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Cryptocurrency opened new doors for people to enjoy, and one of them is the crypto gambling industry. Aside from fiat, gamblers can now wager using digital currencies such as BTC, ETH, and much more.
However, volatility is crypto's greatest drawback. You might win big today, given the current prices of each coin, but tomorrow is unpredictable due to the digital currency's volatile nature. In turn, gamblers incur more losses when the crypto market value fluctuates.
Fortunately, digital assets such as stablecoins add more security and stability to your tokens by pegging them after real commodities such as fiat. If you're curious about this, read this article by Bitcasino.
Stablecoins are cryptocurrencies with values pegged to real-life commodities such as fiat. In other words, their market value is based on the external commodity they're tethered to escape the volatile nature of crypto.
So, how do stablecoins differ from traditional coins such as BTC and ETH? To answer this question, here is a table that shows the comparison between the two:
Crypto gambling is the best, but its volatility can be a double-edged sword. Your winnings of $4,000 in BTC today can skyrocket to $20,000 depending on the coin's market behaviour. At the same time, that value can drop to $1,000 too. This uncertainty takes out the fun in gambling since you don't know whether your winnings will drop once you cash them out.
Crypto gambling with stablecoins can remove the uncertainty of volatility. Since a real commodity backs these coins, their value won't easily plummet with market changes.
Now that stablecoin gambling is here, you can bet freely and enjoy your favourite games without worry. At the same time, this form of entertainment mirrors the safety and security of regular fiat betting. The only difference here is that using stablecoins for online casinos lets you enjoy in-house bonuses such as cash backs, lower house edges and other great perks.
Aside from the low volatility that stablecoin gambling offers, below is a list containing the benefits of stablecoins:
Using stablecoins offers more seamless and quicker transactions. This eliminates the long process of depositing and withdrawing funds using your bank account since it allows P2P transactions. Additionally, it can be done without filling out unnecessary forms that take a big chunk of your time.
Stablecoins have less busy networks compared to Bitcoin. The latter requires higher transactional fees due to system congestion, which can be an issue for some users. Since you do not have to worry about that, using stablecoins for crypto casinos will reduce charges.
Stablecoin gaming provides privacy, which is good if you want to keep your identity hidden from the public. In crypto casinos, you are not required to provide personal details as a security measure. This lessens your chances of getting your information infiltrated by hackers because all you need is your public and private keys to execute a transaction.
What makes stablecoins ideal for gambling is that it doesn't go through third-party institutions such as banks. This gives you more freedom to gamble for as long as you want without any centralised institution preventing you from doing so since some don't allow their services associated with gambling activity.
Using fiat money for any online transaction leaves your bank and card details exposed to phishing attacks that can compromise the safety of your information.
Fortunately, cryptocurrencies can avoid this problem thanks to the security of crypto wallets. These allow you to send, receive and store your coins safely without providing sensitive information since you only need to provide your private and public keys.
Stablecoin gambling sites consistently offer you exciting bonuses and promotions. By funding or playing stablecoins, you can get great rewards such as free spins, free games, stablecoin cashback and more to increase your payouts. Online casinos such as Bitcasino offers diverse game promotions where you can enjoy perks in crypto such as USDT, BTC and ETH.
Get to know the best performing stablecoins and why they are the best stablecoins for online gambling in the list below:
Tether, or USDT, is one of the most popular tokens in the marker pegged after the US dollar. Initially, this stablecoin was conceptualised as RealCoin in 2014, but later rebranded when it launched in 2015. Tether is popular among users because it supports tokens such as Ethereum, TRON, EOS, Alogrand, Solana, OMG Network and Bitcoin Cash.
The USDT has a 1:1 ratio with the US dollar to maintain its stable value. So, for example, if you purchase $100 worth of USDT tokens, then it has $100 in the bank. Once users exchange their USDTs for fiat, the tokens will be destroyed and removed from circulation.
From there, you can send, store or exchange USDT for different transactions such as casino gaming. Additionally, there are a lot of benefits to using USDT at an online casino, such as exclusive bonuses, which makes it a popular crypto among gamblers.
Another stablecoin you should look into is the USD Coin. It has the same mechanism as Tether since both peg their values to the US dollar with a 1:1 ratio. Because of this, USDC boasts of its low volatility and how it serves as a hedge against inflation.
