| ✅ Offer a wider range of cryptocurrencies. | ❌ Only accept BTC, with fewer options. |
| ✅ Transactions are typically near-instant. | ✅ Also offer near-instant transactions. |
| ✅ Privacy is high, especially with coins that offer better anonymity. | ❌ Bitcoin offers high privacy, but there have been concerns over centralization. |
| ✅ Fees are usually lower compared to Bitcoin. | ❌ Fees can vary depending on the network congestion. |
| ❌ Altcoins can be more volatile, unless stablecoins are used. | ✅ Bitcoin tends to be less volatile and more stable. |
Tips For a Better Gaming Experience at Altcoin Casinos
There is no winning hack that can guarantee you certain profits when playing at crypto online gambling platforms. However, by incorporating a few simple tricks and tips into your gameplay, you can set yourself up for a more stellar and enjoyable experience:
- Use secure wallets: The internet is stacked with crypto wallets, but make sure to choose a reliable one with a proven track record.
- Choose coins with low fees: Different digital currencies have their own fee structures, so do your research to find one that has the lowest. Litecoin, Ripple, and Tron are worthy mentions here.
- Enable 2FA on your casino account: To enhance your security, make sure to enable 2FA and prevent unauthorized access to your account.
- Stick to licensed platforms: Secure crypto wallets are worth nothing if you don’t gamble online at reliable platforms that hold licenses. A MetaMask casino like K8 will add more security layers that will further protect your finances against cyberattacks.
- Monitor market prices: Unless you use stablecoins, make sure to stay informed on all price fluctuations.
- Keep transaction records: Personal finance tracking will help you with responsible gambling.
Getting Started with Altcoin Casino Payments
We mentioned the importance of crypto wallets previously, but you need to make a clear distinction between the different types. Hot wallets are software-based, and they are connected to the internet.
As such, they are more suited to everyday transactions, unlike cold wallets, which are offline-based methods for storing digital currencies. Cold wallets also come in a hardware form. Although they are more secure, using them for regular casino transactions can be inconvenient.
Another important process you must get acquainted with involves the crypto purchasing procedure. For that, you will first need to choose a crypto exchange and register. Then, add your preferred payment method and initiate a trade through a “Buy and Sell” tab on the site.
Enter your preferred asset’s name in the search bar and tap on it. It will take you to the purchase screen, where you can enter the amount you want.
Security, Privacy, and Regulation in Altcoin Casinos
Blockchain networks offer players unprecedented levels of privacy and security, but that is not the end of the road. You share a big responsibility for your online safety, so you must not neglect the factor of choosing a licensed and renowned crypto casino. Moreover, pay attention to your home country’s regulation—every government in the world has varying approaches, both to crypto trading and online gambling.
Once you make sure that you gamble at a licensed, provably fair crypto casino and you won’t face any legal repercussions, you can enjoy anonymous transactions, as altcoins don’t require you to share bank or card details. Some cryptocurrencies, such as Monero, employ cutting-edge cryptography techniques to hide transaction details, thus adding even more layers to your online anonymity.
Altcoin Casinos: A New Era in Online Gaming
The crypto gambling industry is in the midst of technological innovations, with DeFi platforms emerging as new frontiers. They use decentralized finance technology that allows players to gamble with cryptocurrencies and get rewards through staking. So, altcoin casinos such as K8 will surely have a big say in how the future of online gambling will look. Such sites’ high demand stems from their privacy, fair play, fast transactions, and low-fee payments, making registering and playing at them an obvious choice.
FAQ
Although there are thousands of altcoins to buy and sell, crypto-savvy players tend to use the likes of XRP, ETH, LTC, USDC, USDT, and ADA for payments.
Not every casino you encounter is safe, but operators that hold a valid license from a trusted iGaming regulator use robust security features to guarantee the safety of your transactions.
Yes, unlike traditional casino games, top gaming providers that develop crypto games run on provably fair technology. This technology is often found in instant win games and slots, but not in live dealer games.
Different altcoins will have varying transaction processing times, but more often than not, withdrawals tend to occur within minutes, sometimes even seconds.
