If you've decided to use crypto for your online gambling activities, you're going to have to decide on the crypto that meets your specific needs and expectations. SlotoCash supports the top cryptocurrencies, making it easy for you to play casino games for real money and transfer funds in a way that suits you.

Cryptos

Bitcoin was the first cryptocurrency. It launched in 2009 to function as an ebanking method that would allow users to facilitate faster, cheaper and more secure peer-to-peer financial transactions without an intermediary (bank or government currency).

Throughout the next period of time, new crypto coins began to emerge. Each new digital asset operated its own blockchain with the objective of expanding on the capabilities and solving the limitations of its predecessors. Today, crypto is much more than a simple peer-to-peer payment system. It's the cornerstone of a new, borderless digital economy.

Evolution

During its early years, cybercurrencies were designed to serve as a store of value and a decentralized medium of exchange. The first cybercurrency, Bitcoin, was introduced by the "Satoshi Nakamoto" (a pseudonym – the real identity was never established) as a way of showing the world that it was possible to operate a truly decentralized digital currency that was not controlled by any government or other centralized body. Those first-generation cybercurrencies (Bitcoin, Litecoin) served as a "altcoins" – a form of money.

Over the years, it became evident that more functionality was needed if the crypto system were to grow and develop. Decentralized apps were needed and the demand grew for cryptos that could execute more complex operations.

The second generation of crypto arrived with Ethereum which incorporated a platform for applications. Ethereum's "Smart Contract" enabled the establishment of dapps (decentralized applications). The new ecosystem allowed the system to move beyond a function as a simple currency exchange but scalability issues have led to higher fees.

Newer cryptocurrencies, including Cardana, Polkadot, Cosmos and Solana,focus on improving communications between the different blockchains while processing transactions at a faster rate at a lower cost. Analysts generally advise that casual users take a wait and see attitude with these new systems because they have not yet proved their long-term reliability and security.

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Choosing

If you're planning on using crypto for your real money casino games, there are a number of issues to review before you decide which crypto you want to use.

Security

Overall, crypto transactions are more secure than those of other ebanking methods. However, even within the world of cybercurrency, security protocols vary. Bitcoin is generally regarded as the most secure crypto because, as the most established network, it offers a level of trust and stability that other cryptos don't match. The value of bitcoin is also relatively stable when compared to newer coins which tend to experience wild swings in value.

Speed

For some people, the speed of transaction times isn't too important but for others, it is. If you don't mind using a system in which transactions can take hours, there's no problem but if you want to facilitate fund transfers quickly, you want to use a network in which the "confirmation time" is low.

Transactions with Bitcoin can take anywhere from 10 minutes to an hour. If you're looking for a system that offers faster transaction times, check Litecoin or Bitcoin Lightning where the average confirmation time is anywhere from 1-3 minutes.

Fees

Crypto transactions are not free but the fees for these transactions are significantly lower than those for other ebanking systems. Bitcoin and Ethereum cryptos have relatively high transaction fees while Bitcoin Cash and Litecoin have much lower transaction fees. The fees for Bitcoin Lightning are negligible.

Summary

As you look at each cryptocurrency, some things to consider include:

  • Bitcoin – Bitcoin is the most widely accepted cryptocurrency. It is regarded as the most secure network because, as a highly decentralized network, it is highly resistant to attacks.   Bitcoin is supported by almost all vendors who accept crypto payments so you can use it for purchases of goods and services worldwide.  Investors often favor Bitcoin because it's viewed as "digital gold" because its value is generally more stable than most other altcoins. If you're going to use Bitcoin, be prepared for its high and unpredictable fees, volatility and low slot transaction speed.

  • Bitcoin Cash –  Bitcoin Cash is meant to be a more scalable form of electronic cash that operates within the Bitcoin network. Transactions with Bitcoin Cash have lower fees and are faster than Bitcoin transactions. Bitcoin Cash is  accepted by many vendors, though more accept Bitcoin. Network security is lower than that of Bitcoin. Daily traders and market capitalization financers don't see the blockchain as being as stable as that of Bitcoin.

  • Litecoin – Litecoin was developed to be a faster and cheaper alternative to Bitcoin. Litecoin is seen as a reliable and strong network with relatively low fees and a proven track record of security. Fewer vendors accept Litecoin than Bitcoin since it's not as well known. The trading volume of Litecoin is smaller than that of Bitcoin which may affect large transactions.

  • Eretheum – Eretheum offers users the advantage of a system that includes dapps and a large ecosystem of developers. It's often favored by users who want a system that ensures high liquidity and widespread exchange support. Users should be aware that transactions costs can spike during periods of high network congestion and that, since it has no hard cap, it's viewed as a weak Store of Value asset

  • Bitcoin Lightning - offers a blockchain that offers many of the advantages of Bitcoin, on whose blockchain it was built, along with faster (instant) transaction times and negligible fees. Security protocols for Bitcoin Lightning are high. Users should be aware that Bitcoin Lightning requires channel management (users must open and manage payment channels) which can be complicated. It's also not the best blockchain for large payments due to insufficient channel capacity.

SlotoCash Crypto users can maximize their casino experience by choosing the crypto system that best suits their individual needs and expectations.

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