Aside from that, USDC functions online and runs on many blockchains such as Ethereum, Hedera Hashgraph, Algorand and Solana, making it more accessible across different cryptocurrencies.
What makes this stablecoin attractive is its available 24/7 services, so you can easily get USDC at any time of the day with minimal transaction fees. Additionally, all USDC holders can use this stablecoin for trading, lending, borrowing and fundraising
Dai is a decentralised stablecoin that pegs its value to the US dollar with a 1:1 ratio and is available on decentralised exchanges. The MakerDAO, a decentralised governance community, is responsible for maintaining the platform's stability.
On top of that, producing DAI stablecoins has a feature called the Maker Protocol. This foundational system allows anyone to mint one DAI by using other cryptos as collateral.
Dai highlights its methods for decentralised loaning. When crypto holders take a loan, DAI is created and uses your coins as collateral.
This will be locked within its Maker Protocol, and you will receive an equivalent token amount. What is good about this is its low-interest rates, and every loan functions via smart contracts. This means the rate of interest and date of repayment can be decided mutually.
Another top-performing stablecoin in the market is Binance USD. However, this token should not be confused with the Binance Coin. The main function of the BUSD is to provide stability by pegging itself after the US dollar.
At the same time, the BUSD can also be used to trade for popular coins such as BTC, ETH and XRP, thanks to Binance's pairings on its platform. This provides more liquidity, allowing you to use and acquire other digital currencies.
Additionally, Binance stays transparent with BUSD users by constantly providing reports regarding the stablecoin's reserves.
Pax Dollar runs on the Paxos blockchain and is one of the fully regulated stablecoins in the market.
Like other stablecoins mentioned, Pax Dollar pegs itself after the US dollar at a 1:1 value ratio. Besides that, Pax Dollar allows anyone to send and receive US dollar-based assets
with availability and flexibility thanks to blockchain technology and smart contracts. With that said, you can easily deliver assets without worrying about prohibitions.
You need to create a Paxos account to purchase tokens. This will also serve as your medium for depositing USD and converting them into USDP coins.
Converting USDP to USD will instantly burn the PAX coins you withdrew if you want to withdraw your cash. Additionally, Paxos will not charge you for converting and redeeming your money.
Stablecoins are easily accessible, and you can find them available for trade at crypto exchanges online. Below is a guide that shows you how you can get them:
Make sure you purchase stablecoins from trusted crypto exchanges like Binance, Coinbase or Gemini. These are proven and tested for their service, security and safety so that they became the go-to for crypto holders. At the same time, they are beginner-friendly and have an easy-to-use interface for easy access.
To ensure the legitimacy of the site you're using, read reviews and check the regulations section of the platform.
When you buy crypto from exchanges, have them transferred directly to your crypto wallet so you can manage them directly. Remember that once you make a purchase, the crypto is your responsibility. This means you need to take all actions to keep your assets safe.
Aside from that, you have the option to connect your wallets to online casino accounts. Metamask is one of the crypto wallets you can link to gambling accounts and have a more convenient way to deposit funds.
Once your crypto wallet receives the coins you bought, it is time for you to fund your gambling account. When doing so, you need to be logged in to your stablecoin gambling account. After that, go to the deposit page to link your wallet. Scan the provided QR code or copy the link to fund your account.
Bitcoin is volatile, while stablecoins are less prone to price crashes since their value is pegged after real-life commodities such as fiat, gold and real estate.
The best stablecoins for online casinos are Tether (USDT) and USD Coin (USDC).
You can buy stablecoins directly from their native platforms or acquire them from exchange sites. Aside from that, these cryptos are available for you to use as betting credits on gambling sites.
You are allowed to place bets using stablecoins, depending on your location. Some countries have regulations regarding this matter, and it is best to look that up first before using them for betting.
You need to look at the things you are willing to lose. Using stablecoins for gambling allows you to gamble without worrying about the sudden change of your crypto coins. On top of that, they are a good alternative since they offer more value stability and prevent your winnings from plummeting when the market has a downward movement.
Create an account now at Bitcasino and utilise stablecoins for your gambling needs. Boost your winnings with promotions where you can receive rewards whenever you deposit funds to your account using stablecoins and other digital assets!
Words by: Leira Lacuata
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