Once you decide to use crypto for online gaming, the next question is: Which crypto should I use? You may make that choice based on the type of crypto that you use for other types of online transactions, but you might want to reconsider – different types of crypto are best suited to different needs and situations.
Grande Vegas supports multiple crypto transactions including Bitcoin, Bitcoin Lightning, Bitcoin Cash, and Litecoin. Which crypto would best meet your online gaming needs, your betting expectations, and your ability to collect the best online casino bonuses?
Crypto
Cryptocurrencies first launched in 2009 with Bitcoin as a way to facilitate peer-to-peer financial transactions without any intermediary – i.e., a government or a bank. Crypto was envisioned as a method by which transactions could be made faster, more securely, more reliably and more cheaply.
Within a short period of time, new cryptocurrencies began to emerge, with each new wave of digital assets aiming to solve the limitations and expand upon the capabilities of its predecessors. Crypto is no longer limited to being a simple peer-to-peer payment system. Today, it's the basis of a new, decentralized digital economy.
The first generation of cryptocurrency was designed to be a decentralized medium of exchange and a store of value. The pseudonymous Satoshi Nakamoto pioneered Bitcoin in 2009 as a way of proving that a truly decentralized digital currency was possible. Bitcoin and other first-generation cryptocurrencies, like Litecoin, had a singular purpose – to serve as a form of money. were known as "altcoins". The system functioned as it was intended to but, while it served as a form of money, it didn't have the functionality to execute more complex operations or build decentralized apps.
Ethereum launched the second generation by incorporating a platform for applications. The key innovation was a "Smart Contract" which allowed developers to build decentralized applications (dapps) which created a new ecosystem that moved beyond a simple currency exchange. Ethereum has, since its inception, struggled with scalability which has led to high fees and low transaction times.
The newest cryptocurrencies are focused on improving communications between the various blockchains. Cryptocurrencies such as Solana, Cardana, Cosmos and Polkadot are designed to process a high volume of transactions at a faster rate and lower cost. Many observers advise taking a wait-and-watch attitude with these new systems which must still face the challenge of proving their long-term reliability and security against established networks of Bitcoin and Ethereum.
What to Look For
When you're playing real money games online, there are several things that you should look for when making your cryptocurrency choice.
Transaction Times
The first thing that you'll want to look at is transaction times – the amount of time that it takes for a transaction to be completed. You don't want to be using a system that has long transaction times. You want to be able to make your deposits smoothly and withdraw your winnings quickly. The speed of each cryptocurrency transaction is dependent on its network's "confirmation time" – the amount of time that it takes for the transaction to be verified by the network.
Bitcoin money transfers average between 10 minutes to an hour, making it a reliable network but not always ideal for a fast-paced gaming session. Litecoin is faster, with an average confirmation time of just 2.5 minutes, making it a good choice for players who want to get to the action quickly.
Fees
Crypto transaction fees are lower than those for other online banking institutions but you need to be prepared for them. Crypto transaction fees vary. Bitcoin and Ethereum have higher fees than Litecoin or Dogecoin.
Security
Cryptocurrency transactions are generally more secure than those of other online banks but even within the world of cybercurrency, security protocols vary. As the most established and secure network, Bitcoin offers a level of stability and trust that other cryptos struggle to match. IN addition, it's generally less susceptible to the wild swings of smaller, newer coins. Litecoin is seen as second, behind Bitcoin, in security.
Bitcoin, Bitcoin Lightning, Litecoin and Bitcoin Cash
Grande Vegas provides its customers with the crypto options that are the safest and most efficient for online casino banking. Check out these choices to find the one that best suits your individual needs and expectations.
- Bitcoin – Bitcoin is the most widely accepted and secure cryptocurrency. It is the most used crypto method of online transactions so you can use it for purchases of goods and services with almost any vendor who accepts crypto. The Bitcoin decentralized network is the most secure in the crypto world and is highly resistant to attacks. If you're looking to invest your winnings, Bitcoin's status as "digital gold" makes it a solid choice, as its value is generally more stable than many smaller altcoins. You need to prepare for Bitcoin's high and unpredictable fees, slow transaction speed and volatility.
- Bitcoin Lightning – The Bitcoin Lightning Network enables faster, cheaper, and more efficient transactions, thanks to its function as a Level 2 solution that allows for off-chain payments so that the burden on the main blockchain is reduced. Service is free and transactions take up to 3 minutes. The Grande Vegas deposit minimum is $5.
- Bitcoin Cash – Bitcoin Cash was created as a more scalable form of electronic cash, while still operating within the Bitcoin network. Bitcoin Cash transactions are much cheaper and faster than Bitcoin transactions. It's accepted by many crypto-friendly vendors, though not as many as those who accept Bitcoin. Bitcoin Cash has a lower network security than Bitcoin and isn't viewed as being as stable as Bitcoin by daily traders and market capitalization financers.
- Litecoin – Litecoin is a faster and cheaper alternative to Bitcoin. Its fees are among the lowest in the crypto world and is seen as a reliable and strong network with a proven track record of security. Since Litecoin is not as widely known as Bitcoin, it's not as widely accepted among online vendors and its trading volume is smaller than Bitcoin's which could affect large transactions.
