Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
People who have a significant business in the online gambling industry know the fact that cryptocurrency has been very helpful for them. It became an important part of their system since they have made transactions through cryptocurrencies and they have earned a huge amount from it. Its popularity is even more in betting, where or when you bet on a particular option or team then there is a huge chance to win and people love to play these games online. Nowadays it is easy to find reputable crypto betting sites with the best blend between the familiar world of gambling and modern aspects of cryptocurrency, making the experience far better than the conventional method people used to do.
Since there is a huge number of cryptocurrencies in the market,it becomes difficult for people to choose which one they should go for. Whether to invest or bet on it. This article will help you with that by telling about top 5 cryptocurrency who are popular in betting and widely accepted by popular crypto betting sites:
Bitcoin
Bitcoin is the first decentralized, open source blockchain network technology based digital currency. It was released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly , without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Bitcoin is by no doubt the most popular crypto currency as well as for betting.
Ethereum
It is an open software platform that enables developers to build and deploy decentralized applications,with the help of smart contracts. It was launched in 2015. The system went live in July 2015 after a successful presale. It got much hype because it had Technological superiority over other coins in terms of utility. With Ethereum you can create a contract for a wager with ether ,its currency.
Ripple
It is open-source and peer-to-peer, cryptocurrency released in 2012 . It supports tokens representing fiat currency ,cryptocurrencies, commodity or any other unit of value such as frequent flier miles or mobile minutes. It is based on a shared, public database or ledger, that uses a consensus process between users to ensure integrity. It has in-built exchange and instantaneously settles cross-border payments .
Litecoin
It is an open source software based digital currency launched in the year 2011.The main difference between bitcoin and Litecoin is it’s different code which makes faster confirmations.It is very compatible with bitcoin as it uses the same encryption algorithm.Its market cap also holds good amount of value which makes it popular for betting .
Dogecoin
It is a parody coin named after the dog breed .It was launched in 2013 and its market capitalization has more than $1 billion. Which makes it eligible for Betting purposes. We can say that it is just like bitcoin but with a dog meme attached to it.
Dogecoin uses a Proof-of-Work algorithm, but is intended to make mining difficult to be run by a single user. It was the first coin with the Scrypt algorithm that could be mined using an average home computer .
Conclusion
To conclude I would like to say that these are the top 5 crypto currencies which are getting famous for betting.Betting industry has not yet fully adapted to it but soon will in the near future. So, I would suggest you all to go for investment in these currencies which are said to have a brighter future.